為什麼我們無法做到長期投資的50個原因，知易行難
因為
1: Because it is boring.
太無聊了
2: Because markets are random and it’s difficult to accept.
3: Because of short-term benchmark comparisons.
4: Because we are remunerated based on annual performance.
5: Because of quarterly risk and performance reviews.
6: Because there is always something / somebody performing better.
7: Because we watch financial news.
看了太多的財經消息
8: Because we think we can time markets.
我想我們可以擇時
9: Because even good long-term investment decisions can have disappointing outcomes.
10: Because the fund we manage charges performance fees.
11: Because short-term losses are painful.
短期的損失是痛苦的
12: Because we forget about compounding.
13: Because we are obsessed with what is happening right now.
14: Because we are poor at discounting the future.
15: Because we will be in a different job in three years’ time.
16: Because we extrapolate recent trends.
17: Because we check our portfolios every day.
因為每天確認投資組合
18: Because it is so easy to trade our portfolios.
19: Because we think poor short-term outcomes means that something is wrong.
20: Because we make decisions when we are emotional.
21: Because we think we can forecast economic developments.
22: Because we think that we know how markets will react to economic developments.
23: Because we compare our returns to the wrong things.
24: Because it is hard to do nothing.
因為什麼都不做是很難的一件事
25: Because regulations require that we must be notified after our investment falls by 10%.
26: Because it feels good to buy things that have been performing well.
27: Because there is too much information.
因為接收了太多的資訊
28: Because we don’t know what information matters.
因為我們不知道什麼資訊是重要的
29: Because we don’t want to lose our job.
因為不想要失去我們的工作
30: Because nobody else is.
因為沒有人這麼做啊
31: Because we need to justify our existence.
32: Because we think we are more skilful than we are.
33: Because we work for a listed company.
34: Because we don’t want to lose clients.
35: Because we think one year is long-term.
36: Because assets with high long-term return potential can be disappointing in the short term.
37: Because we think performance consistency is a real thing.
38: Because we don’t want to spend much of our time looking ‘wrong’.
39: Because the latest fad is alluring.
40: Because there is a new paradigm.
41: Because we vividly remember that short-term call we got right.
42: Because we can’t tell clients we haven’t been doing much.
43: Because we think we are better than other people.
因為我們想我們可以做的比別人好
44: Because we have to justify fees.
45: Because we don’t want to be invested through the next bear market.
因為沒有在投資中經歷過下一個熊市
46: Because we think short-term news is relevant to long-term returns.
47: Because short-term investing can be exciting.
因為短期投資是令人興奮的
48: Because we have to have an opinion.
因為我們有自已的意見和想法
49: Because there are so many experts and they are all so convincing.
因為有太多專家可以讓我們去相信
50: Because it seems too simple.
因為簡單，所以不想做
Adopting a genuinely long-term approach to investment is one of the few genuine edges or advantages any investor can hope to exploit. Unfortunately, it can feel as if everything is conspiring against our attempts to benefit from it – but that does not mean we should not try.
Ref:
https://behaviouralinvestment.com/2018/12/18/50-reasons-why-we-dont-invest-for-the-long-term/
因為
1: Because it is boring.
太無聊了
2: Because markets are random and it’s difficult to accept.
3: Because of short-term benchmark comparisons.
4: Because we are remunerated based on annual performance.
5: Because of quarterly risk and performance reviews.
6: Because there is always something / somebody performing better.
7: Because we watch financial news.
看了太多的財經消息
8: Because we think we can time markets.
我想我們可以擇時
9: Because even good long-term investment decisions can have disappointing outcomes.
10: Because the fund we manage charges performance fees.
11: Because short-term losses are painful.
短期的損失是痛苦的
12: Because we forget about compounding.
13: Because we are obsessed with what is happening right now.
14: Because we are poor at discounting the future.
15: Because we will be in a different job in three years’ time.
16: Because we extrapolate recent trends.
17: Because we check our portfolios every day.
因為每天確認投資組合
18: Because it is so easy to trade our portfolios.
19: Because we think poor short-term outcomes means that something is wrong.
20: Because we make decisions when we are emotional.
21: Because we think we can forecast economic developments.
22: Because we think that we know how markets will react to economic developments.
23: Because we compare our returns to the wrong things.
24: Because it is hard to do nothing.
因為什麼都不做是很難的一件事
25: Because regulations require that we must be notified after our investment falls by 10%.
26: Because it feels good to buy things that have been performing well.
27: Because there is too much information.
因為接收了太多的資訊
28: Because we don’t know what information matters.
因為我們不知道什麼資訊是重要的
29: Because we don’t want to lose our job.
因為不想要失去我們的工作
30: Because nobody else is.
因為沒有人這麼做啊
31: Because we need to justify our existence.
32: Because we think we are more skilful than we are.
33: Because we work for a listed company.
34: Because we don’t want to lose clients.
35: Because we think one year is long-term.
36: Because assets with high long-term return potential can be disappointing in the short term.
37: Because we think performance consistency is a real thing.
38: Because we don’t want to spend much of our time looking ‘wrong’.
39: Because the latest fad is alluring.
40: Because there is a new paradigm.
41: Because we vividly remember that short-term call we got right.
42: Because we can’t tell clients we haven’t been doing much.
43: Because we think we are better than other people.
因為我們想我們可以做的比別人好
44: Because we have to justify fees.
45: Because we don’t want to be invested through the next bear market.
因為沒有在投資中經歷過下一個熊市
46: Because we think short-term news is relevant to long-term returns.
47: Because short-term investing can be exciting.
因為短期投資是令人興奮的
48: Because we have to have an opinion.
因為我們有自已的意見和想法
49: Because there are so many experts and they are all so convincing.
因為有太多專家可以讓我們去相信
50: Because it seems too simple.
因為簡單，所以不想做
Adopting a genuinely long-term approach to investment is one of the few genuine edges or advantages any investor can hope to exploit. Unfortunately, it can feel as if everything is conspiring against our attempts to benefit from it – but that does not mean we should not try.
Ref:
https://behaviouralinvestment.com/2018/12/18/50-reasons-why-we-dont-invest-for-the-long-term/
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