?精译丨彼得林奇：投资的25条“金科玉律”（上）-搜狐

　　彼得林奇（PeterLynch）出生于1944年1月19日，是一位卓越的股票投资人和证券投资基金经理。他曾带领麦哲伦基金13年，创造了无数的奇迹，却在1990年戛然而止，辞去了基金经理的工作。现任富达公司（Fidelity）的副主席，富达基金托管人董事会成员之一。

　　他懂得如何去赚钱，更懂得如何去回报。1999年，他向母校美国波士顿学院捐赠了1000万美元以支持母校更好的去教育育人。他在投资场上无往不利，但他却做得到急流勇退；他家财万贯，却不曾忘知恩图报。

　　彼得林奇一生的投资理念与经验精华都融汇在了他的著作《战胜华尔街》当中，洋洋洒洒几十个章节汇聚为了这位传奇的25句“金科玉律”，本期私木合伙人【精译】栏目就带大家一起探寻彼得林奇这位“独孤求败”是如何做到拿得起放得下的。

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　　Investing is fun, exciting, and dangerous if you don't do any work.

　　如果你不做好充分的准备工作，投资是有趣的，刺激的，又是富有危险的。

　　Your investor's edge is not something you get from Wall Street experts. It's something you already have. You can outperform the experts if you use your edge by investing in companies or industries you already understand.

　　作为投资人的优势不是来自于华尔街的专家，而是来自于你已拥有的东西，你可以表现得比专家好如果你利用你的优势投资于你已了解的公司或产业。

　　Over the past three decades, the stock market has come to be dominated by a herd of professional investors. Contrary to popular belief, this makes it easier for the amateur investor. You can beat the market by ignoring the herd.

　　过去三十年来，股票市场被一群专业投资人掌控了。与普遍的看法相反，这让投资人如鱼得水。你可以通过与群体背道而驰去战胜市场。

　　Behind every stock is a company, find out what it's doing.

　　在每支股票的背后是一家公司，找出它在做什么。

　　Often, there is no correlation between the success of a company's operations and the success of its stock over a few months or even a few years. In the long term, there is a 100 percent correlation between the success of the company and the success of its stock. This disparity is the key to making money; it pays to be patient, and to own successful companies.

　　通常，几年和几个月中一家公司运作的成功和其股票的成功没有什么关联。从长线上看，公司的成功和其股票的成功有百分之百的关联。这个差距是赚钱的关键；耐心会获得回报，持有成功的公司。

　　You have to know what you own, and why you own it. "This baby is a cinch to go up!" doesn't count.

　　你必须知道你拥有什么，和你为什么拥有它。“孩子一定会长大成人”这样的话并不可靠。

　　Long shots almost always miss the mark.

　　远射（风险大的赌注）几乎总是会错失目标。

　　Owning stocks is like having children - don't get involved with more than you can handle. The part-time stock picker probably has time to follow 8-12 companies, and to buy and sell shares as conditions warrant. There don't have to be more than 5 companies in the portfolio at any time.

　　持有股票就像带孩子 ——不要超过你能处理的范围。业余的选股者可能有时间去跟进8—12家公司，同时正常交易买卖股份。其实任何时候，投资组合当中都不需要放置超过5家公司。

　　If you can't find any companies that you think are attractive, put your money into the bank until you discover some.

　　如果你不能找到你觉得极富吸引力的公司，把你的钱存进银行里，直到你发现你喜欢的公司。

　　Never invest in a company without understanding its finances. The biggest losses in stocks come from companies with poor balance sheets. Always look at the balance sheet to see if a company is solvent before you risk your money on it.

　　永远不要在不清楚一家公司财政的情况下进行投资。在股票中最大的亏损来自于有一本破账的公司。总是要看完财务负债表，看其是否有偿还能力后，再决定是否投资并承担风险。

　　Avoid hot stocks in hot industries. Great companies in cold, no growth industries are consistent big winners.

　　避免热门行业中的热门股票。好的公司在冷门、无增长的行业中，这些往往是大赢家。

　　With small companies, your better off to wait until they turn a profit before you invest.

　　关于小公司，等到他们盈利了，你再投资效果更好。

　　If you're thinking about investing in a troubled industry, buy the companies with staying power. Also, wait for the industry to show signs of revival. Buggy whips and radio tubes were troubled industries that never came back.