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1、大師投資策略(Masterinvestmentstrategy)Sotos'sinvestmentadvice1,lookingforundervalueditems(expectedincrements),waitingpatientlyandbettingsuccessfullyonpricingbiasorbettingonunexpectedevents,themarketisnotalwayspredictable(Q:howtojudgeifit'sundervalued?Howtomeasurethereasonablep
2、ricethatshouldbeachieved?2,thehardestthingtojudgeis:whatlevelofriskissafe?Riskisthepossibilityofyourloss?TherearethreecasesmustfaceA.:sometimesyouknowthenaturalcharacteristicsandthelikelihoodofriskevents(suchascoin)B.;sometimesyouonlyknowthecharacteristicsofthisevent,but
3、donotknowthepossibilities(suchasaspecifiedstockwithin20yearsthepriceofC?)；sometimesyoumayhurteventhefuturethecharacteristicsoftheirowneventsarenotclear(suchviciousblackswanevent).Sorossaidthatthesedecisionsaremadeinacertainenvironment,thisenvironmentmaybe:youhavealotoffe
4、edbackloops,someofwhicharepositive,somearenegative,thefeedbackbetweeneachother,producethemostprevalentduringthemomentofunconventionalpricingmodel;butinindividualcases,developmentsomebubblesreleaseitsfullpotential,thatobscurestheroleofotherfactors.Thebestwayto"security"is
5、tohavea"securitymargirT(howtocombinerisktodefinesafetymargin?Juststop?)1,"you'Terightorwrongisnotthemostimportant,themostimportantthingishowmuchmoneyyoumakewhenyou'reright,andhowmuchmoneyyoulosewhenyou'rewrong?〃?"Themostimportantthingforaninvestoris"themagnitudeofaccurac
6、yz，,notthe"correctfrequency"(Q:themethodofriskcontrol)2,it'suselesstohaveconfidenceorsmallpositions?〃Ifyouhaveabigchancetowininawager,betonit.WhenSorosfelthewasright,fewinvestorswereabletotakeabiggernotethanhedid?3,"Ionlygotoworkwhenthere'sareasontogotowork,andonthedayIg
7、otowork,I'mreallydoingthings?〃?〃Keepingbusytradingsituationscreatesalotofcostanderror?Sometimesbeinglessactiveisoftenthebestthinganinvestorcando.4,〃ifinvestmentisanentertainment,ifyougetpleasurefromit,youmaynotmakeanymoney.〃?Areallygoodinvestmentisboring?〃Ifyou'reexcited
8、aboutinvesting,thenyou，regambling,notinvesting?You，dbetternotbetonyourselfasagambler,andthebestwaytoavo
