Все, что человек делает со своими сбережениями – это инвестиции. Подборку нескольких интересных советов по инвестированию составил Джеффри Сот:

One of the best examples of these lessons was published in The Financial Analysts Journal in 1995. It was penned by Arthur Ziekel (at the time head of Merrill Lynch Asset Management) as a letter to his daughter on investing. To wit:

Personal portfolio management is not a competitive sport. It is, instead, an important individualized effort to achieve some predetermined financial goal balancing one’s risk-tolerance level with the desire to enhance capital wealth. Good investment management practices are complex and time consuming, requiring discipline, patience, and consistency of application. Too many investors fail to follow some simple, time-tested tenets that improve the odds of achieving success and, at the same time, reduce the anxiety naturally associated with an uncertain undertaking. I hope the following advice will help:

A fool and his money are soon parted.

Investment capital becomes a perishable commodity if not handled properly. Be serious. Pay attention to your financial affairs. Take an active, intensive interest. If you don’t, why should anyone else?

There is no free lunch.

Risk and return are interrelated. Set reasonable objectives using history as a guide. All returns relate to inflation. Better to be safe than sorry. Never up, never in. Most investors underestimate the stress of a high-risk portfolio on the way down.

Don’t put all your eggs in one basket.

Diversify. Asset allocation determines the rate of return. Stocks beat bonds over time. Never overreach for yield. Remember, leverage works both ways. More money has been lost searching for yield than at the point of a gun.

Spend interest, never principal.

If at all possible, take out less than comes in. Then, a portfolio grows in value and lasts forever. The other way around, it can be diminished quite rapidly.

You cannot eat relative performance.

Measure results on a total return, portfolio basis against your own objectives, not someone else’s.

Don’t be afraid to take a loss.

Mistakes are part of the game. The cost price of a security is a matter of historical significance, of interest only to the IRS. Averaging down, which is different from dollar cost averaging, means the first decision was a mistake. It is a technique used to avoid admitting a mistake or to recover a loss against the odds. When in doubt, get out. The first loss is not the best but is also usually the smallest.

Watch out for fads.

Hula hoops and bowling alleys (among others) didn’t last. There are no permanent shortages (or oversupply). Every trend creates its own countervailing force. Expect the unexpected.

Act.

Make decisions. No amount of information can remove all uncertainty. Have confidence in your moves. Better to be approximately right than precisely wrong.

Take the long view.

Don’t panic under short-term transitory developments. Stick to your plan. Prevent emotion from overtaking reason. Market timing generally doesn’t work. Recognize the rhythm of events.

Remember the value of common sense.

No system works all of the time. History is a guide, not a template.

This is all you really need to know …Love Dad”

Lessons, I’ve learned a few over my 40 years in this business. Two of the more important ones sprung from the lips of Warren Buffet – lesson number one, “Don’t lose money;” lesson number two, “Don’t forget lesson number one.” Or as my father says, “If you manage the downside the upside will take care of itself.” Another lesson I’ve learned is not to participate in the annual charade of predicting where the stock market will be at this time next year. While I know it makes for good media fodder, you will do just as well by flipping a “lucky penny.” Indeed, making predictions, especially about the future, is difficult.

Вообще, стоит прочитать эту статью полностью. Может кому-то мысли в ней покажутся банальными, но нужно уметь выделить простое в сложном, а потом следовать этим выводам. Следовать даже этим простым правилам очень трудно.

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