股票经纪人

"Stockbroker, just like the guy in the movie, escape artist "

"股票经纪人，就像《幸福来敲门》里面讲的那种股票经纪人？"

Suppose a widow in California wants to go on an ocean cruise. To finace the trip she decides to sell 100 shares of her General Motors stock, so she calls her stockbroker and directs him to sell at once at the best price he can get.

假设在加利福尼亚有一个寡妇想要乘海上游轮出游，为了筹集旅行的费用，她决定卖掉100股通用的股票，于是她打电话给他的股票经纪人，叫他立即把她的股票以当时最好的价格卖出。

Interestingly, corporate managers have no trouble understanding that point when they are focusing on a business they operate: A parent company that owns a subsidiary with superb long-term economics is not likely to sell that entity regardless of price."Why," the CEO would ask,"should I part with my crown jewel?" Yet that same CEO, when it comes to running his personal investment portfolio, will offhandedly - and even impetuously - move from business to business when presented with no more than superficial arguments by his broker for doing so. The worst of these is perhaps,"You can't go broke taking a profit." Can you imagine a CEO using this line to urge his board to sell a star subsidiary? In our view, what makes sense in business also makes sense in stocks: An investor should ordinarily hold a small piece of an outstanding business with the same tenacity that an owner would exhibit if he owned all of that business.

有趣的是企业经理人在认定何者才是自己本业时，从来就不会搞不清楚情况，母公司是不会单纯因为价格因素就将自己旗下最优秀的子公司给卖掉，公司总裁一定会问，为什么要把我皇冠上的珠宝给变卖掉，不过当场景转换到其个人的投资组合时，他却又会毫不犹豫地，甚至是情急地从这家公司换到另一家公司，靠的不过是股票经纪人肤浅的几句话语，其中最烂的一句当属，你不会因为获利而破产，你能想象要是一家公司的总裁用类似的方式建议董事会将最有潜力的子公司给卖掉时，就我个人的观点，适用于企业经营的原则也同样适用于股票投资，投资人在持有一家公司的股票所展现的韧性应当与一家公司的老板持有公司全部的股权一样。

Interestingly, corporate managers have no trouble understanding that point when they are focusing on a business they operate: A parent company that owns a subsidiary with superb long-term economics is not likely to sell that entity regardless of price."Why," the CEO would ask,"should I part with my crown jewel?" Yet that same CEO, when it comes to running his personal investment portfolio, will offhandedly - and even impetuously - move from business to business when presented with no more than superficial arguments by his broker for doing so. The worst of these is perhaps,"You can't go broke taking a profit." Can you imagine a CEO using this line to urge his board to sell a star subsidiary?

Nor was the party over in 1938 for an investor： Though the $40 invested in 1919 in one share had turned into $3，277 by the end of 1938， a fresh $40 then invested in Coca-Cola 16 有趣的是企业经理人在认定何者才是自己本业时，从来就不会搞不清楚情况，母公司是不会单纯因为价格因素就将自己旗下最优秀的子公司给卖掉，公司总裁一定会问，为什么要把我皇冠上的珠宝给变卖掉，不过当场景转换到其个人的投资组合时，他却又会毫不犹豫地，甚至是情急地从这家公司换到另一家公司，靠的不过是股票经纪人肤浅的几句话语，其中最烂的一句当属，你不会因为获利而破产，你能想象要是一家公司的总裁用类似的方式建议董事会将最有潜力的子公司给卖掉时，就我个人的观点，适用于企业经营的原则也同样适用于股票投资，投资人在持有一家公司的股票所展现的韧性应当与一家公司的老板持有公司全部的股权一样。

I love it when my real estate broker or stock broker makes a lot of money. Because it usually means I made a lot of money.

我乐意见到我的房地产经纪人或股票经纪人赚到很多的钱，因为这通常意味着我也赚到了很多的钱。

"Today, I have expensive attorneys, accountants, real estate broker s and stock broker s."

今天，我雇有身价昂贵的律师、会计师、房地产经纪人以及股票经纪人。

But Jason told the stock broker that he was just thrilled that the stock broker was there.

但是詹森告诉股票经纪人，他看到那位股票经纪人在那里，心理就感到非常激动。

Has there been, or is there currently, pending litigation between you and ANY commodity broker, exchange, state or federal agencies or currency or security representative?

您(如果是联合帐户，您或您的联合开户的一方)现在是否与您的期货经纪人，股票经纪人，或州，联邦等机构有诉讼案？

Has there been, or is there currently pending litigation between you (and/or your spouse if applying for a Joint Account with a spouse) and ANY commodity broker, exchange, state or federal agencies or currency or security representative?

过去或现在存在被诉讼或正式投诉，或者您和您的配偶是否与任何期货经纪人，股票经纪人，或州，联邦等机构有诉讼案

Munger: It's hard to sit here at this annual meeting, surrounded by smart, honorable stock brokers who do well for their clients, and criticize them. But stock brokers, in toto, will do so poorly that the index fund will do better .

曼格：要我在年度股东会中批评，周遭坐满了非常聪明且受人尊敬的股票经纪人，实在是难以启口，但我还是必须说股票经纪人，总的来说还是比不上指数型基金。

Lugalbanda was a god and shepherd king of Uruk where he was worshipped for over a thousand years.

Lugalbanda 是神和被崇拜了一千年多 Uruk古埃及喜克索王朝国王。

I am coming just now,' and went on perfuming himself with Hunut, then he came and sat.

我来只是现在，'歼灭战perfuming自己与胡努特，那麼，他来到和SAT 。