价值投资难吗？

老是听人说价值投资太难了，下面这篇文章大概是很有代表性的，对此我说几句自己的看法。首先，“难”是相对于“容易”的。本人觉得价值投资是最容易的投资办法，因为这是我会的唯一的投资办法。说价值投资“难”的人一定是有更容易的办法“投资”？ “难在被怀疑被耻笑时候的坚持、自信与淡定”----

Source: http://nteswjq.blog.163.com/blog/static/12699812011841267495/

Is value investing hard?

> By Duan Yongping · his NetEase blog (nteswjq.blog.163.com, now closed; read from web archives) · 2011-09-04 · [Original link](http://nteswjq.blog.163.com/blog/static/12699812011841267495/) ([archived](https://web.archive.org/web/20111004133135/http://nteswjq.blog.163.com:80/blog/static/12699812011841267495/))

> This post includes letters from others or quoted material; Duan Yongping's own words are marked separately.

I keep hearing people say value investing is too hard. The article below is probably very representative, so I'll say a few words on my view of it.

First, "hard" is relative to "easy." I think value investing is the easiest way to invest, because it's the only way of investing I know.

People who say value investing is "hard" must have an easier way to "invest"?

"Hard in holding firm, confident and calm when doubted and laughed at":

Value investing invests in companies you understand yourself. If you truly understand, how could you not hold firm?

If you feel unconfident, that means you haven't yet figured out the company you've invested in, or you're not yet a value investor.

Value investing is your own business; what do others' views have to do with you?

"Hard in the rationality, clarity and patience of going against the trend":

The "trend" really just means how others see things now. When a person is still thinking about "going against the trend" or "going with the trend" in investing, he can't focus on his own target.

Value investing is your own business; what do others' views have to do with you?

"Hard in self-reflection and telling right from wrong":

Is it any easier for non-value investing to do this?

The most important thing in value investing is being "rational"; if you can look rationally at everything you face, you have more chance of telling right from wrong.

"Hard in looking far ahead rather than chasing quick gains":

Who is this talking about?

---

Actually, I think the most dangerous are the "investors" who shout value investing but in fact keep looking around everywhere.

I think the author of the article must be someone who has read quite a few books on value investing. He already has the concept of value investing, but it hasn't yet sunk into his bones. Time will help.

http://my.imeigu.com/school

[Here the original reposted the article by Doudoulong on the imeigu Weibo, "Where exactly is value investing hard?" (via @fish); it is not Duan Yongping's words and is not included. See the archived page linked at the top.]