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1、大师投资策略(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
