Timothy Springer understood the danger of viruses and the damage they could cause.

蒂莫西-斯普林格瞭解病毒的危險性和它們可能造成的傷害。

So a decade ago, when he came across a biotech company in Massachusetts called Moderna, he

所以十年前，當他在馬薩諸塞州遇到一家叫Moderna的生物技術公司時，他就。

decided to invest in it.

決定對其進行投資。

The company focused on developing drugs and finding new methods to create vaccines.

該公司專注於開發藥物和尋找新的方法來製造疫苗。

It wasn't as exciting as electric cars or online shopping, but as a biology professor,

這並不像電動汽車和網購那樣令人興奮，但作為一名生物教授。

he understood the importance of vaccines, so when the pandemic hit the world, the valuation

他明白疫苗的重要性，所以當世界上發生大流行時，估值

of Moderna skyrocketed, and his 3.5% stake in the company now quals to 2.1 billion dollars.

Moderna的股份暴漲，他在該公司3.5%的股份現在達到21億美元。

That is probably one of the best investments ever. 

這可能是最好的投資之一。


 But how do you find such companies way before

但你如何找到這樣的公司之前的方式。

they get popular?

他們會流行嗎？

How do you find investments that can turn you into a billionaire?

如何找到能讓你變成億萬富翁的投資？

One book that can help us to answer these questions is the intelligent investor.

有一本書可以幫助我們回答這些問題，那就是《聰明的投資者》。

In fact Warren Buffett has said multiples times that this book had the biggest impact

其實巴菲特曾多次表示，這本書影響最大的是

on his investing philosophy.

在他的投資理念上。

By applying the rules and the principles of the intelligent investor, Warren Buffett went

通過運用智慧投資者的規則和原則，巴菲特去了

from nothing to 90 billion dollars.

從一無所有到900億美元。

So lets find out the five most important lessons out of this book.

所以讓我們從這本書中找出最重要的五條經驗。

Discover patterns

發現模式

Before you buy a single stock or throw a dime into the stock market, it's not enough to

在你買入一隻股票或向股市投擲一毛錢之前，僅有以下幾點是不夠的

look at the stock's history.

看看股票的歷史。

What's more important is to look at the history of the stock market itself.

更重要的是要看股市本身的歷史。

No matter how great a certain company is, every stock is driven by regular stock market

無論某家公司有多偉大，每隻股票都是由正規的股票市場推動的

ups and downs.

跌宕起伏。

Amazon has clearly been one of the greatest companies out there, but in the 2000s, when

亞馬遜顯然已經是最偉大的公司之一，但在2000年代，當

the dot com bubble burst, amazon's stock price fell from 107 dollars to a little over $7

網絡保麗龍破滅後，亞馬遜的股價從107美元跌至7美元多一點。

in less than two years.

在不到兩年的時間裡，。

Even if you have made your fundamental analysis and purchased amazon stocks, you would have

即使你已經做出了你的基本面分析，併購買了亞馬遜股票，你會有......。

lost 90% of your investment in just two years.

在短短兩年內損失了90%的投資。

But if you had understood stock markets' overall history, you could have predicted the crash

但如果你瞭解了股市的整體歷史，你就能預測到股災的發生

as many other professional investors did and could have saved a fortune.

和其他許多專業投資者一樣，可以省下一筆錢。

Of course, amazon got back on its knees and turned out to be widely successful, but most

當然，亞馬遜又重新跪下來，結果獲得了廣泛的成功，但大多數的

companies didn't.

公司沒有。

In 2008, the exact same thing happened with mortgage securities.

2008年，抵押證券也發生了完全相同的事情。

At the end of 2017, cryptocurrencies had their astronomical rise and a dramatic dip.

在2017年年底，加密貨幣有天文數字的上漲，也有戲劇性的下跌。

In fact, we made an entire video warning everyone not to invest at the peak and wait until prices

事實上，我們做了整整一個視頻，警告大家不要在高峰期投資，要等到價格

crash.

崩潰。

As an intelligent investor, you should not speculate but rather understand stock markets

作為一個聰明的投資者，你不應該投機取巧，而應該瞭解股市。

history and discover patterns to find out what is the best time invest.

歷史和發現模式，找出最佳投資時機。


 2.

2.

Chose an investing strategy that fits you 

選擇適合自己的投資策略

Apple is one of the companies that made a lot of investors millionaires and even billionaires.

蘋果是讓很多投資者成為百萬富翁甚至億萬富翁的公司之一。

But if you would have invested a thousand dollars in Apple in June 2008, how much do

但是，如果你在2008年6月會在蘋果公司投資1000美元，那麼你會投資多少錢呢？

you think you would have made by January 2009?

你覺得你會在2009年1月前賺到錢嗎？

Negative 50 percent.

負50%。

If you weren't risk-tolerant, you would have sold your stake, afraid you might lose more

如果你沒有風險承受能力，你會賣掉你的股份，怕你會失去更多的東西

if you do not exist, but if you have kept it, it would have increased by 3650 percent

如果你不存在，但如果你保留了它，它將增加3650％。

by December 2020.

到2020年12月。

Economic crashes like 2008 or 1929 are a fact of life and happen from time to time.

像2008年或1929年這樣的經濟崩潰是生活中的事實，時有發生。

Thus you need to ensure that you can take a big hit and survive.

是以，你需要確保自己能夠大展拳腳，生存下去。

This means that you should have a diverse stock portfolio so your investments don't

這意味著你應該有一個多樣化的股票投資組合，這樣你的投資就不會出現以下情況

all get hit at once.

一下子全部被打。

If you are too emotional, then consider investing in low risk securities such as government

如果你太過情緒化，那麼可以考慮投資低風險的證券，如政府的

bonds or ETFs.

債券或ETF。

If you think you can handle stock markets daily ups and downs, then you might be able

如果你認為你可以處理股市每天的起伏，那麼你可能可以

to take slightly higher risks and invest in tech companies for example and expect higher

以承擔稍高的風險，投資科技公司為例，並期望有更高的。

returns.

返回。

Once you've found a stock that you've determined to be safe and sound, you'll

一旦你找到了一隻你確定安全無虞的股票，你就會。

want to set your investments on autopilot.

想把你的投資設置為自動駕駛。

Start by committing yourself to a certain amount of money, like $50, which you will

開始時，你要承諾給自己一定的金額，比如50美元，你將會

invest every month.

每個月投資。

  3.

3.

Don't trust the crowd or the market.

不要相信人群，也不要相信市場。


 If the stock market was a human, he would

如果股市是一個人，他會

be the most emotional person on the planet, let's call him Mr. Market.

是世界上最情緒化的人，我們就叫他市場先生吧。

Mr. Market is easily influenced, and this causes him to have major mood swings.

市場先生很容易受到影響，這導致他的情緒波動很大。

You can see this in practice in the way the market always swings back and forth between

你可以在實踐中看到這一點，市場總是在以下幾個方面來回波動。

unsustainable optimism to unjustified pessimism.

不可持續的樂觀主義到毫無道理的悲觀主義。

As a result, when the market is too optimistic about future growth, stock prices rise and

是以，當市場對未來增長過於樂觀時，股價就會上漲，而

become too expensive.

變得過於昂貴。

On the other hand, sometimes the market is too pessimistic about the future like it was

另一方面，有時候市場對未來太過悲觀，就像以前一樣

in February 2020, and might push you to sell at the wrong time forcing to make significant

在2020年2月，並可能促使你在錯誤的時間賣出，迫使你做出重大的

losses.

損失。

When Apple came out with iPhone XR, a lot of people were unsatisfied with this phone,

當蘋果推出iPhone XR的時候，很多人對這款手機不滿意。

so the stock price dropped, but a few months later, when Apple reported good revenue for

所以股價下跌，但幾個月後，當蘋果公司報告了良好的營收為

the quarter, the stock price jumped back.

季度，股價跳水回。

In fact, it has grown significantly since then.

事實上，從那時起，它已經有了很大的發展。

As an intelligent investor, you need to be a realist and stop yourself from following

作為一個聰明的投資者，你需要做一個現實主義者，阻止自己跟隨

the crowd and ignore the mood swings of Mr. Market.

人群，忽略市場先生的情緒波動。

The market normally undervalues the stocks of companies which are either temporarily

市場通常會低估公司股票的價值，這些公司的股票要麼是暫時的

unpopular or are suffering economic losses.

不受歡迎或遭受經濟損失。

Berkshire Hathaway's stock price dropped by 30 percent in February like the rest of

伯克希爾-哈撒韋公司的股價在2月份像其他公司一樣下跌了30%。

the market but didn't recover instantly like the rest because it had huge stakes in airlines

但卻沒有像其他公司那樣瞬間復甦，因為它在航空公司中擁有巨大的股權。

but once it sold its airline stocks and made a few other good invemsnets and reported good

但一旦它賣掉了它的航空股票，並做了其他一些好的invesmsnets和報告良好的。

profits by September, the stock price jumped back.

利潤到9月，股價跳回。

If you would have trusted the crowd, you probably have avoided Berkshire Hathaway, but if you

如果你會相信人群，你可能會避免伯克希爾-哈撒韋公司，但如果你。

were an intelligent investor, you would have jumped in and invested.

如果你是一個聰明的投資者，你會跳進去投資的。

In fact, I invested in Berkshire back then and posted on my Patreon why investing in

事實上，我當時投資了伯克希爾，並在我的Patreon上發佈了投資伯克希爾的原因。

Berkshire back then was a good investment and those who listened to my advice made a

當年的伯克希爾是一個很好的投資，那些聽了我的建議的人賺了一筆

lot of money.

很多錢。

In fact, I also predicted that Diney's stock would signifncayly rise, and I listed all

事實上，我也預測到戴尼的股票會有明顯的上升，我把所有的

the reasons why that will happen on my Patreon page back in September.

為什麼會發生在我9月份的Patreon頁面上的原因。

And guess what happened a few months later, the stock price rose by 33 percent for the

你猜怎麼著，幾個月後，股價上漲了33%，為。

exact reasons that I have told my patreons, If you want to join my Patreon page and be

如果你想加入我的Patreon頁面，併成為我的贊助人，我已經告訴了你確切的原因。

the first to know about my future investments, you will find the link in the description.

第一時間瞭解我的未來投資，你會在描述中找到鏈接。

https://www.cnbc.com/2020/12/11/disney-stock-had-its-best-day-since-march-jumping-14percent-to-a-record.html https://variety.com/2020/digital/news/disney-stock-all-time-high-investor-day-streaming-1234851639/

https://www.cnbc.com/2020/12/11/disney-stock-had-its-best-day-since-march-jumping-14percent-to-a-record.html https://variety.com/2020/digital/news/disney-stock-all-time-high-investor-day-streaming-1234851639/


 4.

4.

Learn How to analyze stocks 


學習如何分析股票
？

It's easy to assume that investing is complicated when you look at all these complicated charts

當你看到這些複雜的圖表時，很容易認為投資是複雜的。

but Investing at its essence is simple.

但投資的本質是簡單的。

You have to find out the value of a certain company and compare it to the price that its

你必須找出某家公司的價值，並將其和它的價格進行比較。

traded in the market.

在市場上交易的。

If it's traded at a lower price, then its a good investment since it's undervalued,

如果它的交易價格較低，那麼它的價值被低估了，是一個很好的投資。

and if it's higher, then it's a bad investment since the stock is overvalued because at some

如果它是更高的，那麼它是一個糟糕的投資，因為股票被高估，因為在一些

point in the future, the price will rise or drop to is real value.

在未來的某個時間點，價格將上升或下降到是實際價值。


 The challenge is to learn to analyze the stock.

挑戰是學會分析股票。

for example, there is price to earnings ratio, which we have covered in a previous video,

比如有市盈率，我們在之前的視頻中已經介紹過。

how much you will be paying for each dollar that the company earns if you buy that stock

如果你買入該公司的股票，你將為該公司賺取的每一美元支付多少錢？

or price to book ratio, to compare a firm's market capitalization to its book value to

市值與賬面比率

find out how much the company is going to earn if it sold all of its assets and paid

計算出如果公司出售所有資產並付清費用，將賺取多少錢

off its debts.

清償其債務。

Or debt to equity ratio to find out to what degree the company is financing its operations

或債務與權益比率，以瞭解公司的融資程度。

through debt versus its own funds.

通過債務與自有資金。


 If the company is debt-free, then its not

如果公司沒有債務，那麼它就不會有債務。

taking full advantage out of its resources.

充分利用其資源；

Tesla, for example, has the technology to build electric cars, but it can only build

例如，特斯拉擁有製造電動汽車的技術，但它只能製造出

a limited number of cars since it has only a certain amount of cash, but it can borrow

由於它只有一定數量的現金，但它可以借到有限的汽車

money at a very low rate of 2 or 3 percent and have rate of return of 10 or 15 percent

以2％或3％的極低利率賺錢，回報率為10％或15％。

on that borrowed money by building and selling more cars.

通過製造和銷售更多的汽車來償還借來的錢。

So, if it's not ding that, its clearly missing an opportunity.

所以，如果不叮，其顯然是錯過了一個機會。

But there is just so much demand in the market, so if it borrows too much, it might not be

但市場的需求量實在太大，如果它借的太多，可能就不

able to sell enough cars to make interest payments and might default on its loan.

能夠賣出足夠的汽車來支付利息，並可能拖欠其貸款。

But it's not enough to look at the financial statements; the management that runs the company

但光看財務報表是不夠的，經營公司的管理部門

is equally important.

同樣重要。

How the company is planning to double or triple its valuation is one of the factors you should

公司計劃如何將其估值翻倍或三倍，是你應該考慮的因素之一。

be looking at.

正在看。

So before buying a stock, you have to analyze it from top to bottom. 

所以在買股票之前，要從上到下分析。


 5.

5.

Number 5, Know when to exist.


第五條，知道何時存在。

The nature of any business is to rise and fall.

任何企業的本質都是興衰。

Even Jeff Bezos said that he expects amazon one day to fail.

連傑夫-貝佐斯都說，他預計亞馬遜有一天會失敗。

The world is constantly changing.

世界是不斷變化的。

Just because a certain company has dominated an industry today doesn't mean it's going

某家公司主導了一個行業的今天，並不意味著它將會是

to stay there forever, so you have to know when to sell your stocks.


永遠留在那裡，所以你必須知道什麼時候賣出你的股票.
。

Should you sell Just because the stock increased by 10 or 20 percent, should you exist and

你應該出售 只是因為股票增加了10％或20％，你應該存在和

realize your gains?

實現你的收益？

Not really?


不見得吧？

As soon as you realize that one of the companies in your portfolio is overrated and its stock

一旦你意識到你的投資組合中的一家公司被高估，其股票

prices is growing without any relation to its true value, then it's better to sell before

價格的增長與其真正的價值無關，那麼最好是先賣掉。

it crashes.

它崩潰了。

Warren Buffett invested half a billion dollars in Petrochina when it had a valuation of 30

巴菲特在中國石油投資5億美元，當時中國石油的估值為30。

billion dollars and wasn't popular yet.

億美元，而且還不受歡迎。

The stock price surged a few years later, when oil prices rose.

幾年後，油價上漲，股價大漲。

First, it crossed 100 billion dollars, then 200, then 300, and crossed a trillion-dollar

先是突破1000億，然後是2000億，再是300億，突破了一萬億美元

valuation.

估值。

But Warren Buffett sold his stake when the company crossed a valuation of 275 billion

但巴菲特在公司估值突破2750億的時候，就賣掉了自己的股份。

dollars.

美元。

Many have criticised him for selling too early, but Warren Buffett did the right thing.

很多人責備他過早賣出，但巴菲特的做法是正確的。

Since the stock price was rising for no intrinsic reasons, it was overvalued and would crash

由於股價上漲沒有內在的原因，所以股價被高估，會崩盤。

at any moment.

隨時隨地。

And like every other investor, Warren Buffett didn't know when that crash will happen, so

和其他投資者一樣，巴菲特也不知道什麼時候會發生崩盤，所以。

he sold his take.

他賣了他的拿。

The stock price, of course crashed once it crossed the trillion-dollar mark and is now

當然，股價一旦越過萬億大關，就會崩盤，現在是

traded at just 112 billion dollars.  

交易額僅為1120億美元。

You don't have to follow each of your stocks every single day but you have to keep in mind

你不必每天都跟蹤你的每一隻股票，但你必須牢記

that whenever one of the companies you have invested in dramatically rises for no real

每當你所投資的公司中，有一家公司在沒有任何實際意義的情況下急劇上升時，你就會發現，你的投資是非常有價值的。

reason, then it's better to sell before it crashes.

原因，那麼還是在它崩盤前賣掉吧。

And finally if you want to start investing with 4 free stocks, you can do that by just

最後，如果你想開始投資的4個免費的股票，你可以做到這一點，只需

signing up to webull by using the link in the description and depositing 100 bucks.

通過使用描述中的鏈接註冊到webull並存入100美元。

2 of these stocks can be valued as much as 1600 dollars.

其中2只股票的估值可高達1600元。

Consider it as your Christmas gift.

把它當作你的聖誕禮物吧。

And now its time e to give it a thumbs up and if you are new around and want to know

現在，它的時間e給它一個大拇指，如果你是新的周圍，並希望瞭解

more about the stock market, then his that subscribe button and the bell besides it.

更多關於股市，那麼他的訂閱按鈕和鍾除了它。

And if you want to know more about my investments, then checkout my Patreon page.

如果你想知道更多關於我的投資，那麼請查看我的Patreon頁面。

Thanks for watching and until next time.

謝謝你的觀看，直到下一次。