有些人後天努力成爲投資者 而有些人天生就是

Some people become value investors. Some might be born that way.

有些人會在後天成爲價值投資者，而有些人也許天生就是。

Consider Benjamin Graham, Warren Buffett's mentor and the author of 'Security Analysis' and 'The Intelligent Investor.'

就以本傑明·格雷厄姆(Benjamin Graham)爲例吧。他是巴菲特的導師，代表作有《證券分析》(Security Analysis)和《聰明的投資者》(The Intelligent Investor)。

Graham's widowed mother was a small-time speculator; she was wiped out during the Panic of 1907, when he was 13 years old.

格雷厄姆寡居的母親是個小投機者，在“1907年大恐慌”(Panic of 1907)中賠得一干二 。當時格雷厄姆年僅13歲。

Graham never forgot the 'humiliating' moment in his childhood when his mother sent him to cash a check and the bank teller asked the manager if Mrs. Graham was 'good for five dollars.'

格雷厄姆永遠也忘不了童年那個“恥辱”時刻：母親讓他到銀行去兌現支票，而銀行櫃員問經理，格雷厄姆夫人是否“值五美元”？

Graham grew up to favor companies so universally despised by investors that the stocks were, as he liked to say, 'worth more dead than alive.' He resoundingly beat the market over his multidecade investing career.

成年後，格雷厄姆青睞遭到投資者普遍唾棄的公司。用他喜歡的話說，這些公司的股票“死掉比活着更有價值”。在幾十年的投資生涯中，格雷厄姆的收益遙遙領先於大盤。

Or take the late Sir John Templeton, who grew up the son of a country lawyer in Winchester, Tenn. Templeton's father also was a speculator, trading cotton futures. He arrived home one day and told his young sons, 'Boys, we've lost it all; we're ruined.' Templeton worked odd jobs to scrounge his way through college and graduate school.

再來看看已故投資大師約翰·鄧普頓爵士(Sir John Templeton)。鄧普頓的父親是田納西州溫切斯特(Winchester)的鄉村律師，也是一名投機者，做棉花期貨交易。有一天，他回家告訴年幼的兒子們：“孩子們，我們賠光了；我們破產了。”鄧普頓靠打零工掙錢，艱難讀完大學和研究生。

In 1939, at age 27, Templeton told his broker to buy him $100 worth of every listed U.S. stock trading for $1 a share or less; he quadrupled his money in four years.

1939年，27歲的鄧普頓拿出100美元，讓經紀人給他買進所有股價不超過1美元的美國上市公司股票；在四年時間裏，他的投資翻了兩番。

'People are always asking me where the [investing] outlook is good, but that's the wrong question, ' Templeton once said . 'The right question is: Where is the outlook most miserable?'

鄧普頓曾說：“人們總問我哪兒的（投資）前景好，其實這是個錯誤的問題。正確的問法是，哪兒前景最悲慘？”

Their experiences might have shaped Graham and Templeton to favor cheap 'value' stocks over fast-moving 'growth' stocks. But that preference might also have been encoded in their genes.

格雷厄姆和鄧普頓青睞便宜的“價值”股，而不是波動迅猛的“成長”股，這也許是由他們的經歷所決定的。但這種偏好也有可能源自他們的基因。

In a speech at Babson College in 2010, the renowned value investor Seth Klarman remarked that research on fruit flies showed that most of them will swarm toward a light--but that a small minority appear to be genetically programmed to stay away from it.

2010年，著名價值投資者塞思·克拉曼(Seth Klarman)在美國巴布森學院(Babson College)發表演講時說，對果蠅的研究顯示，多數果蠅會涌向有光的地方──但有極少數果蠅似乎在基因的驅使下喜歡避光。

Mr. Klarman, president of the Boston-based Baupost Group, which manages $26 billion in hedge-fund assets, jokingly called these flies 'tiny contrarians, ' the insect equivalents of 'deep value investors.'

克拉曼調侃地稱這些果蠅爲“微型的逆向投資者”，它們是昆蟲界的“深度價值投資者”。克拉曼是總部位於波士頓的對衝基金Baupost Group總裁，管理着260億美元資產。

He went on to speculate that most people might possess 'a dominant gene' for chasing hot performance and overhyped assets, while only a minority have 'the recessive value gene' that confers a patient preference for whatever is battered and unpopular.

他接着說，他推測多數人也許擁有一種“顯性基因”，喜歡追逐走勢火爆、炒得過熱的資產，只有少數人擁有“隱性價值基因”，這種基因決定了他們能耐下心來，優先選擇一切遭到重創、無人問津的資產。

Mr. Klarman told me this past week that he still holds the same view.

克拉曼前不久告訴我，現在他仍持同樣的看法。

A new study finds that many investors may in fact have a genetic predisposition to hunt for bargains in the stock market--although the environment you grew up in also powerfully shapes the kind of investor you become.

一項新的研究發現，許多投資者事實上可能具有一種在股市逢低買進的遺傳傾向──儘管成長環境也會強有力地塑造你的投資風格。

In the study, three economists--Henrik Cronqvist and Frank Yu of China Europe International Business School in Shanghai and Stephan Siegel of the University of Washington--examined the genetic makeup and investment portfolios of 35, 000 twins in Sweden.

在研究中，上海中歐國際工商學院(China Europe International Business School)的亨裏克·克龍奎斯特(Henrik Cronqvist)和餘方以及華盛頓大學(University of Washington)的斯蒂芬·西格爾(Stephan Siegel)三位經濟學家，考察了瑞典35,000名雙胞胎的基因構成和他們的投資組合。

Identical twins share 100% of their DNA, while fraternal twins share about the same amount as brothers and sisters. The researchers compared the similarity of the portfolios held by identical twins and by fraternal twins. That enabled the economists to estimate the extent to which the same combinations of genes were associated with similar portfolios.

同卵雙胞胎的DNA 100%相同，而異卵雙胞胎共同基因的數量則與普通兄弟姐妹差不多。研究人員對同卵雙胞胎和異卵雙胞胎所持投資組合的相似性進行了對比。這使經濟學家能夠估測出相同基因組合與相似投資組合之間的相關性。

The analysis shows that the average stock held by these investors traded at a price/earnings ratio of 23 times. Only a 10th of the investors--call them 'deep-value hunters'--held stocks with an average P/E of 11.6 or lower.

分析顯示，這些投資者所持股票的平均市盈率爲23倍。僅有十分之一的投資者（可以把他們稱爲“深度價值投資者”）所持股票的平均市盈率在11.6倍或以下。

One quarter of all the investors--hard-core growth seekers--held stocks trading at an average of 28.6 times earnings or higher.

在全部投資者中，有四分之一的人（堅定的成長型投資者）所持股票的平均市盈率在28.6倍或以上。

The study's findings are relatively precise because its sample of investors is large and because Swedish tax law required complete disclosure of individual investors' holdings until recently.

這項研究的結果相對精確，因爲其投資者樣本很大，而且瑞典稅法直到最近一直要求散戶投資者完全披露資產持有狀況。

According to the study, up to 24% of the differences in the degree to which investors favor value or growth stocks can be explained by variations in their genetic code .

研究顯示，投資者對價值股或成長股有着程度不同的偏好，而在這些差異中，可用遺傳密碼差異來解釋的部分高達24%。

It appears that favoring cheap value stocks or fast-moving growth stocks isn't just a preference; 'it is at least partly an innate tendency, ' says Prof. Siegel.

喜歡便宜的價值股還是波動迅猛的成長股，這似乎不僅僅是個人偏好的問題。西格爾教授說：“這至少在一定程度上是一種內在傾向。”

Environmental influences also help explain the 'tilt' toward value or growth investing, the researchers found. For example, if the economy was in a severe recession when an investor was between the ages of 18 and 25, or the investor's parents were relatively poor, he is more likely to prefer investing in cheap stocks.

研究人員發現，環境的影響也有助於解釋投資者對價值或成長型投資的“傾向”。比方說，如果投資者在18─25歲時遭遇嚴重的經濟衰退，或者投資者的父母比較貧困，那麼投資者偏愛便宜股票的可能性會較大。

Genoeconomists, who study such stuff, haven't yet identified the specific variations that might work as 'value genes.'

研究這類問題的經濟學家稱爲基因經濟學家。他們迄今尚未確定，到底是哪種特定的基因變異可能扮演了“價值基因”的角色。

But the new findings suggest that you should ask financial advisers and investment managers: What adversity have you had to overcome in your life? And what does being poor mean to you?

但新的發現暗示，你應該問問你的理財顧問和投資經理：你在生活中遭受並克服過哪些挫折？貧困對你而言意味着什麼？

After all, a financial adviser or investment manager who has never overcome a serious obstacle might not have what it takes to hold on to cheap stocks when they get a lot cheaper in a hurry. A value investor who can't withstand pain isn't a value investor at all.

畢竟，從未克服過嚴重困難的理財顧問或投資經理，也許並不具備相應的心理素質，在本已便宜的股票突然大幅下跌時仍堅持持有。不能承受痛苦的價值投資者根本就不是真正的價值投資者。