[對於個股分析&投資, 您能不能甘之如飴?]
這是美國一位神人/全職投資人的專訪. 我跟他對於個股投資的看法是相同的. 我也盡量在朝這個方向進行.
做個股投資的"基本消費"就是這麼多: 看年報, 看季報, 看新聞, etc. 做基本面的個股投資需要花時間花精力, 因為要注意的nuances(細節, 小撇步)太多了, 同時也要忍受一次次的失敗(沒看準).
所以我很喜歡勸退人做個股研究&投資. 除非自己能夠面對一次次的煎熬與挑戰, 又願意花時間, 要不然我真的不建議買個股. 再加上投資美股還有語言, 地緣, 以及文化上的隔閡, 這些都增加了投資美國個股的難度(當然, 這些可以靠大量閱讀來消除, 但這又回到, 您有沒有時間這議題上).
如果對於上面所提的"基本消費"無法甘之如飴, 投資ETF真的就可以了. 投資ETF真的績效也可以不錯的.
投資個股的人, 通常本身對商業活動就有興趣. 若是平常沒有在看財經雜誌, 了解公司的動態, 那這樣研究起個股來, 老實說, 會很辛苦, 也覺得是個負擔. 那還不如去投資ETF, 把剩下的時間省下來, 去享受人生.
那如果真的還是手癢, 勸不聽, 怎麼辦? 那就投資大型股囉(可搭配技術面). 大型股的資訊很多都是已知, 不需要花太多時間去研究, 投資起來也比較省時省力. 大型股相對來說也比較穩, 穩穩賺, 隻數可以不用多, 佔比也可放大, 其實也是很不錯的.
同時, 我也同意他說的, 並不是每一個人都適合做(主動)投資. 愛挑戰, 不怕挫折, 能夠面對失敗後又站起來, 愛學習. 具有這些人格特質, 才適合做投資.
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Q: What would you recommend to someone who wants to invest, but not spend much time on it?
A: Invest in index funds, or ETF’s that track the market. Investing in individual stocks requires that you enjoy doing it. And that you enjoy doing it enough to spend some time at it.
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You need to read all the quarterly reports, and the transcripts of all the quarterly conference calls, which gives you a busy earning season. They often say a lot more on the conference calls than in the earnings press release. Reading the transcripts works much better than listening to recordings as it takes a quarter of the time, and you can skip the forward-looking statements messages, etc. Look at investor presentations too. And get a news-feed from your broker on each of your stocks.
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Not everybody is cut out for investing. I think you have to be someone who enjoys playing games, and thus realizes that you won’t win all the time, and someone who’s not afraid of numbers. I think you should approach it as if you are learning a new game, and start with a small investment, and while you are starting out you should try to learn everything you can about investing and the market.
Interview with Saul Rosenthal: How He Makes a Living off Stocks: https://chrisreining.com/saul-rosenthal/
