加國地產基金DRG的投資思考 20170427 《二》

They bet big when they have the odds. And the rest of the time, they don't. It's just that simple.
芒格“選股的藝術“演講

與可口可言網友在出租房生意上的衝天幹勁相比，在過去四年裏對DRG地產基金的投資機會的操作就會顯得太過平靜了，因為整個投資的實際交易時間也就隻有十分鍾，在交易之前是等待，在交易之後還是等待。

在股市中等待是一種常態，也是對人性的極大挑戰。

If investing is entertaining, if you're having fun, you're probably not making any money. Good investing is boring.

As quoted in The Winning Investment Habits of Warren Buffett & George Soros (2006) by Mark Tier, p. 217
 

如果把投資當作一份工作，那麽這份工作的95%的時間就是等待，我的實踐經念告訴我能夠做好等待是一件極其困難的事，但是這又是投資中極其重要的一 個環節。

 

The trouble with you, Byron [Byron Wein – Morgan Stanley], is that you go to work every day [and think] you should do something. I don’t, I only go to work on the days that make sense to go to work. And I really do something on that day. But you go to work and you do something every day and you don’t realise when it’s a special day. - George Soros

巴菲特：“當天上掉金子的時候，應該用大桶去接，而不是杯子。 ”

一份工作，有95%的時間是等待，看起來似乎是非常的輕鬆，但是事實上這確是一份十分艱難的工作，因為絕大多數人都做不到。