Name: 投資者如何戰勝股市？- 理查德-科芬 (How do investors beat the stock market? - Richard Coffin)
Uploaded: 2020-11-10T18:16:02.000Z
Duration: 5 min 2 s

基礎被動語態

Every day, billions of stocks are traded  on the New York Stock Exchange alone.

每天，僅紐約證券交易所就有數十億隻股票在交易。

But with over 43,000 companies listed  on stock exchanges around the world,

但隨著全球43000多家公司在證券交易所上市。

how do investors decide  which stocks to buy?

投資者如何決定買入哪些股票？

To answer this question, it's important  to first understand what stocks are,

要回答這個問題，首先要了解什麼是股票。

and what individuals and institutions  hope to achieve by investing in them.

以及個人和機構希望通過投資它們來實現什麼目標。

Stocks are partial shares  of ownership in a company.

股票是公司的部分所有權股份。

So by buying a stock, investors buy  a share in the company's success—

是以，通過購買股票，投資者購買了公司成功的份額--。

or failure— as measured by the company's profits.

或失敗--以公司的利潤來衡量。

A stock's price is determined  by the number

一隻股票的價格由以下數字決定

if there are more buyers than sellers,  the price will increase, and vice versa.

如果買家比賣家多，價格就會上漲，反之亦然。

The market price of a share  therefore represents

what buyers and sellers believe the stock, and by association the company,

買家和賣家對股票的看法，以及對公司的看法。

based on whether investors think  the company has a high potential

根據投資者認為公司是否有很大的潛力

for increasing profitability—  even if it isn't profitable yet.

以提高盈利能力--即使還沒有盈利。

Investors aim to make money  by purchasing stocks

投資者的目的是通過購買股票來賺錢

其價值將隨著時間的推移而增加。

Some investors aim simply to grow  their money at a faster rate

有些投資者的目的只是為了讓自己的資金以更快的速度增長。

Others have a goal  of “beating the market,”

還有一些人的目標是 "打敗市場"，。

which means growing their money  at a faster rate

這意味著他們的資金增長速度更快

than the cumulative performance  of all companies' stocks.

This idea of “beating the market”  is a source of debate among investors—

這種 "戰勝市場 "的想法在投資者中引起了爭論--。

in fact, investors break  into two main groups over it.

事實上，投資者為此抽成了兩大類。

Active investors believe it is possible  to beat the market

活躍的投資者認為有可能戰勝市場

by strategically selecting specific stocks and timing their trades,

通過戰略性地選擇特定的股票，並確定交易時機。

while passive investors believe it isn't  usually possible to beat the market,

而被動投資者則認為通常不可能戰勝市場。

The phrase “beating the market”  usually refers to earning a return

"戰勝市場 "這個詞通常指的是賺取回報。

on an investment that exceeds  the Standard & Poor 500 index.

在超過標準普爾500指數的投資上。

The S&P 500 is a measure  of the average performance

標準普爾500指數是衡量平均業績的標準。

of 500 of the largest companies  in the United States,

meaning that companies  with a higher market value

again, market value corresponds  to what investors

再次，市場價值對應的是投資者的

believe a company is worth  rather than actual profits.

相信一家公司的價值，而不是實際利潤。

The S&P doesn't directly represent  the market as a whole—

標準普爾並不直接代表整個市場--。

many small and mid-range stocks can  fluctuate according to different patterns.

很多中小盤股會根據不同的形態進行波動。

Still, it's a pretty good proxy  for the overall market.

不過，這對整個市場來說，還是很有代表性的。

“the stock market behaves  like a voting machine in the short term,

"股市在短期內表現得像一臺投票機。

and a weighing machine in the long term”—

meaning short term fluctuations  in stock prices reflect public opinion,

意味著股價的短期波動反映了民意。

but over the longer term, they do tend  to actually reflect companies' profits.

但從長期來看，它們確實傾向於實際反映公司的利潤。

Active investors aim to exploit  the short term,

“voting machine” aspect of the market.

They believe the market  contains inefficiencies:

他們認為，市場包含著低效率。

that stock prices at any given point  in time may overvalue some companies,

任何時間點的股價都可能高估一些公司的價值。

undervalue others, or fail to reflect  developments that will impact the market.

低估了他人的價值，或未能反映出將影響市場的發展。

Active investors hope to exploit  these inefficiencies by buying stocks

積極的投資者希望通過買入股票來利用這些低效率的問題。

they may investigate a company's  business operations,

他們可以調查公司的商業運作。

analyze its financial statements,  observe price trends, or use algorithms.

分析其財務報表，觀察價格趨勢，或使用算法。

put their faith in the long term  “weighing machine” aspect of the market.

把他們的信心寄託在市場的長期 "稱重機 "方面。

They believe that even though markets may  exhibit inefficiencies at any given point,

他們認為，即使市場在任何時候都可能表現出低效率。

over time those inefficiencies  balance out—

隨著時間的推移，這些效率低下的問題會得到平衡

so if they buy a selection of stocks that  represents a cross-section of the market,

所以，如果他們買的股票，代表了市場的橫向選擇。

This is usually accomplished  through index funds,

這通常是通過指數基金來實現的。

collections of stocks that represent  the broader market.

The S&P 500 index is one of many indexes.

標普500指數是眾多指數中的一種。

The overall goal is the same  for all index funds:

所有指數基金的總體目標都是一樣的。

to hold stocks for the long term and ignore short-term market fluctuations.

要長期持有股票，忽略短期的市場波動。

Ultimately, active and passive investing  aren't mutually exclusive—

歸根結底，主動投資和被動投資並不是相互排斥的--。

many investment strategies  have elements of each,

許多投資策略都有各自的要素。

for example, choosing stocks actively  but holding them for the long term

例如，積極選擇股票，但長期持有股票

if there was one foolproof method,  everyone would be doing it.

如果有一個萬無一失的方法，每個人都會這樣做。