巴菲特:摩擦成本

巴菲特不赞成投资者频密的买卖股票,因为会增加摩擦成本(frictional costs)。什么是摩擦成本?摩擦成本就是买卖股票的交易费用。假设你买股票的交易费是0.5%,卖股票的交易费也是0.5%,那你的成本就是1%。假设你买卖同一支股票100次,那你基本上亏了100%。 交易费对小投资者非常重要。比如你要买Starhill Global,...
Is Gold Loosing Its Shine? Or Is It Not?

Is Gold Loosing Its Shine? Or Is It Not?

For 10 years, from 2001 to 2011, gold price is shining, from low US$250 to high US$1,920 (per troy ounce, on the gold spot price).  Since that high it seems that it’s now loosing its shine. From Fundamental Analysis (FA), there has been talks and indications...