48条关于投资与人生的经典名言
"The market can stay irrational longer than the client can stay patient."
— Jeremy Grantham
"Every great bubble in history has broken. There are no exceptions."
— Jeremy Grantham
"Profit margins are the most mean-reverting series in finance."
— Jeremy Grantham
"Asset class returns revert to the mean. High valuations predict low future returns; low valuations predict high returns."查看深度解读 →
"Bubbles are identifiable before they burst. Watch for valuations 2+ standard deviations above historical norms."查看深度解读 →
"Being early is the same as being wrong. But in the long run, fundamentals always win."查看深度解读 →
"Most returns come from asset allocation, not security selection. Get the big picture right first."查看深度解读 →
"Seven-year forecasts based on valuations are remarkably accurate. Short-term is noise."查看深度解读 →
"The biggest risk for professional investors is career risk, not investment risk. This distorts behavior."查看深度解读 →
"High-quality stocks with strong balance sheets outperform over time with less risk."查看深度解读 →
"Emerging markets often offer better value than developed markets. Dont ignore them."查看深度解读 →
"Resource constraints are real and will impact markets. Think about long-term sustainability."查看深度解读 →
"Markets are driven by psychology in the short term. Ignore the noise and focus on fundamentals."查看深度解读 →
"Never overpay for a security, no matter how exciting the story. The price you pay determines your return. Discipline in valuation is the foundation of investment success."查看深度解读 →
"Invest in businesses with durable competitive advantages, strong cash flows, and management integrity. Quality businesses compound wealth over time and reduce downside risk."查看深度解读 →
"Before investing, identify the moat — the sustainable competitive advantage that protects the business from competitors. No moat means no long-term edge."查看深度解读 →
"The most successful investors stay within their circle of competence. Know what you understand well and resist the temptation to venture outside it."查看深度解读 →
"Surface-level knowledge is dangerous in investing. Develop deep expertise in your areas of focus. True understanding means knowing what could go wrong."查看深度解读 →
"Expand your circle of competence gradually over time. Each new area of expertise adds potential opportunities, but only if mastered thoroughly."查看深度解读 →
"Markets are driven by fear and greed. The disciplined investor exploits these emotions rather than being controlled by them. Emotional control is the key competitive advantage."查看深度解读 →
"Before considering how much you can make, consider how much you can lose. Risk management is not about avoiding risk entirely, but about understanding and controlling it."查看深度解读 →
"In a world obsessed with quarterly results, patience is the ultimate competitive advantage. Great investments often take years to play out fully."查看深度解读 →
"The cardinal rule of investing: buy only when the price is significantly below your conservative estimate of intrinsic value. This builds in protection against error."查看深度解读 →
"The stock market is a no-called-strike game. You don't have to swing at every pitch. Wait for the fat pitch — the opportunity that offers exceptional risk-reward."查看深度解读 →
"Never invest in anything you don't fully understand. Thorough research is the foundation of every sound investment decision."查看深度解读 →
"Have clear, pre-defined sell criteria. Sell when: your thesis is broken, valuation is fully realized, or a significantly better opportunity appears."查看深度解读 →
"Regularly review whether your original reasons for owning a stock still hold. If the facts change, change your mind. Holding a broken thesis is the costliest mistake."查看深度解读 →
"After every sell, review the outcome. Did you sell too early, too late, or at the right time? Post-mortems on sell decisions improve future judgment."查看深度解读 →
"Draw insights from multiple disciplines — psychology, history, mathematics, and science — to build a lattice of mental models for better investment decisions."查看深度解读 →
"Think in probabilities, not certainties. Every investment has a range of possible outcomes. Weight your decisions by the expected value of each scenario."查看深度解读 →
"Instead of asking how to succeed, ask how to avoid failure. Inverting problems often reveals insights that forward thinking misses."查看深度解读 →
"A clear investment philosophy provides an anchor in turbulent times. Know what you believe, why you believe it, and stick to it when tested."查看深度解读 →
"Focus on process, not outcomes. A good process can produce bad outcomes in the short run, but will generate superior results over time."查看深度解读 →
"Develop your own investment philosophy through study and experience. Copying others without understanding why leads to confusion when strategies are tested."查看深度解读 →
"Evaluate management by their actions, not their words. Look for a track record of capital allocation, shareholder communication, and aligned incentives."查看深度解读 →
"Understand the industry structure before evaluating any company. Industry economics often matter more than company-specific factors in determining returns."查看深度解读 →
"The most important skill for a CEO is capital allocation. Evaluate how management deploys capital — do they create or destroy value with their decisions?"查看深度解读 →
"The principles that make you a great investor — patience, discipline, humility, and continuous learning — are the same principles that lead to a great life."查看深度解读 →
"The best investors never stop learning. Read voraciously, study history, learn from mistakes, and stay curious about the world. Knowledge compounds like interest."查看深度解读 →
"Reputation takes a lifetime to build and moments to destroy. In investing and in life, integrity is the most valuable asset you can possess."查看深度解读 →
"The ideal investment is a high-quality business purchased at a fair price. Quality compounds wealth; fair prices protect capital."查看深度解读 →
"Never invest in a business you cannot explain in simple terms. If you can't describe why a company is valuable, you don't understand it well enough to own it."查看深度解读 →
"The greatest enemy of the investor is himself. Fear, greed, regret, and pride cause more losses than any economic event. Master your emotions to master the market."查看深度解读 →
"Know the common behavioral biases that trap investors: anchoring, confirmation bias, loss aversion, and herding. Awareness is the first step to prevention."查看深度解读 →
"Think independently. The crowd is often wrong at extremes, and following popular opinion is a reliable path to mediocre returns. Form your own informed views."查看深度解读 →
"The market exists to serve you, not to guide you. Use market prices to your advantage — buy when the market offers bargains and sell when it offers premiums."查看深度解读 →
"Markets move in cycles driven by human emotion. Understanding where you are in the cycle helps you prepare for what comes next and position accordingly."查看深度解读 →
"In the short run, the market is a voting machine; in the long run, it's a weighing machine. Prices can diverge wildly from value, but eventually converge."查看深度解读 →
"A systematic approach to investing removes emotion and ensures consistency. Document your process, follow your rules, and review regularly."查看深度解读 →
"Use an investment checklist to ensure you don't skip critical steps. Aviation-style checklists prevent costly oversights in investment analysis."查看深度解读 →
"Review every investment decision — wins and losses — to improve your system. The best investors treat investing as a craft that can always be refined."查看深度解读 →
"The market can stay irrational longer than the client can stay patient."
我们精选了48条经过验证的Jeremy Grantham名言，每条都附有出处和深度分析。
Jeremy Grantham frequently discusses value investing, risk management, and long-term thinking.