本文发表在 rolia.net 枫下论坛摘自新到的杂志看到的一篇文章. The words are from Dick Davis.

o It is impossible to overstate the importance of luck in investing. So often it is the
ignored explanation of why things happen.

o The market always goes to extremes in both directions - sometimes to extreme extremes.

o Entrenched trends tend to go further and lasts longer than expected. In 2006, REITs
advanced for the seventh year in a row and small caps beat large caps for the eighth
straight year.

o No-hedge self-confidence sells but is the sign of inexperience. Humility does not sell but is the sign of wisdom.

o What you buy is less important than what you pay for it.

o Choosing the right asset class is more important than choosing the right stock.

o Because lack of money, patience, or brains, many who are in the market should not be.

o Taking losses is inevitable. Taking big losses is unacceptable. It can knock you out of the game. Use stops for protection.

o In the stock market you are competing with the sharpest professionals in the world. The only sure way to prevail is to invest long term.

o Maybe 20 percent of investors (both professional and non-professional) outperform the market each year, but the names are seldom the same from one year to another.

o We are not emotionally wired for success in the stock market.

o Short-term trades give up a huge advantage - the ability to benefit from the stock market's century-long upward bias.

o You can take almost any successful market strategy, do the exact opposite of what you are supposed to do, and if you stay with it, achieve equally good results.

o We may have thousands, not hundreds of ETFs in the future. Unlike today, they may be embraced by the public.

o When the market sells off sharply, it is frustrating to hear analysts/brokers list all the
bullish fundamentals, including a healthy economy, and conclude the market is overreacting.

While stocks are plummeting, you're told why they shouldn't be. It is a glaring example of the disconnect between the rational thinking of the analyst, the irrational behavior of the market, and the emotional response of investor.

With most steep declines, the market is reacting to excessive evaluation and an uninterrupted rise. The bloodbath will stop when the market decides it has corrected the excess sufficiently. The news cited as the trigger is usually irrelevant. There is always news to blame. ... Why the market chose that day to sell off, no one knows. Attempts by reporters to logically explain the sudden slide reflect a lack of understanding of what they're dealing with.更多精彩文章及讨论，请光临枫下论坛 rolia.net