Shorting is an interesting subject to study because it has ruined so many people. Shorting something that could lead to unlimited losses is quite different from going long, and it can be very tempting.

做空是一個(gè)有趣的研究課題，因?yàn)樗鼩У袅撕芏嗳?。做空一個(gè)可能導(dǎo)致無(wú)限虧損的東西與做多完全不同，而且它是很具誘惑性的。

Over the course of your career, you& #39;re more likely to find overvalued stocks than undervalued ones, that& #39;s the nature of the stock market. It occasionally holds all sorts of things up so high that securities often sell for 5-10 times their true value, but they rarely sell for 20% or 10% of their true value. As a result, the difference that exists between price and value is much greater when overvalued, so you might think that shorting is easier to make money on a trade. But I don& #39;t think so, shorting is a very, very difficult operation because you are exposed to unlimited losses.

在你的職業(yè)生涯中，你更可能發(fā)現(xiàn)被高估的股票，而不是被低估的股票，這就是證券市場(chǎng)的性質(zhì)。它偶爾會(huì)把各種東西捧上天，以至于證券經(jīng)常會(huì)以其真實(shí)價(jià)值的5-10倍的價(jià)格出售，但它們很少以其真實(shí)價(jià)值的20%或10%的價(jià)格出售。因此，在高估時(shí)，價(jià)格和價(jià)值之間存在的差異要大很多，所以你可能會(huì)認(rèn)為做空更容易在交易中賺錢。但我不這么認(rèn)為，做空是一個(gè)非常非常困難的操作，因?yàn)槟銜?huì)面臨無(wú)限的損失。

Over the years, those things that we feel we can short, if held for a long period of time, they end up doing very well, the process is painful. In my experience, it& #39;s still easier to make money being long.

這么多年來(lái)，那些我們覺得可以做空的事物，如果長(zhǎng)期持有的話，它們最終都會(huì)表現(xiàn)得非常好，這個(gè)過(guò)程是很痛苦的。根據(jù)我的經(jīng)驗(yàn)，還是做多頭容易賺錢。

以上內(nèi)容為巴菲特對(duì)“做空”的看法

由數(shù)字人巴菲特播報(bào)

本視頻由七華軟件用人工智能技術(shù)生成