Commentary on the Introduction

评论序言

If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them. —Henry David Thoreau, Walden

若你在空中建造了城堡，你的努力并非徒劳；城堡本应存在于那里。现在，去为它们奠定地基吧。 —亨利·戴维·梭罗，《瓦尔登湖》

无论是先建造空中的城堡也好，只要意识到最后回归到地基，并开始建造，前面的功夫也不会白费

Notice that Graham announces from the start that this book will not tell you how to beat the market. No truthful book can. Instead, this book will teach you three powerful lessons:

请注意，格雷厄姆在一开始就宣布，这本书不会告诉你如何战胜市场。没有真诚的书能做到这一点。相反，这本书将教你三个有力的课程：

how you can minimize the odds of suffering irreversible losses;

如何最大限度地减少遭受不可逆损失的几率；

how you can maximize the chances of achieving sustainable gains;

如何最大化实现可持续收益的机会；

how you can control the self-defeating behavior that keeps most investors from reaching their full potential.

如何控制那些自我挫败的行为，这些行为常常阻碍大多数投资者发挥他们的全部潜力。

Back in the boom years of the late 1990s, when technology stocks seemed to be doubling in value every day, the notion that you could lose almost all your money seemed absurd. But, by the end of 2002, many of the dot-com and telecom stocks had lost 95% of their value or more. Once you lose 95% of your money, you have to gain 1,900% just to get back to where you started. 1

在九十年代末的繁荣年代，科技股似乎每天都在翻倍增值，想象自己会几乎损失所有资金似乎是荒谬的。但到了2002年底，许多互联网和电信股票已经损失了95%或更多的价值。一旦你损失了95%的资金，你需要获得1900%的收益才能回到起点。

Taking a foolish risk can put you so deep in the hole that it’s virtually impossible to get out. That’s why Graham constantly emphasizes the importance of avoiding losses—not just in Chapters 6, 14, and 20, but in the threads of warning that he has woven throughout his entire text.

愚蠢的冒险可能会让你陷入几乎无法摆脱的深渊。这就是为什么格雷厄姆不断强调避免损失的重要性——不仅仅是在第6章、第14章和第20章，还有他在整部著作中贯穿的警示线索。

But no matter how careful you are, the price of your investments will go down from time to time. While no one can eliminate that risk, Graham will show you how to manage it—and how to get your fears under control.

但无论你多么小心谨慎，你的投资价值偶尔也会下跌。虽然没有人能够完全消除这种风险，格雷厄姆将向你展示如何管理这种风险以及如何控制你的恐惧。