Day348
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Day348
买入优秀公司呆坐不动才是投资者应该做的。交易有成本会降低收益。
股东应转让的摩擦成本而损失了1/6的收益。
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运动有害投资!
大师兄早那量化交易每笔收益得多高,才能获得不错的长期年化收益率呀
1. For example, consider a typical company earning, say, 12% on equity.
- 翻译:例如,假设一个典型的公司股本回报率为12%。
- 详解:
- "For example": 例如。
- "consider a typical company": 假设一个典型的公司。
- "earning, say, 12% on equity": 股本回报率为12%。
- 重点单词:typical(典型的),equity(股本)
2. Assume a very high turnover rate in its shares of 100% per year.
- 翻译:假设其股票的年换手率非常高,达到100%。
- 详解:
- "Assume": 假设。
- "a very high turnover rate in its shares": 其股票的换手率非常高。
- "of 100% per year": 每年达到100%。
- 重点单词:turnover rate(换手率)
3. If a purchase and sale of the stock each extract commissions of 1% (the rate may be much higher on low-priced stocks) and if the stock trades at book value,
- 翻译:如果每次买卖股票都要提取1%的佣金(低价股的佣金率可能更高),而且股票按账面价值交易,
- 详解:
- "If a purchase and sale of the stock": 如果买卖股票。
- "each extract commissions of 1%": 每次提取1%的佣金。
- "(the rate may be much higher on low-priced stocks)": (低价股的佣金率可能更高)。
- "and if the stock trades at book value": 而且股票按账面价值交易。
- 重点单词:purchase(买入),sale(卖出),extract(提取),commissions(佣金),book value(账面价值)
4. The owners of our hypothetical company will pay, in aggregate, 2% of the company’s net worth annually for the privilege of transferring ownership.
- 翻译:我们假设的公司所有者每年将为所有权转让支付相当于公司净值2%的总费用。
- 详解:
- "The owners of our hypothetical company": 我们假设的公司所有者。
- "will pay, in aggregate": 将支付总计。
- "2% of the company’s net worth annually": 每年相当于公司净值2%的费用。
- "for the privilege of transferring ownership": 为所有权转让的特权。
- 重点单词:owners(所有者),hypothetical(假设的),net worth(净值),annually(每年),privilege(特权)
5. This activity does nothing for the earnings of the business, and means that 1/6 of them are lost to the owners through the “frictional” cost of transfer.
- 翻译:这种活动对公司的收益没有任何帮助,这意味着1/6的收益因转让的“摩擦”成本而损失。
- 详解:
- "This activity does nothing for the earnings of the business": 这种活动对公司的收益没有任何帮助。
- "and means that 1/6 of them are lost to the owners": 这意味着1/6的收益对所有者来说是损失的。
- "through the 'frictional' cost of transfer": 因转让的“摩擦”成本而损失。
- 重点单词:activity(活动),earnings(收益),lost(损失),frictional cost(摩擦成本)
6. (And this calculation does not count option trading, which would increase frictional costs still further.)
- 翻译:(而且这个计算还不包括期权交易,期权交易会进一步增加摩擦成本。)
- 详解:
- "(And this calculation does not count option trading)": (而且这个计算还不包括期权交易)。
- "which would increase frictional costs still further": 期权交易会进一步增加摩擦成本。
- 重点单词:calculation(计算),count(包括),option trading(期权交易),increase(增加),still further(进一步)
总的来说,这段文字说明了频繁交易如何通过佣金和摩擦成本侵蚀公司的实际收益,强调了减少交易活动以保护股东利益的重要性。
运动有害投资,好幽默
Day2巴菲特对于长期经营的解释,以及在年报和季报上的具体处置。抓住主要矛盾,把精力放在关键问题上。 DAY348所涉及的交易损耗问题,正好是这种次要矛盾,如果过于关注所可能带来的困扰之一。
1年交易6次,全年利润归零。