股東公開信，最有感覺的是第20頁的這段文字

看完年報的致股東公開信，最有感覺的是第20頁的這段文字......
(Remember the late Barton Biggs’ observation: “A bull market is like sex. Itfeels best just before it ends.”) 
The antidote to that kind of mistiming is for an investor to accumulate shares over along period and never to sell when the news is bad and stocks are well off their highs. Following those rules, the“know-nothing” investor who both diversifies and keeps his costs minimal is virtually certain to get satisfactoryresults 

(記得Barton Biggs所說過的：「牛市就像是性愛，在剛要結束之前總是感覺最好的時候。」）
一個投資人避免投資時機錯誤的解藥，就是長期逐步累積持股，即使利空消息不斷，股票也從高點下跌了少，也千萬別賣掉！遵循這些規則，即使是對投資一無所知的投資人，只要同時分散持股並且努力讓自己的投資成本維持在最低，幾乎可以確定能拿到滿意的結果。