《股票作手回忆录·第五章·赚大钱靠坐得住·老火鸡》第16节
Disregarding the big swing and trying to jump in and out was fatal to me. Nobody can catch all the fluctuations. In a bull market your game is to buy and hold until you believe that the bull market is near its end. To do this you must study the general conditions and not tips or special factors affecting individual stocks. Then get out of all your stocks; get out for keeps! Wait until you see--or if you prefer, until you think you see--the turn of the market; the beginning of a reversal of general conditions. You have to use your brains and your vision to do this; otherwise my advice would be as idiotic as to tell you to buy cheap and sell dear. One of the most helpful things that anybody can learn is to give up trying to catch the last eighth--or the first. These two are the most expensive eighths in the world. They have cost stock traders, in the aggregate, enough millions of dollars to build a concrete highway across the continent.
注释摘要
这段话是利弗莫尔对自己早年投机生涯最沉痛的一次总结，也是整部书里最常被读者划线、却最容易被误读的一段。我们先把当时的市场制度说清楚，才能真正理解他说的“大波动”和“跳进跳出”到底是什么意思。 利弗莫尔在纽约证券交易所做交易的那个年代，信息传递靠的是行情纸带机，也就是 ticker。股价每变动一次，机器就在一条窄窄的纸带上打印出股票代码和最新价格。全美国的投…