六帖のかたすみ

DVを受けていた男性。家を脱出して二周目の人生を生きています。自閉症スペクトラム(受動型)です。http://rokujo.org/ に引っ越しました。

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prices completely disproportionate to their assets or recorded earnings, could be “justified”

In the first place, and on this very point, nearly all these brilliant performers were young men—in their thirties and forties—whose direct financial experience was limited to the all but continuous bull market of 1948–1968. Secondly, they…

PHP、演算子の優先順位

PHPには多数の演算子がある。その優先順位は21段階にも及ぶ。 ※上のものほど先に実行される 演算子の優先順位 結合時の評価演算子追加情報 結合しない clone new clone および new left [ array() right ** 代数演算子 right ++ -- ~ (int) (float) (string)…

even the teeniest change, which they swear could not possibly affect anything else, actually does

Writing tests can seem tedious at first, but they really do help you find problems faster—especially regressions (breaking something that used to work). Painful experience teaches all developers that even the teeniest change, which they sw…

The true investor scarcely ever is forced to sell his shares, and at all other times he is free to disregard the current price quotation.

But note this important fact: The true investor scarcely ever is forced to sell his shares, and at all other times he is free to disregard the current price quotation. He need pay attention to it and act upon it only to the extent that it …

the better the quality of a common stock, the more speculative it is likely to be

This is a factor of prime importance in present-day investing, and it has received less attention than it deserves. The whole structure of stock-market quotations contains a built-in contradiction. The better a company’s record and prospec…

親日の必要性

私が意外に感じたのは、228紀念館の「台湾独自史観」が、日本の植民地支配を部分的に肯定していることだった。私は、日本が台湾や朝鮮を植民地支配したことは、悪いことだったと思っている。 結果的に、台湾や韓国の近代化の基礎を作ったとしても、植民地…

For who will buy when the general public, at a given signal, rushes to sell out at a profit?

We lack space here to discuss in detail the pros and cons of market forecasting. A great deal of brain power goes into this field, and undoubtedly some people can make money by being good stock-market analysts. But it is absurd to think th…

the relatively unpopular large company

Even many corporate leaders fail to understand these odds (see sidebar on p. 184). The intelligent investor, however, gets interested in big growth stocks not when they are at their most popular―but when something goes wrong. In July 2002,…

人は一般にただ己の分相応のものしか看取し理解するを得ない

けだし人は一般にただ己の分相応のものしか看取し理解するを得ないが故に、誠実ではあるが、しかし平凡にして情熱なくかつ頭のきわめて狭いクセノフォンもまたその畏敬せる師の本質の中から独り彼自身の性質に親縁あるもののみを了解し得たに止まるであろう…

ストックオプションとは何か

マケインは63歳で、これまで大統領選挙に立候補した人々の中で最高齢の部類に属する。彼はベトナム戦争でアメリカのヒーローとなり、その後、上院議員となった。ストレートな発言で知られていたが、今回の予備選挙が始まるまでは、元大統領の息子であるブ…

大企業と中小企業の価格幅

In the great bull market of the 1920s relatively little distinction was drawn between industry leaders and other listed issues, provided the latter were of respectable size. The public felt that a middle-sized company was strong enough to …

多くの人々は、上から決められた枠組みの中で政治選択を行い、枠組み自体の偏向に気づかない

もともと「民主主義」は、欧州を支配してきたエリート層(貴族)が、やむを得ず選んだ体制だ。フランス革命やその後のナポレオン戦争によって、人々を「国の主人」と持ち上げる民主主義の国家の方が、それ以前の露骨な支配体制の封建国家に比べ、国民(以前…

“growth” portfolios describe their holdings as companies with “above-average growth potential” or “favorable prospects for earnings growth.”

A company with an ordinary record cannot, without confusing the term, be called a growth company or a “growth stock” merely because its proponent expects it to do better than the average in the future. It is just a “promising company.” Gra…

The past does not repeat itself, but it rhymes.

The past does not repeat itself, but it rhymes. 歴史は同じようには繰り返さないが、韻を踏む。 ―マーク・トゥエイン 感動した。マークトゥエインの頭脳は明快すぎる。

IPO

Weighing the evidence objectively, the intelligent investor should conclude that IPO does not stand only for “initial public offering.” More accurately, it is also shorthand for: It’s Probably Overpriced, Imaginary Profits Only, Insiders’ …

A long-term investor is the only kind of investor there is.

The lesson is clear: Don’t just do something, stand there. It’s time for everyone to acknowledge that the term “long-term investor” is redundant. A long-term investor is the only kind of investor there is. Someone who can’t hold on to stoc…

好景気の終わり

One fairly dependable sign of the approaching end of a bull swing is the fact that new common stocks of small and nondescript companies are offered at prices somewhat higher than the current level for many medium-sized companies with a lon…

アメリカのIPOの勃興と景気循環

In the two years from June 1960, through May 1962, more than 850 companies sold their stock to the public for the first time―an average of more than one per day. In late 1967 the IPO market heated up again; in 1969 an astonishing 781 new s…

becoming more familiar with a subject does not significantly reduce people’s tendency to exaggerate how much they actually know about it.

Psychologists led by Baruch Fischhoff of Carnegie Mellon University have documented a disturbing fact: becoming more familiar with a subject does not significantly reduce people’s tendency to exaggerate how much they actually know about it…

直接株とは関係ないけれど

The average doctor may be more likely than the average widow to elect to become an enterprising investor, and he is perhaps more likely to succeed in the undertaking. He has one important handicap, however―the fact that he has less time av…

As always, the hotter they are, the harder they fall.

To show that Graham’s observations are perennially true, we can substitute Microsoft for IBM and Cisco for Texas Instruments. Thirty years apart, the results are uncannily similar: Microsoft’s stock dropped 55.7% from 2000 through 2002, wh…

どうすればいいというのだ。

But there is a second lesson in Graham’s approach. The only thing you can be confident of while forecasting future stock returns is that you will probably turn out to be wrong. The only indisputable truth that the past teaches us is that t…

But the answer is yes. It always has been. It always will be.

2000年ITバブル崩壊直前の無責任野郎たちの紹介。 In 1999 and early 2000, bull-market baloney was everywhere: On December 7, 1999, Kevin Landis, portfolio manager of the Firsthand mutual funds, appeared on CNN’s Moneyline telecast. Asked if w…

シストレ完全に否定される

ジェームズ・P・オショネシーが分析した手法はWhat Work on Wall StreetじゃなくてWhat Used to Work on Wall Streetだ、と論じた後、Foolish Fourというすごく怪しい方法を取り上げて次のように言う。 The Foolish Four, in short, was one of the most coc…

People who invest make money for themselves; people who speculate make money for their brokers.

On the other hand, investing is a unique kind of casino―one where you cannot lose in the end, so long as you play only by the rules that put the odds squarely in your favor. People who invest make money for themselves; people who speculate…

円安バブル

アベノミクス:バブル崩壊25年 「結局、日本人はバブルから何も学んでいない」 - 毎日新聞 私が危惧していたことを裏付けてくれる記事だ。今の状況はどう考えてもバブル。新宿の百貨店には日本人と中国人の金持ちが集まってウホウホしているが一般大衆の生…

まえがき

いきなり全文暗記するべき格言が。。 ・A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price. ・The market is a pendulum…

Such occurrences are up to the whims of the universe

As with buying at the exact perfect moment, it’s nearly impossible to sell at a stock’s peak. They almost always bounce a little bit higher. By pushing your tracking period out to three months, you avoid killing yourself over a small uptic…

Ignore Rumors and Popular Opinion

I’ve probably convinced you of the need to rely on yourself for decisions. Just in case, however, I must reiterate this point. Only you fully understand your goals and tolerance for risk. Nobody cares more about your money than you do. You…

金融危機

昭和金融恐慌で高橋是清が危機を処理した44日間(1927年)|週刊ダイヤモンドで読む 逆引き日本経済史|ダイヤモンド・オンラインより 1. 好況によって投資が亢進し、潜在成長率を大きく上回って資産価格(株・不動産)が上昇する。 2. 期待成長率(将来のイ…

Good stocks drop in price frequently and speculation bids the price of crummy stocks high on a regular basis.

That being the case, I recommend putting only a portion of your money into a stock you’re considering. If it drops in price, you can reassess whether to move your remaining money in at the discount or steer clear until you’re truly convinc…

It’s better to lose an opportunity than to lose money.

指値(limit order)を使え!という教え There are plenty of opportunities out there. If one gets away, move on to the next one. A rather terse woman I know has this to say about life: “Never chase a man, a bus, or a stock. There will be anothe…

PERと企業の成長性との比較

The P/E ratio of any company that’s fairly priced will equal its growth rate. I’m talking about growth rate of earnings here…. If the P/E of Coca-Cola is 15, you’d expect the company to be growing at about 15 percent a year, etc. But if th…

There is no such thing as an ideal stock price.

Lots of growth investors prefer to buy near the top of the range, hoping that the stock will continue pushing the upper limit. Many value investors prefer to buy near the bottom of the range, hoping that the stock recovers to its previous …

20 stocks strategy

So I stole a blank sheet of paper from my laser printer and scribbled across the top, “Stocks I Like.” Then I went through every stack of paper, writing down the name of each company and a few measurements that were easily obtained from th…

アンチイスラム教プロパガンダの構造

これは前から考えていたことと同じだけれど、腑に落ちるまとめなので。 田中宇の国際ニュース解説 テロ戦争を再燃させる ISISは首切りなど残虐な殺害を喧伝したがる。彼らは、人質を首切りで殺す映像が世界に飽きられていると感じ、ヨルダン人の人質を檻…

お上とは

田中宇の国際ニュース解説 プーチンを強め、米国を弱めるウクライナ騒動 日本や西欧諸国の多くは単一民族性が高いので、容易に国民国家になれた。国民国家とは、単一の「国民」幻想で国内の人々を教育(洗脳)することに成功した国であり、圧政でなく教育(…