做優(yōu)秀的投資者應該“向錢看”嗎？

07 做優(yōu)秀的投資者應該“向錢看”嗎？

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有關金錢，你是否曾經有那么一瞬間心生疑問：

對金錢的貪婪和欲望雖然會將人拖入無盡的罪惡深淵，但它們會不會也確實是讓人積累財富的驅動力呢？

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

貪財是徹頭徹尾的壞東西，它會導致投資失?。徊灰岩靶姆旁趯疱X本身的追逐上，這會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.

對金錢的喜愛，或好財、貪婪，在古老的宗教教義中被視為一種罪惡。但是，眾神與人類總讓這一點不尷不尬——尤其是華爾街這里。結果顯示，貪婪對你的財富不利。

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.

來自道富銀行應用研究中心的蘇珊娜·鄧肯帶領團隊，對20多個國家進行了研究。結果顯示，如果你不是喜愛金錢本身，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.

越是喜愛金錢的人，失去的錢越多。我們對愛錢的定義，是通過一系列問題測試人們與金錢的情感關系。這基本就能反映他們的愛財程度。

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)，愛錢的人財務決策通常都不甚理想，也導致了最終財務表現(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)，如果你愛錢，你更容易受三大錯誤行為偏差的影響。

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.

第一類行為，你容易受到及時行樂的影響，對應的浮華專業(yè)辭藻是雙曲貼現(xiàn)。指的是，你想要錢，你會想馬上得到。通常不情愿為舒適的退休生活而存錢。

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

第二類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.

他們過度頻繁地交易并緊盯著市場，這也導致了他們的第三大錯誤行為：基于貪婪和恐懼采取行動，這就是他們高買低賣的原因所在，完全依附于市場動態(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.

總的來說，（人們對金錢的）貪婪與經濟發(fā)展有著緊密的關系。在高速發(fā)展的貧窮國家，人們都會更加在乎金錢，比如說中國和印度。但在更加繁榮、長期穩(wěn)定的國家，人們就不是那么在意金錢了。這其中，最大的異類是美國。

△在愛財程度上，美國緊隨印度和中國。數(shù)據(jù)來源：State street

Suzanne Duncan給出了具體解釋：

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.

實際上，美國是這方面最大的異類。它的國民對金錢的喜愛程度遠遠超出了我們的預期。美國與那些發(fā)展水平較低或不繁榮的國家在這一點上很像，他們對金錢的喜愛程度都很高。顯然美國是一個異類。因為我們沒有那些不繁榮國家的問題，加上擁有已經完善的基礎設施，我們本應該達到了能夠自我實現(xiàn)的程度。但在這個國家，我們還沒有做到這一點。

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?

對金錢非理性熱愛，給其他人創(chuàng)造了大量機會。華爾街通過利用他人的貪婪與貪財本質，已經成為了一個偉大的金融中心。那么我們應該怎么做呢？

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

專注于目標——這個目標應該是結果，而非手段。或許也可以再聽聽宗教建議。

詞匯總結

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)，如果你愛錢，你更容易受三大錯誤行為偏差的影響。

instinct gratification

及時行樂

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

第一類行為，你容易受到及時行樂的影響，對應的浮華專業(yè)辭藻是雙曲貼現(xiàn)。

outlier ['a?tla??]

n.異類；異常值

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

實際上，美國是這方面最大的異類。