查理·芒格：为什么99%的人投资都亏钱？根本不是智商不够，而是心态崩了！

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人们以为金钱的问题来自糟糕的投资

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不是的问题来自糟糕的心理

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市场天生会上上下下

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而人天生会发疯

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大多数投资者之所以亏

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不是因为选错了股票

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而是因为他们管不住情绪

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没能给对的那支足够的时间

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感觉好就买

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感觉差就卖

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换句话说就是高位买

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低位卖还美其名曰策略

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说到底

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威胁你财富的最大敌人不是通胀

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不是税收

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也不是衰退

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而是你自己

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你的自负

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你的嫉妒

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你的急躁

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除非你现在内心把自己毁掉

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否则市场毁不了你

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我年轻时以为聪明能救我

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并不能

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金融的墓地里躺满了聪明人

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他们失去了脾气

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失去了纪律

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最后连衬衫都赔了

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越聪明行为有时反而越愚蠢

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因为他们自以为比普通人高明

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市场有一种特别的方式羞辱那些自作聪明的人

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真正有用的不是才华

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而是定力

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别人恐慌时

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你能镇定

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别人追逐下一个奇迹时

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你还能理性

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多数人没意识到

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投资是一场伪装成数学题的心理耐力赛

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赢不在于预测下一步

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而在于能熬过自己的冲动

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给复利足够的时间

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但偏偏活下来是大多数人做不到的

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他们受不了无聊

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抵挡不住刺激

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把忙碌误当成进步

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最后口袋里是故事

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不是收益

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你给我找一个能在邻居发家时还坐得住的人

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我就给你看一个能一生保住财富的人

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因为金钱回报的不是智商

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而是情绪稳定

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本杰明格雷厄姆说过

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短期看市场是投票机

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长期看是称重机

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可大多数人压根儿没在自己的投资组合里

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等到称重那一刻

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称一歪

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他们就跳下去了

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这不是MMBA或电子表格能弥补的事

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这是性格问题

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不是智力问题

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性格不会像资本那样靠利息自增

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他只能靠硬熬

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在不舒适的情况下

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能忍住

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不做蠢事

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一点点构建起来

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所以当有人问我投资秘诀时

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我总说一句

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他们不爱听的话

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秘诀就是学会不反应不对

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噪音不对

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蜂巢更不要对嫉妒作出反应

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人人都想行动

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很少有人能坚持稳住

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更少有人能在别人先变富时稳住

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而不心生怨气

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这就是为什么金钱的心理学根本不是金融学

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而是人性学

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人性不会因为你读了多少书

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听了多少播客

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就改变贪婪

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恐惧嫉妒

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这些是古老的力量

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你消灭不掉它们

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只能智取它们

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投资的第一条规则是不要太信任你自己

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你如果以为自己已经很理性

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你得再想想

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你多半只是用更体面的词汇表达情绪而已

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能明白这一点

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你就已经胜过九成投资者

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其余的人还在拿计算器打心理战

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要想明白人为什么会破产

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不要先学经济

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先学心理

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人类是为丛林而进化的

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不是为股市

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我们的脑袋为及时反应而造

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不是为长期耐心而设

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山洞时代

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看见老虎就要跑

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捡到食物就要吃这个线路

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让你活下来

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如今它让你高买低卖

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恐惧与贪婪这两股最古老的力量至今驱动着99%的金融行为

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问题不在于人不知道该做什么

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而是明明知道而做不到

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我见过投资者明明坐在金矿上

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仍能把自己吓跑

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股价跌10%

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就当世界末日

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与此同时

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耐心的人安静地靠什么都不做变富

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我说过

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富丽的第一条规则是非必要的时候别去打断它

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而大多数人偏偏如此

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他们打断自己的成功

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因为无聊

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总想做点事

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嫉妒会让这更糟

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邻居转得更快

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你立刻觉得自己的计划蠢

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然后你照抄他

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刚好超在她好运结束前一秒

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嫉妒这个情绪连快感都不给

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你只会一面腐蚀你

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一面让你装出理性

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它既能毁你的心境

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也能回你的账户

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我和巴菲特无数次见证过这种场景

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有人买了家极好的企业

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却因为别人更快翻倍而把它卖了

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用一生的财富换取片刻的我更行的错觉

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那不是投资

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是穿西装的猴子戏嫉妒不可理喻

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它不是逻辑问题

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是生物本能

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所以我说他是镜中的猴子

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不管你多老多有学问

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它都在那里冲你咧嘴

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怂恿你做傻事

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多数人亏钱并非运气差

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而是不知道什么时候自己被那只猴子操控

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他们以为在果敢出击

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其实只是因为别人短期更富

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就拿自己的未来去赌博

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讽刺的是

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市场最终会惩罚贪婪和恐惧

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只是时间点不同

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你贪婪时价格往往以高

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你恐惧时价格往往以低

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于是大多数人穷其一生都在错误的时间

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用错误的理由做错误的事

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聪明的投资者看穿这个循环

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拒绝参赛

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他接受波动

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把无聊当成财富的门票

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这不容易

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但很简单

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在别人失心疯时保持清醒

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这需要情绪的抽离里

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能看见自己的反应

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然后说啊

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又是那只猴子

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我听过一句话

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市场是把钱从不耐心的人那里转给耐心人的装置

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这不仅巧妙

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还是刺耳的真相

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若你能在全民狂欢时不贪婪

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在人人恐慌时不害怕

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你就会赢下这场大多数人还没意识到自己在玩的游戏

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当然多数人做不到

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短期显得蠢

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并不有趣

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哪怕长期更富

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归根结底

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成功地投资不在才智

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而在驯服你内心那只原始的野兽

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这是世界上最难的事情

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因为那只野兽永远不会离开

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你

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只有学会不去投喂它

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它才会安静些

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所以下次你有冲动要行动时

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不要问市场在干嘛

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先问我的大脑在干嘛

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决定你命运的不是标普500

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而是这件事

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人们高估了智力在投资中的作用

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他们以为成功来自聪明

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如果真是那样

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每个博士都该是亿万富翁

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华尔街满是高智商的人

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会在睡梦里给期权定价

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却做不到六个月不动组合

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他们什么都懂

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除了如何行为得当

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我说过

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很多聪明人在赚钱这件事上绝望至极

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他们可以背诵经济理论

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却抵挡不住必须做点什么的冲动

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而本该坐住不动

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问题不在信息匮乏

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而在控制的幻觉

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你越聪明

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越难承认自己无法战胜随机性

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你以为自己能预测

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能管理

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能征服它

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直到他狠狠教你千倍

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市场不会在乎你的智商文凭或你excel模型多花哨

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他只关心在难看时你怎么做

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我记得上世纪70年代

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通胀失控

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人人觉得美国完了

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各路专家都有新理论解释现状

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大多数人破产倒不是因为观点错

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而是因为不肯承认自己

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不知道我和巴菲特也犯过不少错

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但我们从不假装懂得比实际更多

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我们待在能力圈里

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忽略噪音

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投资里的聪明其实是知道自己聪明到哪里就到头了

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如果非要一条公式

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那就是定力大于智商

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永远如此

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因为纪律不会在市场惊慌时跟着惊慌

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没有谦卑的聪明

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最后就是傲慢

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而傲慢只是穿了礼服的无知

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我见过数学天才的基金经理

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一年就把基金炸没了

235
00:08:37,690 --> 00:08:39,828
为什么他们太聪明

236
00:08:39,828 --> 00:08:42,288
以至于不肯遵守简单规则

237
00:08:42,288 --> 00:08:44,480
总觉得这一次不一样

238
00:08:44,480 --> 00:08:46,720
事实是从来没不一样

239
00:08:46,720 --> 00:08:49,279
市场会惩罚自以为特别的人

240
00:08:49,279 --> 00:08:51,860
会奖励承认自己不特别的人

241
00:08:51,860 --> 00:08:53,419
我们找投资伙伴

242
00:08:53,419 --> 00:08:55,500
从不找七尺高的天才

243
00:08:55,500 --> 00:08:58,919
而是找常人智力加非常纪律的人

244
00:08:58,919 --> 00:09:01,929
因为纪律能放大智力不一定

245
00:09:01,929 --> 00:09:04,389
钱总会流向清醒那边

246
00:09:04,389 --> 00:09:08,769
流向那些在他人情绪化时还能清楚思考的人

247
00:09:08,769 --> 00:09:10,190
就不需要天才

248
00:09:10,190 --> 00:09:12,230
只要克制而克制

249
00:09:12,230 --> 00:09:13,090
很无聊

250
00:09:13,090 --> 00:09:14,610
所以也稀缺

251
00:09:14,610 --> 00:09:17,370
想要刺激去拉斯维加斯

252
00:09:17,370 --> 00:09:18,549
想要财富

253
00:09:18,549 --> 00:09:20,428
学会枯燥枯燥

254
00:09:20,428 --> 00:09:21,249
会复利

255
00:09:21,249 --> 00:09:22,688
很多人不愿意听

256
00:09:22,688 --> 00:09:24,668
因为这听起来不够英雄

257
00:09:24,668 --> 00:09:28,940
他们宁愿相信有什么神秘公式或独门系统

258
00:09:28,940 --> 00:09:29,779
没有的

259
00:09:29,779 --> 00:09:33,379
只有耐心以及不犯蠢而不犯蠢

260
00:09:33,379 --> 00:09:36,159
看上去往往像什么都没发生

261
00:09:36,159 --> 00:09:40,919
所以很少人愿意去做这个世界奖励的不是才华

262
00:09:40,919 --> 00:09:42,159
而是耐力

263
00:09:42,159 --> 00:09:44,419
只要你能熬过自己的情绪

264
00:09:44,419 --> 00:09:47,279
其余的数学自会替你收尾

265
00:09:47,279 --> 00:09:49,659
想要对人类智力失望

266
00:09:49,659 --> 00:09:52,139
只需看一场金融狂潮

267
00:09:52,139 --> 00:09:56,788
每隔几年我们都会给同一种愚蠢套上新外衣

268
00:09:56,788 --> 00:10:02,289
郁金香铁路互联网加密货币服装换了疯狂没变

269
00:10:02,289 --> 00:10:05,190
你以为人类几个世纪后该学会了

270
00:10:05,190 --> 00:10:06,649
并没有贪婪

271
00:10:06,649 --> 00:10:07,470
记性短

272
00:10:07,470 --> 00:10:08,690
还嗓门儿大

273
00:10:08,690 --> 00:10:09,870
90年代末

274
00:10:09,870 --> 00:10:12,818
大家以为发现了无限财富的秘方

275
00:10:12,818 --> 00:10:13,818
没利润

276
00:10:13,818 --> 00:10:14,818
没问题

277
00:10:14,818 --> 00:10:16,759
互联网会改变一切

278
00:10:16,759 --> 00:10:18,798
它确实改变了很多

279
00:10:18,798 --> 00:10:20,620
主要是提醒大家

280
00:10:20,620 --> 00:10:22,559
算术仍然重要

281
00:10:22,559 --> 00:10:25,799
然后2008年上演同一部电影

282
00:10:25,799 --> 00:10:27,080
换了一批演员

283
00:10:27,080 --> 00:10:30,649
这次的妄念是房价只会涨不会跌

284
00:10:30,649 --> 00:10:32,090
当现实回来

285
00:10:32,090 --> 00:10:33,600
他不是敲门

286
00:10:33,600 --> 00:10:35,659
而是一脚踢开门

287
00:10:35,659 --> 00:10:38,399
大众总以为自己比历史聪明

288
00:10:38,399 --> 00:10:44,210
而历史每次都证明不是真正让我着迷的不是泡沫本身

289
00:10:44,210 --> 00:10:46,149
而是其背后的心理

290
00:10:46,149 --> 00:10:50,318
每一代人都相信自己不会重蹈上一代的疯狂

291
00:10:50,318 --> 00:10:54,219
然后又穿着更漂亮的西装跳进同一个坑

292
00:10:54,219 --> 00:10:57,460
人们加入人群是为了寻求安慰

293
00:10:57,460 --> 00:10:58,870
不是为了真相

294
00:10:58,870 --> 00:11:00,549
人人都在变富时

295
00:11:00,549 --> 00:11:02,309
持怀疑会很孤独

296
00:11:02,309 --> 00:11:05,370
而人们比起贫穷更害怕孤独

297
00:11:05,370 --> 00:11:08,389
这才是狂潮蔓延的真正原因

298
00:11:08,389 --> 00:11:09,629
社会认同

299
00:11:09,629 --> 00:11:13,490
没人想在醉酒的派对上做唯一清醒的人

300
00:11:13,490 --> 00:11:16,230
于是大家选择安静地跳舞

301
00:11:16,230 --> 00:11:17,769
直到地板塌陷

302
00:11:17,769 --> 00:11:20,139
我和巴菲特很早就明白

303
00:11:20,139 --> 00:11:22,580
你不可能靠随大流赚钱

304
00:11:22,580 --> 00:11:27,090
你赚钱的方式是在大众错误时坚持正确

305
00:11:27,090 --> 00:11:29,409
并且等到他们回过神来

306
00:11:29,409 --> 00:11:31,809
而等待是最难的

307
00:11:31,809 --> 00:11:35,919
大众能在很长一段时间里看起来很聪明

308
00:11:35,919 --> 00:11:37,769
然后才显得愚蠢

309
00:11:37,769 --> 00:11:40,649
耐心是赋予败的分水岭

310
00:11:40,649 --> 00:11:43,110
道理简单却从不容易

311
00:11:43,110 --> 00:11:45,149
如果你需要别人的肯定

312
00:11:45,149 --> 00:11:46,389
你已经输了

313
00:11:46,389 --> 00:11:50,859
因为一旦你的观点需要人群的认可才能成立

314
00:11:50,859 --> 00:11:53,359
你就把命运交给了他们

315
00:11:53,359 --> 00:11:56,458
市场里独立是一项求生技能

316
00:11:56,458 --> 00:11:58,279
你必须自己思考

317
00:11:58,279 --> 00:12:01,080
还要能承受一段时间被误解

318
00:12:01,080 --> 00:12:05,259
所有我见过的优秀投资者都有一个共同点

319
00:12:05,259 --> 00:12:09,100
愿意在看起来错的一段时间里等到对

320
00:12:09,100 --> 00:12:10,440
这不是勇敢

321
00:12:10,440 --> 00:12:12,289
而是清醒的伪装

322
00:12:12,289 --> 00:12:16,429
大洞总会给过度与荒唐找到心灵感

323
00:12:16,429 --> 00:12:17,870
这次不一样

324
00:12:17,870 --> 00:12:21,049
老规则不再是一听到这种话

325
00:12:21,049 --> 00:12:22,769
请你系好安全带

326
00:12:22,769 --> 00:12:24,090
我活得够久

327
00:12:24,090 --> 00:12:25,330
知道一件事

328
00:12:25,330 --> 00:12:27,279
当大家意见一致时

329
00:12:27,279 --> 00:12:29,480
往往是派对要结束了

330
00:12:29,480 --> 00:12:31,620
真正毁人的不是波动

331
00:12:31,620 --> 00:12:34,659
而是从众人们渴望确定性

332
00:12:34,659 --> 00:12:37,179
而这个世界根本不会给你这个

333
00:12:37,179 --> 00:12:40,360
于是他们跟着嗓门最大的声音一起走

334
00:12:40,360 --> 00:12:42,389
最后一起掉下悬崖

335
00:12:42,389 --> 00:12:43,509
可悲的是

336
00:12:43,509 --> 00:12:45,169
即便坠落之后

337
00:12:45,169 --> 00:12:47,730
他们还会说这事无法预见

338
00:12:47,730 --> 00:12:49,068
其实可以的

339
00:12:49,068 --> 00:12:51,649
只是他们不愿做那个站着不动

340
00:12:51,649 --> 00:12:53,249
看起来不酷的人

341
00:12:53,249 --> 00:12:57,039
所以当你又想追大众在追的东西时

342
00:12:57,039 --> 00:12:58,539
帮自己一个忙

343
00:12:58,539 --> 00:12:59,759
出去走走

344
00:12:59,759 --> 00:13:00,860
等你回来

345
00:13:00,860 --> 00:13:03,149
疯狂往往已经开始退潮

346
00:13:03,149 --> 00:13:05,950
长期看人群带来舒适

347
00:13:05,950 --> 00:13:08,649
可舒适是清醒思考的敌人

348
00:13:08,649 --> 00:13:13,129
而市场里清醒思考才是唯一持久的优势

349
00:13:13,129 --> 00:13:14,129
关于金钱

350
00:13:14,129 --> 00:13:16,139
还有一种危险的错觉

351
00:13:16,139 --> 00:13:18,440
以为一切尽在掌控

352
00:13:18,440 --> 00:13:19,639
并不对

353
00:13:19,639 --> 00:13:20,139
市场

354
00:13:20,139 --> 00:13:21,240
对时机

355
00:13:21,240 --> 00:13:25,000
甚至往往对你自己都谈不上掌控

356
00:13:25,000 --> 00:13:26,820
人脑讨厌不确定

357
00:13:26,820 --> 00:13:30,200
于是会在不存在的地方看见模式

358
00:13:30,200 --> 00:13:32,059
然后称之为分析

359
00:13:32,059 --> 00:13:33,279
我们画模型

360
00:13:33,279 --> 00:13:34,220
画图表

361
00:13:34,220 --> 00:13:35,200
编故事

362
00:13:35,200 --> 00:13:37,309
只为感觉不那么无助

363
00:13:37,309 --> 00:13:38,649
但真相是

364
00:13:38,649 --> 00:13:44,549
市场里发生的大多数事情不过是穿了意义外衣的随机噪音

365
00:13:44,549 --> 00:13:48,950
而人们所谓的能力往往是带着好公关的运气

366
00:13:48,950 --> 00:13:50,690
承认这点很不舒服

367
00:13:50,690 --> 00:13:53,870
于是大家假装自己的预测很重要

368
00:13:53,870 --> 00:13:57,870
可如果你连明天早上自己的心情都预测不准

369
00:13:57,870 --> 00:14:00,909
怎么去预测未来10年的全球经济

370
00:14:00,909 --> 00:14:02,019
我说过

371
00:14:02,019 --> 00:14:05,500
以为自己能预测市场的人不是傻子

372
00:14:05,500 --> 00:14:06,419
就是骗子

373
00:14:06,419 --> 00:14:09,860
而华尔街常常是两者的巧妙组合

374
00:14:09,860 --> 00:14:13,568
我见过基金经理宁愿跟着人群一起做

375
00:14:13,568 --> 00:14:15,328
也不愿独自正确

376
00:14:15,328 --> 00:14:18,889
它们的模型能精确到小数点后六位

377
00:14:18,889 --> 00:14:22,820
可一到恐惧发作就做不出一个像样决定

378
00:14:22,820 --> 00:14:26,100
人类情绪没法用表格算出来

379
00:14:26,100 --> 00:14:27,559
你只能理解它

380
00:14:27,559 --> 00:14:29,100
并为他做准备

381
00:14:29,100 --> 00:14:31,710
这就是我们坚持简单的原因

382
00:14:31,710 --> 00:14:34,750
找一家好企业以合理价格买下

383
00:14:34,750 --> 00:14:37,029
然后在别人失去勇气时

384
00:14:37,029 --> 00:14:38,669
拿着它不华丽

385
00:14:38,669 --> 00:14:39,720
但有效

386
00:14:39,720 --> 00:14:42,440
因为他避开了控制的幻觉

387
00:14:42,440 --> 00:14:44,539
市场会做他想做的事

388
00:14:44,539 --> 00:14:46,279
你的职责不是预测

389
00:14:46,279 --> 00:14:47,470
而是熬住

390
00:14:47,470 --> 00:14:48,929
这是心理功夫

391
00:14:48,929 --> 00:14:50,429
不是分析技巧

392
00:14:50,429 --> 00:14:53,669
回望那些我本可以更聪明的时刻

393
00:14:53,669 --> 00:14:57,330
几乎每一次不作为都是更好的选择

394
00:14:57,330 --> 00:14:59,110
你做的决定越少

395
00:14:59,110 --> 00:15:00,559
犯错就越少

396
00:15:00,559 --> 00:15:03,029
在投资里避免愚蠢

397
00:15:03,029 --> 00:15:04,830
远胜追逐聪明

398
00:15:04,830 --> 00:15:06,330
但人们不爱听

399
00:15:06,330 --> 00:15:08,769
他们要的是行动的感觉

400
00:15:08,769 --> 00:15:10,470
哪怕那是幻觉

401
00:15:10,470 --> 00:15:12,629
于是他们频繁交易

402
00:15:12,629 --> 00:15:13,850
追逐信号

403
00:15:13,850 --> 00:15:15,570
把新闻当神谕

404
00:15:15,570 --> 00:15:18,839
新闻大多只是广告之间的填充物

405
00:15:18,839 --> 00:15:20,698
世界不奖励行动

406
00:15:20,698 --> 00:15:22,719
而奖励正确的行为

407
00:15:22,719 --> 00:15:24,219
且长期坚持

408
00:15:24,219 --> 00:15:25,509
所谓行为

409
00:15:25,509 --> 00:15:29,169
说白了就是心理坐不住就要付费

410
00:15:29,169 --> 00:15:32,370
通常用钱有时还要用自尊

411
00:15:32,370 --> 00:15:33,970
当我们买了东西

412
00:15:33,970 --> 00:15:35,950
不会整天盯着报价

413
00:15:35,950 --> 00:15:36,909
我们读

414
00:15:36,909 --> 00:15:37,809
我们想

415
00:15:37,809 --> 00:15:38,570
我们等

416
00:15:38,570 --> 00:15:41,309
这才是把时间变成金钱的方式

417
00:15:41,309 --> 00:15:44,230
但这种耐心让大多数人难受

418
00:15:44,230 --> 00:15:47,120
他们宁愿假装能控制结果

419
00:15:47,120 --> 00:15:50,080
也不愿承认自己只能控制自己

420
00:15:50,080 --> 00:15:51,100
想象一下

421
00:15:51,100 --> 00:15:53,099
如果市场关闭5年

422
00:15:53,099 --> 00:15:55,599
你还愿意持有现在的东西吗

423
00:15:55,599 --> 00:15:57,318
若答案是否定的

424
00:15:57,318 --> 00:15:59,019
你拥有的不是投资

425
00:15:59,019 --> 00:16:01,629
而是分心物控制的幻觉

426
00:16:01,629 --> 00:16:02,950
之所以诱人

427
00:16:02,950 --> 00:16:07,629
是因为她讨好自我而自我常常毁了投资者

428
00:16:07,629 --> 00:16:09,190
她在你耳边低语

429
00:16:09,190 --> 00:16:10,289
你更聪明

430
00:16:10,289 --> 00:16:11,328
你更快

431
00:16:11,328 --> 00:16:12,509
你不一样

432
00:16:12,509 --> 00:16:14,649
然后递给你那根绳子

433
00:16:14,649 --> 00:16:16,928
你赢不了市场的预测战

434
00:16:16,928 --> 00:16:20,289
你只能在适应自身心理中存活

435
00:16:20,289 --> 00:16:21,470
在混乱里

436
00:16:21,470 --> 00:16:22,470
保持镇定

437
00:16:22,470 --> 00:16:24,429
不碰自己不懂的游戏

438
00:16:24,429 --> 00:16:25,909
这不是运气

439
00:16:25,909 --> 00:16:28,110
这是代价高昂的智慧

440
00:16:28,110 --> 00:16:29,269
错得够多了

441
00:16:29,269 --> 00:16:30,980
才不再自作主宰

442
00:16:30,980 --> 00:16:32,399
人人都想富

443
00:16:32,399 --> 00:16:34,480
很少人愿意为此承受

444
00:16:34,480 --> 00:16:35,639
也正因此

445
00:16:35,639 --> 00:16:38,120
能长期富下去的人不多

446
00:16:38,120 --> 00:16:40,159
他们扛不住情绪成本

447
00:16:40,159 --> 00:16:42,539
关于金钱的真相很简单

448
00:16:42,539 --> 00:16:43,440
致富难

449
00:16:43,440 --> 00:16:44,730
首付更难

450
00:16:44,730 --> 00:16:49,330
因为有钱要求的自律水平往往只在没钱时才有

451
00:16:49,330 --> 00:16:51,590
你穷的时候被迫谨慎

452
00:16:51,590 --> 00:16:54,269
你富了就以为刀枪不入

453
00:16:54,269 --> 00:16:56,909
这时自然会寄来账单

454
00:16:56,909 --> 00:16:59,409
我一次次看见人们赢了

455
00:16:59,409 --> 00:17:01,389
然后忘了自己怎么赢的

456
00:17:01,389 --> 00:17:03,070
开始追求新刺激

457
00:17:03,070 --> 00:17:03,990
新交易

458
00:17:03,990 --> 00:17:04,809
新玩具

459
00:17:04,809 --> 00:17:06,690
把运动当进步

460
00:17:06,690 --> 00:17:09,230
忘了复利需要不被打断

461
00:17:09,230 --> 00:17:12,430
每一笔财富迟早会遭遇考验

462
00:17:12,430 --> 00:17:14,000
不是来自市场

463
00:17:14,000 --> 00:17:16,400
而是来自持有者的心理

464
00:17:16,400 --> 00:17:18,559
钱多到超出所需后

465
00:17:18,559 --> 00:17:21,638
真正的挑战是别丢了理智

466
00:17:21,638 --> 00:17:23,679
市场一定会测试你

467
00:17:23,679 --> 00:17:25,118
动摇你的信念

468
00:17:25,118 --> 00:17:26,650
嘲弄你的耐心

469
00:17:26,650 --> 00:17:29,589
用看似聪明的捷径诱惑你

470
00:17:29,589 --> 00:17:31,519
这些会腐蚀你的纪律

471
00:17:31,519 --> 00:17:32,799
多数人受不了

472
00:17:32,799 --> 00:17:34,759
净值下跌30%

473
00:17:34,759 --> 00:17:37,730
但这恰恰是长期财富的门票

474
00:17:37,730 --> 00:17:40,849
你不可能在没有波动的情况下变富

475
00:17:40,849 --> 00:17:46,539
你只能决定门票的价格是短暂不适还是永久愚蠢

476
00:17:46,539 --> 00:17:48,579
不是会过去愚蠢

477
00:17:48,579 --> 00:17:49,460
会永久

478
00:17:49,460 --> 00:17:50,509
问题在于

479
00:17:50,509 --> 00:17:54,190
人们把短期疼痛当成永久损失

480
00:17:54,190 --> 00:17:57,450
他们因为股价跌了就卖掉好公司

481
00:17:57,450 --> 00:18:00,138
这就像因为伴侣感冒就离婚

482
00:18:00,138 --> 00:18:02,278
疼痛是过程的一部分

483
00:18:02,278 --> 00:18:05,579
是市场在检查谁真配得上回报

484
00:18:05,579 --> 00:18:08,339
70年代通胀与悲观横行

485
00:18:08,339 --> 00:18:09,559
没人要股票

486
00:18:09,559 --> 00:18:10,839
所以很便宜

487
00:18:10,839 --> 00:18:13,119
我们在别人绝望时买入

488
00:18:13,119 --> 00:18:14,329
不是自虐

489
00:18:14,329 --> 00:18:16,269
而是更信任算术

490
00:18:16,269 --> 00:18:17,410
而非情绪

491
00:18:17,410 --> 00:18:20,269
多年后人们称之为神奇

492
00:18:20,269 --> 00:18:22,599
则使其实不是择时

493
00:18:22,599 --> 00:18:23,599
是耐痛

494
00:18:23,599 --> 00:18:25,099
能承受不适

495
00:18:25,099 --> 00:18:27,700
是投资者与投机者的分界

496
00:18:27,700 --> 00:18:29,279
投机者要多巴胺

497
00:18:29,279 --> 00:18:31,319
投资者要内心的安宁

498
00:18:31,319 --> 00:18:33,309
安宁不是预知未来

499
00:18:33,309 --> 00:18:36,630
而是接受你做不到却仍能活下来

500
00:18:36,630 --> 00:18:39,809
我们长期持有自己深刻理解的企业

501
00:18:39,809 --> 00:18:41,549
宁愿挨一时的跌

502
00:18:41,549 --> 00:18:44,150
也不愿在无知里恐慌出局

503
00:18:44,150 --> 00:18:46,730
无知是投资里最昂贵的藤

504
00:18:46,730 --> 00:18:49,509
讽刺的是正确承受的痛

505
00:18:49,509 --> 00:18:51,309
本身就是一种复利

506
00:18:51,309 --> 00:18:53,429
每一次下跌中挺过去

507
00:18:53,429 --> 00:18:55,969
会让你在下一次更强更稳

508
00:18:55,969 --> 00:18:58,000
如果你一见风声就跑

509
00:18:58,000 --> 00:18:59,960
就永远留不在场上

510
00:18:59,960 --> 00:19:01,299
终究赢不了

511
00:19:01,299 --> 00:19:02,640
所以我常说

512
00:19:02,640 --> 00:19:05,190
世界不是被波动毁掉

513
00:19:05,190 --> 00:19:08,569
而是被不能承受波动的人毁掉

514
00:19:08,569 --> 00:19:13,710
如果你无法在组合下跌50%时仍不改变计划

515
00:19:13,710 --> 00:19:15,049
那很抱歉

516
00:19:15,049 --> 00:19:17,690
你不该拿股票的长期回报

517
00:19:17,690 --> 00:19:19,470
当人问如何变富

518
00:19:19,470 --> 00:19:22,640
我会说学会在不舒服里舒服

519
00:19:22,640 --> 00:19:25,420
学会在世界嘶吼时做猪

520
00:19:25,420 --> 00:19:26,920
学会忽略噪音

521
00:19:26,920 --> 00:19:28,339
嫉妒和恐惧

522
00:19:28,339 --> 00:19:30,440
这才是真正的学费

523
00:19:30,440 --> 00:19:35,640
远胜任何MBA最终市场奖励的不是最聪明

524
00:19:35,640 --> 00:19:36,960
也不是最快

525
00:19:36,960 --> 00:19:39,200
而是那个能明智地承受

526
00:19:39,200 --> 00:19:41,079
还能站到最后的人

527
00:19:41,079 --> 00:19:42,900
耐心听起来无聊

528
00:19:42,900 --> 00:19:45,119
这正是他有效的原因

529
00:19:45,119 --> 00:19:50,140
市场注定再把财富从好动者转给耐心者

530
00:19:50,140 --> 00:19:52,210
而耐心者永远稀缺

531
00:19:52,210 --> 00:19:54,230
人人都爱富丽的主意

532
00:19:54,230 --> 00:19:56,609
但没人愿意等待的现实

533
00:19:56,609 --> 00:19:59,809
我们生活在以秒计注意力的时代

534
00:19:59,809 --> 00:20:01,900
等上几年向被惩罚

535
00:20:01,900 --> 00:20:04,579
但财富不按你的时间表长

536
00:20:04,579 --> 00:20:06,559
他按市场的时间表长

537
00:20:06,559 --> 00:20:08,759
市场不在乎你有多无聊

538
00:20:08,759 --> 00:20:09,849
我常说

539
00:20:09,849 --> 00:20:11,549
大钱不在买卖

540
00:20:11,549 --> 00:20:12,750
而在等待

541
00:20:12,750 --> 00:20:13,490
这句话

542
00:20:13,490 --> 00:20:14,750
很多人听见了

543
00:20:14,750 --> 00:20:16,289
真正懂得很少

544
00:20:16,289 --> 00:20:18,490
等待不是什么都不干

545
00:20:18,490 --> 00:20:20,170
而是抵制愚蠢

546
00:20:20,170 --> 00:20:22,900
让时间为你的理性复利

547
00:20:22,900 --> 00:20:24,559
你做在好企业上

548
00:20:24,559 --> 00:20:25,740
忽略噪音

549
00:20:25,740 --> 00:20:28,500
让算术安静地施展奇迹

550
00:20:28,500 --> 00:20:31,749
多数人亏钱不是输在坏主意

551
00:20:31,749 --> 00:20:33,449
而是没熬到好主意

552
00:20:33,449 --> 00:20:34,190
开花

553
00:20:34,190 --> 00:20:35,450
栽了棵树

554
00:20:35,450 --> 00:20:37,430
又隔几周挖出来

555
00:20:37,430 --> 00:20:38,849
看看有没有涨

556
00:20:38,849 --> 00:20:40,369
这不是投资

557
00:20:40,369 --> 00:20:42,829
是拿着两把铲子的园艺

558
00:20:42,829 --> 00:20:44,549
耐心需要的信念

559
00:20:44,549 --> 00:20:45,940
不是信市场

560
00:20:45,940 --> 00:20:47,720
而是信你的方法

561
00:20:47,720 --> 00:20:50,719
要相信算术比情绪可靠

562
00:20:50,719 --> 00:20:52,679
时间比择时重要

563
00:20:52,679 --> 00:20:55,289
我们等过超过20年的投资

564
00:20:55,289 --> 00:20:57,769
才等到价值完全兑现

565
00:20:57,769 --> 00:21:03,200
让你把这话讲给一个亚马逊快递晚到一天就要生气的时代听听

566
00:21:03,200 --> 00:21:06,819
真正的挑战是学会与慢和平相处

567
00:21:06,819 --> 00:21:08,299
你催不快复立

568
00:21:08,299 --> 00:21:10,019
就像催不快四季

569
00:21:10,019 --> 00:21:11,740
你只能别打断他

570
00:21:11,740 --> 00:21:13,960
而这需要情绪上的力量

571
00:21:13,960 --> 00:21:16,099
因为在你等待的那些年

572
00:21:16,099 --> 00:21:20,549
世界会诱惑你去动泡沫崩盘新范式

573
00:21:20,549 --> 00:21:24,180
专家像庙会的传教士般高声预言

574
00:21:24,180 --> 00:21:25,779
耐心地投资者

575
00:21:25,779 --> 00:21:27,559
学会礼貌地微笑

576
00:21:27,559 --> 00:21:28,730
然后不动

577
00:21:28,730 --> 00:21:31,769
因为行动常常是结果的敌人

578
00:21:31,769 --> 00:21:33,930
当你终于懂了耐心

579
00:21:33,930 --> 00:21:35,519
就不再像负担

580
00:21:35,519 --> 00:21:36,579
而像武器

581
00:21:36,579 --> 00:21:39,160
它给你别人无法复制的优势

582
00:21:39,160 --> 00:21:41,920
因为他们甚至不知道那是优势

583
00:21:41,920 --> 00:21:45,740
市场上多数人以为速度创造财富

584
00:21:45,740 --> 00:21:48,059
其实静才创造静

585
00:21:48,059 --> 00:21:50,159
让富力安静地工作

586
00:21:50,159 --> 00:21:53,179
即让人把本金烧在捷径上

587
00:21:53,179 --> 00:21:55,679
判断你未来是否可能成功

588
00:21:55,679 --> 00:21:58,419
有个简单的筛子问自己

589
00:21:58,419 --> 00:22:01,750
我能否等上10年而不丧失信心

590
00:22:01,750 --> 00:22:02,890
如果不能

591
00:22:02,890 --> 00:22:06,559
市场终会把你的钱交给那个回答能的人

592
00:22:06,559 --> 00:22:08,960
真正理解的耐心不是懒

593
00:22:08,960 --> 00:22:11,160
而是战略性的不作为

594
00:22:11,160 --> 00:22:13,220
让时间去做你的冲动

595
00:22:13,220 --> 00:22:14,388
做不到的事

596
00:22:14,388 --> 00:22:16,449
所以耐心确实无聊

597
00:22:16,449 --> 00:22:18,569
但无聊被严重低估

598
00:22:18,569 --> 00:22:20,650
财富在安静处生长

599
00:22:20,650 --> 00:22:22,730
愚者在这里失去兴趣

600
00:22:22,730 --> 00:22:24,259
秘密很简单

601
00:22:24,259 --> 00:22:26,460
若你能学会享受等待

602
00:22:26,460 --> 00:22:30,089
你终会拥有那些急躁者曾渴望的一切

603
00:22:30,089 --> 00:22:32,390
如果你真想让自己痛苦

604
00:22:32,390 --> 00:22:34,690
不必抽烟喝酒赌博

605
00:22:34,690 --> 00:22:39,319
只要开始比较嫉妒是投资里最致命的罪

606
00:22:39,319 --> 00:22:42,119
不是因为它让你迅速破产

607
00:22:42,119 --> 00:22:45,190
而是因为它慢慢侵蚀你的安宁

608
00:22:45,190 --> 00:22:47,109
他也是最无聊的罪

609
00:22:47,109 --> 00:22:49,089
暴食至少好吃

610
00:22:49,089 --> 00:22:51,210
贪婪至少一时刺激

611
00:22:51,210 --> 00:22:53,730
嫉妒只会把你内力烤焦

612
00:22:53,730 --> 00:22:55,930
让你表面还得微笑

613
00:22:55,930 --> 00:22:58,130
我见过有人有异议

614
00:22:58,130 --> 00:22:59,869
还觉得自己很穷

615
00:22:59,869 --> 00:23:01,569
因为别人有2亿

616
00:23:01,569 --> 00:23:03,470
那不是贫穷是病

617
00:23:03,470 --> 00:23:06,750
这个世界每天把嫉妒往你脸上砸

618
00:23:06,750 --> 00:23:08,410
邻居换了新车

619
00:23:08,410 --> 00:23:10,130
同事收入翻倍

620
00:23:10,130 --> 00:23:11,779
网上有人吹牛

621
00:23:11,779 --> 00:23:14,200
狗头像的币赚了1万倍

622
00:23:14,200 --> 00:23:17,240
以合理的人生忽然就像失败

623
00:23:17,240 --> 00:23:20,180
这就是金钱心理学最糟的地方

624
00:23:20,180 --> 00:23:23,720
它诱使你用别人的记分牌衡量自己

625
00:23:23,720 --> 00:23:25,019
一旦你这么干

626
00:23:25,019 --> 00:23:26,299
你就输了

627
00:23:26,299 --> 00:23:29,619
你不再问对我来说go是什么

628
00:23:29,619 --> 00:23:31,339
而开始问为什么

629
00:23:31,339 --> 00:23:32,200
不是我

630
00:23:32,200 --> 00:23:34,969
这时贪婪披上雄心的外衣

631
00:23:34,969 --> 00:23:37,209
常识从窗外飞走

632
00:23:37,209 --> 00:23:39,449
从董事会到社区

633
00:23:39,449 --> 00:23:41,429
从婚姻到朋友圈

634
00:23:41,429 --> 00:23:43,169
嫉妒无处不在

635
00:23:43,169 --> 00:23:45,128
它是快乐的隐形税

636
00:23:45,128 --> 00:23:46,648
它让你做蠢事

637
00:23:46,648 --> 00:23:49,179
因为它扭曲你的感知

638
00:23:49,179 --> 00:23:50,358
你不再关心

639
00:23:50,358 --> 00:23:51,818
绝对10%

640
00:23:51,818 --> 00:23:54,589
你只在乎朋友有12%

641
00:23:54,589 --> 00:23:56,950
但这场比赛永远赢不了

642
00:23:56,950 --> 00:23:59,450
总有人更富更幸运

643
00:23:59,450 --> 00:24:04,230
若把嫉妒当比赛冠军奖品就是永恒的不满足

644
00:24:04,230 --> 00:24:05,779
我很早就学到

645
00:24:05,779 --> 00:24:07,380
当你选择欣赏

646
00:24:07,380 --> 00:24:08,640
而不是嫉妒

647
00:24:08,640 --> 00:24:10,619
人生会轻松许多

648
00:24:10,619 --> 00:24:12,119
欣赏是燃料

649
00:24:12,119 --> 00:24:13,980
让你学习成长

650
00:24:13,980 --> 00:24:15,140
保持理性

651
00:24:15,140 --> 00:24:18,049
嫉妒只会腐蚀你的思考

652
00:24:18,049 --> 00:24:20,170
我们打造伯克希尔什

653
00:24:20,170 --> 00:24:22,069
不是要比谁更富

654
00:24:22,069 --> 00:24:24,970
而是要比过去的自己更明智

655
00:24:24,970 --> 00:24:27,429
这才是你能赢的那场仗

656
00:24:27,429 --> 00:24:29,528
你永远无法掌握金钱

657
00:24:29,528 --> 00:24:31,650
直到你先掌握比较

658
00:24:31,650 --> 00:24:34,390
世界会让你以为财富是竞速

659
00:24:34,390 --> 00:24:36,089
其实不是财富

660
00:24:36,089 --> 00:24:37,859
是一场安静的对决

661
00:24:37,859 --> 00:24:38,799
你的耐心

662
00:24:38,799 --> 00:24:39,960
对你的冲动

663
00:24:39,960 --> 00:24:43,200
嫉妒就是打破安静的那种冲动

664
00:24:43,200 --> 00:24:44,640
他在耳边低语

665
00:24:44,640 --> 00:24:45,420
动手吧

666
00:24:45,420 --> 00:24:46,619
快解药

667
00:24:46,619 --> 00:24:47,420
很简单

668
00:24:47,420 --> 00:24:49,460
却不容易知足

669
00:24:49,460 --> 00:24:51,809
但不是懈怠的知足

670
00:24:51,809 --> 00:24:54,210
知道什么对你来说是够

671
00:24:54,210 --> 00:24:56,529
也有勇气到点就停

672
00:24:56,529 --> 00:25:00,250
否则你会一生在错的墙上攀爬

673
00:25:00,250 --> 00:25:04,089
到头来才发现力气用完还得往下爬

674
00:25:04,089 --> 00:25:06,909
季度保证你无法享受成功

675
00:25:06,909 --> 00:25:08,409
不论你有多少

676
00:25:08,409 --> 00:25:10,409
所以想要财务心安

677
00:25:10,409 --> 00:25:12,048
先杀死嫉妒

678
00:25:12,048 --> 00:25:13,440
而且要快

679
00:25:13,440 --> 00:25:15,440
在他杀死你的判断

680
00:25:15,440 --> 00:25:17,159
喜悦和清醒之前

681
00:25:17,159 --> 00:25:19,818
人们喜欢把简单的事弄复杂

682
00:25:19,818 --> 00:25:21,798
这会让他们显得聪明

683
00:25:21,798 --> 00:25:23,880
但在金钱与人生里

684
00:25:23,880 --> 00:25:26,640
复杂常常是困惑的伪装

685
00:25:26,640 --> 00:25:28,599
真相自古未变

686
00:25:28,599 --> 00:25:30,109
量入为出

687
00:25:30,109 --> 00:25:33,329
把剩下的投资别打断复利

688
00:25:33,329 --> 00:25:34,210
就这样

689
00:25:34,210 --> 00:25:37,409
可你试着对寻求刺激的人讲这句

690
00:25:37,409 --> 00:25:39,949
多数投资者受不了简单

691
00:25:39,949 --> 00:25:41,709
总觉得不够深刻

692
00:25:41,709 --> 00:25:44,189
他们要算法指标和内幕

693
00:25:44,189 --> 00:25:46,519
他们需要精致的错觉

694
00:25:46,519 --> 00:25:48,660
但市场不奖励精致

695
00:25:48,660 --> 00:25:50,339
他奖励纪律

696
00:25:50,339 --> 00:25:53,250
我年轻时也犯过同样的错

697
00:25:53,250 --> 00:25:56,400
以为聪明意味着观点复杂

698
00:25:56,400 --> 00:25:58,380
花了几十年才懂

699
00:25:58,380 --> 00:25:59,880
越老越明白

700
00:25:59,880 --> 00:26:01,929
世界观会越简单

701
00:26:01,929 --> 00:26:05,588
大家都说想像巴菲特和我那样思考

702
00:26:05,588 --> 00:26:09,380
却跳过我们多数时候啥也不做这一步

703
00:26:09,380 --> 00:26:10,660
我们不追逐

704
00:26:10,660 --> 00:26:11,579
不预测

705
00:26:11,579 --> 00:26:18,170
我们更愿意用耐心执行的朴素主义替代拙劣执行的聪明理论

706
00:26:18,170 --> 00:26:19,470
小秘密

707
00:26:19,470 --> 00:26:25,480
世界上最好的投资者把更多时间花在阅读和思考上

708
00:26:25,480 --> 00:26:27,079
而不是买与卖

709
00:26:27,079 --> 00:26:30,079
因为他们懂一个别人不懂的道理

710
00:26:30,079 --> 00:26:33,500
决策也会像金钱一样复利

711
00:26:33,500 --> 00:26:34,859
做得更少

712
00:26:34,859 --> 00:26:36,059
但更好

713
00:26:36,059 --> 00:26:37,880
你靠减法取胜

714
00:26:37,880 --> 00:26:39,720
而不是加法

715
00:26:39,720 --> 00:26:42,259
普通投资者恰恰相反

716
00:26:42,259 --> 00:26:45,138
像囤积癖一样收集数据

717
00:26:45,138 --> 00:26:49,499
把复杂物当控制在信息里溺水

718
00:26:49,499 --> 00:26:51,779
却在智慧上挨饿

719
00:26:51,779 --> 00:26:53,200
可悲的是

720
00:26:53,200 --> 00:26:55,980
历史上最好的金融体系

721
00:26:55,980 --> 00:26:59,839
奖励的偏偏是那些最不刺激的行为

722
00:26:59,839 --> 00:27:00,940
致富之路

723
00:27:00,940 --> 00:27:02,859
像这样稳定赚钱

724
00:27:02,859 --> 00:27:04,259
稳定储蓄

725
00:27:04,259 --> 00:27:05,519
理性投资

726
00:27:05,519 --> 00:27:06,819
耐心等待

727
00:27:06,819 --> 00:27:07,839
就这样

728
00:27:07,839 --> 00:27:10,680
但这套公式卖不动订阅

729
00:27:10,680 --> 00:27:12,960
于是世界改卖噪音

730
00:27:12,960 --> 00:27:14,240
武之必买

731
00:27:14,240 --> 00:27:16,000
下一个科技革命

732
00:27:16,000 --> 00:27:18,949
亿万富翁不想你知道的秘密

733
00:27:18,949 --> 00:27:21,489
真正的秘密是没有秘密

734
00:27:21,489 --> 00:27:25,240
只有大多数人没耐心去养成的习惯

735
00:27:25,240 --> 00:27:26,319
明白这些

736
00:27:26,319 --> 00:27:28,940
你就不会把市场当谜题

737
00:27:28,940 --> 00:27:33,039
而会把它当成你的资本与性格的合伙

738
00:27:33,039 --> 00:27:37,170
最终你的回报追随你的行为

739
00:27:37,170 --> 00:27:39,910
而不是你的聪明而好行为

740
00:27:39,910 --> 00:27:41,750
看起来往往像无聊

741
00:27:41,750 --> 00:27:43,230
这就是简单

742
00:27:43,230 --> 00:27:44,470
为何强大

743
00:27:44,470 --> 00:27:46,589
它把自我移出等式

744
00:27:46,589 --> 00:27:49,569
让你聚焦真正重要的三个词

745
00:27:49,569 --> 00:27:54,949
时间纪律算数简单是最高级的复杂

746
00:27:54,949 --> 00:27:57,888
因为拥抱他需要最多的理解

747
00:27:57,888 --> 00:28:01,048
它意味着你清楚知道该忽略什么

748
00:28:01,048 --> 00:28:03,088
若你觉得这太容易了

749
00:28:03,088 --> 00:28:06,559
就想想为什么真正富有的人那么少

750
00:28:06,559 --> 00:28:09,420
大多数人不是因为愚蠢而失败

751
00:28:09,420 --> 00:28:13,900
而是因为他们忍不住把简单的事弄得过度复杂

752
00:28:13,900 --> 00:28:18,799
记住如果你的投资理念能写在一张餐巾纸上

753
00:28:18,799 --> 00:28:20,839
你多半走在正道上

754
00:28:20,839 --> 00:28:22,900
如果要用30页幻灯片

755
00:28:22,900 --> 00:28:25,140
那你多半在向自己推销

756
00:28:25,140 --> 00:28:27,789
最后金钱并不会改变你

757
00:28:27,789 --> 00:28:30,730
他只会把你本来的样子放到高清里

758
00:28:30,730 --> 00:28:31,970
有纪律的人

759
00:28:31,970 --> 00:28:33,829
钱会放大他的纪律

760
00:28:33,829 --> 00:28:37,730
鲁莽的人钱会给他的鲁莽大更大的舞台

761
00:28:37,730 --> 00:28:39,230
这是很多人回避的

762
00:28:39,230 --> 00:28:40,269
不是真相

763
00:28:40,269 --> 00:28:42,890
金钱的心理学不是关于钱

764
00:28:42,890 --> 00:28:44,329
是关于品格

765
00:28:44,329 --> 00:28:46,230
理性买不来判断

766
00:28:46,230 --> 00:28:47,089
外包不了

767
00:28:47,089 --> 00:28:48,519
智慧也租不来

768
00:28:48,519 --> 00:28:50,940
你要么靠痛苦和耐心换来

769
00:28:50,940 --> 00:28:54,000
要么就永远在社会的补课班里重修

770
00:28:54,000 --> 00:28:55,779
我见过各色人

771
00:28:55,779 --> 00:28:57,240
聪明的傻子

772
00:28:57,240 --> 00:28:58,700
谦卑的赢家

773
00:28:58,700 --> 00:29:00,059
嫉妒的输家

774
00:29:00,059 --> 00:29:01,400
幸运的呆子

775
00:29:01,400 --> 00:29:04,650
成败归根到底都因为同一个原因

776
00:29:04,650 --> 00:29:07,039
气质市场永远会考

777
00:29:07,039 --> 00:29:08,519
你该谨慎时

778
00:29:08,519 --> 00:29:09,640
它诱惑你

779
00:29:09,640 --> 00:29:10,720
该冷静时

780
00:29:10,720 --> 00:29:11,839
他吓唬你

781
00:29:11,839 --> 00:29:13,569
如果风暴来临前

782
00:29:13,569 --> 00:29:15,490
你还不知道自己是谁

783
00:29:15,490 --> 00:29:17,609
那就只好在风暴里学

784
00:29:17,609 --> 00:29:18,809
代价不菲

785
00:29:18,809 --> 00:29:22,349
所以我才说行为比脑子更重要

786
00:29:22,349 --> 00:29:25,638
行为是连接知识与结果的那座桥

787
00:29:25,638 --> 00:29:28,809
而多数人用情绪把桥给烧了

788
00:29:28,809 --> 00:29:32,690
聪明的投资者接受人永远不完美

789
00:29:32,690 --> 00:29:35,279
你永远赶不走恐惧或贪婪

790
00:29:35,279 --> 00:29:37,359
你只能学会看到它们

791
00:29:37,359 --> 00:29:38,680
但不服从他们

792
00:29:38,680 --> 00:29:41,460
金融里的成熟不是确定性

793
00:29:41,460 --> 00:29:42,779
而是镇定

794
00:29:42,779 --> 00:29:46,009
若你能在世界疯狂时保持理性

795
00:29:46,009 --> 00:29:51,450
终有一天你会拥有这世界的相当一部分金钱的讽刺在于

796
00:29:51,450 --> 00:29:53,259
当你真正理解它

797
00:29:53,259 --> 00:29:54,920
你就不再迷恋它

798
00:29:54,920 --> 00:29:58,519
你会明白财富的目的是自由

799
00:29:58,519 --> 00:29:59,990
而不是炫耀

800
00:29:59,990 --> 00:30:01,029
是安全

801
00:30:01,029 --> 00:30:02,369
而不是地位

802
00:30:02,369 --> 00:30:05,269
我从未羡慕更大游艇的主人

803
00:30:05,269 --> 00:30:07,509
我羡慕能睡得香的人

804
00:30:07,509 --> 00:30:10,549
内心安宁才是终极红利

805
00:30:10,549 --> 00:30:14,460
它只会发给那些不再把门面当本质的人

806
00:30:14,460 --> 00:30:17,599
所以金钱心理学的真相是

807
00:30:17,599 --> 00:30:21,299
你要学会把自我价值与净资产解绑

808
00:30:21,299 --> 00:30:23,559
学会不对噪音做反应

809
00:30:25,109 --> 00:30:27,650
并与慢慢变富达成和解

810
00:30:27,650 --> 00:30:31,009
因为那是唯一长期有效的最快路径

811
00:30:31,009 --> 00:30:32,309
听上去简单

812
00:30:32,309 --> 00:30:34,289
却是世界上最难的事

813
00:30:34,289 --> 00:30:36,170
因为你要打一场战争

814
00:30:36,170 --> 00:30:37,710
不是对抗市场

815
00:30:37,710 --> 00:30:39,289
而是对抗你自己

816
00:30:39,289 --> 00:30:43,888
这场仗大多数人甚至都没意识到自己在打

817
00:30:43,888 --> 00:30:48,528
如果你要从我漫长一生的见闻里只带走一个教训

818
00:30:48,528 --> 00:30:51,169
那就是市场不是你的敌人

819
00:30:51,169 --> 00:30:52,990
经济不是你的敌人

820
00:30:52,990 --> 00:30:55,670
邻居的成功也不是你的敌人

821
00:30:55,670 --> 00:30:59,150
真正的敌人是你的心理掌控它

822
00:30:59,150 --> 00:31:01,079
你就不再需要运气

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