金融分析和投资者集体智慧的最热心倡导者如今有了新的认识：市场并不总是理性的。
A new realisation has dawned among the most fervent advocates of financial analysis and collective investor wisdom: markets are not always rational.
于是基金经理们可以宣称投资收益是来自于他们的智慧，而非源自整个大盘的上升，他们的客户也没法区分这两者的区别。
Fund managers could thus claim that a positive return was down to their own brilliance, rather than a general rise of the market, and clients could not tell the difference.
们有时说，要做个智慧投资者，就必须不被情绪所左右。
It is sometimes said that to be an intelligent investor, you must be unemotional.
伯克希尔-哈撒伟的年报包含一封密切观察的“至投资者的信”，该信由巴菲特亲自操刀，并被人们认为是质朴智慧与独到市场见解的结晶。
Berkshire Hathaway's annual report contains a closely observed "letter to shareholders", written by Buffett, which is a mixture of homespun wisdom and market savvy.
60年前的1949年5月25日，这位金融分析的始祖出版了他的《智慧投资者》(The Intelligent Investor)一书，本专栏也是为了向这本书致敬而得名的。
Sixty years ago, on May 25, 1949, the founder of financial analysis published his book, 'the Intelligent Investor,' in whose honor this column is named.
本杰明·格雷厄姆，杰森·茨威格，沃伦·巴菲特《做个智慧投资人》。
The Intelligent Investor, by Benjamin Graham, Jason Zweig, and Warrant buffett.
这些智慧的格言，出自公元前六世纪的中国哲学家老子，可以给公元21世纪的亚洲股票投资者提供有用的指导。
These wise words, written by the Chinese philosopher Lao-tzu in the sixth century BC, can provide useful guidance for Asian equity investors in the 21st century AD.
摘要：本研究利用资料探勘及人工智慧技术，借由股票市场已过的资料来建立分析模型，以协助投资决策。
This research adopts techniques of data mining and artificial intelligence to build up analysis models from the historical data of stock market to assist investment decisions.
中国酒店职业经理人论坛旨在为酒店投资者、业主、酒店管理者及众多业界同仁提供最新的酒店智慧！
The aim of the CHPEF is to provide up-to-date wisdom and suggestions in hotel for hotel investors, owners, hotel managers and all colleagues.
投资银行的主要资产是金融智慧，主要产品是金融建议和金融职能。
Their main assets are financial wisdom and their main products are financial advice and financial functions.
如我们以前博客中讨论的，塞思·卡拉曼是我们最喜爱的投资者，我们希望用他的智慧和“卡拉曼语录”对读者给予启发。
As discussed previously on this blog, Seth Klarman is arguably our favorite investor and we hope to enlighten readers with some of his wisdom and "Klarman quotes."
投资人最重要的品质不是智慧，而是性情。
The most important quality for an investor is temperament, not intellect.
投资人最重要的品质不是智慧，而是性情。
The most important quality for an investor is temperament, not intellect.
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