法人與業餘投資人最大的差別，在於資金取得的方式與種類，而非資訊獲取的管道與多元
即便資訊再精準，也會因群眾解讀而導致價格走勢不如預期，亦如選戰，沒有穩贏的策略
然而，法人之所以成為贏家，除了投資人自身愚蠢外，還有集團信用支撐，從而衍生金脈
換句話說，只要打著令眾人無法質疑的操作策略，即使虧損也可歸咎於市場的不確定性，由投資人買單
這種買空賣空、穩賺不賠的優勢，是業餘投資人獲利的最大障礙
要想顛覆，必須靠獨立思考，及複製法人的成功模式，以下就「價值」、「優質」與「循環」綜合論述：
1.一旦商品價格遠低於價值，投資即具安全邊際。
2.若該標的屬優質(集團、官股、寡佔、獨家、領先、主導等)，投資風險將遠低於市場預期。
3.運用資產(房地、信用、時間、職能)盡可能換取低利或無息資金，制定循環操作策略，靜候市場給予穩定/超額報酬。
資金累積一定程度(1000萬以上)，投資關注的應是比率，不是絕對值
絕對值意味著倍數金額的期望，也就是因資本不足而採取投機+槓桿，往往失足於不確定性(虧損+成本)，且無法翻身
比率象徵著長期穩定的策略，有效因應市場波動衍生的價格扭曲，低買高賣、持續獲利
「先有龐大資本，才有足額紅利，穩健遠勝躁進」，若不具備且無深化這基礎認知，就算獲利，也是市場暫放的
The biggest difference between a juridical person and an amateur investor lies in the way and type of funds obtained, rather than the channels and diversification of information acquisition.
No matter how accurate the information is, the price trend will not be as expected due to the interpretation of the masses. Just like an election campaign, there is no sure-win strategy.
However, the reason why the juridical person becomes the winner is not only the stupidity of the investors, but also the support of the group's credit, which leads to the development of gold mine.
In other words, as long as the operating strategy is unquestionable by everyone, even losses can be attributed to the uncertainty of the market, and investors will pay for it.
This kind of advantage which making a steady profit without losing money is the biggest obstacle for amateur investors to make profits.
If you want to subvert this situation, you must rely on independent thinking and copy juridical person’s successful model. The following is a comprehensive discussion on "value", "quality" and "circulation":
1. Once the commodity price is far below the value, the investment has a margin of safety.
2. If the target is high-quality (group, official stock, oligopoly, exclusive, leading, etc.), the investment risk will be far lower than market expectations.
3. Use assets (property, credit, time, functions) to exchange low-interest or interest-free funds as much as possible, formulate a cyclical operation strategy, and wait for the market to give stable/excess remuneration.
If funds have accumulated to a certain level (above 10 million), the focus of investment should be the ratio, not the absolute value.
The absolute value means the expectation of multiple amounts. Those are speculation and leverage due to insufficient capital, but quite often falls cause of uncertainty (loss and cost), and cannot turn around.
The ratio symbolizes a long-term stable strategy, effectively responding to price distortions derived from market fluctuations, buying low and selling high, and continuing to make profits.
"There is a huge amount of capital before you can get a full dividend, and prudence is far better than impetuosity." If you don't have and deepen this basic understanding, even make a profit, it is still temporarily released by the market. |
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