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What is Investment Discipline?
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00:08
[Music] this episode focuses on what is investment discipline and do i
[音樂] 本集將探討何謂投資紀律，以及您是否需要具備此紀律。
00:15
need one [Music]
[音樂]
00:24
so how do i find my investment discipline there's a simple way and it it comes with the way you look at
那麼，該如何找到屬於自己的投資紀律呢？有個簡單的方法，取決於您看待世界的方式。
00:30
the world so are you an early adapter do you run out and get the latest iphone
您是早期採用者嗎？您會立刻入手最新款的 iPhone 嗎？
00:35
do you consume new technology or the best restaurant in town if so the chances are that you are a
您會嘗試新科技，或尋找城中最好的餐廳嗎？如果是這樣，您很可能是一位成長型投資者。
00:42
growth investor you like to adapt to early technologies and experiment and explore and be interested
您喜歡適應早期技術，並樂於實驗、探索和學習。
00:50
in learning the other discipline that is sort of prevalent in the investment business is
另一種在投資界普遍存在的紀律，則是價值型紀律。
00:55
a value discipline this this is the person that drives their car to 150 000 miles
這種人會把車開到 15 萬英里（約 24 萬公里）才換，
01:02
still uses a flip phone uh is happy carrying their things around in a purse they've had for 15 years because
仍使用翻蓋手機，並且樂於帶著用了 15 年的舊皮包四處走，因為它還能用。
01:09
it still works and value investors take a very different view of the world than growth investors neither is better you
價值型投資者對世界的看法與成長型投資者截然不同，兩者沒有絕對的好壞，
01:16
just need to know which one you are and then stick to that discipline the most important thing about having a
您只需要知道自己屬於哪一種，並堅守該紀律即可。
01:23
discipline is not whether you're a growth investor or a value investor or if you
具備紀律最重要的事，不在於您是成長型、價值型投資者，或者您
01:29
just like to buy stocks with dividends what's important is that you stick to your discipline
只喜歡買高股息的股票；重要的是您要堅守自己的紀律。
01:33
my first rule of discipline is don't ever chase stocks that you think you should
我的第一條紀律法則是：千萬不要追高買進那些您認為自己「本該買進」卻沒買的股票。
01:38
have bought and didn't it's frustrating to watch something go up when you didn't buy it and you
看著沒買的標的上漲，而您覺得自己本該買進，這會令人感到挫折；同樣地，
01:44
thought you should and the same thing when a stock's going down to pile in further
當股票下跌時，也不要因為自己買在高點而急著加碼攤平。
01:48
because you bought it too high the important thing is to make a decision a well-informed research decision and
重要的是做出一個經過充分研究的決策，然後
01:55
then stick to your guns because stocks tend to outperform two-thirds of the years
堅持到底，因為股票往往在三分之二的年份中表現優於大盤，
01:59
and they generally outperform over three to five years so you don't want to react when things
且通常在三到五年內會有超額報酬，所以當市況變得有些動盪時，您不應反應過度。
02:04
get a little bit dicey being in in the investment world is like being in a perpetual state of
身處投資世界，就如同處於一種永恆的狀態中。
02:11
dissatisfaction if you buy it and it goes up you didn't buy enough and if you bought it went
如果你買了它卻上漲，你會後悔買得不夠多；如果買了它卻下跌，你又會後悔買得太多。你只需堅持自己的紀律，持續以定期定額的方式將財富投入股市。
02:15
down you bought too much you just stick to your discipline and you continue to dollar cost average your
我的第二個建議是，千萬不要接受你不了解其投資實力的人給的投資建議。我曾接受過一些人的建議，讓我付出了慘痛的代價。
02:20
wealth into the stock market my second piece of advice is don't ever take investing advice from someone
有些人我幾乎不認識，但他們聽起來很聰明；有些人我認識，但他們其實不怎麼聰明。
02:26
who's investing prowess is unknown to you i've taken advice from a number of individuals that have cost me dearly
反而忽略了我所敬重的業界人士的建議，當時我心想：我再也不會上這種當了。
02:33
people i hardly knew but they sounded really smart people i knew but they weren't very smart
正因為我犯過所有可能的錯誤，所以我不希望你重蹈覆轍。你要做自己的研究，堅持下去，不要貪心。
02:38
and then ignored advice from people that were in the business that i respected and i just
第三個關於紀律的建議，是我們在業界所說的「近因效應」（Recency Effect）。
02:43
said i'm not going to fall for that again so because i've made every mistake i don't want you to you do your own
你會在股市中看到這種現象，人們看到最近表現好的東西就一窩蜂搶進，而此時精明的資金正準備出場。
02:49
research and you stick to it and don't get greedy the third
你要不惜一切代價避免近因效應，堅守自己的紀律。買一點，再多買一點，買進那些你了解且可以持有終身的優質公司。
02:53
tip i can give you in this regard as it relates to your discipline is what we call in the business recency
在這方面，關於你的紀律，我能給你的第三個建議是，業界所稱的「近因」
02:59
effect this is where and you'll see it in the stock market where people see what
效應。這在股市中隨處可見，人們會看到最近
03:03
worked recently and then they pile in right when all the smart money is getting out
賺錢的標的，然後在精明的資金正在出場時，他們卻一窩蜂地衝進去。
03:08
you want to avoid recency effect at all costs and stick to your discipline buy some buy a little bit more buy great
你要不惜一切代價避免近因效應，堅守自己的紀律。買一點，再多買一點，買進那些你了解且可以持有終身的優質
03:15
companies that you understand and can
公司，你了解且能
03:17
own for a lifetime
長期持有的公司。

What is Investment Discipline?

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📝 影片摘要

本單元探討投資紀律的定義及其重要性。影片指出投資紀律可分為成長型和價值型兩種，取決於個人對世界的看法。成長型投資者樂於嘗試新事物，而價值型投資者則注重物品的長期使用價值。影片強調，無論屬於哪種類型，堅守自己的投資紀律才是關鍵。此外，影片提供三大投資建議：不要追高買進錯過的股票、不要聽信不了解其投資能力的人的建議，以及避免近因效應，即不要因短期表現而衝動投資。最後，影片鼓勵投資者進行充分研究，並以定期定額的方式投資優質公司。

📌 重點整理

  • ✓ 投資紀律分為成長型和價值型兩種，取決於個人對世界的看法。
  • ✓ 成長型投資者樂於嘗試新科技和新事物，注重成長潛力。
  • ✓ 價值型投資者注重物品的長期使用價值，追求穩健投資。
  • ✓ 堅守自己的投資紀律比選擇哪種類型更重要。
  • ✓ 不要追高買進錯過的股票，也不要因股票下跌而急於加碼。
  • ✓ 不要聽信不了解其投資能力的人的建議，應自行研究。
  • ✓ 避免近因效應，不要因短期表現而衝動投資。
  • ✓ 以定期定額的方式投資優質公司，並堅持長期持有。
📖 專有名詞百科 ｜點擊詞彙查看維基百科解釋
紀律
discipline
成長
growth
價值
value
適應
adapt
普遍的
prevalent
令人沮喪的
frustrating
表現優於
outperform
不穩定的
dicey
專長
prowess
近期性
recency

🔍 自訂查詢

📚 共 10 個重點單字
discipline /ˈdɪsəplɪn/ noun
a set of rules or a system of behavior
紀律；規範
📝 例句
"the most important thing about having a discipline is not whether you're a growth investor or a value investor"
→ 擁有投資紀律最重要的是，不是你是成長型還是價值型投資者。
✨ 延伸例句
"Investment discipline helps avoid impulsive decisions."
→ 投資紀律有助於避免衝動的決策。
growth /ɡroʊθ/ noun
the process of increasing in size or value
成長；增長
📝 例句
"you are a growth investor you like to adapt to early technologies and experiment and explore and be interested in learning"
→ 你是一位成長型投資者，喜歡適應早期技術，並樂於實驗、探索和學習。
✨ 延伸例句
"The company reported strong growth in the last quarter."
→ 該公司報告上季度強勁成長。
value /ˈvælju/ noun
the worth or importance of something
價值；重要性
📝 例句
"the other discipline that is sort of prevalent in the investment business is a value discipline"
→ 投資界普遍存在的另一種紀律是價值型紀律。
✨ 延伸例句
"Investors seek stocks with long-term value."
→ 投資者尋找具有長期價值的股票。
adapt /əˈdæpt/ verb
to adjust to new conditions
適應；調整
📝 例句
"you like to adapt to early technologies and experiment and explore and be interested in learning"
→ 你喜歡適應早期技術，並樂於實驗、探索和學習。
✨ 延伸例句
"Companies must adapt to changing market conditions."
→ 公司必須適應不斷變化的市場條件。
prevalent /ˈprɛvələnt/ adjective
common or widespread
普遍的；盛行的
📝 例句
"the other discipline that is sort of prevalent in the investment business is a value discipline"
→ 投資界普遍存在的另一種紀律是價值型紀律。
✨ 延伸例句
"This investment strategy is prevalent among experienced traders."
→ 這種投資策略在經驗豐富的交易者中很普遍。
frustrating /frʌˈstreɪtɪŋ/ adjective
causing annoyance or anger
令人沮喪的；令人氣餒的
📝 例句
"it's frustrating to watch something go up when you didn't buy it and you thought you should"
→ 看著沒買的標的上漲，而你覺得自己本該買進，這會令人感到挫折。
✨ 延伸例句
"It can be frustrating to miss out on a good investment opportunity."
→ 錯過一個好的投資機會可能會令人感到沮喪。
outperform /ˌaʊtərˈfɔrm/ verb
to perform better than others
表現優於；超越
📝 例句
"stocks tend to outperform two-thirds of the years"
→ 股票往往在三分之二的年份中表現優於大盤。
✨ 延伸例句
"The fund has consistently outperformed its benchmark."
→ 該基金一直表現優於其基準。
dicey /ˈdaɪsi/ adjective
risky or uncertain
不穩定的；風險的
📝 例句
"so you don't want to react when things get a little bit dicey"
→ 當市況變得有些動盪時，你不應反應過度。
✨ 延伸例句
"The market situation is getting dicey."
→ 市場情況變得不穩定。
prowess /ˈpraʊəs/ noun
great skill or ability
專長；能力
📝 例句
"don't ever take investing advice from someone who's investing prowess is unknown to you"
→ 千萬不要接受你不了解其投資實力的人給的投資建議。
✨ 延伸例句
"His investment prowess is well-known in the industry."
→ 他的投資能力在業界廣為人知。
recency /ˈriːsənsi/ noun
the quality of being recent
近期性；近因
📝 例句
"the third tip i can give you in this regard as it relates to your discipline is what we call in the business recency effect"
→ 在這方面，關於你的紀律，我能給你的第三個建議是，業界所稱的「近因效應」。
✨ 延伸例句
"The recency effect can lead to poor investment decisions."
→ 近因效應可能導致不良的投資決策。
🎯 共 10 題測驗

1 What are the two main types of investment disciplines mentioned in the video? 影片中提到的兩種主要投資紀律類型是什麼？ What are the two main types of investment disciplines mentioned in the video?

影片中提到的兩種主要投資紀律類型是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 A

The video clearly states that the two main investment disciplines are growth and value.

影片明確指出，兩種主要的投資紀律是成長型和價值型。

2 What is the first rule of discipline mentioned in the video? 影片中提到的第一條投資紀律規則是什麼？ What is the first rule of discipline mentioned in the video?

影片中提到的第一條投資紀律規則是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 A

The first rule of discipline is not to chase stocks that you think you should have bought and didn't.

第一條投資紀律規則是不要追高買進那些你認為自己「本該買進」卻沒買的股票。

3 What does the video suggest about the performance of stocks over time? 影片對股票長期表現的建議是什麼？ What does the video suggest about the performance of stocks over time?

影片對股票長期表現的建議是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 A

The video states that stocks tend to outperform two-thirds of the years.

影片指出，股票往往在三分之二的年份中表現優於大盤。

4 What is the 'recency effect' as described in the video? 影片中所描述的「近因效應」是什麼？ What is the 'recency effect' as described in the video?

影片中所描述的「近因效應」是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 A

The recency effect is when people see what worked recently and pile in, often when smart money is getting out.

近因效應是指人們看到最近表現好的標的就一窩蜂搶進，此時精明的資金正準備出場。

5 What does the video recommend regarding investment advice from others? 影片對聽取他人投資建議的建議是什麼？ What does the video recommend regarding investment advice from others?

影片對聽取他人投資建議的建議是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 A

The video advises not to take investment advice from someone whose investing prowess is unknown to you.

影片建議不要接受你不了解其投資實力的人給的投資建議。

6 What is the suggested approach for investing in the stock market according to the video? 根據影片，投資股市的建議方法是什麼？ What is the suggested approach for investing in the stock market according to the video?

根據影片，投資股市的建議方法是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 A

The video suggests continuing to dollar cost average your wealth into the stock market.

影片建議以定期定額的方式將財富投入股市。

7 What is the main message about investment discipline in the video? 影片中關於投資紀律的主要信息是什麼？ What is the main message about investment discipline in the video?

影片中關於投資紀律的主要信息是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 A

The main message is to stick to your own investment discipline.

主要信息是堅守自己的投資紀律。

8 What does the video say about the feeling of dissatisfaction in investing? 影片對投資中的不滿感有何描述？ What does the video say about the feeling of dissatisfaction in investing?

影片對投資中的不滿感有何描述？

✅ 正確！ ❌ 錯誤，正確答案是 A

The video states that being in the investment world is like being in a perpetual state of dissatisfaction.

影片指出，身處投資世界，就如同處於一種永恆的不滿狀態中。

9 What is the video's advice on buying stocks? 影片對買進股票的建議是什麼？ What is the video's advice on buying stocks?

影片對買進股票的建議是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 A

The video advises buying great companies that you understand and can own for a lifetime.

影片建議買進那些你了解且可以持有終身的優質公司。

10 What is the video's view on making investment decisions? 影片對投資決策的看法是什麼？ What is the video's view on making investment decisions?

影片對投資決策的看法是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 A

The video emphasizes making a well-informed research decision and then sticking to it.

影片強調做出經過充分研究的決策，然後堅持到底。

測驗完成！得分： / 10

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