本篇引用的原文來自《On Regular Investing》（中文版叫《定投改變命運(yùn)》，三語版）第一部分第四小節(jié)《我們到底在用什么定投》的后半截。
別怕!原文雖長，但你看完只要10分鐘，而我搞定本篇文章所花費(fèi)的時(shí)間60倍于你。
期間的痛苦，要待你親自嘗試之后才能體會(huì)。
雖然本文并不完美，但我竭盡全力，希望你能 "善待" 它，也不忘不吝獻(xiàn)上你的贊。
市面上有太多 "時(shí)間管理" 的妄念書籍，他們從來沒有想過，時(shí)間到底能不能被他們管理。
時(shí)間是有靈性的，自大狂妄之徒，注定不能與時(shí)間做朋友。
你的時(shí)間就那么多，花不掉第二天會(huì)清零，不夠花也只有那么多。要想比別人優(yōu)秀，高效利用時(shí)間就特別重要。
把時(shí)間花夠，你幾乎可以學(xué)會(huì)任何東西?；ㄔ谕顿Y領(lǐng)域足夠長，你可以成為投資大神；花在婚姻里足夠長，夫妻關(guān)系不能差；花在工作上足夠長，你不可能不加薪。
今天的原文將揭秘時(shí)間的重大功效。
原文 :
The reason I have been able to hold assets over the long term is not, as many people think, because I have "faith". In fact, faith doesn't require logic, and can't depend on logic, because if it did depend on logic, all faith would be shaken in the end.
The core reason I have been able to hold these assets is that I have the ability to continuously make money over the long term outside of the market, because I have upgraded my personal business model.
The vast majority of people can only sell their time once, but, after upgrading, I can sell my time multiple times. For instance, by writing books or teaching online.
Even though there is a ceiling on this business model, it has allowed me to not be tied down by daily expenses. It also allows me to always have money to use for investment that, despite being limited in amount, has no cost, is constantly flowing in, and can be invested over an unlimited term. Without this, all of my achievements in the investment space would have been impossible. So my regular investment into blockchain assets is not just money, but all of the effective time that I have spent working, and the sustainable income that has come from repeatedly selling this time.
So regular investing is something that people with ambition but limited resources can do, and it is something that only this type of person can do. When Buffett purchased a controlling stake in Berkshire Hathaway, he was already not a poor man. After purchasing National Indemnity Company and entering the insurance industry, almost all of his investments were long-term buy-and-hold investments. Buffett didn't need a strategy of regular investing. Or, to put it more precisely, he didn't need to improve upon his buy-and-hold strategy. The simplest strategy in the world was already enough for him.
As for other fund managers, they are even less able to pursue a regular investing strategy, primarily because 99.99% of fund managers (or, everyone except Buffett) have a limited term for their capital. For some it may be ten years, for others it may be three to five years, but no matter how long it is it's still a limit, and that entails great risk. In the investment world it's rare to have a middle ground -- it's either a 1 or a 0. If capital has a term the risk is 1, if it doesn't the risk is 0, and there is no 0.2 or 0.8. Lots of people don't understand this, so they line up like lemmings to take risks and end up falling off a cliff. The riskiest job in the world is President of South Korea, and right after that is the fund manager who guarantees immediate redemption of capital.
To put it another way, most "professional investors" don't have the ability to do regular investing, because they are not managing their own money, and their funds have a deadline after which they need to be returned. Once it's time to settle the funds, it doesn't matter if it's a bull market or a bear market, it's still time to settle, so how can you be sure of your earnings? Most people have never thought about how a fund's success is not dependent on the manager's acumen and strategy but instead dependent on the time the fund was established. Funds that are established at the end of Period B and the beginning of Period A are quite likely to succeed, because during that period you can make money investing in almost anything. The problem is that is the time at which investors are the most scared and circumspect, so it's hard to raise money. The easiest time to raise money is at the end of Period A, when everyone has gone crazy in the bull market. But if they raise money at that time, and the money has a term, it's going to be very difficult to succeed.
Selling one bit of your time more than once is an upgrade of your personal business model. It's such an important upgrade that it is hard for anyone to free themselves from the shackles of increasing daily expenses without it. At first you only have to take care of yourself; then you have to take care of your spouse; then you have to take care of your children and even your parents. Most people are defeated by these basic life expenses. An individual must make enough money to cover these expenses, which first increase and then may level out or even decrease later in life, before they can have money left over to practice regular investing. If you don't upgrade your personal business model, it's hard to have any money left over.
As I see it, regular investing requires a trifecta of successful personal business model upgrades:
from selling your time once to selling the same time multiple times;
from only using money to consume to using money to make money (starting to invest);
from just investing money to also investing time.
Even more importantly, a strategy of regular investing systematically reduces risk.
生詞 :
- faith n. 相信，信任；宗教信仰；
- require v. 需要；依靠；依賴；
- depend v. 依靠，取決于；
- shaken adj. 震驚；煩惱；恐懼；
- upgraded v. （機(jī)器、計(jì)算機(jī)系統(tǒng)等）升級(jí)；提高；改進(jìn)；
- vast majority 大多數(shù)的；
- multiple adj. 數(shù)量多的；
- despite prep. 即使，盡管；
- constantly adv. 始終；重復(fù)不斷地；
- sustainable income 持續(xù)性收入；
- repeatedly selling 反復(fù)出售；
- ambition n. 追求，理想; 雄心，野心；
- purchased adj. 購買的；v. 購買；
- controlling stake 控股權(quán)；
- to put it more precisely 更準(zhǔn)確地說；
- pursue v. 執(zhí)行；追求；
- primarily because 主要原因是；
- entails v. 牽涉；需要；使必要；
- it's rare to have a middle ground 很少有中間地帶；
- lemmings n. 旅鼠；
- cliff n. (尤指海邊的) 懸崖；
- guarantees immediate redemption 保證立即贖回；
- To put it another way 換句話說；
- professional n.專業(yè)人士，內(nèi)行；adj. 專業(yè)的，職業(yè)的；
- acumen n.聰明；
- instead adv. 代替；頂替；反而；卻；
- established adj. 已被認(rèn)可的;已被接受的；
- circumspect adj. 小心謹(jǐn)慎的；考慮周密的；慎重的；
- easiest adj. 輕松的；寬裕的，從容的；
- shackles n. 手銬；羈絆；
- increasing v. 增加，增進(jìn)；
- spouse n. 配偶；
- decrease v. n. 減少；
- increase v. n. 增加；
- trifecta n. 三連勝；
- systematically adv. 成體系的；系統(tǒng)的；有條理的；
- reduces v. 減少，縮小（尺寸、數(shù)量、價(jià)格等）；
參考劃分與翻譯 :
第一句 :
The reason（主）I have been able to hold bitcoin and another blockchain assets over the long term（定從）is not（謂）, as many people think（插入語）, because I have "faith"（賓從）.
我可以長期持有的 btc 及其他區(qū)塊鏈資產(chǎn)的原因，并不是很多人認(rèn)為的信仰。
第二句 :
In fact（狀）, faith（主）doesn't require（謂）logic（賓）, and can't depend（謂2）on logic（賓2）, because if it did depend on logic, all faith would be shaken in the end（原因狀語從句）.
事實(shí)上，信仰是無需邏輯，也不依賴邏輯，因?yàn)槿羰切叛鲆蕾囘壿嫷脑挘敲此械氖挛镒罱K都會(huì)動(dòng)搖。
第三句 :
The core reason（主）I have been able to hold these assets（定從）is（謂）that I have the ability to continuously make money over the long term outside of the market（賓從）, because I have upgraded my personal business model（原因狀語）.
我可以持有這些資產(chǎn)的核心原因在于，我有能力在場外長期持續(xù)不斷地掙錢，因?yàn)槲乙呀?jīng)升級(jí)了我的個(gè)人商業(yè)模式。
第四句 :
The vast majority of people（主）can only sell（謂）their time（賓）once（狀）, but, after upgrading（狀）, I（主2）can sell（謂2） my time（賓2） multiple times（狀）.
大多數(shù)人一次只能出售一份時(shí)間，然而，升級(jí)個(gè)人商業(yè)模式之后，我可以同一份時(shí)間出售很多次。
第五句 :
For instance, by writing books or teaching online（方式狀語）.
比如說，通過寫書或者在線上教學(xué)，都可以做到同一份時(shí)間出售很多很多次。
第六句 :
Even though there is a ceiling on this business model, it has allowed me to not be tied down by daily expenses（讓步狀語從句）.
盡管這種商業(yè)模式總歸有天花板，但同一份時(shí)間出售很多次的這種商業(yè)模式已經(jīng)讓我不再為了生活必須而疲于奔命了。
第七句 :
It（主）also allows（謂）me（直賓） to always have money to use for investment that（間賓）, despite being limited in amount, has no cost（讓步狀語）, is（系）constantly（狀）flowing in（表）, and can be invested（謂2）over an unlimited term（狀）.
這種商業(yè)模式也讓總是可以持續(xù)不斷地獲取收入，然后無期限地投資 —— 盡管時(shí)間總量有限制，然而那是零成本的。
第八句 :
Without this（狀）, all（主）of my achievements in the investment space（定從） would have been（系） impossible（表）.
沒有了這些，我在投資領(lǐng)域里的所有成就都將不可能。
第九句 :
So my regular investment into blockchain assets（主）is not（謂）just（狀）money（賓）, but all（賓2） of the effective time that I have spent working（定從）, and the sustainable income（賓3）that has come from repeatedly selling this time（定從）.
我定投策略用來投資區(qū)塊鏈資產(chǎn)的不僅僅是錢，還有我已經(jīng)花費(fèi)在工作上的所有有效時(shí)間，以及被反復(fù)出售很多次獲得的持續(xù)性收入。
第十句 :
So regular investing（主）is（系）something（表）that people with ambition but limited resources can do（定從）, and it （主）is （系）something（表）that only this type of person can do（定從）.
第二個(gè)主系表與第一個(gè)是相同的。為了提升語言的表達(dá)效率，我們可以把相同部分合并:
因此定投是有野心，但受資源限制，并且也只有這種類型的人可以做的。
第十一句 :
When Buffett purchased a controlling stake in Berkshire Hathaway（狀從）, he（主） was already not（系）a poor man（表）. After purchasing National Indemnity Company and entering the insurance industry（狀從）, almost all（主）of his investments（定） were（系）long-term buy-and-hold investments（表從）.
當(dāng)巴菲特購買伯克希爾·哈撒韋公司的控股權(quán)時(shí)，他早已不再貧困。購買國債和進(jìn)入保險(xiǎn)行業(yè)后，他幾乎所有的投資都是長期購買和持有的。
第十二句 :
Buffett（主）didn't need（謂） a strategy（賓）of regular investing（定）. Or, to put it more precisely（狀）, he（主） didn't need to improve upon（謂）his buy-and-hold strategy（賓）. The simplest strategy（主）in the world（定）was（系） already（狀）enough（表）for him（定）.
巴菲特并不需要定投策略?；蛘撸鼮闇?zhǔn)確地說，他無需改良他的購買并持有的策略。這世界上最簡單的策略（定投策略）對(duì)他來說早已夠了。
第十三句 :
As for other fund managers（狀）, they（主）are（系）even（狀） less able to pursue a regular investing strategy（表從）, primarily because 99.99% of fund managers (or, everyone except Buffett) have a limited term for their capital（原因狀語）.
像別的基金經(jīng)理，他們更是沒有能力使用定投策略，根本原因是99.99%的基金經(jīng)理（或者說，除了巴菲特外的所有人）他們管理的資金有一個(gè)期限。
第十四句 :
For some it may be ten years, for others it may be three to five years, but no matter how long it is it's still a limit, and that entails great risk.
對(duì)一些基金經(jīng)理來說，可能有十年，或者三到五年，但不管多長，他們管理的基金仍有限制，這有很大風(fēng)險(xiǎn)。
第十五句 :
In the investment world（狀）it's（主系） rare to have a middle ground（表）-- it's either a 1 or a 0（同位語從句）. If capital has a term the risk is 1, if it doesn't the risk is 0, and there is no 0.2 or 0.8（狀語從句）. Lots of people（主）don't understand（謂）this（賓）, so they line up like lemmings to take risks and end up falling off a cliff.
在投資世界里，罕有中間地帶 —— 要么是1，要么是0。如果資金有一個(gè)期限，危險(xiǎn)是1，那么沒有危險(xiǎn)是0，沒有0.2或0.8。大多數(shù)人不懂這些，因此他們像旅鼠一樣排成長長的隊(duì)伍，前仆后繼跳離懸崖，奔赴死滅。
第十六句 :
The riskiest job（主）in the world（定）is（系）President（表）of South Korea（定）, and right after（狀）that（主2） is（系2） the fund manager（表2）who guarantees immediate redemption of capital（定從）.
世界上最危險(xiǎn)的的工作是韓國總統(tǒng)，之后是保證立即贖回資本的基金經(jīng)理。
第十七句 :
To put it another way（狀）, most "professional investors"（主）don't have（謂） the ability（賓）to do regular investing（賓補(bǔ)）, because they are not managing their own money, and their funds have a deadline after which they need to be returned（原因狀語從句）.
換言之，大多數(shù) "專業(yè)投資者" 并沒有能力投資，因?yàn)樗麄儫o法管理自己的錢，并且他們的基金有一個(gè)期限，期限之后必須被歸還。
第十八句 :
Once（狀）it's（主系） time（表）to settle the funds（目的狀語）, it doesn't matter if it's a bull market or a bear market（插入語）, it's still time to settle（插入語）, so how can you be sure of your earnings?
每次到了結(jié)算基金時(shí)，不管是牛市還是熊市都沒有關(guān)系，仍然是要結(jié)算的，可你如何才能確定你的利潤呢？
第十九句 :
Most people（主）have never thought（謂） about how a fund's success is not dependent on the manager's acumen and strategy but instead dependent on the time the fund was established（賓從）.
大多數(shù)人從未想過基金的成功（利潤）并非依賴于基金經(jīng)理的聰明和策略，而是依賴于基金成立的時(shí)間。
第二十句 :
Funds（主）that are established（定1）at the end of Period B and the beginning of Period A（定2）are quite likely to succeed（謂）, because during that period you can make money investing in almost anything（原因狀語從句）.
在B階段的終點(diǎn)和A階段的開始之間被成立的基金，是完全有可能成功的，因?yàn)樵谀嵌纹陂g里你幾乎可以在任何事物上掙錢。
第二十一句 :
The problem（主）is（謂）that is the time at which investors are the most scared and circumspect（賓從）, so it's（主系）hard to raise money（表）.
可問題是，那是投資者最害怕，最謹(jǐn)慎的時(shí)候，于是他們掙不到錢是順理成章的事。
第二十二句 :
The easiest time to raise money（主從）is（系）at the end of Period A（表）, when everyone has gone crazy in the bull market（同位語從句）.
最容易掙錢的時(shí)候其實(shí)是A階段的終點(diǎn) —— 在牛市里當(dāng)大家都開始瘋狂的時(shí)候。
第二十三句 :
But if they raise money at that time, and the money has a term, it's going to be very difficult to succeed（條件狀語從句）.
可若是他們?cè)谀亲钊菀椎臅r(shí)候籌錢，并且錢有使用期限，那么他們是不可能成功的。
第二十四句 :
Selling one bit of your time more than once（主從）is（系）an upgrade（表）of your personal business model（定）.
不止一次地出售你的時(shí)間，是你個(gè)人商業(yè)模式的升級(jí)。
第二十五句 :
It's（主系）such an important upgrade（表） that it is hard for anyone to free themselves from the shackles of increasing daily expenses without it（定從）.
這是一次對(duì)任何人來說沒有它就很難從日益增加的生活成本中脫離束縛的重要升級(jí)。
第二十六句 :
At first（狀）you（主）only have to take care（謂）of yourself（賓）; then（狀2）you（主） have to take care（謂2）of your spouse（賓2）; then（狀3）you（主）have to take care（謂3）of your children（賓3）and even your parents（賓4）.
最初，你不得已只能照顧好自己；后來，你還得照顧你的配偶；再后來，你還得照顧你的孩子甚至你的父母。
第二十七句 :
Most people（主）are defeated（謂）by these basic life expenses（方式狀語）.
絕大多數(shù)人被這些基本生活開銷所擊敗。
第二十八句 :
An individual must make enough money to cover these expenses, which first increase and then may level out or even decrease later in life, before they can have money left over to practice regular investing.
一個(gè)人必須賺到足夠的錢去沖抵這些日常開銷，這些生活開銷最初會(huì)很大，然后可能會(huì)持平，最后甚至?xí)p少，然后他們才有剩余的錢去踐行定投策略。
第二十九句 :
If you don't upgrade your personal business model, it's hard to have any money left over（條件狀語從句）.
如果你不升級(jí)你的個(gè)人商業(yè)模式，那你很難有任何剩余的錢。
第三十句 :
As I see it（狀）, regular investing（主）requires（謂）a trifecta（賓）of successful personal business model upgrades（定）:
from selling your time once to selling the same time multiple times（狀語從句）;
from only using money to consume to using money to make money (starting to invest)（狀語從句）;
from just investing money to also investing time（狀語從句）.
在我看來，定投需要一個(gè)成功的個(gè)人商業(yè)模式三連勝:
從一份時(shí)間出售一次到同一份時(shí)間出售很多次；
從只知道用錢消費(fèi)到用錢掙錢（用錢投資）；
從只知道用錢投資，到不僅知道用錢投資，還知道用時(shí)間一起投資。
第三十一句 :
Even more importantly（狀）, a strategy（主）of regular investing（定） systematically（狀）reduces（謂）risk（賓）.
更為重要的是，定投策略可以系統(tǒng)地減小風(fēng)險(xiǎn)。
往期熱文 :
1. 《On Regular Investing》翻譯與劃分（018篇）；
2. 《學(xué)英語就像寫代碼》；
3. 《（必看）掌握此中英文邏輯異同，勝過十年苦學(xué)》。
