(备注：《聪明的投资者》是一本广为人知的投资基本教程，但是该书的中文译名将intelligent翻译成“聪明的”，并没有完全表达出原作者的意思。也许用“理性的”更合适。)
But Graham’s definition of character goes beyond honesty and integrity. To him, the word “character” captures not just how you act but how you think. Although he never pairs the two words directly, Graham uses “character” as a synonym for “rationality.” In 1949, Graham answered the rhetorical question of what it means to be an “intelligent” investor:
The word “intelligent” . . . will be used . . . as meaning “endowed with the capacity for knowledge and understanding.” It will not be taken to mean “smart” or “shrewd,” or gifted with unusual foresight or insight. Actually the intelligence here presupposed is a trait more of the character than of the brain.
And, in 1976, he summed up investing with these words: “The main point is to have the right general principles and the character to stick with them.”
In short, when Graham said an analyst must possess good character, he was thinking of a set of traits—what we might call a mental toolkit—that he so often praises throughout his writings:
1. A hunger for objective evidence
As Graham put it, “operations for profit should be based not on optimism but on arithmetic.”
2. An independent and skeptical outlook that takes nothing on faith
Your skepticism must also be directed at your own beliefs.
3. The patience and discipline to stick to your own convictions
In Graham’s words:
“Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it—even though others may hesitate or differ. (You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.)”
4. What the ancient Greek philosophers called ataraxia, or serene imperturbability—the ability to stay calm and keep your head when all investors about you are losing theirs
One of Graham’s wives described him as “humane, but not human.” While it may have made Graham less than ideal as a husband, that quality of cool detachment made him a superb analyst.
------From BUILDING A PROFESSION by Jason Zweig