巴菲特，芒格投资思想的几个特点 三

2011年，老巴印度之行的谈话

“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”

 

             年度最高最低价        二年后最高价     从最低价上涨幅度     +5-10%的红利及红利复利投资有益

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的股价是76.53，比二年前的年度最高价多了一点点，参照历史均值，今年的最高价格会在是87元左右。

参考巴菲特的经验，错过任何一年或任何一次的机会都没关系，因为机会每年都有，年年如此。