Good stocks drop in price frequently and speculation bids the price of crummy stocks high on a regular basis.

That being the case, I recommend putting only a portion of your money into a stock you’re considering. If it drops in price, you can reassess whether to move your remaining money in at the discount or steer clear until you’re truly convinced that the stock has bottomed out and is on its way back up. O’Neil would shudder at that advice, but it has been a splendid technique for Bill Miller, and for me. Good stocks drop in price frequently and speculation bids the price of crummy stocks high on a regular basis. Because it’s an unreasonable force causing such gyrations, you can’t think your way through it. You can improve your odds by investing in the best companies out there, but you can’t know what the unreasonable market will do.

―Jason Kelly – The Neatest Little Guide to Stock Market Investing


It’s better to lose an opportunity than to lose money.

指値(limit order)を使え!という教え

There are plenty of opportunities out there. If one gets away, move on to the next one. A rather terse woman I know has this to say about life: “Never chase a man, a bus, or a stock. There will be another one along in five minutes.” The man I don’t know about, and bus availability varies from city to city, but she’s right about the stock. There are so many good ones day after day that there’s never a reason to be upset about an opportunity lost. It’s better to lose an opportunity than to lose money. So decide in advance what price is attractive to you and spell it out on a limit order.
―Jason Kelly – The Neatest Little Guide to Stock Market Investing

この後さらに、成行き(market orders)はやめとけ、という教え。

Should you ever use market orders? Sure. There are times when you stumble on something that you think is so hot that it’s not coming down for years. A limit order specifying a lower price than the current one might miss the chance to buy this rising star. I would caution you about jumping on something instantaneously, though. I’ve discovered over the years that what’s a good buy today is usually still a good buy next week. The market moves around, but not as quickly as you might think. Emotions move a lot faster than the market. They also move faster than intelligent thoughts. So give the rational part of your brain time to catch up to the excited, frothy part. Never forget the power of clear thinking, predetermined prices, and the limit order.
―Jason Kelly – The Neatest Little Guide to Stock Market Investing

100辺くらい読み返さないといけないですね。


PERと企業の成長性との比較

The P/E ratio of any company that’s fairly priced will equal its growth rate. I’m talking about growth rate of earnings here…. If the P/E of Coca-Cola is 15, you’d expect the company to be growing at about 15 percent a year, etc. But if the P/E ratio is less than the growth rate, you may have found yourself a bargain. A company, say, with a growth rate of 12 percent a year and a P/E ratio of 6 is a very attractive prospect. On the other hand, a company with a growth rate of 6 percent a year and a P/E ratio of 12 is an unattractive prospect and headed for a comedown.
In general, a P/E ratio that’s half the growth rate is very positive, and one that’s twice the growth rate is very negative. We use this measure all the time in analyzing stocks for the mutual funds.

Peter Lynch – In One Up on Wall Street
ゆうゆーさんのブログで出てくる分析方法の大本。よく覚えておく。PERは割安性の指標ではあるが、その企業の成長性と比較してはじめて意味がある。P/Eが成長性を下回っていればいくらPERが低くても買ってはいけない。


There is no such thing as an ideal stock price.

Lots of growth investors prefer to buy near the top of the range, hoping that the stock will continue pushing the upper limit. Many value investors prefer to buy near the bottom of the range, hoping that the stock recovers to its previous highs. There is no such thing as an ideal stock price.

Jason Kelly – The Neatest Little Guide to Stock Market Investing


20 stocks strategy

So I stole a blank sheet of paper from my laser printer and scribbled across the top, “Stocks I Like.” Then I went through every stack of paper, writing down the name of each company and a few measurements that were easily obtained from the paperwork. When the last piece of paper hit the floor, I had a list of 58 company profiles in front of me. Picture me looking at the sheet of paper as fairy dust sprinkled the air. What a revelation! Putting every company in the same place with the same measurements allowed me to instantly see which companies were most attractive. I scratched out the duds and gleefully whittled my list to a tidy group of 20 stocks. I’ve never looked back since. Now, whenever I encounter a stock tip in an article, a conversation, or on a bathroom wall, I simply find its worksheet measurements, compare it with the 20 stocks I’m watching, and see if it beats out any of the current 20. If not, I forget about it. If so, I strike the weakest of the 20 and replace it with the new stock. In the course of this simple process, I either save myself the hassle of reading a lot of material on a new company or I strengthen my list of potential investments.

from Jason Kelly – “The Neatest Little Guide to Stock Market Investing”
これがPC上でできるシステムを作ろう。


アンチイスラム教プロパガンダの構造

これは前から考えていたことと同じだけれど、腑に落ちるまとめなので。
田中宇の国際ニュース解説 テロ戦争を再燃させる

ISISは首切りなど残虐な殺害を喧伝したがる。彼らは、人質を首切りで殺す映像が世界に飽きられていると感じ、ヨルダン人の人質を檻に入れて焼き殺す映像を流し、新たな残虐性を世界に流した。こうしたISISの残虐性も、イスラエルやテロ戦争の構図にとって好都合だ。もともとイスラムの法体系の中には、投石による処刑やむち打ち、一夫多妻など、米欧人が「残虐」「ひどい」と考えやすい事象が入っており、米欧人がISISの残虐性をイスラム教の残虐性とみなすことは簡単だからだ。ISISが残虐性を喧伝するほど、イスラム教徒(パレスチナ人)が「悪」で、米欧とその一部であるイスラエル(ユダヤ人)が「善(無実)」という善悪の逆転を促進できる。

私は「Je suis charlie」「I am Kenji」が嫌いです。


お上とは

田中宇の国際ニュース解説 プーチンを強め、米国を弱めるウクライナ騒動

日本や西欧諸国の多くは単一民族性が高いので、容易に国民国家になれた。国民国家とは、単一の「国民」幻想で国内の人々を教育(洗脳)することに成功した国であり、圧政でなく教育(洗脳)によって国家の結束力ひいては経済力を高めることに成功した国だ。圧政は人々を疲弊させる(フランス革命以前からの)古くさいやり方だが、教育(洗脳)は人々を自らやる気にさせる(フランス革命を機に開発された)効率的で洗練された統治方法だ。うまく早く国民国家になれた国々が「先進諸国」である。

自分は記憶力が弱いので、覚えておきたい言葉を記録していくことにします。