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Where returns are concerned, time is your friend. But where costs are concerned, time is your enemy.
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”。
If the data do not prove that indexing wins, well, the data are wrong.
如果数据不能证明索引获胜，那么数据是错误的。
约翰·博格尔
Owning the stock market over the long term is a winner’s game, but attempting to beat the market is a loser’s game.
长期拥有股票市场是赢家的游戏，但试图击败市场是输家的游戏。
约翰·博格尔
The courage to press on regardless of whether we face calm seas or rough seas, and especially when the market storms howl around us, is the quintessential attribute of the successful investor.
无论我们面对平静的大海还是波涛汹涌的大海，尤其是当市场风暴在我们周围呼啸而过时，勇于坚持下去，是成功投资者的典型特征。
约翰·博格尔
If you have trouble imagining a 20% loss in the stock market, you shouldn’t be in stocks.
如果你很难想象股市会损失 20%，你就不应该在股票中。
约翰·博格尔
Don’t think that you know more than the market. No one does. And don’t act on insights that you think are your own but are usually shared by millions of others.
不要以为你比市场知道得更多。没有人这样做。不要根据你认为是你自己的见解采取行动，但通常由数百万人分享。
约翰·博格尔
Over the short run, however, the fundamentals are often overwhelmed by the deafening noise of speculation, the price at which the stock market values each dollar of earnings.
然而，在短期内，基本面往往被震耳欲聋的投机噪音所淹没，这是股市对每一美元收益进行估值的价格。
约翰·博格尔
The stock market is a giant distraction to the business of investing.
股市极大地分散了投资业务的注意力。
约翰·博格尔
Before costs, beating the market is a zero-sum game. After costs, it is a loser’s game.
在成本之前，击败市场是一场零和游戏。在成本之后，这是一场失败者的游戏。
约翰·博格尔
Surprise! The returns reported by mutual funds aren’t actually earned by mutual fund investors.
惊喜！共同基金报告的回报实际上并不是共同基金投资者赚取的。
约翰·博格尔
The transfer of Wall Street from private ownership to public ownership has been a big step backward.
华尔街从私有制向公有制的转变是倒退的一大步。
约翰·博格尔
Where returns are concerned, time is your friend. But where costs are concerned, time is your enemy.
在回报方面，时间是你的朋友。但在成本方面，时间是你的敌人。
约翰·博格尔
As a result, Keynes warned, the stock market would become a battle of wits to anticipate the basis of conventional valuation a few months hence, rather than the prospective yield of an investment over a long term of years.
因此，凯恩斯警告说，股市将成为一场斗智斗勇的战斗，以预测几个月后传统估值的基础，而不是长期投资的预期收益率。
约翰·博格尔
Reversion to the mean is the iron rule of the financial markets.
回归均值是金融市场的铁律。
约翰·博格尔
What may work for the few cannot work for the many.
对少数人有用的东西对多数人不起作用。
约翰·博格尔
I believe deeply and profoundly that speculation is a loser’s game.
我深信投机是失败者的游戏。
约翰·博格尔
It will also tell you how easy it is to do just that. Simply buy the entire stock market. Then, once you have bought your stocks, get out of the casino and stay out. Just hold the market portfolio forever. And that’s what the index fund does. This investment philosophy is not only simple and elegant. The arithmetic on which it is based is irrefutable. But it is not easy to follow its discipline.
它还会告诉你做到这一点是多么容易。只需购买整个股票市场。然后，一旦你买了股票，就离开赌场，留在外面。只要永远持有市场投资组合。这就是指数基金所做的。这种投资理念不仅简单而优雅。它所依据的算术是无可辩驳的。但要遵循它的纪律并不容易。
约翰·博格尔
When there are multiple solutions to a problem, choose the simplest one.
当一个问题有多种解决方案时，请选择最简单的一种。
约翰·博格尔
I think it’s gone much too far. Most of them are not worth the powder to blow them to hell.
我认为它走得太远了。他们中的大多数人都不值得将他们吹入地狱的粉末。
约翰·博格尔
On balance, the financial system subtracts value from society.
总的来说，金融体系从社会中减去价值。
约翰·博格尔
The principal role of the mutual fund is to serve its investors.
共同基金的主要作用是为投资者服务。
约翰·博格尔
Rely on the ordinary virtues that intelligent, balanced human beings have relied on for centuries. Common sense, thrift, realistic expectations, patience, and perseverance.
依靠聪明、平衡的人类几个世纪以来所依赖的普通美德。常识、节俭、现实的期望、耐心和毅力。
约翰·博格尔
