做优秀的投资者应该“向钱看”吗？

07 做优秀的投资者应该“向钱看”吗？

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有关金钱，你是否曾经有那么一瞬间心生疑问：

对金钱的贪婪和欲望虽然会将人拖入无尽的罪恶深渊，但它们会不会也确实是让人积累财富的驱动力呢？

英国《金融时报》首席投资评论员约翰·奥瑟斯（John Authers）给出的答案是否定的。他告诉我们，美国道富银行的一项投资行为研究证明：

贪财是彻头彻尾的坏东西，它会导致投资失败；不要把野心放在对金钱本身的追逐上，这会帮助你成为一名更成功的投资者。

The love of money, or avarice, or greed is a sin that‘s in ancient church teaching.But Gods and men have always made it awkwardly, particularly here, in Wall Street.And it turns out that greed can be bad for your wealth.

对金钱的喜爱，或好财、贪婪，在古老的宗教教义中被视为一种罪恶。但是，众神与人类总让这一点不尴不尬——尤其是华尔街这里。结果显示，贪婪对你的财富不利。

State Street Center for Applied Research and Suzanne Duncan conducted research in more than 20 countries and that showed you will be a much more successful investor if you don't love money for its own sake.

来自道富银行应用研究中心的苏珊娜·邓肯带领团队，对20多个国家进行了研究。结果显示，如果你不是喜爱金钱本身，那么你就有可能成为一名更成功的投资者。

道富银行应用研究中心Suzanne Duncan：

The more that people love money, the more money they actually lose.And we define the love of money by asking a series of questions, to test their emotional attachment to money.That's really what it's all about.

越是喜爱金钱的人，失去的钱越多。我们对爱钱的定义，是通过一系列问题测试人们与金钱的情感关系。这基本就能反映他们的爱财程度。

Suzanne Duncan：

We found through the data, that these high lovers of money actually make worse financial decisions and they have worse financial outcomes as a result.

我们从数据中发现，爱钱的人财务决策通常都不甚理想，也导致了最终财务表现不佳。

If you love money, you are more susceptible to three major behavioral bias categories that we found.

我们发现，如果你爱钱，你更容易受三大错误行为偏差的影响。

First is you are much more susceptible to instinct gratification.In case you want a cocktail party term, this is hyperbolic discounting, much more susceptible to the instinct gratification.So you want the money, you want the money now, and you are much less willing to set enough money aside to, say, a comfortable retire.

第一类行为，你容易受到及时行乐的影响，对应的浮华专业辞藻是双曲贴现。指的是，你想要钱，你会想马上得到。通常不情愿为舒适的退休生活而存钱。

The second category that we found is looking at this hyper active sort of behavior around trading frequency.

第二类行为是极度活跃的交易频率。

They trade too often, they watch the market, which leads to the third behavior that we saw, which is very susceptible to greed and fear based motives, their tendency to buy high and sell low depending upon what the markets are doing.

他们过度频繁地交易并紧盯着市场，这也导致了他们的第三大错误行为：基于贪婪和恐惧采取行动，这就是他们高买低卖的原因所在，完全依附于市场动态。

In general, there's a close link between avarice and economic development in poor countries that are growing fast, people tends to care a lot about money, for example in China or India.In prosperous countries that have been stable for a long time, such as Netherland or Switzerland, people don't care so much about money.The big outlier in all of these is, the U.S.

总的来说，（人们对金钱的）贪婪与经济发展有着紧密的关系。在高速发展的贫穷国家，人们都会更加在乎金钱，比如说中国和印度。但在更加繁荣、长期稳定的国家，人们就不是那么在意金钱了。这其中，最大的异类是美国。

△在爱财程度上，美国紧随印度和中国。数据来源：State street

Suzanne Duncan给出了具体解释：

The U.S.is in fact the one biggest outlier, and it is much higher in the scale of love money than we would have originally anticipated.Be found very tight correlations with those countries that have a low level of human development and/or prosperity, they also have a high love of money.The U.S.is clearly the outlier here because we don't have those problems, with expected infrastructure that has been built out, we should have come to the point where we could realize self-actualization, but we haven't yet in this country.

实际上，美国是这方面最大的异类。它的国民对金钱的喜爱程度远远超出了我们的预期。美国与那些发展水平较低或不繁荣的国家在这一点上很像，他们对金钱的喜爱程度都很高。显然美国是一个异类。因为我们没有那些不繁荣国家的问题，加上拥有已经完善的基础设施，我们本应该达到了能够自我实现的程度。但在这个国家，我们还没有做到这一点。

It's irrational love of money that could create opportunities for the rest of us.Wall Street has turned into a great financial center by exploiting the greed and avarice of others.So what will we do about this?

对金钱非理性热爱，给其他人创造了大量机会。华尔街通过利用他人的贪婪与贪财本质，已经成为了一个伟大的金融中心。那么我们应该怎么做呢？

Focus on the goal, the ends not the means.And perhaps, listen to some religious advice.

专注于目标——这个目标应该是结果，而非手段。或许也可以再听听宗教建议。

词汇总结

behavioral bias

行为偏差

If you love money, you are more susceptible to three major behavioral bias categories that we found.

我们发现，如果你爱钱，你更容易受三大错误行为偏差的影响。

instinct gratification

及时行乐

First is you are much more susceptible to instinct gratification.In case you want a cocktail party term, this is hyperbolic discounting.

第一类行为，你容易受到及时行乐的影响，对应的浮华专业辞藻是双曲贴现。

outlier ['aʊtlaɪə]

n.异类；异常值

The U.S.is in fact the one biggest outlier.

实际上，美国是这方面最大的异类。