2010-10-12

How I Trade and Invest In Stocks and Bonds (Richard D. Wyckoff)



Wyckoff 是某天在聽香港電台《投資新世代》時經濟日報的石鏡泉介紹的,看看維基百科(link),才知Wyckoff是20世紀初的財經名人!

在網上尋找他的文章,好好彩,仍找到很多,加上迎來買了部Kindle 3,所以閱讀電子書更加方便。

首先看的是”How I Trade and Invest In Stocks and Bonds”(Internet Archive有免費copy,1924年版,見link),雖然是scanned pdf,不過有OCR,所以可以search,很方便。

雖然沒有技術分析,Richard在書中詳細講他1的投資(或投機)心法,最重要是這些論據沒有因時間而變成失效,以下是我在本書的一些jottings,希望同大家分享:

頁17
All he asks is to be told "something good." That is not speculation, it is gambling...

頁34
I found that most of (the people) wanted to lean - not to learn. They just drifted along, guided by hope of profit and pursued by fear of loss.

頁45
Before I go any further, let me say that not every man is adapted to trading in stocks. In fact, very few are fitted for the work if it is undertaken as an art, a business, a profession, or whatever else you wish to call it.

頁75
Never get married to a security.

頁88
It is poor policy, I find, to wait for Opportunity to knock at your door.

頁143
These points are about equally divided between investment and speculation, but it is so difficult to determine which one begins and the other ends that in many cases I shall be obliged to treat them in combination.

頁144
IF ONE IS NOT ADAPTED TO TRADING HE SHOULD PROVE IT TO HIS OWN SATISFACTION AND THEN ABANDON THE BUSINESS. - He should then attempt to become an intelligent and successful investor. Failing of this, he should turn to savings banks and mortgages or other non-fluctuating mediums for the investment of his funds.