风险管理是投资成功的关键,要控制投资风险并分散投资组合。
约翰·博格尔

全球最大的不收费基金家族、世界第二大基金管理公司先锋基金创始人,博格金融市场研究中心总裁,人称“指数基金教父”。

In that era, nothing was unpacked, even the contents of people’s minds. Everything was either in storage or en route.

那个时代,没有任何东西是拆包的,即使是人们脑子里的东西。每样东西不是储存着,就是在运送当中。

You and we, all of us, are here to patch up the flaws in the world.

你和我们,我们都在这世上,为了修补一些已经破损的东西。

His poetry, like a compass, draws circles, sometimes intimate, sometimes all-encompassing, but always centered on the one fixed point of the captive.

他的诗,如同几何圆规般,画著圆,时而亲密贴近,时而广及全球,唯一不变的是,圆规的尖端总是插定在囚室里。

He regards life as life regards itself.

他凝视著生命,恰如生命之凝视自身。

Fund performance comes and goes. Costs go on forever.

基金业绩来来去去。成本永远持续下去。

Buying funds based purely on their past performance is one of the stupidest things an investor can do.

纯粹根据基金过去的表现购买基金是投资者可以做的最愚蠢的事情之一。

Even for taxable clients, mutual fund managers supervised the assets in very much the same way, simply ignoring the tax impact and passing the tax liability through to largely unsuspecting fund shareholders.

即使对于应税客户,共同基金经理也以非常相同的方式监管资产,只是忽略了税收影响,并将纳税义务转嫁给基本上毫无戒心的基金股东。

It’s 1,450 out of 1,500 ETF funds that I just wouldn’t touch because they’re not diversified enough. Or they have some huge speculative twist to them that if you can guess the markets right you will do very well for a day or two but who can do that? Nobody.

在1,500只ETF基金中,有1,450只是我不会碰的,因为它们不够多元化。或者他们有一些巨大的投机扭曲,如果你能猜对市场,你会在一两天内做得很好,但谁能做到这一点呢?没有人。

Fund investors are confident that they can easily select superior fund managers. They are wrong.

基金投资者有信心,他们可以轻松选择优秀的基金经理。他们错了。