今天用三月份的紅利收入在養老金帳戶增持加國皇銀

一百多年的時間裏，任何時候以任何價格買入加國銀行股長期持有，都能獲得豐厚的利潤。
而TD 和 RY 又是行業中明顯的姣姣者，投資TD和RY的長期回報大大超出其它銀行。

說起來容易，真要長期做，無論是持有還是買入都是不太容易的，因為股價的任何一年的波動幅度都至少有30-50%。



加國市場過去十年表現不佳，但是RY和TD在同一時期的回報比指數高出十倍。




投資個股與投資市場需要考慮的東西是不太一樣的。

 

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

“If you’re an investor, you’re looking on what the asset is going to do;if you’re a speculator,
you’re commonly focusing on what the price of the object is going to do, and that’s not our game.”  - Warren Buffett