作者：John C. Bogle

出版社： John Wiley & Sons

1、

Find investors have been chasing past performance since the immemorial, allowing their emotions — perhaps even their greed — to overwhelm their reason.

P80 / 2021-08-27 14:40

2、

The higher the level of their investment activity, the greater the cost of financial intermediation and taxes, the less the net return that shareholders — as a group, the owners of our businesses — receive.

P6 / 2021-08-23 13:30

3、

For investors as a whole, returns decrease as motion increases.

P5 / 2021-08-23 13:26

4、

Perhaps the sentiments contained in the following pages are not yet sufficiently fashionable to procure them general favor; a long habit of not thinking a thing wrong, gives it a superficial appearance of being right, and raises at first a formidable outcry in defense of custom. But the tumult soon subsides. Time makes more converts than reason…. I offer nothing more than simple facts, plain arguments, and common sense.

P25 / 2021-07-26 23:07

5、

New ideas that fly in the face of the conventional wisdom of the day are always greeted with doubt and scorn, even fear.

P25 / 2021-07-26 23:05

6、

As a group — I hope you’re sitting down for this astonishing revelation — we investors are average. For each percentage point of extra return above the market that one of us earns, another of our fellow investors suffers a return shortfall of precisely the same dimension. Before the deduction of the costs of investing, beating the stock market is a zero-sum game.

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心得：

“一个直击心灵的现实。取所有投资者的平均收益，你赚的比平均收益多一点，他赚的就比平均收益少一点。不计投资的成本摩擦，大市的平均收益，就是所谓零和博弈的参照点。”

P20 / 2021-07-26 18:08