锁文之后

每个领域有丰功伟业的成功者无一不有读书的习惯，运气、关系、背景等只能获得短暂的成功，终身学习才是长久成功的基石。

没有阅读量的积累，不论是欧奈尔还是威科夫，利弗莫尔还是巴菲特，他们的投资哲学是不学无术或者浅尝辄止那些人永远无法理解的。

芒格：“巴菲特的阅读量超过你们的想象”。

芒格的阅读量比巴菲特还要多，阅读范围更加广泛，他的子女曾经形容查理芒格为“张着两条腿的书”。

学习存在复利效应，经典就是常读常新。交易经典最大的问题就是翻译问题，很多华尔街经典建议能读英文原著最好，英文能力实在不行的只能读中译本了。读英文原著，好处还有一个，可以让你在读书的时候慢下来，慢慢品味。

今天的文章锁文（原因不明）之后，就把欧奈尔为《股票作手回忆录》写的一篇序（台版）翻出来，作为分享。

一路同行，与成功者为伍！

不管是投资新手，或是老手，新版《股票作手回忆录》（Reminiscences of a Stock Operator，寰宇智慧投资62）是所有投资人必读的经典名作。这本书谈到杰西‧李佛摩（Jesse Livermore，《股票作手杰西‧李佛摩操盘术》寰宇投资策略80）弥足珍贵的知识和经验。李佛摩这位市场投机客，从1900年到1930年代，赚过也赔过数百万美元。1960年，由于《股票作手回忆录》绝版，我得花50美元，才买得到一本。后来，我送了一本给富达公司（Fidelity）那时的顶尖共同基金经理盖里‧蔡（Gerry Tsai）。盖里向我表示，《股票作手回忆录》是他的老板、设在波士顿的富达基金创办人爱德华‧强森（Edward Johnson Sr.）的投资圣经。

华尔街的华人传奇蔡志勇（Gerry Tsai）

李佛摩是他那个时代最杰出的行情研判者之一。下面是他说过的一些名言：

「华尔街上根本没什么新鲜事。今天，不管股票市场发生什么事，以前都发生过，将来也会再度发生。」

「历史一再重演。」

「我能够赚进大钱，总是靠我缩手不动，绝不是靠我的想法。既看得对，又能缩手不动的人，并不多见。」

「重点不在尽量买得便宜，或者尽量在高价放空，而是在正确的时点买进或卖出。」

「我绝对不和行情走势争吵。」

「我花了五年时间，才学会怎么玩才玩得够聪明，能在做对的时候赚大钱。」

「没有什么事比得上失去你的一切，才教你学会什么事不能做。等到你知道什么事不能做，你会开始学习应该做什么事。」

「市场上只有两种情绪：希望和害怕──唯一出问题的地方，是你应该害怕的时候满怀希望，应该满怀希望的时候感到害怕。」

「认识自己，预防本身的弱点坏了大事。」

「回档之后卖出，不是反弹时卖出。」

李佛摩引用老罗思柴尔德男爵（Baron Rothschild）的话说，他的赚钱祕密，是「我绝不在底部买进，而且总是卖得太早。」

由此可见，《股票作手回忆录》一书，智慧语录俯拾皆是。这些智慧来自多年来每天亲身体验市场实际上如何运作的现实，以及人性如何不断阻碍投资人遵循稳健和证明可行的守则、系统与方法。

这本投资经典新版，不只包含有趣的插画，也收进初版所遗漏、作者1920年代在《星期六晚邮》（Saturday Evening Post）发表的一篇文章。我手上的《股票作手回忆录》初版，多年来一读再读，书页折损不堪，不同颜色的注记写得到处都是。几年前，我一口气买了超过1000本的股市和投资著作。但是根据我在这一行打滚四十五年的经验，发现只有十或十二本掷地有声──《股票作手回忆录》是其中一本。

对大部分投资人来说，投资股票相当困难，因为它和正常的聪明人常见的思考与反应方式恰好背道而驰。人总是想买价格下跌的便宜货。但是这种做法很少能够建功，因为通常股价会下跌，都有很好的理由。一般人也不知道，不管他们有多聪明，屡屡犯错在所难免。因此投资人必须养成习惯，每次发生亏损，都应该尽速认赔出场，把犯下的所有错误缩减到最小，避免亏损愈滚愈大。也有人想要轻轻松松赚钱，不做任何家庭功课，只依赖别人给的小道消息、传闻或建议。这可以说是国家之耻。美国这块机会绝佳的土地，拥有无限的新创意，以及百折不挠的新创业家、投资人和企业人。每一年，都有冲劲十足的新创业家经营的独特企业，首次公开发行股票。其中一些企业迟早会成为绝佳的投资。任何人只要存一点钱，看一些优良的投资著作，都可以好好掌握那些投资机会。这些好书都是身经百战，已经学会如何选购一流企业并且获利的人写的。一般来说，任何东西只要是最好的，价格都会比较高。

《股票作手回忆录》可以帮助你着手建立本身稳健的投资守则，把你推向大赢家之林。如果你真的想要到达那里，一定办得到。

Foreword

This new edition of Reminiscences of a Stock Operator is a must-read classic for all investors,whether brand new or experienced. It is about the invaluable knowledge and experiences of Jesse Livermore, a market speculator who made and lost millions during the period from 1900through the 1930s. I had to pay $50.00 in 1960 to get my first copy of Reminiscences because it was out of print. I later gave a copy to Gerry Tsai,one of Fidelity's top mutual fund managers at that time.Gerry then told me that Reminiscences was the investment bible of Edward Johnson Sr., his boss and the founder of the Boston-based Fidelity Funds.

Jesse Livermore was one of the best tape readers of his day.Here is just a taste of Livermore's sage advice:

There is nothing new in Wall Street. Whatever happens in the stock market today has happened before and will happen again.”

"History repeats itself.”

“The big money is made by sitting, not thinking. Men who can both be right and sit tight are uncommon.”

"The point is not so much to buy as cheap as possible or go short at top price,but to buy or sell at the right time.”

"I never argue with the tape.”

"It took me five years to learn to play the game intelligently enough to make big money when I was right.”

“There is nothing like losing for teaching you what not to do.And when you know what not to do, you begin to learn what to do in order to win."

‘There are only two emotions in the market, hope and fear-the only problem is you hope when you should fear and fear when you should hope.”

"Know yourself and provide against your own weaknesses.”“Sell after a reaction and this is no rally.”

Livermore quoted old Baron Rothchild,saying his secret to making money was“In ever buy at the bottom and I always sell too soon.”

So you see，Reminiscences of a Stock Operator is packed with wisdom based on years of daily experience with the realities of how the market actually works and how human nature constantly gets in the way of following sound and proven rules，systems,and methods.

This new edition of the investment classic not only contains interesting illustrations but also includes a 1920s Saturday Evening Post article by the author that was not included in the original book. My original copy of Reminiscences is now dog-eared and has notes from different colored pens from the several times I read and reread it over the years. Years ago, I purchased a library of over a thousand stock market and investment books. However, in my 45 years of experience in this business, I have only found 10 or 12 books that were of any real value-Reminiscences is one of them.

The stock market is difficult for most investors because it works in precisely the opposite way of how a normal,intelligent person tends to think and react. People want to buy something that looks cheap, is down in price, and appears to be a bargain. This rarely works because the stock is usuallydown for a good reason. People also do not realize that no matter how smart they are,they will make many mistakes. Investors potentially must habitually cut short every loss to keep all their mistakes small and avoid enormous losses later on.Others want to make money the easy way,without doing any homework or by simply relying on the tips,rumors，or advice of others. This is a national shame. America is a land of great opportunity,unlimited new ideas，and relentless new entrepreneurs,investors，and business people. Every year there are initial public offerings by highly motivated new entrepreneurs who run unique businesses.In time, a few of these could become excel-lent investments of which anyone can learn to take advantage if they just save a little money and read the best investment books around.These books are written by people who have been in the battlefield and have learned how to profitably select America's very best companies. Usually the very best in anything comes at a higher price.

Reminiscences will help you begin to create your own sound investment rules that can move you into the big winner's column.You can do it if you really want to.

William O'Neil

Founder and Chairman

Investor's Business Daily