查理‧孟格（Charlie Munger）

5 Charlie Munger Quotes That Will Make You a Better Investor: "Had Warren Buffett never been born, there's a good chance we'd award the 'world's greatest investor' honor to his right-hand man, Charlie Munger. Not only is Berkshire Hathaway's (NYSE: BRK-A) co-chairman a phenomenally talented investor, but he'd probably school almost anyone in a debate about philosophy, biology, physics, or just about any other topic. The man's disturbingly smart." <2008/08/29>

動能型投資法（momentum investing）和動能型操作法（ momentum trading）

閱讀筆記：

• Investing the Templeton Way: The Market-Beating Strategies of Value Investing's Legendary Bargain Hunter一書這麼說：
  
  …… which, reduced to its simplest method, means that you buy things that are going up and sell things that are going down.
  
  意思是說，漲者恆漲，跌者恆跌，所以買股票要買正在上漲的，正在下跌的股票則要賣出或者放空。
  

stock jobbing和stock jobber是什麼？

翻譯研究：

新浪字典把stock jobbing譯為「證券批發業」。也許這個詞有「證券批發業」的意思，但它肯定還有其他的意思。

Dictionary.com、Investopedia、Financial dictionary這三座線上辭典都把stock jobbing定義為「The buying and selling of securities with the intent of generating quick profits. While most investors seek value through long-term investments, stock jobbing takes on a more speculative short-term tone.」意思是說，這是為了迅速獲利而買賣證券的行為，等於台灣股市所說的「搶短線」。不管做長或者做短，都是為了獲利（肯定沒人是為了賠錢而操作股票）。所以stock jobbing應該可譯為「搶短線」、「炒短線」、「短線進出」，或者用更清楚的方式說是「搶短線買賣股票」、「炒股票短線」、「短線進出股票」。下面的更多說明就這麼譯。

上面所提的英文定義，後面一句補充解釋說，大部分投資人追求長期投資的價值（是「大部分人」嗎？），「搶短線」則強調比較投機性的短期操作。

這三座線上辭典又補充說，「搶短線」一詞主要用於指南海泡沫（South Sea Bubble）。南海公司（ South Sea Company）是十八世紀的一家公司，發行的股票令許多英國人的積蓄化為烏為。麻煩用搜尋引擎去找，可以找到很多南海泡沫的資訊。

那麼，stock jobber又該怎麼譯？參照以上所說，stock jobber應該可以譯為「短線投機客」。

另外，Webster's 1828 Dictionary把stock jobbing定義為「 The act of art of dealing in the public funds.」作名詞解。stock-jobber的定義則是「[stock and job.] One who speculates in the public funds for gain; one whose occupation is to buy and sell stocks.」意思不太清楚，待查。但stock-jobber的最後一個解釋，和前面說的新浪字典相近。

day trader

翻譯研究：

• day trader一般譯作「當日沖銷交易人」，但在Investing the Templeton Way: The Market-Beating Strategies of Value Investing's Legendary Bargain Hunter一書，似乎是指整天在市場操作的一般交易人，也就是他們把操作股票當做正職在做：
  
  Observers who were befuddled by the day traders of the late 1990s would have been equally floored by the maverick day traders of South Sea stock in 1720. Day traders have been an ongoing fixture in bubbles dating back at least to eighteenth-century England. In every instance, their willingness to leave all their worldly duties behind in exchange for stock market riches has been unquenchable.
  
  
• Investing the Templeton Way: The Market-Beating Strategies of Value Investing's Legendary Bargain Hunter也引用1999年12月《華爾街日報》登出的文章。或許這樣的人，正是另一種day trader：
  
  Her stock picking has been so successful that she’s cut back her social work to weekends and spends weekdays trading full-time from home. “I make a few buys and a few sells each day,” she says.
  

wealth-consumption effect是什麼？

wealth-consumption effect是什麼？用Google查了一下，全世界提到這個名詞的網頁數是個位數。用到幾乎一模一樣的這個名詞的一個網頁，是一位讀者在某網頁的留言：

• New Jersey Real Estate Report » Weekend Open Discussion:

"Allow house prices to come down. Rising mortgage rates are a double-whammy where buyers are hit since the lower house price that is partially offset by more of that $1500 is eaten up by interest and sellers are hit with lower home equity. The current situation most fits this case and the Fed (and everyone else) is desperately trying to mitigate this scenario with its knock-on effects on wealth consumption effect, housing-based derivatives, related industries, etc."

Investing the Templeton Way: The Market-Beating Strategies of Value Investing's Legendary Bargain Hunter一書有這麼一段，可以參考：

• One characteristic that accompanies speculative manias is a wealth-consumption effect. This effect results from the sense of newfound (and lasting) wealth. This psychological shift creates a new compulsion in successful speculators to spend their new wealth. In this case, the stockbrokers who were speculating successfully in auto stocks would use their winnings to purchase new cars.

實質價格（real price）和名目價格（nominal price）

閱讀筆記（Notes）：

• Investing the Templeton Way: The Market-Beating Strategies of Value Investing's Legendary Bargain Hunter一書有這麼一段，可以參考：
  
  As a brief aside, this adjustment of prices for inflation is called calculating prices in real terms versus nominal terms. Economists are always concerned with the real prices of assets as opposed to their nominal prices.
  

坦伯頓成長基金（Templeton Growth Fund）

約翰・坦伯頓（John Templeton）於1954年11月創設，並且管理到1987年。1992年 ，約翰‧坦伯頓把他的基金群賣給富蘭克林資源（Franklin Resources）。

博傻理論（greater fool theorem; greater fool theory）

* 意思是說，找個更蠢的傻子，把你的東西賣給他好脫手，就像是找替死鬼，或者台灣民俗所說的「抓交替」。

閱讀筆記：

• ... The game follows a line of reasoning that goes something like this: You hold your stock until it rises in price, at which time you sell it to a greater fool. This may have worked to some extent back in the days of Jay Gould and all the “stock jobbers” who could corner, overrun, or dump their stocks on unsuspecting marks, but the prospects for accomplishing it today are not good unless you like prison food. In any case, bargain hunters find the idea of the greater fool theorem foolish from top to bottom. (摘自Investing the Templeton Way: The Market-Beating Strategies of Value Investing's Legendary Bargain Hunter, by Lauren C. Templeton and Scott Phillips)

十倍股（10-beggaer）

推薦參考文章：

• Multibaggers Defined:

"David K. explained, 'Peter Lynch often uses the term '10-bagger,' which is when a stock goes up 10 times in value.' 'You want as many 'baggers' as you can get in your portfolio; that's all you need to know!' He gave these examples:
* 2-Bagger: 100% gain
* 3-Bagger: 200%
* 4-Bagger: 300%
* 5-Bagger: 400%
* ... and so on and so forth." (The Motley Fool, 2006/03/29)

《華爾街實錄》（The Wall Street Transcript；TWST）

網站：TWST.com

devalue 貶值

* 談到貨幣貶值，也就是一國的貨幣相對於另一國的貨幣，兌換匯率（或者匯價）下跌。一國的貨幣匯率為什麼會下跌。《Investing the Templeton Way》一書的解釋可以參考：

• The problem that heavily indebted countries run into occurs when creditors or investors fear that they will not be repaid or will be repaid with a currency that has been devalued. When creditors and investors become worried for these reasons, the flight from debt or investments they hold in the heavily indebted nation creates selling in that country’s currency, and the selling causes it to lose value.

安全邊際（margin of safety）

閱讀筆記：

• The margin of safety is a concept developed by Benjamin Graham that represents a bread-and-butter staple in bargain hunting. One way to apply the basic concept is to utilize assumptions in one’s projections that allow for less than ideal circumstances. The idea is to forecast the results for an entire “cycle,” normally about five years, in which a bargain hunter contemplates good times as well as not so good times. Long-term bargain hunters know they must consider both scenarios. If the stock price is still low relative to these less than ideal or average results, you have located a stock with a margin of safety. (摘自Investing the Templeton Way: The Market-Beating Strategies of Value Investing's Legendary Bargain Hunter, by Lauren C. Templeton and Scott Phillips)

股票市場（stock market）

閱讀筆記：

• The appropriate way to look at the “stock market” is to view it as a collection of stocks rather than an index number. When you view the market on a stock-by-stock basis, you will find that at any particular time the stock market contains a number of individual bull markets and bear markets. In fact, each stock is its own stock market; that is, each stock is composed of a number of buyers and sellers. In applying this perspective, it is possible to locate a number of stocks that could perform well during a bear market for the indexes or poorly during a bull market for the indexes. (摘自Investing the Templeton Way: The Market-Beating Strategies of Value Investing's Legendary Bargain Hunter, by Lauren C. Templeton and Scott Phillips)

bottom-up; bottom up

* 有一種投資分析方法，被人稱作「由下而上」分析（bottom-up analysis）。That is, you start at the bottom level of the market— the individual company—when you look for investments. （這段英文摘自Investing the Templeton Way: The Market-Beating Strategies of Value Investing's Legendary Bargain Hunter。）意思大致是說，尋找投資機會時，先分析市場的底層（個別公司），最後才分析那些公司所處的國家的整體經濟。分析完之後，便能確定要不要投資某家公司的股票或者其他的資產。

機會成本（opportunity cost）

閱讀筆記（Notes）：

• Opportunity cost is a popular concept in both economics and finance that states that with every action we take, we give up the benefits of taking an alternative action. In this context, the opportunity cost of investing only in the United States (assuming we can achieve the results of the S&P 500) can be very high. For instance, in 2002 your funds would have returned –22.1 percent if they had been invested only in the S&P 500, and that assumes that you achieved a return as good as that of the S&P 500. Conversely, if you had spread your money evenly throughout these markets, you would have generated a return of –14.5 percent. (摘自Investing the Templeton Way: The Market-Beating Strategies of Value Investing's Legendary Bargain Hunter, by Lauren C. Templeton and Scott Phillips)

volatility 波動性；價格波動率

閱讀筆記（Notes）：

• ... (I)f you are a reader of the financial press or watch any of the television programs that feature professional investors, you may encounter many negative references to volatility in the markets. As you can see from our discussions, however, volatility is your best ally in the search for bargains to purchase. Think of it this way: Volatility presents opportunities. The greater the volatility, the greater the opportunities to locate a bargain. If you are a purchaser of bargain stocks, volatility is your friend; if you are a purchaser of popular story stocks, volatility is your enemy. (摘自Investing the Templeton Way: The Market-Beating Strategies of Value Investing's Legendary Bargain Hunter, by Lauren C. Templeton and Scott Phillips)

• ... the majority of hedge funds are created to offer investors low volatility and returns that are not correlated to any specific market. 絕大多數的對沖基金創設的目的，是提供投資人低波動性和報酬率，不和任何特定的市場產生相關性。（摘自Mutual Funds: An Introduction To The Core Concepts, Mark Mobius, John Wiley & Sons (Asia) Pte Ltd., 2007.〔博客來網路書店的中文介紹；Amazon.com網路書店的英文介紹〕）

股利收益率（dividend yield）

閱讀筆記：

• At its original issue price of $100, it carried a $7 dividend, or a 7 percent dividend yield. (摘自Investing the Templeton Way: The Market-Beating Strategies of Value Investing's Legendary Bargain Hunter, by Lauren C. Templeton and Scott Phillips)

優先股（preferred stock）

閱讀筆記：

• The security was a preferred stock, meaning that by design it was to issue a cash dividend into perpetuity that would be paid to its holders. (摘自Investing the Templeton Way: The Market-Beating Strategies of Value Investing's Legendary Bargain Hunter, by Lauren C. Templeton and Scott Phillips)

多元化；分散投資（Diversification）

閱讀筆記（Notes）：

• the meaning of the word diversification can change with the circumstances. While managing the Templeton Funds, Uncle John talked of owning a few hundred stocks at any particular time, and in other talks he has stated that diversification can be accomplished through simply holding no more than 10 stocks. For the time being, though, his advice is that the majority of investors benefit from diversifying their assets among various stocks. The situation in 1939 was no different, particularly since he was using borrowed money. (摘自Investing the Templeton Way: The Market-Beating Strategies of Value Investing's Legendary Bargain Hunter, by Lauren C. Templeton and Scott Phillips)

probability

先知機率（priori probability; priori probabilities）
經驗機率；次數機率（empirical probability; empirical probabilities）