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豆瓣中文书名： 《约翰·邓普顿爵士的金砖》
很小的一本书，一小时就能读完。有很多投资的金法则和人生哲理。其实本质上万物都是相通的，投资跟人生一样，一个心术不正的人长期来看不可能做得好投资。因此，要想成为一个优秀的投资经理，必须先修身。
书中讲到的真理不仅仅作用于投资领域，也同样作用于生活与工作当中。真正的快乐源于精神的富足，而不是物质的富有。书中隐约地指出了价值投资的真谛。然而却均未展开，或许并不需要展开，因为真理是那么简单，而带着真理去认识世界，为之付出努力是每个人都应该身体力行的。这往往在书中无法找到答案
实际了，我看的英文版， 其实读的也很快: Spiritual Investments: Wall Street Wisdom From Sir John. 1998年出版的。
关于普通大众：
The reason?Most people tend to buy when things look promising
and sell when things look ominous.
关于精髓：
As useful as price/earnings ratios, book values,
and dozens of other indicators have been to Sir John
over the years, investors typically ignore them at
crucial decision points as they become caught up in
either euphoria or the fear of loss. But the essence of
Sir John’s philosophy is that, to achieve success,
investors can transcend such human tendencies through spiritual development.
In the early years of the Templeton Growth Fund,
Sir John invested in Japanese companies, contrary to
the prevailing practices and mood of this post-World
War II era. Japan’s political and economic infrastructures
were in shambles. For decades, the phrase
“Made in Japan” would be associated with cheap
trinkets.
早期日本制造看起来也有中国制造早期影子嘛。
And Japan was no longer selling inexpensive
trinkets, but high-quality automobiles and
televisions.
His methods
teach us that we are investing not only in
economies, but in human beings. Therefore, we
should invest with a spirit of:
Love:
But Sir John maintains that we should operate from a spirit
of love for all humankind, investing at least a portion
of our assets in less economically developed nations
Perseverance:
Early in his career as a fund
manager, today’s legendary financial leader managed
the Templeton Growth Fund from an obscure,
tiny office above a branch of the Nassau police
department. In those days, most North Americans
were skeptical of mutual funds and virtually never
thought about international investments.
还记得另一位大佬John Bogle,在2016年过世，巴菲特在2016年写给股东的年度信是这么评价John Bogle的：
“If a statue is ever erected to honor the person who has done the most for American investors, the hands down choice should be Jack Bogle. For decades, Jack has urged investors to invest in ultra-low-cost index funds. In his crusade, he amassed only a tiny percentage of the wealth that has typically flowed to managers who have promised their investors large rewards while delivering them nothing — or, as in our bet, less than nothing — of added value.
“In his early years, Jack was frequently mocked by the investment-management industry. Today, however, he has the satisfaction of knowing that he helped millions of investors realize far better returns on their savings than they otherwise would have earned. He is a hero to them and to me.”
John Bogle一开始创立index fund被人嘲笑，被解职，整整5，6年，一直处于这种不被认同的状态，但是他坚持下来，坚持他的信仰： 长期投资和更低的费用，让更多的投资者得到了回报。
Templeton坚持自己的国际化多元，将资金也分配给一些没那么发达的经济体，这一点跟John Bogle很像。两者在精神conviction信念上的追求任何钦佩，正如柏拉图所说，整的将 value, speak and action结合一体，超越跟人利益，为human kind的精神，真切的活出信念。
Patience
The first rule of making money is
not to lose it. The second rule is to never forget the
first rule! The typical American mutual fund manager
now trades, rather than holds onto, most of
our stocks each year—and our bonds even faster.
Wholeness
Finally, Sir John would tell you that
the spiritual principles you are about to learn will
not only enhance your investing, but your relationships,
your career, and, in fact, every aspect of your
life.
Like Mother Teresa, one can do “good” without
receiving—or wanting—material reward. But doing
“good” is how investors and business people do
“well,” paving their road to financial success on a
solid foundation of spiritual and humanitarian principles.
This is never an easy road to traverse. But the
track record of the Templeton funds is proof that it
is a far surer path than the one chosen by many
investors in recent decades.
没有精神上的原则，是走不远的， 更加无法建立财务成功的的稳定根基
用精神原则上的修炼，来控制我小我，包括欲望等等，才不至于被外界的物质拥有而迷惑，失去方向。这条道路非常艰难，倒是Templeton就是一个真实的案例。
1.Invest for maximum total real return.
注意到经济的通货膨胀等等因素，和税。需要从战略的角度，这必定是全面大局观出发考虑。
Look at the whole economic picture when evaluating an investment.
注意客观看问题，特别面对选择：
In fact, as we make choices, we often project our fears or desires onto the issues at hand. Developing the power of discernment means that we can look objectively at life decisions and choose freely.
结论：
Discernment with proper perspective is the foundation of honesty, responsibility, and wise choices.
2.Invest — don’t trade or speculate.
Lucien O.Hooper, a Wall Street Legend: “What always
impresses me,” he wrote, “is how much better the
relaxed, long-term owners of stock do with their
portfolios than the traders do with their switching
of inventory. The relaxed investor is usually better
informed and more understanding of essential values;
he is more patient and less emotional; he pays
smaller annual capital gains taxes; he does not incur
unnecessary brokerage commissions; and he avoids
behaving like Cassius by ‘thinking too much.’ ”
同样的， 从长期投资角度来思考你对人生的commitment.
If you are able to calm your mind and stay
relaxed as you pursue your life’s goals, you will
find them to be far more obtainable. Constantly
jumping from one ideology, relationship, or commitment to another takes a toll on one’s
emotions and well-being—which is not to say
that you should stay in a bad situation just to
maintain your investment.
这个可以：
Maintaining constancy based on wisdom
while pursuing life’s goals brings peace
of mind and eventual rewards.
3. Remain flexible and open-minded about types of investments.
Remaining flexible as an investor, improves your chances of developing a
diversified and rewarding portfolio.
关于自然宇宙，谦虚才能接受新的东西，不去封闭，不让无知阻碍我们：
The nature of the universe is that not everything
is simple for us to understand or predict.
Part of humility is accepting our limited ability to
foresee what the universe has in store for us,
remaining open to the challenges and opportunities
that will manifest themselves as we go along.Being closed to the possibilities that lie before us
will limit our horizons.
关于开放：
Remaining open to the variety of life’s riches
brings opportunities for personal
and spiritual growth.
4. Buy low — at the point of maximum pessimism.
最出名的把~
Investors on the sidelines might be advising to
buy low and sell high; but all too many of them.
buy high and sell low. Sure, they will buy—but
only after analysts agree on a favorable outlook.
This is foolish, but it’s human nature
在事情最黑暗的时候：
It is extremely difficult to go against the crowd,
to buy when everyone else is selling, when things
look darkest.
追寻大众当然稳，但是不会出色：
Investment decisions contrary to “conventional
wisdom” can be the most rewarding.
在低谷，才有更大的空间成功：
Having the faith to invest in humanity in times of
trouble shows that great change and growth can
come from the lowest points in life.
但是我们需要识别：
innate goodness and potential that may go
unrecognized.
这是困难，如何抛开主管偏见，寻找内在价值，确定其有没有希望。我们需要比如，观察历史人物如何在最低点的时候，观察什么动力和性格特征，能让其站出来走到巅峰。 需要一颗澄明的心才能识别仔细甄别特质： 好比管理人，好比稳定的盈利渠道和空间，一切都得是正，不能奇更不能邪（不能是搞不专业的东西）。
需要类比，观察，思考，总结，尝试。
5.Search for quality when buying.
When investing, search for bargains among quality
stocks. A bargain is no bargain if you’ve bought an
inferior stock.
低价可以（不是指价格很低，而是接近历史大底或者前期底部的），便宜货里质地优良的，有成长空间的。
A “bargain” is not necessarily a good
investment—it must also demonstrate quality.
这也是万事万物的规律，低位空间大。
6.Buy value, not market trends or economic outlook.
**You can determine your investment success
by seeking and finding value in individual stocks
rather than by being misled by market
trends or economic outlook.**
自己独立思考，别被假象迷惑：
We can learn to make better choices in life and
achieve a better appreciation of people if we take
the time to look beyond trends and superficialopinion. To experience the value in a situation or
person requires more than a knowledge of general
opinion. It requires an attempt to gather
information, grasp nuances and subtleties, and
have the courage to make up our own minds.
坐人也是一样：
When making choices, especially regarding the
people you wish to include in your life, rely on your
own perceptions; do not be influenced by the
opinions of others.
8.Do your homework or hire experts to help you.
Obtain sound information to make the best
investment decisions. Listen to those who tell you
to “investigate before you invest.” Study various
companies to learn what makes them successful.
Exercise diligence before you make choices.
调查才有发言权。
Whether you do the research yourself or hire experts
to assist you, developing a strong knowledge base
will allow you to make wise choices.
建立知识库体系。
Others
Even though we cannot
determine what will happen in the world around
us, we can ensure that we are spiritually ready to
take on any development in our lives by honestly
taking stock of our spiritual assets and personal
flaws—and working to improve both.
Ask yourself what is important to you. Where
are you going? What can you do to make the
world a better place along the way?
Dont' panic
Don’t allow yourself to give into that initial
panic attack; don’t rush to sell the next day. The
time to sell is before the crash, not after. Instead,
take a deep breath, and study your portfolio.
In the face of a financial crisis, evaluate your
portfolio and hold onto it; don’t panic and sell unless
you find something likely to be more beneficial.
关于逆境信念：
Everyone is faced with challenges and times of
crisis in life. It is during these times that it
becomes most important to rely on faith. Relax,
breathe. Fear paralyzes us into a state of inaction
or, even worse, makes us react to crisis without
thinking first. Take stock of yourself, allow yourself
the time to evaluate the reality of the whole
situation within the scope of historical changes.
If you give yourself the opportunity to assess a
crisis from a position of faith, you will find yourself
able to move past the panic stage and take
appropriate action.
If you still find yourself filled with panic, evaluate
your faith. Fear and faith do not coexist. **Faith in the power of the universe dispels panic. Force
yourself to remember the strength that has
guided you through difficult times in the past,
and allow yourself to rely on the conviction
that there is a higher power—God or however
you construe it—to get you past whatever fears
are confronting you.**
信念的力量，必须是超越个体的。
在恐惧面前，检视你的信念系统
In the face of a personal crisis, evaluate your faith and hold onto it—it is the antidote to fear.#####
Learn from mistakes
Taking responsibility for mistakes can be more
rewarding than taking credit for successes
Even Sir John has acknowledged that one-third of his investments
prove unwise; but the other two-thirds bring him
great rewards.
The biggest difference between investors who are
successful and those who are not is that the former
acknowledge—and learn from—their mistakes.
Progress in life is built on the lessons learned
from human error.
Use prayer to gain perspective and quiet your mind.
Stewardship, the belief that what you have is
not actually yours, but is held in trust for the
good of humanity, is an important foundation of
good investment.
Prayer这块我觉得不一定是这种方式吧，我觉得比如冥想啊散步啊太极啊也很合适，而且不需要跟宗教产生关系。
Wise investors recognize that success is a process of
continually seeking answers to new questions.
这个可以，人生就是这样，无穷无尽
It is easy to forget the importance of preserving
a child’s innate sense of wonder at the world and
its complexities. Albert Einstein once said that we
should never lose a sense of “holy curiosity.”
保持孩子般的好奇心是关键，了解宇宙，了解万事万物运行的规律， 而不是纠结于物质。
是一种谦虚。
Being open to the ever-unfolding glory and
wisdom of the universe brings us to a state of
humility. From this state, we can begin to realize
and respect the wisdom we did not even know we
had and, in the process, learn to respect the power
of the universe as it manifests itself around us.
所以保持敬畏，我所知道的是我无知。
Being humble is the first step to
attaining wisdom.
关于快速致富：
It is easy to become discouraged when hard work
brings slow—or even no—progress. It is even
easier to look around and envy the successes of
others without understanding the effort behind
those successes. Get-rich-quick schemes can
seem very appealing.
Hard work, perseverance, and faith are what
pay off in the long run. There are no limits to
what can be achieved if you apply your talents and
energies to your goals.
一步一步来：
Don’t allow yourself to become discouraged by
slow, steady gains. And don’t disillusion yourself
with attempts to get more than what you’ve
earned.
最终关于人生大道：
The worthwhile things in life come to us
through hard work, determination, and faith in
our highest good.
Those who do good do well.
反馈社会，个人必须回归社会群体，人类整体；返回来，它也会让个体更加进步。
不要太重视个人物质啊享受啊名声，想想身边的人，怎么让人类群体更好，更多好的影响他人。compassion.
In your
work, your relationships, and your spiritual life,
maintaining an attitude of “What can I give?”
rather than “What can you give to me?” will bring
you bountiful dividends.
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