What is the biggest mistakes people make when investing? They try, they just don& #39;t realize that all you have to do is just buy across a cross-section of America and they never listen to people like me or read the papers or do anything subsequently. 

人們在投資時犯得最大錯誤是什么？他們嘗試投資，只是他們沒有意識到你所需要做的就是購買多種不同的投資，分散風(fēng)險。他們從不聽像我這樣的人的建議，也不閱讀報紙或做任何后續(xù)操作。

They think that because you can trade, you should trade. You buy a farm, you buy an apartment house, you can& #39;t resell it tomorrow, you know, the cost of moving around. 

他們認(rèn)為因?yàn)榭梢越灰?，所以就?yīng)該交易。你買一個農(nóng)場，你買一幢公寓樓，你不能明天就轉(zhuǎn)手出售，你知道，這樣搬遷的成本很高。

Now you get something handed to you, liquidity, which is instant in sell and the cost of doing it are pennies, you know, compared to other kinds of investment activity. So, because they can so easily move around, they do move around. And moving around is not smarter than investing.

現(xiàn)在你擁有了一項可以隨時變現(xiàn)的資產(chǎn)——流動性，而且與其他投資活動相比，變現(xiàn)它的成本微乎其微，你知道的。因?yàn)樗麄兛梢匀绱溯p松地進(jìn)行買賣操作，所以他們確實(shí)頻繁買賣。然而，頻繁的買賣并不比長期投資更明智。

One of the ironies of the stock market is the emphasis on trading activity. Brokers who use terms like "tradability" and "liquidity" frequently praise companies with high trading volumes, but investors must understand that this is good for the people at the tables who are responsible for cashing in the chips, but not necessarily good for the clients. An overactive stock market is a corporate thief.

股票市場的諷刺之一就是強(qiáng)調(diào)交易的活躍性。使用“交易性”和“流動性”這樣名詞的經(jīng)紀(jì)商頻繁夸贊那些交易量較大的公司，但是，投資者必須明白，這對于在賭桌旁負(fù)責(zé)兌付籌碼的人來說是好事，對于客戶來說未必是好事。一個過度活躍的股票市場其實(shí)是企業(yè)的竊賊。