Buffett:＂All investment is, is laying out some money now to get more money back in the future. Now, there’s two ways of looking at getting the money back. One is from what the asset itself will produce. That’s investment. [The other] is from what somebody else will pay you for it later on, irrespective of what the asset produces. And I call that speculation.”
老巴二月份原话：
Warren Buffett: markets now exhibit far more casino-like behavior than they did when I was young,” Buffett wrote, adding that “though the stock market is massively larger than it was in our early years, today’s active participants are neither more emotionally stable nor better taught than when I was in school.”
我们每人照一下镜子：更象投资者，还是更象赌徒？
如何区分投资者与赌徒？巴老说，投资依靠资产的现金流赚钱，投机依靠别人以更高价购买该资产赚钱。
Buffett:＂All investment is, is laying out some money now to get more money back in the future. Now, there’s two ways of looking at getting the money back. One is from what the asset itself will produce. That’s investment. [The other] is from what somebody else will pay you for it later on, irrespective of what the asset produces. And I call that speculation.”
老巴二月份原话：
Warren Buffett: markets now exhibit far more casino-like behavior than they did when I was young,” Buffett wrote, adding that “though the stock market is massively larger than it was in our early years, today’s active participants are neither more emotionally stable nor better taught than when I was in school.”
不管换谁，江湖还是那个江湖。人性难易。不需要了解政治经济等等等等。了解人性，你就所向无敌。哈哈。
人都是看着自己碗里的那点，不肯拿出来搞共产主义的。高税是一个想法，但违反人性。所以，共产主义的均贫富太难。那就只能均机会了。
均机会现在有DEI。这个阻力也很大，毕竟机会就那么多，不付出就得到更多机会，很难服众。
均机会还有就是赌博，冒险得来的高回报大家比较容易接受。lottery是一个，但机率太低，不能照顾到大众。股市和高科技的IPO是另一个方向--照顾了聪明才智，照顾了冒险精神，也能让更多的人有机会。唯一要跟上的是冒险失败者能有一口饭吃。Universal basic income是出路。
股市的“均机会”就衍生出了很多工具，让小成本也可以有机会拿到大回报。不仅仅是几倍，margin, 还有option。。。
哈哈，不要怀念good old time。老朽之辈要跟上社会进步。
外加option操作
想赌也太不方便。不过，我第一个飞涨的股票是与赌博有关，公司叫scientific game, 做电脑软件网上赌赛马。90年代陪一国内朋友去赌场看赛马，看到网上开赌马的广告，小公司股价才$2, 化了$5k试试看，不倒十年涨到$70，不过我在$40就卖了，$5k変$100k, 不过该公司现在好像股市上没有了。
关注在哪一点上是因应自己具体目标与具体状况而定。
根据一位名人一句话而定。凡社会生活中约定俗成的名称，都是绝大多数人认同或者叫开始的。例如，人们完全一开始把牛叫马是完全没毛病的。但一旦大家都统称牛为牛，那大家就都知道是知什么了。以一个股票为例，出来的时候完全没有现金流，但几年之后有了，是现在买还是等它有一定现金流才买呢？可有一定现金流时价格可能已经上去很多了，折算成回报率恐怕也是微不足道的的“现金流”。聪明的投资者包括巴菲特都是在努力寻找这种有potential的提前买入。这种状况能够叫提前买入的“赌博”，后者贵买的才“投资”。假如这个说法成立，巴菲特也定义自己为“投机者”了。其实再进一步说，“投机”的行为大家都有。