by Charles Cheng, CFA

 

 

In 2022, the Harvard Business Review named “resilience” as the word of the year.  Resilience refers to one’s ability to recover, adapt to and grow from difficult situations. As a concept, it has been gaining traction in recent years as a key ingredient behind success in professional life, relationships, developing children, and organizational strength. As a concept in personal investing resilience is not frequently mentioned but should be as it is a critical component to becoming a better investor.

2022 年，《哈佛商業評論》將「韌性」評為年度詞彙。 韌性是指一個人從困境中恢復、適應和成長的能力。作為一個概念，近年來它一直受到關注，成為職業生活、人際關係、兒童發展和組織力量成功背後的關鍵因素。作為個人投資的一個概念，韌性並不經常被提及，但應該被提及，因為它是成為更好的投資者的關鍵組成部分。

 

There are naturally ups and downs in the investing journey, with the downs being possibly quite expensive. When things are not going well, it could be that your portfolio has taken a large drawdown, or it could be an investment bet that you were sure about turning out to be wrong. If an investor is not resilient, then reacting badly to these setbacks could lead to even worse outcomes. In the worst case, the investor takes a loss and then is reluctant to invest again, foregoing years of future gains and potentially 100s of percentage points in returns. Another bad outcome would be not sticking to your investment strategy or hastily changing it following a setback.

投資過程中自然會有起起落落，而落的代價可能相當昂貴。當事情進展不順利時，可能是你的投資組合出現了大幅下跌，或者可能是你確信結果到頭來是錯誤的。如果投資者缺乏韌性，那麼對這些挫折做出不良反應可能會導致更糟糕的結果。在最壞的情況下，投資者遭受損失後就不願意再次投資，放棄未來數年的收益和潛在的數百個百分點的回報。另一個糟糕的結果是不堅持你的投資策略或在遭遇挫折後倉促改變策略。

 

What does it mean to be a resilient investor? One has to keep in mind that investing is an activity that is measured in years and decades and therefore a short-term setback should not meaningfully affect one’s investment strategy, provided it was reasonably well thought out to begin with. In personal life, resilience involves managing stress, maintaining a positive outlook, and developing coping strategies. Building personal resilience enables people to handle life’s challenges more effectively, whether they are related to work, relationships, or health. This can involve having a realistic perspective on the current situation, maintaining longer term goals and values, and being prepared for the unexpected. Similarly, we can think about ways that investing resilience can be built and maintained.

成為一個有韌性的投資者意味著什麼？人們必須記住，投資是一項以幾年和幾十年來衡量的活動，因此，只要一開始就經過了合理的深思熟慮，短期的挫折就不應該對一個人的投資策略產生重大影響。在個人生活中，韌性包括壓力管理、保持積極的態度以及製定應對策略。建立個人的韌性可以讓人們更有效地應對生活中的挑戰，無論這些挑戰是與工作、人際關係或健康有關。這可能包括對當前情況具備現實的看法、維持長期目標和價值觀，並為意外情況做好準備。同樣的，我們可以想到建立和維持投資韌性的一些方法。

 

So, if we define being a resilient investor as being able to withstand personal mistakes, market volatility, and economic downturns without deviating from a sensible investment strategy, here are some things one can do to try to become one.

因此，如果我們將成為一名有韌性的投資者定義為能夠承受個人錯誤、市場波動和經濟衰退而不偏離明智的投資策略，那麼我們可以採取以下一些措施來努力成為具有韌性的投資者。

 

Planning: Set your strategy in advance, and at a risk level where you could maintain it in the times of the worst market events and a commitment to coming back into the market at some point no matter what has happened. It can also include contingencies for such events or keeping a reserve of capital that you could always use to rebound with.

規劃：提前製定策略，並設定在最糟糕的市場事件發生時可以維持的風險水平，並承諾無論發生什麼，都會在某個時候重返市場。它還可以包括對突發事件的應對，以及保留可以隨時使用的資本儲備。

 

Long-Term Perspective: Always focus on long-term goals rather than short-term market fluctuations. If your strategy needs some adjustments to deal with a changing market environment, you can anchor it with this perspective.

長期觀點：始終關注長期目標而不是短期市場波動。如果您的策略需要進行一些調整以應對不斷變化的市場環境，您可以以此視角為基礎。

 

Reviews: Periodically review your decisions and try to give an honest assessment of whether they are being made objectively.

檢討：定期對您的決定進行檢討，並嘗試誠實地評估這些決定是否客觀。

 

Practice Self-Care: Taking care of yourself in the real world will also help with your resilience in the financial world.  Engaging in activities that promote physical and mental well-being, such as exercise, meditation, or hobbies would help you be more prepared to deal with the pressures and ups and down of the investing world.

自我保健：在現實世界中照顧好自己也將有助於增強您在金融世界中的適應能力。 從事促進身心健康的活動，例如運動、冥想或嗜好，將幫助您更好地應對投資界的壓力和起伏。

 

 

This article reflects the personal views of the author and not any firm’s and should not be viewed as an investment recommendation.

 

 

 

 

 

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