来源：综合自《战胜华尔街》p282 25条股票投资黄金法则及网上相关资料
作者：彼得·林奇
编者注：彼得·林奇毫无疑问是一位卓越的股票投资家，是一个永远的多头持有者。作为上个世纪的人，其一些投资方法可能显得有些过时，但是其价值投资的精髓值得我们每一个投资者去学习。
例如，从公司本身业务入手，研究基本面，不要追涨杀跌。这些朴素的道理林奇用幽默的语言给我们阐述，值得我们一边又一遍的去品味、琢磨，投资道路上，我们共勉。
1.投资很有趣、很刺激，但如果你不下工夫研究基本面的话，那就会很危险。
2.作为一个业余投资者，你的优势并不在于从华尔街投资专家那里获得所谓专业投资建议。你的优势其实在于你自身所具有的独特知识和经验。如果充分发挥你的独特优势来投资于自己充分了解的公司和行业，那么你肯定会打败那些投资专家们。
3.过去30多年来，股票市场被一群专业机构投资者所主宰，但是与一般人的想法正好相反，我认为这反而使业余投资者更容易取得更好的投资业绩。业余投资者尽可以忽略这群专业机构投资者，照样战胜市场。
4.每只股票后面其实都是一家公司，你得弄清楚这家公司到底是如何经营的。
5.经常出现这样的事：短期而言，比如好几个月甚至好几年，一家公司业绩表现与其股价表现毫不相关；但是长期而言，一家公司业绩表现肯定与其股价表现是完全相关的。弄清楚短期和长期业绩表现与股价表现相关性的差别，是投资赚钱的关键。同时，这一差别也表明，耐心持有终有回报，选择成功企业的股票方能取得投资成功。
6.你得弄清楚你持股的公司基本面究竟如何，你得搞明白持有这只股票的理由究竟是什么。不错，孩子终究会长大的，但是股票并非终究会上涨的。
7.想着一旦赌赢就会大赚一把，结果往往会大输一把。
8.把股票看做是你的孩子，但是养孩子不能太多，我建议业余投资者在任何时候都不要同时持有5只以上的股票。一个业余投资人，即使利用所有能利用的业余时间，最多也只能研究追踪8-12支股票，而且只有在条件允许的情况下找到机会进行买入卖出操作。因此我建议业余投资者在任何时候都不要持有5只以上的股票。
9.如果你找不到一只值得投资的上市公司股票。那么就远离股市，把你的钱存到银行里，直到你找到一只值得投资的股票。
10.永远不要投资你不了解其财务状况的公司股票。在买入股票之前，一定要先检查一下公司的资产负债表，看看公司是否有足够的偿债能力，有没有破产风险。
11.避开那些热门股。冷门行业和没有增长的行业中的卓越公司股票往往会成为最赚钱的大牛股。
12.对于小公司股票来说，对于小公司股票来说，你最好等到这些小公司开始实现盈利时，再考虑投资也不迟。
13.如果你打算投资一个正处于困境之中的行业，一定要投资那些有能力渡过难关的公司，而且一定要等到行业出现复苏的信号。不过，像生产赶马车鞭子和电子管这样的行业是永远没有复苏的希望了。
14.如果你在1只股票上投资1000元，即使亏光也不过1000元，但如果耐心持有，可能会赚1000元甚至50000元。只要找到几只大牛股，集中投资，业余投资者花费的时间精力就远远物超所值。
15.在任何一个行业，平时留心观察的业余投资者就会发现那些卓越的高成长公司，而且发现时间远远早于那些专业投资者。
16.股市中经常会出现股价大跌，就如同东北地区严冬时分经常会出现暴风雪一样。如果事先做好充分准备，根本不会遭到什么损害。股市大跌时那些没有事先准备的投资者会吓得胆战心惊，慌忙低价割肉，逃离股市，许多股票会变得十分便宜，对于事先早做准备的投资者来说反而是一个低价买入的绝佳机会。
17.每个人都有投资股票赚钱所需要的知识，但并非每个人都有投资股票赚所需要的胆路，有识且有胆才能在股票投资上赚大钱。如果你在最市大跌恐慌中很容易受别人影响，吓的赶紧抛掉手中所有的股票，那么胆小怕跌的你最好不要投资股票，也不要投资股票型基金。
18.总会有事让人担心。放心，天塌不下来。除非公司基本面恶化，否则坚决不要恐慌抛出好公司股票。
19.不要理会任何对未来利率、宏观经济和股市的预测，集中精力关注你投资的公司正发生什么变化。
20.在股市中总会有意外发现，那就是业绩表现良好却被专业机构投资者忽视的好公司股票。
21.不研究公司基本面就买股票，就像不看牌就打牌一样，投资赚钱的机会很小。
22.当你持有好公司的股票时，时间就会站在你这一边，持有时间越长，赚钱的机会就越大。耐心持有好公司股票终将有好回报，即使错过了像沃尔玛这样的优秀公司股票前5年的大涨，未来5年内长期持有仍然会有很好的回报。但是如果你持有的是股票期权，时间就会站在你的对立面，持有时间越长，赚钱的机会越小。
23.如果你有胆量投资股票，却没有时间也没有兴趣做功课研究基本面，那么你的最佳选择是投资股票型基金。你应该分散投资于不同的股票基金。基金经理的投资风格可分为成长型、价值型、小盘股、大盘股等，你应该投资几种不同风格的股票投资基金。注意：投资于6只投资风格相同的股票基金并非分散投资。投资者在不同基金之间换来换去，就会付出巨大的代价，得支付很高的资本利得税。如果你投资的一只或几只基金业绩表现不错，就不要随便抛弃它们，而要坚决长期持有。
24.在过去10年里，美国股市平均投资收益率在全球股市中仅仅排名第8，因此，你可以购买那些投资于海外股市且业绩表现良好的基金，从而分享美国以外其他国家股市的高成长。
25.长期而言，投资于一个由精心挑选的股票或股票投资基金构成的投资组，业绩表现肯定要远远胜过一个由债券或债券基金构成的投资组合，但是投一个由胡乱挑选的股票构成的投资组合，还不如把钱放在床底下更安全。
Source: comprehensive from "beat Wall Street" p282 25 golden rule for stock investment and related information online
Author: Peter Lynch
Editor's note: there is no doubt that Peter Lynch is an outstanding equity investor and a permanent long holder. As people of the last century, some of its investment methods may seem out of date, but the essence of its value investment is worth learning from each and every one of us.
For example, start with the company's own business, study the fundamentals, and don't chase the ups and downs. These simple principles Lynch explained to us with humorous language, worthy of our side again and again to taste, ponder, on the investment road, we encourage.
1. Investment is interesting and exciting, but it can be dangerous if you don't study the fundamentals.
two。 As an amateur investor, your advantage is not to get so-called professional investment advice from Wall Street investment experts. Your advantage lies in your own unique knowledge and experience. If you make full use of your unique strengths to invest in companies and industries that you fully understand, then you are sure to beat those investment experts.
3. Over the past 30 years, the stock market has been dominated by a group of professional institutional investors, but contrary to popular belief, I think this makes it easier for amateur investors to achieve better investment performance. Amateur investors can ignore this group of professional institutional investors and still beat the market.
4. There is actually a company behind every stock, and you have to figure out how the company operates.
5. It often happens that in the short term, for example, for months or even years, a company's performance has nothing to do with its stock price performance, but in the long run, a company's performance must be completely related to its stock price performance. Figuring out the difference between the correlation between short-term and long-term performance and stock price performance is the key to making money by investing. At the same time, this difference also shows that patient holding will pay off, and the investment can be successful only if you choose the stocks of successful companies.
6. You need to figure out the fundamentals of the company you own, and you need to figure out what the reason for holding the stock is. It's true that children will grow up eventually, but stocks don't always rise.
7. Thinking that once you win a bet, you will make a lot of money, and you will often lose a lot of money.
8. Think of stocks as your children, but you can't have too many children. I advise amateur investors not to hold more than five stocks at any time. An amateur investor, even with all the spare time available, can only study and track 8-12 stocks at most, and can only find opportunities to buy and sell if conditions permit. So I advise amateur investors not to hold more than five stocks at any time.
9. If you can't find a stock of a listed company worth investing in. Then stay away from the stock market and put your money in the bank until you find a stock worth investing in.
10. Never invest in a company that you don't know about its financial situation. Before buying stocks, be sure to check the company's balance sheet to see if the company is solvent enough and there is no risk of bankruptcy.
11. Avoid the hot stocks. Outstanding company stocks in unpopular industries and non-growing industries tend to become the most profitable stocks.
twelve。 For small company stocks, you'd better wait until these small companies start to make a profit before it's too late to consider investing.
13. If you plan to invest in an industry that is in trouble, be sure to invest in companies that can pull through and wait for signs of recovery. But industries such as horse-drawn whips and electronic tubes have no hope of recovery.
14. If you invest 1000 yuan in a stock, even if you lose only 1000 yuan, but if you hold it patiently, you may earn 1000 yuan or even 50000 yuan. As long as you find a few bulls and concentrate on investing, amateur investors will spend far more time and energy than they deserve.
15. In any industry, amateur investors who usually watch will find outstanding high-growth companies, and they will find that they are much earlier than those professional investors.
16. Stock prices often fall sharply in the stock market, just as snowstorms often occur in the northeast in the depths of winter. If you make full preparations in advance, there will be no damage at all. When the stock market falls, those unprepared investors will be frightened, hurriedly cut meat at low prices and flee the stock market, and many stocks will become very cheap, which is an excellent opportunity for investors who prepare in advance to buy at a low price.
17. Everyone has the knowledge needed to make money by investing in stocks, but not everyone has the courage to invest in stocks. Only with knowledge and courage can they make a lot of money in stocks. If you are easily influenced by others in the panic of the biggest market crash, and you are scared to sell all your stocks, you'd better not invest in stocks or equity funds.
18. There's always something to worry about. Don't worry, the sky won't fall. Unless the company's fundamentals deteriorate, never panic to sell good company shares.
19. Ignore any future interest rate, macroeconomic and stock market forecasts and focus on what is happening to the company you are investing in.
20. There are always surprises in the stock market, that is, good company stocks that perform well but are ignored by professional institutional investors.
21. Buying stocks without studying the fundamentals of the company is like playing cards without looking at cards. there is little chance of making money by investing.
twenty-two。 When you own shares in a good company, time will be on your side, and the longer you hold it, the greater your chances of making money. Patiently holding good company stocks will eventually yield good returns, even if you miss the big rise in the first five years of excellent companies like Walmart Inc, there will still be good returns for long-term holdings in the next five years. But if you hold stock options, time will be on the opposite side of you, and the longer you hold it, the less likely you are to make money.
23. If you have the courage to invest in stocks, but do not have the time or interest to do homework to study the fundamentals, then your best choice is to invest in equity funds. You should diversify your investments into different stock funds. The investment style of fund managers can be divided into growth type, value type, small-cap stocks, large-cap stocks and so on. You should invest in several different styles of stock investment funds. Note: investing in six stock funds with the same investment style is not a diversification. Investors who switch between different funds will pay a huge price and have to pay a high capital gains tax. If one or more of the funds you invest in perform well, don't abandon them casually, but hold them firmly for a long time.
24. Over the past decade, the average return on investment in the US stock market has only ranked eighth in the global stock market, so you can buy funds that invest in overseas stock markets and perform well, thus sharing the high growth of stock markets in other countries outside the United States.
25. In the long run, investing in an investment group of carefully selected stocks or equity funds will certainly perform much better than a portfolio of bonds or bond funds, but it is safer to invest in a portfolio of randomly selected stocks than to put money under the bed.
