---
title: "《漫步华尔街的-10 条投资金律》"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/30472726.md"
description: "After reading this book, you'll have a basic understanding of investing. You can fire all:fund managers, paid bloggers, marketing accounts, scammersFundamentals can be discussed with AI. The reasons f..."
datetime: "2025-06-08T16:43:40.000Z"
locales:
  - [en](https://longbridge.com/en/topics/30472726.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/30472726.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/30472726.md)
author: "[奇迹的交易员cola](https://longbridge.com/en/profiles/10743314.md)"
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/topics/30472726.md) | [繁體中文](https://longbridge.com/zh-HK/topics/30472726.md)


# 《漫步华尔街的-10 条投资金律》

After reading this book, you'll have a basic understanding of investing. You can fire all:

> **fund managers, paid bloggers, marketing accounts, scammers**

Fundamentals can be discussed with AI. The reasons for asking me everything else are:

> **greed, laziness, stupidity, malice**

1.  Start saving now (e.g., **2/3/5**, pay **2 savings** first)
2.  Develop the habit of living within your means (**budgeting**, preface **income allocation**)
3.  Keep enough cash on hand (**20%** or more)
4.  Make good use of various tax-saving channels (e.g., I use an Expat account)
5.  Asset allocation must suit your situation (copying others will kill you)
6.  Diversify investment risks (invest in **passive ETFs**, don’t be greedy)
7.  Don’t let fees eat into profits (**avoid short-term trading** to avoid losses)
8.  Stay humble with the market (don’t predict the future)
9.  Invest in index funds (e.g., **VOO, ALLW**)
10.  Avoid investor blind spots (few can outperform the S&P 500)

Malkiel's _A Random Walk Down Wall Street_ is a classic, and _The 10 Golden Rules of Investing_ is an introductory version, like a beginner's investment manual.

The 10 golden rules are a **survival guide for retail investors** through market cycles. The principles seem simple but reflect deep insights into **human weaknesses** and **market laws**:

**1\. Savings are the starting point of investing, the strongest weapon against the power of compound interest**  
The first two rules target the core of most people's financial troubles—procrastination and disorder. While "monthly spenders" debate "saving when income rises," the exponential effect in the compound interest formula quietly fades. As the book emphasizes: "**An automatic monthly savings mechanism is more reliable than willpower.**"

**2\. Cash management is the shock absorber of an investment portfolio**  
The third rule was proven during the 2020 pandemic market crash. Investors with **18-24 months of emergency funds** avoided selling at the bottom. This recalls Buffett's saying: "**Cash is like oxygen—you don’t notice it until it’s gone.**"

**3\. Fees and taxes are hidden investment costs**  
The fourth rule is often ignored by young investors, but data shows high-income groups save **30%-50% in taxes** through tools like **401(k) s and IRAs**. Hong Kong users can save **15% or more** with tools like **Expat accounts and private banking**. As Lynch said: "**Government tax breaks are the only guaranteed excess returns.**" As for **platform fees**, **hyperactivity is a tax on your intelligence**.

**4\. The art of asset allocation**  
Rules five and six reveal the "free lunch" of investing—diversification. Yale Endowment data shows **cross-region, cross-asset** allocation can **reduce volatility by 40%**. But in reality, most people **mistake diversification for holding 20 stocks in the same sector**. Why not choose:

-   $VG S&P 500(VOO.US)
-   $State Street® Bridgewater®AllWeather®ETF(ALLW.US)

and other passive ETFs? In my view:

> **Greed leads to poverty, and poverty fuels desperation for change, leading to more greed. Congratulations, you’ll steadily fuel others’ wealth.**

**5\. The cost black hole and the index revolution**  
Rules seven and nine are cause and effect. Vanguard research shows **1% annual fees** can **erode 28% of potential returns** over 30 years. This explains why Buffett won his million-dollar bet against hedge funds with the S&P 500—**costs are among the few controllable variables**.

**6\. Market reverence and self-awareness**  
The last two rules cut to the heart of behavioral finance. From tulip mania to Bitcoin frenzy, history repeats the "**this time is different**" illusion. As the book warns: When taxi drivers recommend stocks, remember Keynes—**the market can stay irrational longer than you can stay solvent**.

These rules are great because they use simple principles to build barriers against market noise. In the AI era, investing grows more complex, but human greed and fear remain unchanged. As the book says: "**Investment success isn’t about a 160 IQ but a stable temperament.**"

**If you’re too lazy to read, here’s the summary:**

> Monthly invest in $VG S&P 500(VOO.US) , $Invesco QQQ Trust(QQQ.US) , $State Street® Bridgewater®AllWeather®ETF(ALLW.US) (one is enough), and check in five years if you’re in the top 10% of community returns. If so...
> 
> You know~🌚

My passive portfolio has yielded 12-15% annually over the years, still not beating the S&P500🙂

### Related Stocks

- [Vanguard S&P 500 ETF (VOO.US)](https://longbridge.com/en/quote/VOO.US.md)
- [State Street® Bridgewater®AllWeather®ETF (ALLW.US)](https://longbridge.com/en/quote/ALLW.US.md)
- [Invesco QQQ Trust (QQQ.US)](https://longbridge.com/en/quote/QQQ.US.md)
- [Schwab US Dividend Equity ETF™ (SCHD.US)](https://longbridge.com/en/quote/SCHD.US.md)

## Comments (47)

- **长期主义接班人 · 2026-01-06T06:05:54.000Z · 👍 1**: I've watched half of it
- **脆皮大学牲 · 2025-12-07T06:49:13.000Z**: I'm curious why one would choose dollar-cost averaging instead of completing the position in a short time (e.g., within one or two months) when there is cash available. After all, major trends like the Nasdaq and S&P are generally upward, and dollar-cost averaging every month would only increase
- **坚持不上班！30就退 · 2025-11-07T14:04:43.000Z**: And there's a summary!
- **复利践行者 · 2025-11-07T13:53:37.000Z**: Will expat accounts be 100% audited?🤔
- **股海散修 · 2025-11-07T12:55:01.000Z · 👍 1**: Reading the same words at different times always brings new insights🙏
- **Z兄交易笔记 · 2025-11-07T11:57:36.000Z**: Finished reading this post today. Currently 19:57
- **柏莱塔92 · 2025-08-29T05:02:01.000Z**: Often, the truth is concise and to the point.
- **吃包子 · 2025-08-20T14:39:25.000Z**: Bookmark
- **K.K~lucky · 2025-08-19T12:24:27.000Z · 👍 1**: Review this article from time to time! Like + Bookmark!
- **小白一路红 · 2025-08-15T17:27:32.000Z**: Thank you
- **红衣驾马 · 2025-08-13T13:17:32.000Z**: Newbie here, learned a lot, thanks 🙏
- **闲庭信步纳斯达 · 2025-08-08T17:09:47.000Z · 👍 1**: It's great to be young. Even though I'm also from the post-00s generation, I only recently opened a Hong Kong bank account because I didn't have social security proof before.
- **Jack www · 2025-07-25T07:36:58.000Z · 👍 2**: I have a question about cola. A call is a leveraged investment strategy that saves capital. If the principal is limited, can I simply buy a call on QQQ and hold it long-term?
  - **买什么多看三天** (2025-11-07T17:08:20.000Z): Pelosi bought NVDA, all of which are in-the-money long calls. And how long are they? The ones bought last year are basically calls expiring at the end of 2026 or 2027😂😂😂. Actually, they're quite ex
  - **Jack www** (2025-11-07T17:13:53.000Z): The price is high, but it's quite stable. I didn't finish reading the book on options when I asked this question, but now I understand it.
  - **多你鸡娃** (2025-11-18T23:45:57.000Z): Can you introduce some options books?
- **Alice888 · 2025-07-24T14:48:47.000Z · 👍 1**: Just choose either VOO or ALLW for dollar-cost averaging, right?
- **Flora3y · 2025-07-11T00:49:28.000Z · 👍 1**: Learned
- **Louis Tang · 2025-07-08T08:57:42.000Z · 👍 1**: Is a passive portfolio with an annualized return of 12-15% serious? The S&P 500 has averaged around 10% over the past few decades. How does your passive portfolio manage to outperform the market? 🤔
  - **奇迹的交易员cola** (2025-07-10T18:33:36.000Z): There's only a few years of data available. 😄
- **护花使者爱理财 · 2025-06-26T08:49:14.000Z · 👍 1**: Original poster, what kind of ETF is ALLW?
  - **奇迹的交易员cola** (2025-06-27T08:54:02.000Z): Dalio's Bridgewater All Weather.
- **feifeisky · 2025-06-10T06:58:54.000Z · 👍 4**: I have outperformed SP500 for 8 years
  - **奇迹的交易员cola** (2025-06-13T01:59:43.000Z): Awesome
- **幸运币 · 2025-06-09T09:50:05.000Z · 👍 1**: 🥹Brother Cola is back from a business trip, only to find himself played in real life. Then he checked his account and felt like the sky was falling.
- **白衣沽酒 · 2025-06-09T09:02:11.000Z · 👍 1**: Easier said than done