彼得·伯恩斯坦论股票投资的目标

彼得·伯恩斯坦(Peter L. Bernstein)2008年在《Economist on Wall Street》一书新版开头的介绍中写道:

The objective of equity investing is survival. In the patois of today’s professional investors, the objective of survival is just a straightforward way of saying that risk management is the secret of success. We have no control over what kinds of returns we will earn; we can only estimate, figure, and then hope. Risk is the key variable under our control.

Making a killing is a hope, not a strategy. The same goes for trying to beat the market. Taking risks so high that all can be lost is a strategy, but it is not the strategy I would choose.

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