《聪明的投资者》

自15年前Linux操作系统崛起、“开放源代码”（opensource，简称：开源）软件打破科技行业格局以来，这种看似自相矛盾的想法已经难倒了硅谷（SiliconValley）的一些最聪明的投资者。

That paradox has stumped some of Silicon Valley 's smartest investors since " open source " software broke on to the tech scene , with the rise of the Linux operating system 15 years ago .

我猜想聪明的投资者知道这一点。

I suspect that smart investors know that .

即使是最聪明的投资者，在众多企业中挑出赢家也面临很大的困难。

Picking a winner out of that lot is likely to be difficult even for the smartest investor .

当投资者像羊群一样行为时，最聪明的投资者获利退场；其余投资者争相效仿。

When investors are acting as a herd , the smartest investors take profits ; the rest scramble to follow .

例如，如果我是一个聪明的投资者，我宁可花最少的可能在我的车。

For example , if I 'm a savvy investor , I would much rather spend the minimum amount possible on my car .

迄今为止，上述理论没有一个被令人信服地证明正确，令许多聪明的投资者陷入困境。

As yet , none of the theories has been decisively proved correct . A lot of smart investors have been caught out as a consequence .

罗杰斯在接受采访时说，聪明的投资者都在涌向亚洲涌入中国，这种情况非常类似1907年欧洲投资者竞相涌入美国纽约市场的情形。

In an interview , Rogers said wise investors are flocking into Asia and China , which is as similar as European investors swarmed into New York in1907 .

这家遇到麻烦的公司宣布进行重组，股价突然上升，而聪明的投资者在听到好消息时则卖出股票获利。

EXAMPLE : The troubled company announced a reorganization and its stock price increased suddenly , but smart investors sold on the good news and took their profits .

聪明的投资者明白，高负债、高利率和低增长这三者结合在一起，将大幅提升未来某个时候出现违约的风险。

Smart investors understand that the combination of high indebtedness , high interest rates and low growth raises dramatically the risk of default at some point in the future .

其中两本是亚当•斯密的《国富论》初版（1776年）和本杰明•格雷厄姆的《聪明的投资者》（1949年）。

Two of those books are first editions of The Wealth of Nations ( 1776 ), by Adam Smith , and The Intelligent Investor ( 1949 ), by Benjamin Graham .

聪明的投资者会向投资顾问提出问题，以厘清这些顾问在多大程度上理解他试图出售的产品，以及基金通常在何时表现好，何时表现差。

The smart investor will ask questions to tease out how well an adviser understands what he 's trying to sell and when the fund tends to perform well or not .

2010年份葡萄酒在此时看来似乎还不是上好的投资机会，聪明的投资者将把目光聚集在少数年份不错、价格也适宜的葡萄酒上。

While 2010 does not look like a great investment opportunity at this early stage , the smart money will focus on a handful of stand-out vintages that seem good value .

聪明的投资者在开出支票前，总是希望能亲自或可靠的委托顾问与投资对象的团队主要成员、几个客户见面会谈，评估实际的产品。

Before smart investors write a check , they , or a trusted consultant , will want to meet and talk with your key team members , several customers and evaluate the real product .

真正的套利不涉及冒险，但在没有一个影子投资组合的情况下，利用股市中的错误却要冒险：突然之间，聪明的投资者只希望出现风险，而不是确保利润。

True arbitrage does not involve taking risks , but without a shadow portfolio , exploiting errors in the stock market does : rather than guaranteeing a profit , suddenly the smart investor is simply hoping for one .

一些“超聪明”的投资者也不一定能使价格合理变化；

Nor can a bunch of " super-smart " investors necessarily keep prices in line ;

这要求人们信任聪明的债券投资者和愚钝的股票投资者，这两群人往往为相同的机构工作。

That requires one to believe in smart bond investors and dumb equity investors , both of whom are often working for the same organisations .

创业公司想出各种非常聪明的办法来向投资者推销自己的商业模式，但俄罗斯科技创业家德米特里？伊茨科夫的最新事业本身就是卖点：投资他的研发新项目，回报可能会是获得永生。

Startups devise some fairly clever tactics to sell investors on their business models , but Russian tech entrepreneur Dmitry Itskov 's newest venture sells itself : Invest in his new research and development interest and the payoff could be immortality .