- 你必須投資
- 時間是你的朋友
- 衝動是你的敵人
- 基本的算術是有效的(cost matters)
- 保持簡單
- 堅持到底
Six Simple Rules
Bogle summarized his investment philosophy in six simple rules that we would all be wise to remember:
- Invest you must. The biggest risk is the long-term risk of not putting your money to work at a generous return, not the short-term – but nonetheless real – risk of price volatility.
- Time is your friend. Give yourself all the time you can. Begin to invest in your 20s, even if it’s only a small amount, and never stop. Even modest investments in tough times will help you sustain the pace and will become a habit. Compound interest is a miracle.
- Impulse is your enemy. Eliminate emotion from your investment program. Have rationale expectations about future returns, and avoid changing those expectations as the seasons change. Cold, dark winters will give way to bright, bountiful springs.
- Basic arithmetic works. Keep your investment expenses under control. Your net return is simply the gross return of your investment portfolio, less the costs you incur (sales commissions, advisory fees, transactions costs). Low costs make your task easier.
- Stick to simplicity. Don’t complicate the process. Basic investing is simple – a sensible asset allocation to stocks, bonds, and cash reserves; a selection of middle-of-the-road funds that emphasize high-grade securities; a careful balancing of risk, return, and (lest we forget) cost.
- Stay the course. No matter what happens, stick to your program. I’ve said “stay the course” a thousand times, and I mean it every time. It is the most important single piece of investment wisdom I can give you.”