It's amazing how difficult it is for a man to understand something if he’s paid a small fortune not to understand it.
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”。

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。

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。

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。

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。

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。

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。

In Las Vegas we all know that it’s the croupiers who win. At the race track, it’s those who control the handle who win. State lotteries, does anybody think the participants in the lottery win? No. The state wins.

在拉斯维加斯,我们都知道是荷官获胜。在赛道上,控制手柄的人获胜。国家彩票,有人认为彩票的参与者中奖吗?不。国家赢了。

The multiple failings of our flawed financial sector are jeopardizing, not only the retirement security of our nation’s savers but the economy in which our entire society participates.

我们有缺陷的金融部门的多重失败不仅危及我们国家储户的退休保障,而且危及我们整个社会参与的经济。

It's amazing how difficult it is for a man to understand something if he’s paid a small fortune not to understand it.

令人惊讶的是,如果一个人花了一小笔钱不理解它,那么他理解它是多么困难。

Learn every day, but especially from the experiences of others. It’s cheaper!

每天学习,尤其是从别人的经验中学习。它更便宜!“——约翰·博格尔

Gunning for average is your best shot at finishing above average.

平均射击是你完成高于平均水平的最佳机会。

For finally, you can always count on Americans to do the right thing, as Churchill pointed out, but only after they’ve tried everything else.

最后,正如丘吉尔指出的那样,你总是可以指望美国人做正确的事情,但只有在他们尝试了其他一切之后。

I will create value for society, rather than extract it.

我将为社会创造价值,而不是提取它。

We need a mutual fund industry with both vision and values. A vision of fiduciary duty and shareholder service, and values rooted in the proven principles of long-term investing and of trusteeship that demands integrity in serving our clients.

我们需要一个既有愿景又有价值观的共同基金行业。信托责任和股东服务的愿景,以及植根于长期投资和托管的成熟原则的价值观,要求在为客户服务时诚信。

Time is your friend. Impulse is your enemy.

时间是你的朋友。冲动是你的敌人。

The greatest enemy of a good plan is the dream of a perfect plan. Stick to the good plan.

一个好计划的最大敌人是梦想一个完美的计划。坚持好的计划。

Index funds eliminate the risks of individual stocks, market sectors, and manager selection. Only stock market risk remains.

指数基金消除了个股、市场板块和经理选择的风险。只剩下股市风险了。