49条关于投资与人生的经典名言
"We search through historical data looking for anomalous patterns that we would not expect to occur at random."
— Jim Simons
"Past performance is the best predictor of success -- not credentials, not reputation."
— Jim Simons
"I wasn't the fastest guy in the world. I compensated with persistence."
— Jim Simons
"We search for patterns in data that are predictive of future prices. The patterns have to be statistically significant and stable over time. Human emotion and judgment should not override the data."查看深度解读 →
"Good science requires good scientists. We hire PhDs in mathematics, physics, and computer science—not Wall Street traders. The best minds in quantitative fields can find patterns others miss."查看深度解读 →
"You only need to be right 50.75% of the time to make a fortune. A small edge, applied consistently across thousands of trades with proper risk management, compounds into extraordinary returns."查看深度解读 →
"Markets generate massive amounts of data. Machine learning algorithms can detect subtle patterns and relationships that humans cannot perceive, adapting to changing market conditions automatically."查看深度解读 →
"In a competitive market, revealing your edge destroys it. Keep your methods, signals, and strategies strictly confidential. The value of an edge decreases as more people try to exploit it."查看深度解读 →
"Don't rely on a single model or pattern. Use thousands of uncorrelated signals and strategies. When one stops working, others continue to generate returns. Redundancy builds robustness."查看深度解读 →
"Markets evolve and patterns decay. Your models must constantly improve. What worked yesterday may not work tomorrow. Never stop researching, testing, and refining your approach."查看深度解读 →
"Human traders are subject to fear, greed, and cognitive biases. Automated systems execute without emotion, following the strategy precisely. The system doesn't get scared or greedy."查看深度解读 →
"Speed and reliability of execution are crucial. Invest heavily in technology infrastructure, data feeds, and execution systems. Milliseconds matter when trading at scale."查看深度解读 →
"Every strategy has a capacity limit. Too much capital chasing the same edge destroys it. Keep your fund size manageable to preserve returns. Sometimes smaller is better."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 →
"Always estimate the intrinsic value of a business before investing. Compare price to value, not price to past price. The gap between price and value is where profits are made."查看深度解读 →
"Use conservative assumptions in your valuation. Optimistic projections lead to overpaying. It is better to underestimate value and be pleasantly surprised than to overestimate and be disappointed."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 →
"Not all earnings are equal. Look for recurring, cash-backed earnings rather than accounting profits. High-quality earnings are predictable, sustainable, and convertible to free cash flow."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 →
"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 →
"Understanding crowd psychology is essential. When everyone agrees, the opportunity has usually passed. The best time to act is when the crowd is most fearful or most confident."查看深度解读 →
"The best investments often feel uncomfortable because they go against popular opinion. If everyone loves a stock, it's probably overpriced. If everyone hates it, investigate."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 →
"The size of your position should reflect your conviction and the risk involved. Never bet so large that a single mistake can wipe out your portfolio."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 →
"Compound interest is the eighth wonder of the world. Those who understand it earn it; those who don't, pay it. Time is the most valuable asset in investing."查看深度解读 →
"Think in decades, not days. The market rewards patient capital and punishes impatience. Most of the gains in investing come from sitting and waiting."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 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 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 →
"Look for investments where a specific catalyst will unlock value. Without a catalyst, even cheap stocks can remain undervalued indefinitely."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 →
"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 →
"We search through historical data looking for anomalous patterns that we would not expect to occur at random."
我们精选了49条经过验证的Jim Simons名言，每条都附有出处和深度分析。
Jim Simons frequently discusses value investing, risk management, and long-term thinking.