Daily Productive Sharing 197 - How to Stay Wealthy?

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(The English version follows)


如果巴菲特只投资了三十年,我们恐怕都不会听说这个名字;因为时间和复利是他最好的投资法宝,我们才会惊叹他的盈利能力。如此长时间的投资最考验的就是心态,而 The Psychology of Money 整本书讲的就是这些道理。今天分享就是这本书的读书感想。尽管拥有各种金融业从业证书,而且在对冲基金工作过,但他读完这本书依旧感慨万分:

  1. 很多人尽管很富有,但是他们从不拥有过“足够”;
  2. 你无法控制自己赚多少,但是你可以控制自己存多少;
  3. 要想让复利为你服务,你需要有试错空间;
  4. 悲观地存钱,乐观地投资;
  5. 赚钱有无数种办法,但是存钱只有一种 -- 节俭并有节制



Notes on The Psychology of Money

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If Warren Buffett had only invested for thirty years, we wouldn't have heard his name; it's because time and compound interest are his best investment weapons that we marvel at his profitability. The longest test of investment is the mindset, and the book The Psychology of Money is about these truths. Today's sharing is about the thoughts after reading this book. Despite having various financial certifications and having worked in a hedge fund, the author finished the book with a lot of insights.

  1. many people are rich, but they have never had "enough".
  2. you can not control how much you earn, but you can control how much you save.
  3. to make compound interest work for you, you need to have room for trial and error.
  4. be pessimistic about saving and optimistic about investing.
  5. there are a million ways to make money, but there is only one way to save money -- frugally and with restraint.

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Notes on The Psychology of Money

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  • It took me a lot of time in the markets (and some family financial mismanagement) to understand that the paper stuff doesn't matter.
  • He had everything but I don't think he ever had enough.
  • It rubbed off on me - despite making perhaps $250k after taxes, I saved almost none of it.
  • You can't control what you make. But you can control what you save.
  • You need Room for Error to let compounding work.
  • It's compounding for 70 years – not 30 – that made the difference.
  • The trick when dealing with failure is arranging your financial life in a way that a bad investment here or missed financial goal there won't wipe you out so you can keep playing until the odds fall in your favor.
  • The historical odds of making money in U.S. markets are 50/50 over one-day periods, 68% in one-year periods, 88% in 10-year periods, and (so far) 100% in 20-year periods.
  • Beware taking financial cues from people that are playing a different game than you are.
  • Optimism is the best bet for most people because the world tends to get better for most people most of the time.
  • To square the two, learn to be comfortably bipolar: Save like a Pessimist, Invest like an Optimist).
  • John Templeton is known for saying that "This Time Is Different" are the four most dangerous words in investing, but even he concedes that 20% of the time it really is different.
  • Investment returns are strongly determined by fat tails, created by outside forces rather than individual effort, with forcing out weak hands with no Room for Error.
  • Not all success is due to hard work, and not all poverty is due to laziness.
  • Wealth is What You Don't Spend
  • We spend on flashy things mostly to impress other impressive people.
  • There are a million ways to get wealthy... but there is only one way to stay wealthy - some combination of frugality and paranoia.