在市場中比TD投資回報更好的股票越多，投資就 會/應該 變得更容易。
大致上TD這樣投資回報水平的股票，加國市場是10-15個左右，美國市場是 50-150個左右。我的理解是美國市場和加國市場的同類型機會比例是 10：1，因為美國市場規模大，而且國際市場的占有比更高。
1996 Shareholder Letter:
What an investor needs is the ability to correctly evaluate selected businesses. Note that word "selected": You don't have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital. - Warren Buffett
目前我隻投資加國市場，前幾年買入一些港股，資金量不大，一直沒動過，現在漲了一倍多。根據現有的資金量，加國市場已經可以滿足我的投資需求。
From an interview with Charlie Munger at the University of Michigan Ross School of Business. For a couple of hours, Munger talks in front of a large audience to Becky Quick of CNBC then takes questions from students and faculty.
"Warren and I have not made our way in life by making successful macroeconomic predictions and betting on our conclusions.
Our system is to swim as competently as we can and sometimes the tide will be with us and sometimes it will be against us. But by and large we don't much bother with trying to predict the tides because we plan to play the game for a long time.
I recommend to all of you exactly the same attitude.
It's kind of a snare and a delusion to outguess macroeconomic cycles...very few people do it successfully and some of them do it by accident. When the game is that tough, why not adopt the other system of swimming as competently as you can and figuring that over a long life you'll have your share of good tides and bad tides?"
從一個投資者的整個人生角度來看，如果用100%承受所有的熊市下跌來獲取100%的牛市上漲，是值得的。
這是零虧損風險100倍以上利潤的交易，所以如果我沒有能力躲避，我也可以選擇100%的承受，這樣做並不吃虧。
you should not be in the stock market.” - 巴菲特
1987 十月曾經發生過大幅度的股市暴跌，如果看一年，可能都沒啥感覺。
2008年的股市跌幅很大，但離個股年均50%的幅度還是有距離的。對個股投資者而言，08這樣的市場波動幅度是比較小的。
At Berkshire we focus almost exclusively on the valuations of individual companies, looking only to a very limited extent at the valuation of the overall market. Even then, valuing the market has nothing to do with where it's going to go next week or next month or next year, a line of thought we never get into. The fact is that markets behave in ways, sometimes for a very long stretch, that are not linked to value. Sooner or later, though, value counts. - 巴菲特1999年公開演講
投資者是從來不參與市場波動的， 投資者關心的是生意，僅僅隻是生意而已。
2011年，老巴印度之行的談話
“If you look at the typical stock on the New York Stock Exchange, its high will be, perhaps, for the last 12 months will be 150 percent of its low so they’re bobbing all over the place. All you have to do is sit there and wait until something is really attractive that you understand.”
“There’s almost nothing where the game is stacked more in your favor like the stock market”
“What happens is people start listening to everybody talk on television or whatever it may be or read the paper, and they take what is a fundamental advantage and turn it into a disadvantage. There’s no easier game than stocks. You have to be sure you don’t play it too often”
為什麽巴菲特認為股市投資是最容易的遊戲呢？ 因為個股的年均波動大於50%
為什麽有些人認為投資個股是最危險的遊戲呢？ 因為個股的年均波動大於50%
