49条关于投资与人生的经典名言
"It's not whether you're right or wrong, but how much you make when you're right and how much you lose when you're wrong."
— Stanley Druckenmiller
"I've learned many things from George Soros, but perhaps the most significant is: it's not important to be right. What's important is how much you make when you're right."
— Stanley Druckenmiller
"Never, ever invest in the present. It doesn't matter what a company is earning today."
— Stanley Druckenmiller
"When you have conviction, bet big. The way to make superior returns is through concentration, not diversification."查看深度解读 →
"Its not whether youre right or wrong thats important, its how much money you make when youre right."查看深度解读 →
"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong. When you have conviction, bet big."查看深度解读 →
"Liquidity drives markets. When central banks print money, asset prices rise. Follow the money."查看深度解读 →
"Never lose big money. A 50% loss requires a 100% gain to recover. Protect your capital."查看深度解读 →
"Be willing to change your mind quickly when evidence changes. Ego kills in markets."查看深度解读 →
"Understand the macroeconomic environment. It determines which sectors and assets will perform."查看深度解读 →
"Wait for price to confirm your thesis before sizing up. The market provides feedback."查看深度解读 →
"Currency markets often lead other markets. Watch FX for early signals of macro shifts."查看深度解读 →
"Central bank policy is a powerful force. Position your portfolio to align with monetary policy direction."查看深度解读 →
"Markets evolve. Keep learning and adapting. What worked yesterday may not work tomorrow."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 →
"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 →
"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 →
"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 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 →
"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 →
"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 →
"It's not whether you're right or wrong, but how much you make when you're right and how much you lose when you're wrong."
我们精选了49条经过验证的Stanley Druckenmiller名言，每条都附有出处和深度分析。
Stanley Druckenmiller frequently discusses value investing, risk management, and long-term thinking.