价值投资到底难在哪里？

这是篇写得不错的东西，我只是调侃一下而已。我经常听到人们说价值投资难，但老也搞不清到底难在哪里。我倒是觉得“看图看线”其实真的有点难，就像在赌场里看图看线一样。 1.难在被怀疑被耻笑时候的坚持、自信与淡定？不是很明白为什么“被人怀疑和耻笑”与“坚持、自信与淡定”有何关系。

Source: http://nteswjq.blog.163.com/blog/static/126998120114861818924/

What exactly is hard about value investing?

> By Duan Yongping · his NetEase blog (nteswjq.blog.163.com, now closed; read from web archives) · 2011-05-08 · [Original link](http://nteswjq.blog.163.com/blog/static/126998120114861818924/) ([archived](https://web.archive.org/web/20110515151814/http://nteswjq.blog.163.com:80/blog/static/126998120114861818924/))

http://bbs.imeigu.com/thread-7542-1-1.html

This is a well-written piece; I'm just poking a little fun.

I often hear people say value investing is hard, but I can never work out what exactly is hard about it.

I actually think "reading charts and lines" really is a bit hard, just like reading charts and lines in a casino.

1. Hard in staying persistent, confident and calm when doubted and mocked?

I don't really understand what "being doubted and mocked" has to do with "persistence, confidence and calm".

"Persistence, confidence and calm" should come from your knowledge and understanding of the company, not from your personality.

When a person feels that "being doubted and mocked" will affect them, it shows they are not yet a thorough value investor, because they can still be influenced by things other than value.

The other points are similar.

Logically, saying value investing is hard seems to mean there are other methods that are easier.

Actually, from the angle of losing money, value investing really is a bit hard; other ways of losing money are much easier.

I remember a reporter once asked why I had so much courage to buy NetEase back then. I said: when someone is crying and begging to sell you something worth 10 dollars for one dollar, what do you need courage for?

That line applies here too: when someone insists on selling you something worth 10 dollars for one dollar, why would you find it hard? Why?

However, when you don't know what the thing you're buying actually is, then it really is a bit hard, and at such times you'll look around at how others react.

Then again, value investing really is a bit hard; otherwise, with Buffetts all over the streets, wouldn't that be a bit chaotic?

In the long run, real value investing really is a bit hard: hard in the sense that it's very hard to lose money.