Profile - To The Moon

Snakekiller

Posts · 21Posts · 21
Following · 0Following · 0
Followers · 0Followers · 0

- SnakekillerSnakekiller
  ·2023-02-17
  $Moderna, Inc.(MRNA)$
  3.39K Comment
  Like
  Share
  Report
- SnakekillerSnakekiller
  ·2021-06-28
  $Zoom(ZM)$??
  4.82K Comment
  1
  Share
  Report
- SnakekillerSnakekiller
  ·2021-06-28
  $Palantir Technologies Inc.(PLTR)$??
  4.92K Comment
  Like
  Share
  Report
- SnakekillerSnakekiller
  ·2021-06-03
  Grab will win by the market share and data they holding in SEA
  Sorry, this post has been deleted
  4.34K Comment
  Like
  Share
  Report
- SnakekillerSnakekiller
  ·2021-02-24
  Cash is king
  How did masters like Buffett, Dalio, and Soros cope with the stock market decline?
  巴菲特表示当股市走跌时，不要密切关注股市表现，要保持冷静，长期持有。格雷厄姆：第一，永远不要亏损；第二，永远不要忘记第一条。达里奥表示，投资者在市场出现下跌时总是容易做出抛售的决定，但屈从恐惧并不
  How did masters like Buffett, Dalio, and Soros cope with the stock market decline?
  4.62K Comment
  Like
  Share
  Report
No followers yet

Most Discussed

{"i18n":{"language":"en_US"},"isCurrentUser":false,"userPageInfo":{"id":"3573106638181167","uuid":"3573106638181167","gmtCreate":1610012614966,"gmtModify":1632562493816,"name":"Snakekiller","pinyin":"snakekiller","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/259fa54fe519bfdd01bc381f1018fb86","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":0,"headSize":15,"tweetSize":21,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":2,"name":"无畏虎","nameTw":"無畏虎","represent":"初生牛犊","factor":"发布3条非转发主帖,1条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-4","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Tiger Star","description":"Join the tiger community for 2000 days","bigImgUrl":"https://static.tigerbbs.com/dddf24b906c7011de2617d4fb3f76987","smallImgUrl":"https://static.tigerbbs.com/53d58ad32c97254c6f74db8b97e6ec49","grayImgUrl":"https://static.tigerbbs.com/6304700d92ad91c7a33e2e92ec32ecc1","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.07.01","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"972123088c9646f7b6091ae0662215be-3","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Legendary Trader","description":"Total number of securities or futures transactions reached 300","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","exceedPercentage":"93.83%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"44212b71d0be4ec88898348dbe882e03-1","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Boss Tiger","description":"The transaction amount of the securities account reaches $100,000","bigImgUrl":"https://static.tigerbbs.com/c8dfc27c1ee0e25db1c93e9d0b641101","smallImgUrl":"https://static.tigerbbs.com/f43908c142f8a33c78f5bdf0e2897488","grayImgUrl":"https://static.tigerbbs.com/82165ff19cb8a786e8919f92acee5213","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.05.10","exceedPercentage":"60.93%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"page":1,"watchlist":null,"tweetList":[{"id":9954783220,"gmtCreate":1676634124961,"gmtModify":1676634128076,"author":{"id":"3573106638181167","authorId":"3573106638181167","name":"Snakekiller","avatar":"https://static.tigerbbs.com/259fa54fe519bfdd01bc381f1018fb86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573106638181167","idStr":"3573106638181167"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/MRNA\">$Moderna, Inc.(MRNA)$&nbsp;</a>","listText":"<a href=\"https://ttm.financial/S/MRNA\">$Moderna, Inc.(MRNA)$&nbsp;</a>","text":"$Moderna, Inc.(MRNA)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9954783220","isVote":1,"tweetType":1,"viewCount":3387,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150807709,"gmtCreate":1624891633501,"gmtModify":1703847295301,"author":{"id":"3573106638181167","authorId":"3573106638181167","name":"Snakekiller","avatar":"https://static.tigerbbs.com/259fa54fe519bfdd01bc381f1018fb86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573106638181167","idStr":"3573106638181167"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/ZM\">$Zoom(ZM)$</a>??","listText":"<a href=\"https://laohu8.com/S/ZM\">$Zoom(ZM)$</a>??","text":"$Zoom(ZM)$??","images":[{"img":"https://static.tigerbbs.com/ae1f81935e9ba3731484daf5afc73c92","width":"720","height":"1280"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/150807709","isVote":1,"tweetType":1,"viewCount":4817,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":150803838,"gmtCreate":1624891394824,"gmtModify":1703847284450,"author":{"id":"3573106638181167","authorId":"3573106638181167","name":"Snakekiller","avatar":"https://static.tigerbbs.com/259fa54fe519bfdd01bc381f1018fb86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573106638181167","idStr":"3573106638181167"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>??","listText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>??","text":"$Palantir Technologies Inc.(PLTR)$??","images":[{"img":"https://static.tigerbbs.com/c6e61924a30012bc7278ebbaf79f0d5e","width":"720","height":"1280"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/150803838","isVote":1,"tweetType":1,"viewCount":4915,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":111893983,"gmtCreate":1622673633442,"gmtModify":1704188472115,"author":{"id":"3573106638181167","authorId":"3573106638181167","name":"Snakekiller","avatar":"https://static.tigerbbs.com/259fa54fe519bfdd01bc381f1018fb86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573106638181167","idStr":"3573106638181167"},"themes":[],"title":"","htmlText":"Grab will win by the market share and&nbsp;data&nbsp;they holding in SEA","listText":"Grab will win by the market share and&nbsp;data&nbsp;they holding in SEA","text":"Grab will win by the market share and data they holding in SEA","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/111893983","repostId":"1154792922","repostType":2,"isVote":1,"tweetType":1,"viewCount":4337,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363828775,"gmtCreate":1614126931597,"gmtModify":1704888415935,"author":{"id":"3573106638181167","authorId":"3573106638181167","name":"Snakekiller","avatar":"https://static.tigerbbs.com/259fa54fe519bfdd01bc381f1018fb86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573106638181167","idStr":"3573106638181167"},"themes":[],"title":"","htmlText":"Cash is king","listText":"Cash is king","text":"Cash is king","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/363828775","repostId":"1114793986","repostType":4,"repost":{"id":"1114793986","kind":"news","pubTimestamp":1614088147,"share":"https://ttm.financial/m/news/1114793986?lang=en_US&edition=fundamental","pubTime":"2021-02-23 21:49","market":"us","language":"zh","title":"How did masters like Buffett, Dalio, and Soros cope with the stock market decline?","url":"https://stock-news.laohu8.com/highlight/detail?id=1114793986","media":"腾讯网","summary":"巴菲特表示当股市走跌时，不要密切关注股市表现，要保持冷静，长期持有。\n格雷厄姆：第一，永远不要亏损；第二，永远不要忘记第一条。\n达里奥表示，投资者在市场出现下跌时总是容易做出抛售的决定，但屈从恐惧并不","content":"<p>Buffett stated that when the stock market falls, one should not closely monitor its performance, but rather remain calm and hold it for the long term.</p><p>Graham: First, never lose money; Second, never forget the first rule.</p><p>Dalio stated that investors are always more likely to sell when the market is declining, but succumbing to fear is not a wise strategy because it will not succeed. It is important to remain calm and operate in the opposite direction.</p><p>Peter Lynch calls a crash the best opportunity to make big money: huge fortunes are often only earned during such stock market crashes.</p><p>Soros: To gain wealth, you need to recognize its illusions, invest in it, and then exit the game before the illusions are recognized by the public.</p><p>Jim Rogers: Buy what you're worth, sell what you're mad at.</p><p>What should ordinary investors do if the stock market crashes?</p><p><b>I. How did the masters cope with the sharp drop?</b></p><p><b>Buffett: Stay calm and hold for the long term</b></p><p>According to Warren Buffett, the best approach for investors when facing sharp stock market fluctuations is to remain calm and adhere to the investment principle of long-term holding.</p><p>As a stock market guru with over fifty years of investment experience, Warren Buffett warned investors in a 2016 interview: \"When the stock market is falling, don't pay close attention to its performance. If an investor worries when the stock market is falling and then thinks that he will sell his stocks when the stock market recovers, then such an investor will ultimately not reap the returns of Li Auto.\"</p><p>Buffett has consistently emphasized that long-term investing is an important factor in achieving ideal returns. He believes that the returns from investing in the stock market come from holding stocks of high-quality companies for a long time. If investors buy shares of high-quality companies and hold them for 10, 20, or 30 years, they will eventually reap good returns.</p><p>In his annual letter to shareholders, Buffett explained that the market is always volatile, so the best option for every investor, regardless of their level of investment experience, is to remain calm.</p><p>He wrote: While markets are usually rational, they can occasionally go crazy. For investors, seizing opportunities doesn't require much intelligence or an economics degree.</p><p>All investors need is the ability to ignore market panic or frenzy and focus on fundamentals. In addition, the willingness to remain boring, even silly, for a considerable period of time is also very important.</p><p>Graham</p><p>First, never lose money; Second, never forget the first rule.</p><p>Graham is Warren Buffett's mentor, the father of securities analysis, and the pioneer of value investing. In September 1929, the Dow Jones Industrial Average peaked at 381 points before beginning to decline. On October 29, the Dow Jones Industrial Average plummeted 12%, a day described as the \"worst day\" in the 112-year history of the New York Stock Exchange, the most famous \"Black Tuesday\" in history.</p><p>In November 1929, the Dow Jones Industrial Average fell to a low of 198 points before stabilizing and rebounding. By March 1930, it had risen to 286 points, a rebound of as much as 43%. As a result, many investors believe that the worst is over and the stock market is about to reverse dramatically. Graham thought so too, so he started buying at the bottom.</p><p>He bought only good stocks that were very cheap in terms of valuation, and in order to achieve greater returns, he also used margin for leveraged operations. However, the stock market rally continued until April, when it began to plummet again. The Dow Jones Industrial Average fell 33% in 1930, while the fund managed by Graham lost as much as 50.5%.</p><p>By July 1932, the Dow Jones Industrial Average had reached a low of 41 points, a maximum drop of 89% from its peak of 381 points. During the same period, Graham's fund management lost as much as 78%, and this huge bear market almost bankrupted him.</p><p>Graham later made a comeback, writing the investment bibles \"Securities Analysis\" and \"The Intelligent Investor,\" summarizing a timeless fundamental principle of value investing: margin of safety.</p><p>Safety first, profit second.</p><p>Dalio: Stay calm and operate in reverse.</p><p>Like Buffett, Dalio, founder of Bridgewater Associates, the world's largest hedge fund, also believes that investors should not panic when facing a stock market decline and should remain calm.</p><p>Dalio stated that investors are always more likely to sell when the market is declining, but succumbing to fear is not a wise strategy because it will not succeed.</p><p>Conversely, when the market is falling, investors need to do the opposite, that is, when you are no longer afraid, you may need to sell; When you feel fear, you may need to buy.</p><p>Currently, Bridgewater Associates has become the world's largest hedge fund company, with assets under management reaching $150 billion.</p><p>In his book \"Principles,\" Dalio shares three things he learned from the market crash: First, one should not be overly confident and allow oneself to be swayed by emotions. No matter how much I know, no matter how diligent I am, I should not confidently make absolute assertions.</p><p>Second, I once again realized the value of studying history; Third, it is quite difficult to seize market opportunities. One of the keys to becoming a successful investor is to only place risky bets on investments you have a high degree of confidence in, and to diversify your investments thoroughly.</p><p>Wise people always keep an eye on sound fundamentals through various ups and downs; Frivolous people, on the other hand, follow their feelings, react emotionally, rush into popular things, and immediately give up when they're not hot.</p><p>The safest way to have many advantages without exposing yourself to unacceptable disadvantages is to make a series of good, unrelated bets that balance and complement each other.</p><p>Peter Lynch</p><p>The historical patterns of stock market fluctuations tell us that all major crashes will pass, and the stock market will always rise higher. Historical experience also shows that a stock market crash is actually a good opportunity to release risk and create investment opportunities, allowing you to buy shares of excellent companies at very low prices. But buying at the bottom is not that simple. Instead of constantly buying at the bottom and getting trapped, it's better to wait until the bottom appears before intervening.</p><p>When the U.S. stock market crashed in 1987, many people went from millionaires to abject poverty, suffered mental breakdowns, and even committed suicide. At the time, Peter Lynch, a superstar in the American securities industry, managed the Magellan Fund, which managed more than $10 billion. In one day, the fund's net asset value lost 18%, or as much as $2 billion.</p><p>Lynch, like all open-ended fund managers, has only one option: sell stocks. To cope with the unusually large redemptions, Lynch had to sell all his shares.</p><p>More than a year later, Peter Lynch still feels terrified when he recalls it. \"At that moment, I really couldn't be sure whether it was the end of the world, whether we were about to fall into a severe Great Depression, or whether things hadn't gotten that bad yet, and it was just that Wall Street was about to collapse?\"</p><p>After that, Peter Lynch continued to experience many stock market crashes, but he still achieved very successful results.</p><p>First, don't panic and sell all your stocks at low prices. If you desperately sell stocks during a stock market crash, your selling price will often be very low. The market in October 1987 was frightening, but there was no need to sell stocks on that day or the next.</p><p>The stock market began to rise steadily in November of that year. By June 1988, the market had rebounded by more than 400 points, or more than 23%.</p><p>Second, one must have unwavering courage to hold stocks in good companies. Third, you should dare to buy good company stocks at low prices. A crash is the best opportunity to make big money: huge wealth is often only available during such stock market crashes.</p><p>Soros</p><p>World economic history is a series of dramas based on illusions and lies. To acquire wealth, one must recognize its illusions, engage in them, and then exit the game before the illusions are recognized by the public.</p><p>Before 1987, Soros believed that the Japanese stock market was in a huge bubble and shorted Japanese stocks, which resulted in a disastrous failure, and the Japanese stock market remained bullish until 1989. Soros advocated on Wall Street Commentary that the U.S. stock market would remain strong and the Japanese stock market would crash, but the result was exactly the opposite: the U.S. stock market crashed, while the Japanese stock market remained strong.</p><p>In September 1987, Soros moved billions of dollars from Tokyo to Wall Street. However, the first to experience a major collapse was not the Japanese stock market, but rather Wall Street in the United States.</p><p>On October 19, 1987, the Dow Jones Industrial Average in New York plummeted 508 points, setting a new historical record at the time. Over the next week, the New York stock market continued to decline. The Japanese stock market, however, remained relatively strong. Soros decided to sell several large long-term stock holdings.</p><p>Other traders picked up on this information and took the opportunity to smash the sold-off stocks down, reducing the cash discount on futures by 20%. Soros lost approximately $650 million to $800 million in this Wall Street crash.</p><p>This crash caused the Quantum Fund's net assets to fall by 26.2%, far greater than the 17% drop in the US stock market, making Soros the biggest loser of this disaster.</p><p>The ultimate reason for Soros's disastrous defeat back then was speculative psychology, which led to huge losses due to his stubborn pursuit of market opportunities.</p><p>Mistakes are not shameful; what is shameful is that they are already obvious and are not corrected. Taking risks is beyond reproach. But at the same time, remember never to take a gamble. Right or wrong is not important; what matters is how much you lose when you make a mistake and how much you gain when you make a correct judgment.</p><p>Jim Rogers: Buy What It's Worth, Sell Its Madness</p><p>Wall Street investment guru Jim Rogers once pointed out that one should patiently wait for the right opportunity, take profits, and then wait for the next opportunity. Only in this way can one defeat others.</p><p>Market trends often experience prolonged periods of stagnation. To avoid getting funds stuck in a stagnant market, investors should wait for catalysts to emerge that can change the market trend. Buy what's worth, sell what's crazy.</p><p>Philip Fisher</p><p>Philip Fisher is one of the pioneers of modern investment theory, the father of growth stock investment strategy, a godfather-level investment master, and one of the most respected and admired investors on Wall Street.</p><p>You need to learn to spend a lot of time researching and not rush to buy. In a continuously declining market environment, don't buy unfamiliar stocks too quickly.</p><p>In 1929, the U.S. stock market was in a frenzied bull market before the crash, but Fisher found that the prospects for many American industries were unstable and the stock market was in a serious bubble.</p><p>In August 1929, he submitted a report to senior bank executives stating that \"the worst bear market in 25 years is about to begin.\" This is arguably the most impressive stock market prediction of Fisher's life, but unfortunately, Fisher was \"bearish and long\".</p><p>He said, \"I couldn't help but be misled by the volatility of the stock market. So I looked everywhere for some relatively cheap stocks because they hadn't yet risen to their full potential.\" In October 1929, the US stock market suddenly crashed, and Fisher was not spared either. He suffered heavy losses in the crash, and Fisher also lost everything.</p><p>Fisher began to understand that the main factor determining stock prices was not the P/E ratio of that year, but the expected P/E ratio for the next few years. He said that if one can cultivate one's ability to determine the potential performance of a stock in the next few years within reasonable upper and lower limits, one can find a key to not only avoiding losses but also making substantial profits.</p><p>Bill Miller</p><p>\"I often remind my analysts that your information about a company represents 100% of the company's past, while the valuation of a stock depends 100% on the future.\"</p><p>Miller's Legg Mason Value Trust outperformed the S&P 500 index for 15 consecutive years from 1991 to 2005, creating the most brilliant fund manager performance record in history and being hailed as the most successful fund manager of this era. However, in just one year, this honor was destroyed by his own hands.</p><p>During the subprime mortgage crisis, the stocks of many previously excellent companies fell sharply, and Miller believed that investors had overreacted, so they bought against the trend. He thought the crisis was a great opportunity to make money, but it turned into the worst bear market since the Great Depression.</p><p>Although his contrarian investment decisions over the past 15 years have proven correct in hindsight, this time he has failed miserably. Miller's list of stocks is like a \"martyr list\" in this crisis: AIG, Bear Stearns, Freddie Mac, Citigroup, Washington Mutual Bank, and others.</p><p>In a 2008 interview, Miller, now 58, said, \"I failed to properly estimate the severity of this liquidity crisis from the beginning.\"</p><p>Although Miller has often profited from market panic in the past, he said he did not expect the crisis to be so severe and the fundamental problems to be so deep that all the high-quality listed companies that were once the market leaders have collapsed.</p><p>\"I still lack experience,\" Miller said. \"Every decision I made to buy stocks was wrong, it's terrible.\"</p><p>Lesson learned: \"Any highly performing portfolio succeeds over a certain period of time because it has the safety net against price misalignment. The market's estimate of this future figure is wrong. We identify price misalignment by comparing the market's valuation of the company with our own valuation of the company, using a combination of factors.\"</p><p><b>II. What should ordinary investors do if the stock market crashes?</b></p><p>Situation 1: The stocks you hold have fallen to the cost zone.</p><p>Recommendation: In this situation, cautious investors should choose to exit the market, while more aggressive investors should set a stop-loss price and observe for a day or two before making a decision. Don't sell blindly, and don't get emotional about the stocks you bought. At this moment, you must be clear-headed.</p><p>Situation 2: The stocks you hold have already incurred losses.</p><p>Recommendation: Such losses also need to be categorized. Investors can check relevant information. If the stocks they hold are heavily held by the fund, they should not blindly cut their positions. In fact, if the market plummets rapidly, they can add to their positions in batches to reduce costs and fight the fund to the end. (This advice is not suitable for use during a bear market or stock market crash.)</p><p>If, after reviewing the information, it is found that the main players in the stock are mainly manipulated by a few large investors, investors should resolutely exit such stocks in the context of a persistently poor market, preserve their cash, and strive for greater initiative. Because the major players in these stocks generally do not support the market when it actually plummets.</p><p>In addition, there are some stocks with relatively low trading volume and no obvious signs of major players intervening. In such cases, it is essential to set a stop-loss price. These stocks are mainly characterized by following the trend, and once they fall below a long-established platform, you must resolutely exit the market.</p><p>Situation 3: Half of your holdings are money and half are stocks.</p><p>Recommendation: If an investor's stock is profitable but the market trend remains unclear, they should sell the stock and retain cash. After all, there are many opportunities in the market, and retaining cash is the only way to have a greater say in the market.</p><p>If you have already suffered losses in these stocks, investors should quickly replenish their holdings after the market has fallen sharply and shown signs of stabilizing. If the stock rises significantly that day after adding to the position, you can do a disguised T+0 on the same day to lock in a portion of the profits.</p><p>Situation 4: I have all the money and want to enter the market.</p><p>Recommendation: If you are an aggressive investor with a certain level of market analysis skills, you can seize rebounds based on market conditions, but you should focus on short-term thinking.</p>","source":"lsy1571985465872","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How did masters like Buffett, Dalio, and Soros cope with the stock market decline?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow did masters like Buffett, Dalio, and Soros cope with the stock market decline?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯网</strong><span class=\"h-time small\">2021-02-23 21:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Buffett stated that when the stock market falls, one should not closely monitor its performance, but rather remain calm and hold it for the long term.</p><p>Graham: First, never lose money; Second, never forget the first rule.</p><p>Dalio stated that investors are always more likely to sell when the market is declining, but succumbing to fear is not a wise strategy because it will not succeed. It is important to remain calm and operate in the opposite direction.</p><p>Peter Lynch calls a crash the best opportunity to make big money: huge fortunes are often only earned during such stock market crashes.</p><p>Soros: To gain wealth, you need to recognize its illusions, invest in it, and then exit the game before the illusions are recognized by the public.</p><p>Jim Rogers: Buy what you're worth, sell what you're mad at.</p><p>What should ordinary investors do if the stock market crashes?</p><p><b>I. How did the masters cope with the sharp drop?</b></p><p><b>Buffett: Stay calm and hold for the long term</b></p><p>According to Warren Buffett, the best approach for investors when facing sharp stock market fluctuations is to remain calm and adhere to the investment principle of long-term holding.</p><p>As a stock market guru with over fifty years of investment experience, Warren Buffett warned investors in a 2016 interview: \"When the stock market is falling, don't pay close attention to its performance. If an investor worries when the stock market is falling and then thinks that he will sell his stocks when the stock market recovers, then such an investor will ultimately not reap the returns of Li Auto.\"</p><p>Buffett has consistently emphasized that long-term investing is an important factor in achieving ideal returns. He believes that the returns from investing in the stock market come from holding stocks of high-quality companies for a long time. If investors buy shares of high-quality companies and hold them for 10, 20, or 30 years, they will eventually reap good returns.</p><p>In his annual letter to shareholders, Buffett explained that the market is always volatile, so the best option for every investor, regardless of their level of investment experience, is to remain calm.</p><p>He wrote: While markets are usually rational, they can occasionally go crazy. For investors, seizing opportunities doesn't require much intelligence or an economics degree.</p><p>All investors need is the ability to ignore market panic or frenzy and focus on fundamentals. In addition, the willingness to remain boring, even silly, for a considerable period of time is also very important.</p><p>Graham</p><p>First, never lose money; Second, never forget the first rule.</p><p>Graham is Warren Buffett's mentor, the father of securities analysis, and the pioneer of value investing. In September 1929, the Dow Jones Industrial Average peaked at 381 points before beginning to decline. On October 29, the Dow Jones Industrial Average plummeted 12%, a day described as the \"worst day\" in the 112-year history of the New York Stock Exchange, the most famous \"Black Tuesday\" in history.</p><p>In November 1929, the Dow Jones Industrial Average fell to a low of 198 points before stabilizing and rebounding. By March 1930, it had risen to 286 points, a rebound of as much as 43%. As a result, many investors believe that the worst is over and the stock market is about to reverse dramatically. Graham thought so too, so he started buying at the bottom.</p><p>He bought only good stocks that were very cheap in terms of valuation, and in order to achieve greater returns, he also used margin for leveraged operations. However, the stock market rally continued until April, when it began to plummet again. The Dow Jones Industrial Average fell 33% in 1930, while the fund managed by Graham lost as much as 50.5%.</p><p>By July 1932, the Dow Jones Industrial Average had reached a low of 41 points, a maximum drop of 89% from its peak of 381 points. During the same period, Graham's fund management lost as much as 78%, and this huge bear market almost bankrupted him.</p><p>Graham later made a comeback, writing the investment bibles \"Securities Analysis\" and \"The Intelligent Investor,\" summarizing a timeless fundamental principle of value investing: margin of safety.</p><p>Safety first, profit second.</p><p>Dalio: Stay calm and operate in reverse.</p><p>Like Buffett, Dalio, founder of Bridgewater Associates, the world's largest hedge fund, also believes that investors should not panic when facing a stock market decline and should remain calm.</p><p>Dalio stated that investors are always more likely to sell when the market is declining, but succumbing to fear is not a wise strategy because it will not succeed.</p><p>Conversely, when the market is falling, investors need to do the opposite, that is, when you are no longer afraid, you may need to sell; When you feel fear, you may need to buy.</p><p>Currently, Bridgewater Associates has become the world's largest hedge fund company, with assets under management reaching $150 billion.</p><p>In his book \"Principles,\" Dalio shares three things he learned from the market crash: First, one should not be overly confident and allow oneself to be swayed by emotions. No matter how much I know, no matter how diligent I am, I should not confidently make absolute assertions.</p><p>Second, I once again realized the value of studying history; Third, it is quite difficult to seize market opportunities. One of the keys to becoming a successful investor is to only place risky bets on investments you have a high degree of confidence in, and to diversify your investments thoroughly.</p><p>Wise people always keep an eye on sound fundamentals through various ups and downs; Frivolous people, on the other hand, follow their feelings, react emotionally, rush into popular things, and immediately give up when they're not hot.</p><p>The safest way to have many advantages without exposing yourself to unacceptable disadvantages is to make a series of good, unrelated bets that balance and complement each other.</p><p>Peter Lynch</p><p>The historical patterns of stock market fluctuations tell us that all major crashes will pass, and the stock market will always rise higher. Historical experience also shows that a stock market crash is actually a good opportunity to release risk and create investment opportunities, allowing you to buy shares of excellent companies at very low prices. But buying at the bottom is not that simple. Instead of constantly buying at the bottom and getting trapped, it's better to wait until the bottom appears before intervening.</p><p>When the U.S. stock market crashed in 1987, many people went from millionaires to abject poverty, suffered mental breakdowns, and even committed suicide. At the time, Peter Lynch, a superstar in the American securities industry, managed the Magellan Fund, which managed more than $10 billion. In one day, the fund's net asset value lost 18%, or as much as $2 billion.</p><p>Lynch, like all open-ended fund managers, has only one option: sell stocks. To cope with the unusually large redemptions, Lynch had to sell all his shares.</p><p>More than a year later, Peter Lynch still feels terrified when he recalls it. \"At that moment, I really couldn't be sure whether it was the end of the world, whether we were about to fall into a severe Great Depression, or whether things hadn't gotten that bad yet, and it was just that Wall Street was about to collapse?\"</p><p>After that, Peter Lynch continued to experience many stock market crashes, but he still achieved very successful results.</p><p>First, don't panic and sell all your stocks at low prices. If you desperately sell stocks during a stock market crash, your selling price will often be very low. The market in October 1987 was frightening, but there was no need to sell stocks on that day or the next.</p><p>The stock market began to rise steadily in November of that year. By June 1988, the market had rebounded by more than 400 points, or more than 23%.</p><p>Second, one must have unwavering courage to hold stocks in good companies. Third, you should dare to buy good company stocks at low prices. A crash is the best opportunity to make big money: huge wealth is often only available during such stock market crashes.</p><p>Soros</p><p>World economic history is a series of dramas based on illusions and lies. To acquire wealth, one must recognize its illusions, engage in them, and then exit the game before the illusions are recognized by the public.</p><p>Before 1987, Soros believed that the Japanese stock market was in a huge bubble and shorted Japanese stocks, which resulted in a disastrous failure, and the Japanese stock market remained bullish until 1989. Soros advocated on Wall Street Commentary that the U.S. stock market would remain strong and the Japanese stock market would crash, but the result was exactly the opposite: the U.S. stock market crashed, while the Japanese stock market remained strong.</p><p>In September 1987, Soros moved billions of dollars from Tokyo to Wall Street. However, the first to experience a major collapse was not the Japanese stock market, but rather Wall Street in the United States.</p><p>On October 19, 1987, the Dow Jones Industrial Average in New York plummeted 508 points, setting a new historical record at the time. Over the next week, the New York stock market continued to decline. The Japanese stock market, however, remained relatively strong. Soros decided to sell several large long-term stock holdings.</p><p>Other traders picked up on this information and took the opportunity to smash the sold-off stocks down, reducing the cash discount on futures by 20%. Soros lost approximately $650 million to $800 million in this Wall Street crash.</p><p>This crash caused the Quantum Fund's net assets to fall by 26.2%, far greater than the 17% drop in the US stock market, making Soros the biggest loser of this disaster.</p><p>The ultimate reason for Soros's disastrous defeat back then was speculative psychology, which led to huge losses due to his stubborn pursuit of market opportunities.</p><p>Mistakes are not shameful; what is shameful is that they are already obvious and are not corrected. Taking risks is beyond reproach. But at the same time, remember never to take a gamble. Right or wrong is not important; what matters is how much you lose when you make a mistake and how much you gain when you make a correct judgment.</p><p>Jim Rogers: Buy What It's Worth, Sell Its Madness</p><p>Wall Street investment guru Jim Rogers once pointed out that one should patiently wait for the right opportunity, take profits, and then wait for the next opportunity. Only in this way can one defeat others.</p><p>Market trends often experience prolonged periods of stagnation. To avoid getting funds stuck in a stagnant market, investors should wait for catalysts to emerge that can change the market trend. Buy what's worth, sell what's crazy.</p><p>Philip Fisher</p><p>Philip Fisher is one of the pioneers of modern investment theory, the father of growth stock investment strategy, a godfather-level investment master, and one of the most respected and admired investors on Wall Street.</p><p>You need to learn to spend a lot of time researching and not rush to buy. In a continuously declining market environment, don't buy unfamiliar stocks too quickly.</p><p>In 1929, the U.S. stock market was in a frenzied bull market before the crash, but Fisher found that the prospects for many American industries were unstable and the stock market was in a serious bubble.</p><p>In August 1929, he submitted a report to senior bank executives stating that \"the worst bear market in 25 years is about to begin.\" This is arguably the most impressive stock market prediction of Fisher's life, but unfortunately, Fisher was \"bearish and long\".</p><p>He said, \"I couldn't help but be misled by the volatility of the stock market. So I looked everywhere for some relatively cheap stocks because they hadn't yet risen to their full potential.\" In October 1929, the US stock market suddenly crashed, and Fisher was not spared either. He suffered heavy losses in the crash, and Fisher also lost everything.</p><p>Fisher began to understand that the main factor determining stock prices was not the P/E ratio of that year, but the expected P/E ratio for the next few years. He said that if one can cultivate one's ability to determine the potential performance of a stock in the next few years within reasonable upper and lower limits, one can find a key to not only avoiding losses but also making substantial profits.</p><p>Bill Miller</p><p>\"I often remind my analysts that your information about a company represents 100% of the company's past, while the valuation of a stock depends 100% on the future.\"</p><p>Miller's Legg Mason Value Trust outperformed the S&P 500 index for 15 consecutive years from 1991 to 2005, creating the most brilliant fund manager performance record in history and being hailed as the most successful fund manager of this era. However, in just one year, this honor was destroyed by his own hands.</p><p>During the subprime mortgage crisis, the stocks of many previously excellent companies fell sharply, and Miller believed that investors had overreacted, so they bought against the trend. He thought the crisis was a great opportunity to make money, but it turned into the worst bear market since the Great Depression.</p><p>Although his contrarian investment decisions over the past 15 years have proven correct in hindsight, this time he has failed miserably. Miller's list of stocks is like a \"martyr list\" in this crisis: AIG, Bear Stearns, Freddie Mac, Citigroup, Washington Mutual Bank, and others.</p><p>In a 2008 interview, Miller, now 58, said, \"I failed to properly estimate the severity of this liquidity crisis from the beginning.\"</p><p>Although Miller has often profited from market panic in the past, he said he did not expect the crisis to be so severe and the fundamental problems to be so deep that all the high-quality listed companies that were once the market leaders have collapsed.</p><p>\"I still lack experience,\" Miller said. \"Every decision I made to buy stocks was wrong, it's terrible.\"</p><p>Lesson learned: \"Any highly performing portfolio succeeds over a certain period of time because it has the safety net against price misalignment. The market's estimate of this future figure is wrong. We identify price misalignment by comparing the market's valuation of the company with our own valuation of the company, using a combination of factors.\"</p><p><b>II. What should ordinary investors do if the stock market crashes?</b></p><p>Situation 1: The stocks you hold have fallen to the cost zone.</p><p>Recommendation: In this situation, cautious investors should choose to exit the market, while more aggressive investors should set a stop-loss price and observe for a day or two before making a decision. Don't sell blindly, and don't get emotional about the stocks you bought. At this moment, you must be clear-headed.</p><p>Situation 2: The stocks you hold have already incurred losses.</p><p>Recommendation: Such losses also need to be categorized. Investors can check relevant information. If the stocks they hold are heavily held by the fund, they should not blindly cut their positions. In fact, if the market plummets rapidly, they can add to their positions in batches to reduce costs and fight the fund to the end. (This advice is not suitable for use during a bear market or stock market crash.)</p><p>If, after reviewing the information, it is found that the main players in the stock are mainly manipulated by a few large investors, investors should resolutely exit such stocks in the context of a persistently poor market, preserve their cash, and strive for greater initiative. Because the major players in these stocks generally do not support the market when it actually plummets.</p><p>In addition, there are some stocks with relatively low trading volume and no obvious signs of major players intervening. In such cases, it is essential to set a stop-loss price. These stocks are mainly characterized by following the trend, and once they fall below a long-established platform, you must resolutely exit the market.</p><p>Situation 3: Half of your holdings are money and half are stocks.</p><p>Recommendation: If an investor's stock is profitable but the market trend remains unclear, they should sell the stock and retain cash. After all, there are many opportunities in the market, and retaining cash is the only way to have a greater say in the market.</p><p>If you have already suffered losses in these stocks, investors should quickly replenish their holdings after the market has fallen sharply and shown signs of stabilizing. If the stock rises significantly that day after adding to the position, you can do a disguised T+0 on the same day to lock in a portion of the profits.</p><p>Situation 4: I have all the money and want to enter the market.</p><p>Recommendation: If you are an aggressive investor with a certain level of market analysis skills, you can seize rebounds based on market conditions, but you should focus on short-term thinking.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://new.qq.com/rain/a/20210223A0ADX600\">腾讯网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9beffeecb928009bf6287e307899ffe3","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://new.qq.com/rain/a/20210223A0ADX600","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114793986","content_text":"巴菲特表示当股市走跌时，不要密切关注股市表现，要保持冷静，长期持有。\n格雷厄姆：第一，永远不要亏损；第二，永远不要忘记第一条。\n达里奥表示，投资者在市场出现下跌时总是容易做出抛售的决定，但屈从恐惧并不是个明智的策略，因为这样做并不会取得成功，要保持镇定，反向操作。\n彼得林奇称暴跌是赚大钱的最好机会：巨大的财富往往就是在这种股市大跌中才有机会赚到。\n索罗斯：要获得财富，做法就是认清其假象，投入其中，然后在假象被公众认识之前退出游戏。\n吉姆·罗杰斯：买其所值，卖其疯狂。\n如果股市暴跌，普通投资者应该怎么办？\n一、大师们如何应对大跌？\n巴菲特：保持冷静，长期持有\n在股神巴菲特看来，投资者在面对股市剧烈波动时，最好的方法应该是保持冷静，并坚守长期持有的投资原则。\n作为拥有长达五十多年投资生涯的股神，巴菲特曾在2016年的一次采访中告诫投资者：「当股市走跌时，不要密切关注股市表现。如果一个投资者遇到股市下跌就忧心忡忡，然后想着等股市回升时就抛掉手中的股票，那么这种投资者最终不会获得理想汽车的回报。」\n一直以来，巴菲特都在强调长期投资是取得理想收益的重要因素。他认为，投资股市所获得的收益来自于长期持有优质公司的股票。如果投资者购买优质公司的股票，且持有这些股票10年、20年、30年之久，那么他们最终将会取得不错的回报。\n巴菲特曾在致股东的年度信中解释说，市场总是处于波动之中，因此对于每个投资者来说，无论投资经验深浅，最好的选择就是保持镇定。\n他写道：虽然通常情况下市场是理性的，但市场偶尔也会有疯狂之举。对于投资者而言，抓住机遇并不需要太多的智慧或经济学位。\n投资者需要的，仅仅是无视市场恐慌或狂热的能力，并将注意力集中在基本面上即可。另外，能在相当长的时期内保持无趣、甚至是愚蠢的意愿也十分重要。\n格雷厄姆\n第一，永远不要亏损；第二，永远不要忘记第一条。\n格雷厄姆是巴菲特的导师，证券分析之父，价值投资的鼻祖。1929年9月，道琼斯指数最高涨到381点，随后开始下跌。10月29日，道琼斯指数暴跌12%，这一天被形容为纽约交易所112年历史上「最糟糕的一天」，这就是历史上最著名的「黑色星期二」。\n1929年11月，道琼斯指数最低跌到198点，然后企稳反弹。到1930年3月，一度涨到286点，反弹幅度高达43%。于是许多投资者认为最坏的时期已经过去了，股市将要大反转。格雷厄姆也这样认为，于是他开始进场抄底。\n他抄的都是从价值评估上看非常便宜的好股票，为了取得更大的收益率，他还利用保证金进行杠杆操作。但股市反弹持续到4月份后又开始暴跌，道琼斯指数在1930年下跌33%，而格雷厄姆管理的基金亏损高达50.5%。\n至1932年7月，道琼斯指数达到最低点41点，从最高点381点算起，最大跌幅高达89%，而同期格雷厄姆管理的基金亏损高达78%，这场超级大熊市几乎让他倾家荡产。\n格雷厄姆后来重新东山再起，写出投资圣经《证券分析》和《聪明的投资者》，总结出一个永恒的价值投资基本原则：安全边际。\n安全第一，赢利第二。\n达里奥：保持镇定，反向操作\n和巴菲特一样，全球最大对冲基金桥水基金创始人达里奥也认为，投资者在面对股市下跌时不必惊慌，应该保持冷静。\n达里奥表示，投资者在市场出现下跌时总是容易做出抛售的决定，但屈从恐惧并不是个明智的策略，因为这样做并不会取得成功。\n相反，在市场走跌时，投资者需要进行反向操作，即当你不再感到恐惧时，你可能需要卖出；当你感到恐惧时，你也许需要买进。\n目前，桥水基金已成为全球最大对冲基金公司，管理的资产规模高达1500亿美元。\n在《原则》一书中，达里奥分享了他在市场崩盘中学到的三件事情：第一，不应该离谱地过度自信，并放纵自己被情绪左右。无论我知道多少东西，无论我多么勤奋，我都不应该自信地做出绝对的断言。\n第二，我再次领会到研究历史的价值；第三，把握市场的时机相当困难。成为一个成功投资者的要决之一，是只对你有高度信心的投资对象进行冒险押注，并对这些对象进行充分的分散投资。\n明智的人在经历各种沉浮时都始终盯稳健的基本面；而轻浮的人跟着感觉走，做出情绪化的反应，对于热门的东西一拥而上，不热的时候又马上放弃。\n想要拥有很多优势，而又不暴露于不可接受的劣势之下，最稳妥的方式是做出一系列良好的、互不相关的押注，彼此平衡，相互补充。\n彼得·林奇\n股市波动的历史规律告诉我们，所有的大跌都会过去，股市永远会涨得更高。历史经验还表明，股市大跌其实是释放风险，创造投资的一次好机会，能以很低的价格买入那些很优秀的公司股票。但抄底并没有那么简单。与其去不断抄「底」，不断被套，不如等底部出现后再介入不迟。\n1987年美国股市大崩盘时，很多人由百万富翁沦为赤贫，精神崩溃甚至自杀。当时美国证券界超级巨星彼得·林奇管理着100多亿美元的麦哲伦基金，一天之内基金资产净值损失了18%，损失高达20亿美元。\n林奇和所有开放式基金经理一样，只有一个选择：抛售股票。为了应付非比寻常的巨额赎回，林奇不得不把股票都卖了。\n过了一年多，彼得·林奇回忆起来仍然感到害怕，「在那一时刻，我真的不能确定，到底是到了世界末日，还是我们即将陷入一场严重的经济大萧条，又或者是事情还没变得那么糟糕，仅仅只是华尔街即将完蛋？」\n之后彼得林奇继续经历过很多次股市大跌，但仍然取得了非常成功的绩效。\n第一，不要因恐慌而全部贱价抛出股票。如果你在股市暴跌中绝望地卖出股票，那么你的卖出价格往往会非常之低。1987年10月的行情让人感到惊恐不安，但没必要在这一天或第二天把股票抛出。\n当年11月份股市开始稳步上扬。到1988年6月，市场已经反弹了400多点，也就是说涨幅超过了23%。\n第二，对持有的好公司股票要有坚定的勇气。第三，要敢于低价买入好公司股票。暴跌是赚大钱的最好机会：巨大的财富往往就是在这种股市大跌中才有机会赚到。\n索罗斯\n世界经济史是一部基于假象和谎言的连续剧。要获得财富，做法就是认清其假象，投入其中，然后在假象被公众认识之前退出游戏。\n索罗斯1987年前认为日本股市泡沫巨大，放空日本股票，结果惨败，日本股市牛到了1989年。索罗斯在华尔街评论上鼓吹美国股市会坚挺，日本股市将会崩盘，而结果正好相反：美国股市崩盘了，日本股市却坚挺。\n1987年9月，索罗斯把几十亿美元的投资从东京转移到了华尔街。然而，首先出现大崩溃的不是日本证券市场，而恰恰是美国的华尔街。\n1987年10月19日，美国纽约道琼斯平均指数狂跌508点，创当时历史记录。在接下来的一个星期里，纽约股市一路下滑。而日本股市却相对坚挺。索罗斯决定抛售手中所持有的几个大的长期股票份额。\n其他的交易商捕捉到有关信息后，借机猛烈向下砸被抛售的股票，使期货的现金折扣降了20%。索罗斯在这场华尔街大崩溃中，损失了大约6.5亿到8亿美元。\n这场大崩溃使量子基金净资产跌落26.2%，远大于17%的美国股市的跌幅，索罗斯成了这场灾难的最大失败者。\n索罗斯当年的惨败原因归根结底是投机心理作祟，揣摩市场时机一意孤行的走到了巨额亏损的境地。\n错误并不可耻，可耻的是错误已经显而易见了还不去修正。承担风险，无可指责。但同时记住千万不能孤注一掷。对错都不重要，关键是弄错的时候你损失了多少，判断正确的时候又赚了多少。\n吉姆·罗杰斯：买其所值，卖其疯狂\n华尔街投资大师吉姆·罗杰斯曾指出，应该耐心等待好时机，赚了钱获利了结，然后等待下一次机会。如此，才可以战胜别人。\n市场走势时常会呈现长期的低迷不振，为了避免使资金陷入一潭死水的市场中，投资者应该等待能够改变市场走势的催化因素出现。买其所值，卖其疯狂。\n菲利普·费雪\n菲利普·费雪是现代投资理论的开路先锋之一，成长股投资策略之父，教父级的投资大师，华尔街极受尊重和推崇的投资家之一。\n要学会花很多时间来研究，并不急于买入。在一个连续下跌的市场环境中，不要过快地买入那些不熟悉的股票。\n1929年美国股市处在崩溃前的疯狂牛市中，但费雪发现美国许多产业前景不稳，股市有严重泡沫。\n1929年8月，他向银行高级主管提交了一份「25年来最严重的大空头市场将展开。」的报告。这可以说是费雪一生中最令人赞叹的股市预测，可惜的是费雪「看空做多」。\n他说：「我免不了被股市的魁力所惑。于是到处寻找一些还算便宜的股票，因为它们还没涨到位。」1929年10月美股突然崩溃，费雪也没有幸免于难，在股灾中他损失惨重，费雪亦血本无归。\n费雪开始明白，决定股票价格的主要因素，不是当年的P/E，而是未来几年的预期P/E。他说，若能培养自己的能力，在合理的上下限内确定某只股票未来几年可能的业绩，就能找到一把钥匙，不但能避免亏损，更能赚得厚利。\n比尔·米勒\n「我经常提醒我的分析师们，你们关于公司的信息100%代表了公司的过去，而股票的估值100%取决于未来。」\n米勒管理的Legg Mason价值型信托基金在1991—2005年这15年当中，连续战胜标准普尔500指数，创造了有史以来最辉煌的基金经理业绩记录，被誉为这个时代最成功的基金经理。然而，在短短一年时间里，这个荣誉就被他亲手毁掉了。\n在次贷危机中，很多原来非常优秀的公司股票连续大幅下跌，米勒认为投资者反应过度了，于是逆市买入。他本以为那次危机是一次大好的赚钱良机，结果危机却变成大萧条之后最惨重的大熊市。\n虽然过去15年来他逆向操作的投资决策事后都证明是正确的，但这次却栽得很惨。米勒的股票清单就像是这次危机中的「烈士榜」：AIG、贝尔斯登、房地美、花旗、华盛顿互助银行等。\n2008年，已经58岁的米勒接受采访时说：「从一开始我就没能恰当地估计到这场流动性危机的严重性」。\n尽管米勒以前经常从市场恐慌中赚钱，但他说，这次自己没想到危机会这么严重，基本面的问题如此之深，以至于曾贵为市场领头羊的优质上市公司居然统统倒下了。\n「我还是缺乏经验」，米勒说，「每一个买进股票的决定都是错的，真是太可怕了。」\n经验教训「任何超常发挥的投资组合，在某段时间内能成功，是因为具有价格错位的保险性。市场对这个未来数的估计是错的。我们通过比较市场，对此公司的估值以及我们自己对公司的估值，用多种要素组合的方法来找出价格错位。」\n二、股市暴跌，普通投资者怎么办？\n状况一：手中股票已经跌到成本区\n建议：在这种状况下，谨慎的投资者应该选择离场，比较激进的也要设置止损价，然后观察一两天再作出决定。不要盲目杀跌，也不要对自己买的股票有情绪，在这个时刻，头脑一定要清醒。\n状况二：手中股票已经出现亏损\n建议：这种亏损也需要分类对待，投资者可查看相关资料，如果手中股票属于基金重仓股，那么就不要盲目斩仓，甚至在大盘快速暴跌的情况下，可分批补仓，摊低成本，和基金死磕到底。（如遇熊市下跌过程中或股灾的时候，不适合用这条建议）\n而如果通过查看资料发现，该股票主力主要是由个别大户操纵的，这样的股票在市场持续不佳的情况下，投资者应该坚决出局，保住现金争取更大的主动性。因为这种股票的主力在大盘真正暴跌时一般不会护盘。\n另外，还有一些成交比较清淡的个股，没有明显主力介入的迹象，那么一定要设立止损价位，这种股票的性质主要以跟风为主，一旦跌破长期形成的平台，一定要坚决离场。\n状况三：手中一半是钱一半是股票\n建议：如果投资者这部分股票处于盈利状态，而市场趋势始终看不明朗，那么应将股票出掉，保留现金。毕竟市场中的机会很多，保留现金才能在市场中有更大的话语权。\n如果是手中这部分股票已经亏损，那么投资者应该选择市场在大幅下跌之后，并出现走稳趋向的时候，迅速补充自己手中的股票。而如果补仓后，该股当天涨幅较大，可当天做变相T+0，锁定一部分利润。\n状况四：手中都是钱想进场\n建议：如果是激进型的投资者，并有一定看盘能力的，可以根据市场情况抢反弹，但应以短线思维为主。","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":4622,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}