霍华德•马克斯：投资里最愚蠢的做法！

投资里最愚蠢的做法，就是执着于等到底部再买。
The most foolish approach in investing is to insist on waiting for the bottom to buy.

很多人总想着抄底，却忘了一个关键：你永远不可能精准判断哪个点才是真正的底部，但你完全能判断一样东西是否足够便宜，这也是买入的唯一合理依据。
Many people always want to bottom-fish, but they forget a key point: you can never accurately judge which point is the real bottom, but you can fully judge whether something is cheap enough, which is also the only reasonable basis for buying.

就像2008年雷曼兄弟破产后，整个市场一片恐慌，我们当时手握100亿资金，一度纠结到底要不要投。
Just like after the bankruptcy of Lehman Brothers in 2008, the entire market was in a panic. At that time, we held 10 billion US dollars in funds and once hesitated whether to invest or not.

其实答案很简单：如果世界真的会熔毁，做什么都没用；但如果世界没有熔毁，我们不投资就是失职，所以必须投，非投不可。
In fact, the answer is very simple: if the world really collapses, nothing will work; but if the world does not collapse, it will be our dereliction of duty if we do not invest, so we have to invest, and we have no other choice.

跌得越多，我们买得越多。
The more it falls, the more we buy.

最后，市场终于穿过了底部，开始往上走。
Finally, the market finally passed the bottom and began to move upward. http://t.cn/AXiaZ44I