美國最老的價值投資者 Irving Kahn

他活到109歲。

 第一桶金是SHORT。因為看到太高了！

之後，在BEN GRAM 旗下當助手。還和BUFFET是同事！

這樣就走上價值投資的不歸路。

一些他的經驗：

1.  As a value investor Ben Graham believed in trying to calculate the true value of a company and then buying the shares only if the price was substantially lower.

2.  “During the recent crash and in other sell-offs, Tom（他兒子。在他公司工作） and I looked for good companies selling at a discount, which do surface if you’re patient. If the market is overpriced, an investor must be willing to wait.”

3.   “There are always good companies that are overpriced. A disciplined investor avoids them. As Warren Buffett has correctly said, a good investor has the opposite temperament to that prevailing in the market. Throughout all the crashes, sticking to value investing helped me to preserve and grow my capital.
4.   “Investors must remember that their first job is to preserve their capital. After they’ve dealt with that, they can approach the second job, seeking a return on that capital.”

5.  “I try not to pontificate（裝模作樣地說話）about the market, but I can say that my son and I find very few instances of value when we look at the market today. That is usually a sign of widespread speculation,” he said.
“But no one knows when the tide will turn. Those who are leveraged, trade short-term and have bought at a high prices will be exposed to permanent loss of capital. I prefer to be slow and steady. I study companies and think about what they might return over, say, four or five years. If a stock goes down, I have time to weather the storm, maybe buy more at the lower price. If my arguments for the investment haven’t changed, then I should like the stock even more when it goes down.”

6.  “We basically look for value where others have missed it. Our ideas have to be different from the prevailing views of the market. When investors flee, we look for reasonable purchases that will be fruitful over many years. Our goal has always been to seek reasonable returns over a very long period of time. I don’t know why anyone would look at a short time horizon. In my life, I invested over decades. Looking for short-term gains doesn’t aid this process.”

7.  Advice for investors who go it alone
Mr Kahn said: “I would recommend that private investors tune out the prevailing views they hear on the radio, television and the internet. They are not helpful. People say 'buy low, sell high’, but you cannot do this if you are following the herd.

“You must have the discipline and temperament to resist your impulses. Human beings have precisely the wrong instincts when it comes to the markets. If you recognise this, you can resist the urge to buy into a rally and sell into a decline. It’s also helpful to remember the power of compounding. You don’t need to stretch for returns to grow your capital over the course of your life.”

8.  Tom Kahn added: “Wall Street is a tricky place – with the internet everyone knows everything. But my father has always been extremely analytical. He would come home with a bunch of annual reports and read them at the dinner table.
“But he would start at the back, where you tend to get the key financial information.”

 

原文在此：

http://www.telegraph.co.uk/finance/personalfinance/investing/11048689/108-year-old-investor-I-doubled-my-money-in-1929-crash-and-Im-still-winning.html