<p>如果你在挑选个股，难免会选到一些表现不佳的投资。并不是所有的股票都会是赢家。意外情况可能会影响股票，无论是企业自身的原因还是更广泛的宏观经济条件。例如，今年许多股票因关税而挣扎，这超出了它们的控制范围。</p><p>亿万富翁投资者沃伦·巴菲特认为，有一种特别糟糕的 “根本罪”，投资者应该避免。这样做不仅浪费时间，还浪费金钱。这是他从已故的查理·芒格那里学到的教训。</p><h2 id="yxpmjxmv">承认错误并继续前进</h2><p>对于投资者来说，没有什么比在一只他们认为有很大上涨空间的股票上亏钱更令人沮丧的了。</p><p>然而，更糟糕的情况是继续持有并希望这笔亏损的投资最终会反弹并升值，至少在你能够收回最初投资的金额之前。但这样做——假设原始投资会反弹——如果你已经深陷亏损，可能会浪费时间，导致你错过其他机会。</p><p>巴菲特表示，是他长期的合作伙伴已故的查理·芒格教会了他在投资中要避免的 “根本罪”。“延迟纠正错误” 和 “自我安慰” 是今天散户投资者可能称之为 “抱着亏损不放”。</p><p>散户投资者在这种情况下面临的主要危险是，他们并不一定意识到自己抱着亏损的时间过长，被对股票价格反弹的希望所蒙蔽，认为至少能达到保本价。而当他们意识到时，可能已经为时已晚。</p><p>这就是为什么我认为技术分析在投资中有价值，因为阻力位可以是谨慎投资者应该考虑抛售股票的地方，尤其是当股票已经挣扎了一段时间。</p><p>芒格还指出，问题 “无法被希望消除”，这是对那些可能抱着糟糕股票希望其恢复的投资者的明智建议。卖出股票实际上是一种终结，确认你在这只股票上亏损，并且这是一次糟糕的购买——但这也是在减少你的损失。</p><p>然而，通过持有，你仍然在 “希望” 问题会消失，股票有一天会恢复。</p><h2 id="7ufmz9ywf">转向标准普尔 500 基金可能是一个更好的选择</h2><p>对于投资者来说，一个好的策略可能是将亏损投资中的资金撤出，投入到一个跟踪 <strong>标准普尔 500</strong> 的交易所交易基金（ETF）中。这可以是一个停放资金的好地方，同时考虑其他机会。而且，至少从长远来看，你可以相信它会升值。</p><p>在这方面，可能是一个受欢迎的选择的 ETF 是 <strong>SPDR 标准普尔 500 ETF 信托</strong>（SPY -1.12%）。它一直是跟踪标准普尔 500 的好方法。在过去十年中，其总回报（包括股息）已上涨超过 200%。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/05679dce3b7368e6228d2824b50a3784?x-oss-process=style/lg" alt="" width="720" height="456" original-src="https://pub.pbkrs.com/uploads/2025/05679dce3b7368e6228d2824b50a3784"/></figure><p>SPY 总回报水平数据来自 YCharts。</p><p>几十年来，标准普尔 500 的年均回报率约为 10%。它可以提供一些很好的长期稳定性，同时允许你在多年中增长投资组合。这比单纯持有一只可能没有太多复苏希望的亏损股票要好得多。</p><h2 id="wjulvr9nlc">割舍糟糕股票并不容易，但往往是必要的</h2><p>除非你有充分的理由相信一只表现不佳的股票能够扭转局面，否则你可能想考虑抛售它，并将这笔资金投入到更好的投资中，比如跟踪标准普尔 500 的 ETF，让你接触到世界上最好的股票。单纯希望事情会改善可能是一种代价高昂的策略。</p>

伯克希尔哈撒韦-A

伯克希尔哈撒韦-B

<p>沃伦·巴菲特警告投资者不要犯 “致命错误”，即抱着表现不佳的股票期待反弹。他强调认识错误和止损的重要性，这是从查理·芒格那里学到的教训。巴菲特建议，不要 “抱袋”，而是将资金重新分配到标准普尔 500 指数 ETF，例如 SPDR 标准普尔 500 ETF 信托，该基金在长期内显示出显著的增长。他建议，除非有强烈的乐观理由，否则通常更好地出售表现不佳的股票，投资于更稳定的选项</p>

<p>If you're picking individual stocks, it's inevitable that you are going to pick some poorly performing investments. Not all your stocks are going to be winners. Things can happen unexpectedly that impact a stock, whether it's the business's own doing or broader macroeconomic conditions. This year, for instance, many stocks are struggling due to tariffs, which are out of their control.</p>
<div class="lb-trans"><p>如果你在挑选个股，难免会选到一些表现不佳的投资。并不是所有的股票都会是赢家。意外情况可能会影响股票，无论是企业自身的原因还是更广泛的宏观经济条件。例如，今年许多股票因关税而挣扎，这超出了它们的控制范围。</p>
</div><p>Billionaire investor Warren Buffett believes there's one particularly bad, &#34;cardinal sin&#34; that investors should avoid. Doing this is not only a waste of time but also a waste of money. This is a lesson he learned from the late Charlie Munger.</p>
<div class="lb-trans"><p>亿万富翁投资者沃伦·巴菲特认为，有一种特别糟糕的 “根本罪”，投资者应该避免。这样做不仅浪费时间，还浪费金钱。这是他从已故的查理·芒格那里学到的教训。</p>
</div><h2>Own your mistakes and move on</h2>
<div class="lb-trans"><h2>承认错误并继续前进</h2>
</div><p>There's nothing more discouraging for investors than to lose money on a stock that they thought had plenty of upside and room to grow.</p>
<div class="lb-trans"><p>对于投资者来说，没有什么比在一只他们认为有很大上涨空间的股票上亏钱更令人沮丧的了。</p>
</div><p>However, what's potentially worse is hanging on and hoping the money losing investment eventually will turn around and rise in value, at least until you are able to recover the originally invested amount. But doing so -- assuming the original investment will turn around in the first place -- can be a waste of time if you're deep in the red, causing you to potentially miss out on other opportunities.</p>
<div class="lb-trans"><p>然而，更糟糕的情况是继续持有并希望这笔亏损的投资最终会反弹并升值，至少在你能够收回最初投资的金额之前。但这样做——假设原始投资会反弹——如果你已经深陷亏损，可能会浪费时间，导致你错过其他机会。</p>
</div><p>Buffett says that it was his longtime partner, the late Charlie Munger, who taught him about what he calls a &#34;cardinal sin&#34; to avoid in investing. &#34;Delaying the correction of mistakes&#34; and &#34;thumb-sucking&#34; are what retail investors today may refer to as simply &#34;bag holding.&#34;</p>
<div class="lb-trans"><p>巴菲特表示，是他长期的合作伙伴已故的查理·芒格教会了他在投资中要避免的 “根本罪”。“延迟纠正错误” 和 “自我安慰” 是今天散户投资者可能称之为 “抱着亏损不放”。</p>
</div><p>The primary danger retail investors face in such situations is they don't necessarily realize they were holding on to the bag for too long, blinded by hopes for a turnaround in the stock price that will at least reach break-even price. And when they do realize, it's probably too late.</p>
<div class="lb-trans"><p>散户投资者在这种情况下面临的主要危险是，他们并不一定意识到自己抱着亏损的时间过长，被对股票价格反弹的希望所蒙蔽，认为至少能达到保本价。而当他们意识到时，可能已经为时已晚。</p>
</div><p>This is why I believe technical analysis has value in investing, as resistance levels can be areas where prudent investors should be looking to unload a stock, especially if it has been struggling for a while.</p>
<div class="lb-trans"><p>这就是为什么我认为技术分析在投资中有价值，因为阻力位可以是谨慎投资者应该考虑抛售股票的地方，尤其是当股票已经挣扎了一段时间。</p>
</div><p>Munger also pointed out that problems &#34;cannot be wished away,&#34; which is sage advice for investors who may be hanging on to bad stocks in the hopes that they will recover. Selling a stock is effectively a finality, confirming that you've lost money on it and that it was a bad buy -- but it's also cutting your losses.</p>
<div class="lb-trans"><p>芒格还指出，问题 “无法被希望消除”，这是对那些可能抱着糟糕股票希望其恢复的投资者的明智建议。卖出股票实际上是一种终结，确认你在这只股票上亏损，并且这是一次糟糕的购买——但这也是在减少你的损失。</p>
</div><p>However, by holding on, you're still &#34;wishing&#34; the problem will go away and that the stock will one day recover.</p>
<div class="lb-trans"><p>然而，通过持有，你仍然在 “希望” 问题会消失，股票有一天会恢复。</p>
</div><h2>Pivoting to an S&amp;P 500 fund may be a much better option</h2>
<div class="lb-trans"><h2>转向标准普尔 500 基金可能是一个更好的选择</h2>
</div><p>A good strategy for investors may be to take money out of losing investments and put it into an exchange-traded fund (ETF) that mirrors the <strong>S&amp;P 500</strong>. That can be a good place to park your money while you consider other opportunities. And, at least in the long run, you can be confident that it will rise in value.</p>
<div class="lb-trans"><p>对于投资者来说，一个好的策略可能是将亏损投资中的资金撤出，投入到一个跟踪 <strong>标准普尔 500</strong> 的交易所交易基金（ETF）中。这可以是一个停放资金的好地方，同时考虑其他机会。而且，至少从长远来看，你可以相信它会升值。</p>
</div><p>One ETF which may be a popular option in this regard is the <strong>SPDR S&amp;P 500 ETF Trust</strong>(SPY -1.12%). It has been a great way to track the S&amp;P 500. Its total returns (including dividends) are up more than 200% over the past decade.</p>
<div class="lb-trans"><p>在这方面，可能是一个受欢迎的选择的 ETF 是 <strong>SPDR 标准普尔 500 ETF 信托</strong>（SPY -1.12%）。它一直是跟踪标准普尔 500 的好方法。在过去十年中，其总回报（包括股息）已上涨超过 200%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b4ef9d5613093d5059d591fa07e57051.png" alt="" original-src="https://media.ycharts.com/charts/b4ef9d5613093d5059d591fa07e57051.png"/></p>
<p>SPY Total Return Level data by YCharts.</p>
<div class="lb-trans"><p>SPY 总回报水平数据来自 YCharts。</p>
</div><p>For decades, the S&amp;P 500 has averaged annual returns of around 10%. It can offer some great long-run stability, while allowing you to also grow your portfolio over the years. It's a much better option than simply holding money in a losing stock which may not have much hope of a recovery.</p>
<div class="lb-trans"><p>几十年来，标准普尔 500 的年均回报率约为 10%。它可以提供一些很好的长期稳定性，同时允许你在多年中增长投资组合。这比单纯持有一只可能没有太多复苏希望的亏损股票要好得多。</p>
</div><h2>Cutting ties with bad stocks isn't easy, but it's often necessary</h2>
<div class="lb-trans"><h2>割舍糟糕股票并不容易，但往往是必要的</h2>
</div><p>Unless you have a compelling reason to believe that an underperforming stock can turn things around, you may want to consider dumping it and deploying that money into a better investment, like an ETF that tracks the S&amp;P 500, giving you exposure to the best stocks in the world. Simply hoping that things will improve can be a costly strategy.</p>
<div class="lb-trans"><p>除非你有充分的理由相信一只表现不佳的股票能够扭转局面，否则你可能想考虑抛售它，并将这笔资金投入到更好的投资中，比如跟踪标准普尔 500 的 ETF，让你接触到世界上最好的股票。单纯希望事情会改善可能是一种代价高昂的策略。</p>
</div>

This Is the Cardinal Sin Warren Buffett Says Investors Should Avoid

- 投资者常常会面临糟糕的投资选择，尤其是持有亏损股票。  
- 巴菲特提到，延迟纠正错误是投资中的 “根本罪”，应及时止损。  
- 将资金转向跟踪标普 500 的 ETF 可能是更好的投资策略。  

这是沃伦·巴菲特所说的投资者应该避免的致命错误