做優(yōu)秀的投資者應(yīng)該“向錢(qián)看”嗎？

07 做優(yōu)秀的投資者應(yīng)該“向錢(qián)看”嗎？

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有關(guān)金錢(qián)，你是否曾經(jīng)有那么一瞬間心生疑問(wèn)：

對(duì)金錢(qián)的貪婪和欲望雖然會(huì)將人拖入無(wú)盡的罪惡深淵，但它們會(huì)不會(huì)也確實(shí)是讓人積累財(cái)富的驅(qū)動(dòng)力呢？

英國(guó)《金融時(shí)報(bào)》首席投資評(píng)論員約翰·奧瑟斯（John Authers）給出的答案是否定的。他告訴我們，美國(guó)道富銀行的一項(xiàng)投資行為研究證明：

貪財(cái)是徹頭徹尾的壞東西，它會(huì)導(dǎo)致投資失??；不要把野心放在對(duì)金錢(qián)本身的追逐上，這會(huì)幫助你成為一名更成功的投資者。

The love of money, or avarice, or greed is a sin that‘s in ancient church teaching.But Gods and men have always made it awkwardly, particularly here, in Wall Street.And it turns out that greed can be bad for your wealth.

對(duì)金錢(qián)的喜愛(ài)，或好財(cái)、貪婪，在古老的宗教教義中被視為一種罪惡。但是，眾神與人類(lèi)總讓這一點(diǎn)不尷不尬——尤其是華爾街這里。結(jié)果顯示，貪婪對(duì)你的財(cái)富不利。

State Street Center for Applied Research and Suzanne Duncan conducted research in more than 20 countries and that showed you will be a much more successful investor if you don't love money for its own sake.

來(lái)自道富銀行應(yīng)用研究中心的蘇珊娜·鄧肯帶領(lǐng)團(tuán)隊(duì)，對(duì)20多個(gè)國(guó)家進(jìn)行了研究。結(jié)果顯示，如果你不是喜愛(ài)金錢(qián)本身，那么你就有可能成為一名更成功的投資者。

道富銀行應(yīng)用研究中心Suzanne Duncan：

The more that people love money, the more money they actually lose.And we define the love of money by asking a series of questions, to test their emotional attachment to money.That's really what it's all about.

越是喜愛(ài)金錢(qián)的人，失去的錢(qián)越多。我們對(duì)愛(ài)錢(qián)的定義，是通過(guò)一系列問(wèn)題測(cè)試人們與金錢(qián)的情感關(guān)系。這基本就能反映他們的愛(ài)財(cái)程度。

Suzanne Duncan：

We found through the data, that these high lovers of money actually make worse financial decisions and they have worse financial outcomes as a result.

我們從數(shù)據(jù)中發(fā)現(xiàn)，愛(ài)錢(qián)的人財(cái)務(wù)決策通常都不甚理想，也導(dǎo)致了最終財(cái)務(wù)表現(xiàn)不佳。

If you love money, you are more susceptible to three major behavioral bias categories that we found.

我們發(fā)現(xiàn)，如果你愛(ài)錢(qián)，你更容易受三大錯(cuò)誤行為偏差的影響。

First is you are much more susceptible to instinct gratification.In case you want a cocktail party term, this is hyperbolic discounting, much more susceptible to the instinct gratification.So you want the money, you want the money now, and you are much less willing to set enough money aside to, say, a comfortable retire.

第一類(lèi)行為，你容易受到及時(shí)行樂(lè)的影響，對(duì)應(yīng)的浮華專(zhuān)業(yè)辭藻是雙曲貼現(xiàn)。指的是，你想要錢(qián)，你會(huì)想馬上得到。通常不情愿為舒適的退休生活而存錢(qián)。

The second category that we found is looking at this hyper active sort of behavior around trading frequency.

第二類(lèi)行為是極度活躍的交易頻率。

They trade too often, they watch the market, which leads to the third behavior that we saw, which is very susceptible to greed and fear based motives, their tendency to buy high and sell low depending upon what the markets are doing.

他們過(guò)度頻繁地交易并緊盯著市場(chǎng)，這也導(dǎo)致了他們的第三大錯(cuò)誤行為：基于貪婪和恐懼采取行動(dòng)，這就是他們高買(mǎi)低賣(mài)的原因所在，完全依附于市場(chǎng)動(dòng)態(tài)。

In general, there's a close link between avarice and economic development in poor countries that are growing fast, people tends to care a lot about money, for example in China or India.In prosperous countries that have been stable for a long time, such as Netherland or Switzerland, people don't care so much about money.The big outlier in all of these is, the U.S.

總的來(lái)說(shuō)，（人們對(duì)金錢(qián)的）貪婪與經(jīng)濟(jì)發(fā)展有著緊密的關(guān)系。在高速發(fā)展的貧窮國(guó)家，人們都會(huì)更加在乎金錢(qián)，比如說(shuō)中國(guó)和印度。但在更加繁榮、長(zhǎng)期穩(wěn)定的國(guó)家，人們就不是那么在意金錢(qián)了。這其中，最大的異類(lèi)是美國(guó)。

△在愛(ài)財(cái)程度上，美國(guó)緊隨印度和中國(guó)。數(shù)據(jù)來(lái)源：State street

Suzanne Duncan給出了具體解釋?zhuān)?/p>

The U.S.is in fact the one biggest outlier, and it is much higher in the scale of love money than we would have originally anticipated.Be found very tight correlations with those countries that have a low level of human development and/or prosperity, they also have a high love of money.The U.S.is clearly the outlier here because we don't have those problems, with expected infrastructure that has been built out, we should have come to the point where we could realize self-actualization, but we haven't yet in this country.

實(shí)際上，美國(guó)是這方面最大的異類(lèi)。它的國(guó)民對(duì)金錢(qián)的喜愛(ài)程度遠(yuǎn)遠(yuǎn)超出了我們的預(yù)期。美國(guó)與那些發(fā)展水平較低或不繁榮的國(guó)家在這一點(diǎn)上很像，他們對(duì)金錢(qián)的喜愛(ài)程度都很高。顯然美國(guó)是一個(gè)異類(lèi)。因?yàn)槲覀儧](méi)有那些不繁榮國(guó)家的問(wèn)題，加上擁有已經(jīng)完善的基礎(chǔ)設(shè)施，我們本應(yīng)該達(dá)到了能夠自我實(shí)現(xiàn)的程度。但在這個(gè)國(guó)家，我們還沒(méi)有做到這一點(diǎn)。

It's irrational love of money that could create opportunities for the rest of us.Wall Street has turned into a great financial center by exploiting the greed and avarice of others.So what will we do about this?

對(duì)金錢(qián)非理性熱愛(ài)，給其他人創(chuàng)造了大量機(jī)會(huì)。華爾街通過(guò)利用他人的貪婪與貪財(cái)本質(zhì)，已經(jīng)成為了一個(gè)偉大的金融中心。那么我們應(yīng)該怎么做呢？

Focus on the goal, the ends not the means.And perhaps, listen to some religious advice.

專(zhuān)注于目標(biāo)——這個(gè)目標(biāo)應(yīng)該是結(jié)果，而非手段?；蛟S也可以再聽(tīng)聽(tīng)宗教建議。

詞匯總結(jié)

behavioral bias

行為偏差

If you love money, you are more susceptible to three major behavioral bias categories that we found.

我們發(fā)現(xiàn)，如果你愛(ài)錢(qián)，你更容易受三大錯(cuò)誤行為偏差的影響。

instinct gratification

及時(shí)行樂(lè)

First is you are much more susceptible to instinct gratification.In case you want a cocktail party term, this is hyperbolic discounting.

第一類(lèi)行為，你容易受到及時(shí)行樂(lè)的影響，對(duì)應(yīng)的浮華專(zhuān)業(yè)辭藻是雙曲貼現(xiàn)。

outlier ['a?tla??]

n.異類(lèi)；異常值

The U.S.is in fact the one biggest outlier.

實(shí)際上，美國(guó)是這方面最大的異類(lèi)。