巴菲特说：“你不必成为一个火箭专家，投资并不是一个IQ160的人击败一个IQ130的人的游戏。相对于大脑的容量而言，保持头脑的清醒更为重要。”60改变你投资的方法，改变你与股市的互动方式，将使你的情绪和心理随之发生变化。但是即使你完全接受有关集中投资法的数学争议，即使你见到其他非常聪明的投资者使用集中投资法取得了成功，你仍然会对情绪这个问题感到困扰。
关键在于控制情绪，如果你懂一些基本的心理学，这个问题将会变得非常简单。在下一章里，我们看看巴菲特是如何做的。
1.Conversation with Warren Buffett， August 1994.
2.Dan Callaghan， Legg Mason Capital Management/Mornings tar Mutual Funds.
3.Berkshire Hathaway Annual Report， 1993， 15.
4.Ibid.
5.Conversation with Warren Buffett， August 1994，
6.Outstanding Investor Digest， August 10，1995，63.
7.Ibid.
8.Peter L. Bernstein， Against the Gods (New York： John Wiley & Sons， 1996)， 63.
9.Ibid.
10.Ibid.
11.Outstanding Investor Digest，May 5， 1995，49.
12.Robert. L. Winkler， An Introduction to Bayesian Inference and Decision (New York：Holt， Rinehart Be Winston， 1972)， 17.
13.Andrew Kilpatrick， Of Permanent Value： The. Story of Warren Buffett (Birmingham，AL： AKPE， 1998)，800.
14.Outstanding Investor Digest， April 18， 1990， 16.
15.Ibid.
16.Outstanding Investor Digest， June 23， 1994，19.
17.Edward O. Thorp， Beal Che Dealer： A Winning Strategy for the Game of Twenty-One(NewYork： Vintage Books， 1962).
18.I am indebted to Bill Miller for pointing out the J. L. Kelly growth model.
19.C. E. Shannon， “A Mathematical Theory of Communication，” Bell SystemTechnical Journal 27， no. 3 (July 1948).
20.J. L. Kelly Jr.， “A New Interpretation of Information Rate，” Beil System Technical Journal 35， no. 3 (July 1956).
21.Outstanding Investor Digest， May 5，1995， 57.
22.Andrew Beyer， Picking Winners： A Horse Player’s Guide (New York： HoughtonMifflin， 1994)， 178.
23.Outstanding Investor Digest， May 5，1995， 58.
24.Benjamin Graham， The Memoirs of the Dean of Wall Street (New York： McGraw-Hill， 1996)， 239.
25.The speech was adapted as an article in the Columbia Business School’spublication Hermes (Fall 1984)， with the same title. The remarks directlyquoted here are from that article.
26.Warren Buffett， “The Superinvestors of Graham-and-Doddsville，” Hermes， Fall1984. The superinvestors Buffett presented in the article included WalterSchloss， who worked at Graham-Newman Corporation in the mid-1950s，along with Buffett； Tom Knapp， another Graham-Newman alumnus， who laterformed Tweedy， Browne Partners with Ed Anderson， also a Graham follower；Bill Ruane， a former Graham student who went on to establish the SequoiaFund with Rick Cuniff； Buffett’s partner Charlie Munger； Rick Guerin ofPacific Partners； and Stan Perimeter of Perimeter Investments.
27.Berkshire Hathaway Annual Report， 1991， 15.
28.Jess H. Chua and Richard S. Woodward， “J.M. Keynes’s Investment Performance： A Journal of Finance 38， no. 1 (March 1983).
29.Ibid.
30.Ibid.
31.Buffett， “Superinvestors.”
32.Ibid.
33.Ibid，
34.Sequoia Fund Annual Report， 1996.
35.Solveigjansson， “GEICO Sticks to Its Last，” Institutional Investor， July 1986， 130.
36.Berkshire Hathaway Annual Report， 1986，15.
37.Berkshire Hathaway Annual Report， 1995，10.
38.The research described here was conducted with Joan Lamm-Tennant， PhD，at Villanova University.
39.K. J. Martijn Cremers and Antti Petajisto， “How Active Is Your Fund Manager？A New Measure That Predicts Performance，” Yale ICF Working Paper No.06-14， March 31，2009.
40.“Active Funds Come out of the Closet，” Barron’s November 17， 2012.
41.Buffett， “Superinvestors.”
42.Joseph Nocera， “Who’s Got the Answers？，” Fortune， November 24， 1997， 329.
43.Ibid.
44.V. Eugene Shahan， “Are Short-Term Performance and Value Investing Mutually Exclusive？，” Hermes， Spring 1986.
45.Sequoia Fund， Quarterly Report， March 31，1996.
46.A Warren Buffett widely quoted remark.
47.Berkshire Hathaway Annual Report， 1987， 14.
48.Ibid.
49.Ibid.
50.Berkshire Hathaway Annual Report， 1981， 39.
51.Benjamin Graham and David Dodd， Security Analysis， 3rd ed. (New York：McGraw-Hill， 1951).
52.Berkshire Hathaway Annual Report， 1987， 15.
53.Berkshire Hathaway Annual Report， 1991， 8.
54.Ibid.
55.Outstanding Investor Digest， August 10， 1995， 10.
56.Berkshire Hathaway Annual Report， 1991， 15.
57.Berkshire Hathaway Annual Report， 1996.
58.Robert Jeffrey and Robert Arnott， “Is Your Alpha Big Enough to Cover ItsTaxes？，” Journal of Portfolio Management， Spring 1993.
59.Ibid.
60.Brett Duval Fromson， “Are These the New Warren Buffetts？，” Fortune，October
30，1989， from Carol Loomis， Tap Dancing to Work： Warren Buffett on Practically Everything， 1966-2012 (New York： Time Inc.， 2012)，101.
