如何学习价值投资？无论价值投资还是其他理念，最重要是要用自己的头脑去独立思考，盲目拜倒或盲目排斥都同等错误。正确的投资体系有1000种和1种，1000种是条条大路通罗马；1种是最适合你的那一种。

How to learn the value investment?No matter the value investment or other idea,The heaviest if you to use your mind to think independently,Blind prostrating or blind rejection are the same error.The right investment system has 1000 species and one kind of,1000 is a all roads lead to Rome;One is the most suitable for your that a.

　　什么是最适合你的一种方式呢？打一个比方，如果你个子瘦小，体重不足50公斤，你就不要练青龙偃月刀了吧！反过来，如果你有两百斤重，非要主攻飞檐走壁，这也不尽合适。学价值投资目的是要构建自己的投资体系。因此，我们既要认真学习最基础最核心的理念，又要比照自己的特点，选择自己最认同也最可能擅长的方向去钻研。

What is the most suitable for you a way?Play an analogy,If you is small,Weight 50 kg,You don't practice tsing lung suppress a month's sword!In turn,If you have two hundred jins weight,The kung-fu masters have to attack,This is not appropriate.Learn the value investment purpose is to construct their own investment system.therefore,We should earnestly study the basic concept of the core,And in its own characteristics,Choose the most identity and most be good at in the direction of the study.

　　价值投资的要点是什么呢？我认为是“对风险的理解和化解”。风险是投资的第一要害：无论你胜出多少次每次赚了多少倍，一次亏100%就全部归零。价值投资作为一种投资哲学，提供了深具实际操作意义的理念法则。这种法则强调的是对风险的先期识别和制度性的排除，是从根本主动排斥风险而不是投资之后的被动摆脱。

The main points of the value investment is what?I think it's"To the risk understanding and resolve".Risk investment is the first key:No matter how many times you win every time how much times,A 100% deficit will all return to zero.The value investment as an investment philosophy,Provides a deep meaning with actual operation the concept of law.This rule is to emphasize the risk of early recognition and institutional exclusion,From the fundamental active rejection risk rather than investment after the passive get rid of.

　　作为投资者，尤其是大额投资者，要多花时间钻研价值投资，因为它是要下工夫的，本身也无太大趣味；而投机则不必特别去学，更无需强求自己去做，因为投机交易是人的本能，投机成功的快乐度是天然高企的。世上知道价值投资盛名者何其多，但真能深入学习并坚持实践者又何其少！长期看，证券市场中投资的胜者只能是少数人，希望我们能通过努力学习和实践价值投资成为这少数胜者。

As investors,Especially big investors,To give so much time to dig into the value investment,Because it is the to concentrate one's efforts,Itself without too much fun;And speculation are not special to learn,More need not importune yourself to do,Because the speculative trading is the instinct of a man,Speculative successful happiness is a natural high.The world know how many famous person value investment,But really in-depth study and adhere to the practitioners and how few!The long run,Stock market investment winner is only a few people,I hope we can through the study hard and practice value investment become the minority winner.

　　陈扬帆

ChenYang sail