加国地产基金DRG的投资思考 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“选股的艺术“演讲

与可口可言网友在出租房生意上的冲天干劲相比，在过去四年里对DRG地产基金的投资机会的操作就会显得太过平静了，因为整个投资的实际交易时间也就只有十分钟，在交易之前是等待，在交易之后还是等待。

在股市中等待是一种常态，也是对人性的极大挑战。

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
 

如果把投资当作一份工作，那么这份工作的95%的时间就是等待，我的实践经念告诉我能够做好等待是一件极其困难的事，但是这又是投资中极其重要的一 个环节。

 

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%的时间是等待，看起来似乎是非常的轻松，但是事实上这确是一份十分艰难的工作，因为绝大多数人都做不到。