本篇引用的原文来自《On Regular Investing》（中文版叫《定投改变命运》，三语版）第一部分第四小节《我们到底在用什么定投》的后半截。
别怕!原文虽长，但你看完只要10分钟，而我搞定本篇文章所花费的时间60倍于你。
期间的痛苦，要待你亲自尝试之后才能体会。
虽然本文并不完美，但我竭尽全力，希望你能 "善待" 它，也不忘不吝献上你的赞。
市面上有太多 "时间管理" 的妄念书籍，他们从来没有想过，时间到底能不能被他们管理。
时间是有灵性的，自大狂妄之徒，注定不能与时间做朋友。
你的时间就那么多，花不掉第二天会清零，不够花也只有那么多。要想比别人优秀，高效利用时间就特别重要。
把时间花够，你几乎可以学会任何东西。花在投资领域足够长，你可以成为投资大神；花在婚姻里足够长，夫妻关系不能差；花在工作上足够长，你不可能不加薪。
今天的原文将揭秘时间的重大功效。
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.
生词 :
- faith n. 相信，信任；宗教信仰；
- require v. 需要；依靠；依赖；
- depend v. 依靠，取决于；
- shaken adj. 震惊；烦恼；恐惧；
- upgraded v. （机器、计算机系统等）升级；提高；改进；
- vast majority 大多数的；
- multiple adj. 数量多的；
- despite prep. 即使，尽管；
- constantly adv. 始终；重复不断地；
- sustainable income 持续性收入；
- repeatedly selling 反复出售；
- ambition n. 追求，理想; 雄心，野心；
- purchased adj. 购买的；v. 购买；
- controlling stake 控股权；
- to put it more precisely 更准确地说；
- pursue v. 执行；追求；
- primarily because 主要原因是；
- entails v. 牵涉；需要；使必要；
- it's rare to have a middle ground 很少有中间地带；
- lemmings n. 旅鼠；
- cliff n. (尤指海边的) 悬崖；
- guarantees immediate redemption 保证立即赎回；
- To put it another way 换句话说；
- professional n.专业人士，内行；adj. 专业的，职业的；
- acumen n.聪明；
- instead adv. 代替；顶替；反而；却；
- established adj. 已被认可的;已被接受的；
- circumspect adj. 小心谨慎的；考虑周密的；慎重的；
- easiest adj. 轻松的；宽裕的，从容的；
- shackles n. 手铐；羁绊；
- increasing v. 增加，增进；
- spouse n. 配偶；
- decrease v. n. 减少；
- increase v. n. 增加；
- trifecta n. 三连胜；
- systematically adv. 成体系的；系统的；有条理的；
- reduces v. 减少，缩小（尺寸、数量、价格等）；
参考划分与翻译 :
第一句 :
The reason（主）I have been able to hold bitcoin and another blockchain assets over the long term（定从）is not（谓）, as many people think（插入语）, because I have "faith"（宾从）.
我可以长期持有的 btc 及其他区块链资产的原因，并不是很多人认为的信仰。
第二句 :
In fact（状）, faith（主）doesn't require（谓）logic（宾）, and can't depend（谓2）on logic（宾2）, because if it did depend on logic, all faith would be shaken in the end（原因状语从句）.
事实上，信仰是无需逻辑，也不依赖逻辑，因为若是信仰要依赖逻辑的话，那么所有的事物最终都会动摇。
第三句 :
The core reason（主）I have been able to hold these assets（定从）is（谓）that I have the ability to continuously make money over the long term outside of the market（宾从）, because I have upgraded my personal business model（原因状语）.
我可以持有这些资产的核心原因在于，我有能力在场外长期持续不断地挣钱，因为我已经升级了我的个人商业模式。
第四句 :
The vast majority of people（主）can only sell（谓）their time（宾）once（状）, but, after upgrading（状）, I（主2）can sell（谓2） my time（宾2） multiple times（状）.
大多数人一次只能出售一份时间，然而，升级个人商业模式之后，我可以同一份时间出售很多次。
第五句 :
For instance, by writing books or teaching online（方式状语）.
比如说，通过写书或者在线上教学，都可以做到同一份时间出售很多很多次。
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（让步状语从句）.
尽管这种商业模式总归有天花板，但同一份时间出售很多次的这种商业模式已经让我不再为了生活必须而疲于奔命了。
第七句 :
It（主）also allows（谓）me（直宾） to always have money to use for investment that（间宾）, despite being limited in amount, has no cost（让步状语）, is（系）constantly（状）flowing in（表）, and can be invested（谓2）over an unlimited term（状）.
这种商业模式也让总是可以持续不断地获取收入，然后无期限地投资 —— 尽管时间总量有限制，然而那是零成本的。
第八句 :
Without this（状）, all（主）of my achievements in the investment space（定从） would have been（系） impossible（表）.
没有了这些，我在投资领域里的所有成就都将不可能。
第九句 :
So my regular investment into blockchain assets（主）is not（谓）just（状）money（宾）, but all（宾2） of the effective time that I have spent working（定从）, and the sustainable income（宾3）that has come from repeatedly selling this time（定从）.
我定投策略用来投资区块链资产的不仅仅是钱，还有我已经花费在工作上的所有有效时间，以及被反复出售很多次获得的持续性收入。
第十句 :
So regular investing（主）is（系）something（表）that people with ambition but limited resources can do（定从）, and it （主）is （系）something（表）that only this type of person can do（定从）.
第二个主系表与第一个是相同的。为了提升语言的表达效率，我们可以把相同部分合并:
因此定投是有野心，但受资源限制，并且也只有这种类型的人可以做的。
第十一句 :
When Buffett purchased a controlling stake in Berkshire Hathaway（状从）, he（主） was already not（系）a poor man（表）. After purchasing National Indemnity Company and entering the insurance industry（状从）, almost all（主）of his investments（定） were（系）long-term buy-and-hold investments（表从）.
当巴菲特购买伯克希尔·哈撒韦公司的控股权时，他早已不再贫困。购买国债和进入保险行业后，他几乎所有的投资都是长期购买和持有的。
第十二句 :
Buffett（主）didn't need（谓） a strategy（宾）of regular investing（定）. Or, to put it more precisely（状）, he（主） didn't need to improve upon（谓）his buy-and-hold strategy（宾）. The simplest strategy（主）in the world（定）was（系） already（状）enough（表）for him（定）.
巴菲特并不需要定投策略。或者，更为准确地说，他无需改良他的购买并持有的策略。这世界上最简单的策略（定投策略）对他来说早已够了。
第十三句 :
As for other fund managers（状）, they（主）are（系）even（状） less able to pursue a regular investing strategy（表从）, primarily because 99.99% of fund managers (or, everyone except Buffett) have a limited term for their capital（原因状语）.
像别的基金经理，他们更是没有能力使用定投策略，根本原因是99.99%的基金经理（或者说，除了巴菲特外的所有人）他们管理的资金有一个期限。
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.
对一些基金经理来说，可能有十年，或者三到五年，但不管多长，他们管理的基金仍有限制，这有很大风险。
第十五句 :
In the investment world（状）it's（主系） rare to have a middle ground（表）-- it's either a 1 or a 0（同位语从句）. 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（状语从句）. Lots of people（主）don't understand（谓）this（宾）, so they line up like lemmings to take risks and end up falling off a cliff.
在投资世界里，罕有中间地带 —— 要么是1，要么是0。如果资金有一个期限，危险是1，那么没有危险是0，没有0.2或0.8。大多数人不懂这些，因此他们像旅鼠一样排成长长的队伍，前仆后继跳离悬崖，奔赴死灭。
第十六句 :
The riskiest job（主）in the world（定）is（系）President（表）of South Korea（定）, and right after（状）that（主2） is（系2） the fund manager（表2）who guarantees immediate redemption of capital（定从）.
世界上最危险的的工作是韩国总统，之后是保证立即赎回资本的基金经理。
第十七句 :
To put it another way（状）, most "professional investors"（主）don't have（谓） the ability（宾）to do regular investing（宾补）, because they are not managing their own money, and their funds have a deadline after which they need to be returned（原因状语从句）.
换言之，大多数 "专业投资者" 并没有能力投资，因为他们无法管理自己的钱，并且他们的基金有一个期限，期限之后必须被归还。
第十八句 :
Once（状）it's（主系） time（表）to settle the funds（目的状语）, it doesn't matter if it's a bull market or a bear market（插入语）, it's still time to settle（插入语）, so how can you be sure of your earnings?
每次到了结算基金时，不管是牛市还是熊市都没有关系，仍然是要结算的，可你如何才能确定你的利润呢？
第十九句 :
Most people（主）have never thought（谓） 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（宾从）.
大多数人从未想过基金的成功（利润）并非依赖于基金经理的聪明和策略，而是依赖于基金成立的时间。
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（谓）, because during that period you can make money investing in almost anything（原因状语从句）.
在B阶段的终点和A阶段的开始之间被成立的基金，是完全有可能成功的，因为在那段期间里你几乎可以在任何事物上挣钱。
第二十一句 :
The problem（主）is（谓）that is the time at which investors are the most scared and circumspect（宾从）, so it's（主系）hard to raise money（表）.
可问题是，那是投资者最害怕，最谨慎的时候，于是他们挣不到钱是顺理成章的事。
第二十二句 :
The easiest time to raise money（主从）is（系）at the end of Period A（表）, when everyone has gone crazy in the bull market（同位语从句）.
最容易挣钱的时候其实是A阶段的终点 —— 在牛市里当大家都开始疯狂的时候。
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（条件状语从句）.
可若是他们在那最容易的时候筹钱，并且钱有使用期限，那么他们是不可能成功的。
第二十四句 :
Selling one bit of your time more than once（主从）is（系）an upgrade（表）of your personal business model（定）.
不止一次地出售你的时间，是你个人商业模式的升级。
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（定从）.
这是一次对任何人来说没有它就很难从日益增加的生活成本中脱离束缚的重要升级。
第二十六句 :
At first（状）you（主）only have to take care（谓）of yourself（宾）; then（状2）you（主） have to take care（谓2）of your spouse（宾2）; then（状3）you（主）have to take care（谓3）of your children（宾3）and even your parents（宾4）.
最初，你不得已只能照顾好自己；后来，你还得照顾你的配偶；再后来，你还得照顾你的孩子甚至你的父母。
第二十七句 :
Most people（主）are defeated（谓）by these basic life expenses（方式状语）.
绝大多数人被这些基本生活开销所击败。
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.
一个人必须赚到足够的钱去冲抵这些日常开销，这些生活开销最初会很大，然后可能会持平，最后甚至会减少，然后他们才有剩余的钱去践行定投策略。
第二十九句 :
If you don't upgrade your personal business model, it's hard to have any money left over（条件状语从句）.
如果你不升级你的个人商业模式，那你很难有任何剩余的钱。
第三十句 :
As I see it（状）, regular investing（主）requires（谓）a trifecta（宾）of successful personal business model upgrades（定）:
from selling your time once to selling the same time multiple times（状语从句）;
from only using money to consume to using money to make money (starting to invest)（状语从句）;
from just investing money to also investing time（状语从句）.
在我看来，定投需要一个成功的个人商业模式三连胜:
从一份时间出售一次到同一份时间出售很多次；
从只知道用钱消费到用钱挣钱（用钱投资）；
从只知道用钱投资，到不仅知道用钱投资，还知道用时间一起投资。
第三十一句 :
Even more importantly（状）, a strategy（主）of regular investing（定） systematically（状）reduces（谓）risk（宾）.
更为重要的是，定投策略可以系统地减小风险。
往期热文 :
1. 《On Regular Investing》翻译与划分（018篇）；
2. 《学英语就像写代码》；
3. 《（必看）掌握此中英文逻辑异同，胜过十年苦学》。