像大師一樣投資

增長型、價值、國際性投資，哪種投資風格適合你？如果你不懂，那麼你可以很愉快地將三者組合投資！
增長型投資的主要代表， Peter Lynch
增長型投資人Peter Lynch在我們公司總部是一個傳奇式人物。他的一系列名言挂滿了我們的牆壁——“如果你不能用畫筆畫出你的任何想法的話，那麼永遠也不要投資。”、“盡管非常容易忽略，但是股票不是彩票…它是企業所有權的一部分。”我們甚至以他的名字命名了一間會議室。

那麼，是什麼讓Lynch如此偉大？作為一個非常成功的投資者，Lynch寫的兩本書《彼得·林奇的成功投資》、《戰勝華爾街》兩本書都呼籲給予小投資者權力。通過分享他的常識和以坦率的方式複製他的哲學思想，Lynch成功地說服了一代投資者——他們不需要具有MBA學歷，也不需要上流社會的投資經紀商就可以進行股票投資。

Lynch以增長為導向的策略核心驅動力是十分簡單的：投資那些增長型、有潛力的、易於理解的公司股票。下面是主要的原則：
1. 購買你所了解的：Lynch認為，投資者通常知道比他們自認為的多。你每天不僅會消費一些了的產品以及服務，而且你也樹立了獨特的職業洞察力，這可以讓你有很大優勢。利用它們！投資那些你知道的、了解的、感覺舒服的公司，剩下的留給別的“專家”。
2. 尋找隐藏的寶石：Lynch強調個人投資者在微小型股票方面有巨大的機會。華爾街的大部分研究公司沒有時間或人員研究小型、微型股票，並且，大部分的共同基金公司太大而不能輕易地買進和賣出。最終結果是，小型股的價值經常被錯誤的報價或者低估，這就可以讓企業投資者有機會購買便宜的、小型的、處於增長期公司的股票。
3. 多元化:在Lynch1990年最終交接的時候，他的 麥哲倫基金擁有難以置信的1000多只股票。從這個角度看，這是當時美國股票基金公司平均持有股票種類的五倍。Lynch通過把咖啡灑在現代投資組合象牙塔理論上的做法證明，盡管你已經非常多樣化，但是你仍然可以很輕鬆地摧毀股票市場。如何做？通過投資小的、增長期、管理良好的公司。

 
Warren Buffett的價值投資

無意冒犯價值投資之父，Benjamin Graham，但是他的學生、接班人Warren Buffett才是實際應用價值投資這一理論的人。價值投資是一門以低於股票“內在”價值的價格購買股票的一門藝術。對於Buffett和他的價值投資團隊，投資的技術包含以下三步：
1. 購買大公司股票: Buffett 尋找那些自吹說有強大品牌，管理團隊，現金流和持久力的公司。這類公司會長時間的存在——比如可口可樂(NYSE:KO)，寶潔(NYSE:PG)，強生(NYSE:JNJ)等。一旦他發現這些大企業處於冷門時期，他就會買入它們並長期持有。直到這些公司的股票年复一年地積累財富。
2. 逆向投資：購買所有人都摒棄的股票是需要一些勇氣的，但Buffett卻通過與他人背道而馳或許收益。他的習慣性說法是，“當別人貪婪時保持恐懼，當別人恐懼時貪婪”。
3. 長期投資:  Buffett 曾經說過，“我們最好是永久持有。”如果你說自己不能區分投資者性情，我們也有同樣的感覺！

國際投資代表人Sir John Templeton

和Lynch、Buffett,一樣，Sir John Templeton 也是充滿善心和求知欲的一個人。Templeton的成功不是來自於自營交易方案、內部訊息、大量的使用槓桿或者是複雜衍生品的結果。相反，他的成功也是因為充分的理論研究以及多年持有股票的紀律和耐心。他的投資哲學因為實用性而被廣泛使用，並且人們意識到對全球經濟持保守態度是沒有意義的。但仍然有很多投資者試圖根據市場波動時間、進行短期交易。
他的成功也來自於他願意尋找其他交易者尋找不到的機會：
1. 走出國門：當傳統的投資觀點認為投資公司應該開設在華爾街、波士頓或者倫敦時，Templeton沒有逃到平靜安逸到巴哈馬群島。他是第一個關註日本的國外投資者，並且他也在早期大步地邁向俄羅斯。
2. 持續性投資： Templeton沒有徒勞無功地追隨市場節奏交易。正如他曾經說過得，“最好的投資時間是你有資金的時候。因為歷史表明，相對於等待市場週期來說，時間最重要。”

Templeton、Lynch  、Buffett三者的相遇

再次說明，完美的投資組合混合了所有投資大師的優勢：一個以業務為中心，多元化的增長型股票，國內國外兼具。但是準確的組合是根據個人的風格以及風險承受力決定。

Invest Like the Masters
Growth, value, international. Which style is right for you? If you're a Fool, you happily blend together all three!
Growth investing, starring Peter Lynch
Growth guru Peter Lynch is a legend around the halls of Fool HQ. Quotes of his adorn our walls -- "Never invest in any idea you can't illustrate with a crayon" and "Although it is easy to forget sometimes, a share is not a lottery ticket ... it's part-ownership of a business." We've even named a conference room in his honor.
So what makes Lynch so great? A wildly successful investor, Lynch truly stole our hearts with his booksOne Up on Wall Street and Beating the Street, both of which were resounding calls for the empowerment of small investors. By sharing his commonsense and replicable philosophy in a plain-spoken fashion, Lynch convinced a generation of investors that they didn't need an MBA or a white-shoe stock broker to invest in the stock market.
The core drivers of Lynch's growth-centric strategy are pretty straightforward: Invest in growing, unheralded, easy-to-understand companies. Here's how it rolls:
4. Buy what you know: Lynch believes that the average investor knows more than they think. Not only do you consume an array of products and services on a daily basis, but you've developed unique career insights that can give you a leg up on the Street. Put them to use! Invest in what you know, understand, and are comfortable with, and leave the rest for the "pros."
5. Seek hidden gems: Lynch highlights that individual investors have a huge opportunity when it comes to small- and micro-cap stocks. Most Wall Street research houses can't afford the time or staff to cover small- and micro-cap stocks, and most mutual funds are too large to comfortably trade in and out of them. The end result is that small caps are frequently mis- andunder-priced, leaving enterprising investors the chance to buy into small, growing businesses on the cheap.
6. Diversify: Lynch's Magellan Fund held an incredible 1,000+ stocks when he finally handed off the reins in 1990. For perspective, that's roughly five times the average number held by U.S. equity funds. Lynch spilled coffee on the Ivory Tower of Modern Portfolio Theory by proving you can comfortably crush the market despite being incredibly well diversified. How? By choosing small, growing, well-managed companies and letting them run.
Value investing, starring Warren Buffett
No offense to the father of value investing, Benjamin Graham, but his pupil and understudy Warren Buffett is The Man when it comes to the practice and theory of value investing. Value investing is the art of buying stocks for less than their fair, or "intrinsic" value.
For Buffett and his legion of value-investing disciples, the craft involves three steps:
4. Buy great businesses: Buffett looks for businesses that boast strong brands, management teams, cash flow, and staying power. Serious staying power. The kinds of businesses that you think will outlive you -- names like Coca-Cola (NYSE:KO), Procter & Gamble (NYSE:PG), and Johnson & Johnson(NYSE:JNJ). Once he finds these great businesses, he looks to buy them when they're out-of-favor, and then patiently holds on for years upon years as these beauties compound wealth.
5. Be contrarian: It takes some nerve to buy stocks that everyone else is down on, but Buffett has made a living by going against the grain. As he's been wont to say, "Be fearful when others are greedy, and greedy when others are fearful."
6. Invest for the long haul: As Buffett once said, "Our favorite holding period is forever." And if you can't tell from our section on investor temperament, we feel the same way!
International investing, starring Sir John Templeton
As with Lynch and Buffett, we celebrate Sir John Templeton's philanthropy, intellectual curiosity, and Foolishness. Templeton's success was not the result of a proprietary trading scheme, inside information, massive amounts of leverage, or complicated derivatives. Rather, like Lynch and Buffett, Templeton succeeded because of sound, fundamental research and the patience and discipline to hold stocks for years.
His philosophies have become widely adopted today because they work and because people realize that in a global economy, it no longer makes sense to be provincial about investing. But many individual investors continue to try to time the markets and trade with a short time horizon.
His success also reflected a willingness to look where other investors would not. Appreciate Templeton for all we've said, but also for:
3. Going abroad: In a time when conventional wisdom demanded that investment houses set up on Wall Street, in Boston, or in London, Templeton instead fled to the peace and quiet of the Bahamas. He was one of the first foreign investors to focus on Japan, and he strode early into Russia.
4. Investing consistently: Templeton didn't chase a lower-case fool's errand by trying to time the market. As he once said, "The best time to invest is when you have money. This is because history suggests it is not timing the markets that matters, it is time."
John meets Warren meets Peter
Again, the perfect Foolish portfolio blends the traits of all these master investors: A business-focused, diverse portfolio of growth and value stocks, both foreign and domestic. But your exact mix is a matter of personal style and risk tolerance. For that ...

本文翻譯由兄弟財經提供

文章來源：http://www.fool.com/how-to-invest/personal-finance/step-9-invest-like-the-masters.aspx?source=ipasitlnk0000001