约翰邓普顿：投资成功的十六条法则.pdf

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16 RULES
y that fails to recognize the insidious effect of
taxes and inflation fails to recognize the true nature of the investment
environment and thus is severely handicapped.
It is vital that you protect purchasing power. One of the biggest mistakes
people make is putting too much money into fixed-income securities.
Today’s dollar buys only what 35 cents bought in the mid 1970s, what
21 cents bought in 1960, and what 15 cents bought after World War II.
. consumer prices have risen every one of the last 38 years.
If inflation averages 4%, it will reduce the buying power of a $ 100,000
portfolio to $68,000 in just 10 years. In other words, to maintain the
same buying power, that portfolio would have to grow to $ 147,000—
a 47% gain simply to remain even over a decade. And this doesn’t
even count taxes.
“Diversify. In stocks and
bonds, as in much else,
there is safety in numbers ”.
2No . 2 INVES T—DON’T TRADE OR SPECULATE
The stock market is not a casino, but if you move in and out of stocks
every time they move a point or two, or if you continually sell short…
or deal only in options…or trade in futures…the market will be your
casino. And, like most gamblers, you may lose eventually —or frequently.
You may find your profits consumed by commissions. You may find a
market you expected to turn down turning up —and up, and up—in
defiance of all your careful calculations and short sales. Every time a
Wall Street news announcer says, “This just in ,” your heart will stop.
Keep in mind the wise words of Lucien Hooper, a Wall Street legend:
“What always impresses me ,” he wrote ,“is how much better the