巴菲特，芒格投資思想的幾個特點 三

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”

 

             年度最高最低價        二年後最高價     從最低價上漲幅度     +5-10%的紅利及紅利複利投資有益

2011     43.41  34.07            50.28                 53.45%                    58%-63%

2012     42.93  37.85            58.20                 56.48%                    61%-66%

2013     50.28  39.80            56.48                 41.91%                    47%-52%

2014     56.48  47.75            67.40                 42.34%                    47%-52%

2015     56.48  47.75            75.09                 57.26%                    62%-67%

2016     67.40  48.52            80.08                 64.98%                    70%-75%

2017     75.09  61.50            77.96

2018     80.05  65.56

目前TD的股價是76.53，比二年前的年度最高價多了一點點，參照曆史均值，今年的最高價格會在是87元左右。

參考巴菲特的經驗，錯過任何一年或任何一次的機會都沒關係，因為機會每年都有，年年如此。