<p>如果你在挑選個股，難免會選到一些表現不佳的投資。並不是所有的股票都會是贏家。意外情況可能會影響股票，無論是企業自身的原因還是更廣泛的宏觀經濟條件。例如，今年許多股票因關税而掙扎，這超出了它們的控制範圍。</p><p>億萬富翁投資者沃倫·巴菲特認為，有一種特別糟糕的 “根本罪”，投資者應該避免。這樣做不僅浪費時間，還浪費金錢。這是他從已故的查理·芒格那裏學到的教訓。</p><h2 id="yxpmjxmv">承認錯誤並繼續前進</h2><p>對於投資者來説，沒有什麼比在一隻他們認為有很大上漲空間的股票上虧錢更令人沮喪的了。</p><p>然而，更糟糕的情況是繼續持有並希望這筆虧損的投資最終會反彈並升值，至少在你能夠收回最初投資的金額之前。但這樣做——假設原始投資會反彈——如果你已經深陷虧損，可能會浪費時間，導致你錯過其他機會。</p><p>巴菲特表示，是他長期的合作伙伴已故的查理·芒格教會了他在投資中要避免的 “根本罪”。“延遲糾正錯誤” 和 “自我安慰” 是今天散户投資者可能稱之為 “抱着虧損不放”。</p><p>散户投資者在這種情況下面臨的主要危險是，他們並不一定意識到自己抱着虧損的時間過長，被對股票價格反彈的希望所矇蔽，認為至少能達到保本價。而當他們意識到時，可能已經為時已晚。</p><p>這就是為什麼我認為技術分析在投資中有價值，因為阻力位可以是謹慎投資者應該考慮拋售股票的地方，尤其是當股票已經掙扎了一段時間。</p><p>芒格還指出，問題 “無法被希望消除”，這是對那些可能抱着糟糕股票希望其恢復的投資者的明智建議。賣出股票實際上是一種終結，確認你在這隻股票上虧損，並且這是一次糟糕的購買——但這也是在減少你的損失。</p><p>然而，通過持有，你仍然在 “希望” 問題會消失，股票有一天會恢復。</p><h2 id="7ufmz9ywf">轉向標準普爾 500 基金可能是一個更好的選擇</h2><p>對於投資者來説，一個好的策略可能是將虧損投資中的資金撤出，投入到一個跟蹤 <strong>標準普爾 500</strong> 的交易所交易基金（ETF）中。這可以是一個停放資金的好地方，同時考慮其他機會。而且，至少從長遠來看，你可以相信它會升值。</p><p>在這方面，可能是一個受歡迎的選擇的 ETF 是 <strong>SPDR 標準普爾 500 ETF 信託</strong>（SPY -1.12%）。它一直是跟蹤標準普爾 500 的好方法。在過去十年中，其總回報（包括股息）已上漲超過 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 總回報水平數據來自 YCharts。</p><p>幾十年來，標準普爾 500 的年均回報率約為 10%。它可以提供一些很好的長期穩定性，同時允許你在多年中增長投資組合。這比單純持有一隻可能沒有太多復甦希望的虧損股票要好得多。</p><h2 id="wjulvr9nlc">割捨糟糕股票並不容易，但往往是必要的</h2><p>除非你有充分的理由相信一隻表現不佳的股票能夠扭轉局面，否則你可能想考慮拋售它，並將這筆資金投入到更好的投資中，比如跟蹤標準普爾 500 的 ETF，讓你接觸到世界上最好的股票。單純希望事情會改善可能是一種代價高昂的策略。</p>

伯克希爾哈撒韋-A

伯克希爾哈撒韋-B

<p>沃倫·巴菲特警告投資者不要犯 “致命錯誤”，即抱着表現不佳的股票期待反彈。他強調認識錯誤和止損的重要性，這是從查理·芒格那裏學到的教訓。巴菲特建議，不要 “抱袋”，而是將資金重新分配到標準普爾 500 指數 ETF，例如 SPDR 標準普爾 500 ETF 信託，該基金在長期內顯示出顯著的增長。他建議，除非有強烈的樂觀理由，否則通常更好地出售表現不佳的股票，投資於更穩定的選項</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>如果你在挑選個股，難免會選到一些表現不佳的投資。並不是所有的股票都會是贏家。意外情況可能會影響股票，無論是企業自身的原因還是更廣泛的宏觀經濟條件。例如，今年許多股票因關税而掙扎，這超出了它們的控制範圍。</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>億萬富翁投資者沃倫·巴菲特認為，有一種特別糟糕的 “根本罪”，投資者應該避免。這樣做不僅浪費時間，還浪費金錢。這是他從已故的查理·芒格那裏學到的教訓。</p>
</div><h2>Own your mistakes and move on</h2>
<div class="lb-trans"><h2>承認錯誤並繼續前進</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>對於投資者來説，沒有什麼比在一隻他們認為有很大上漲空間的股票上虧錢更令人沮喪的了。</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，更糟糕的情況是繼續持有並希望這筆虧損的投資最終會反彈並升值，至少在你能夠收回最初投資的金額之前。但這樣做——假設原始投資會反彈——如果你已經深陷虧損，可能會浪費時間，導致你錯過其他機會。</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，是他長期的合作伙伴已故的查理·芒格教會了他在投資中要避免的 “根本罪”。“延遲糾正錯誤” 和 “自我安慰” 是今天散户投資者可能稱之為 “抱着虧損不放”。</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>散户投資者在這種情況下面臨的主要危險是，他們並不一定意識到自己抱着虧損的時間過長，被對股票價格反彈的希望所矇蔽，認為至少能達到保本價。而當他們意識到時，可能已經為時已晚。</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>這就是為什麼我認為技術分析在投資中有價值，因為阻力位可以是謹慎投資者應該考慮拋售股票的地方，尤其是當股票已經掙扎了一段時間。</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>芒格還指出，問題 “無法被希望消除”，這是對那些可能抱着糟糕股票希望其恢復的投資者的明智建議。賣出股票實際上是一種終結，確認你在這隻股票上虧損，並且這是一次糟糕的購買——但這也是在減少你的損失。</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，通過持有，你仍然在 “希望” 問題會消失，股票有一天會恢復。</p>
</div><h2>Pivoting to an S&amp;P 500 fund may be a much better option</h2>
<div class="lb-trans"><h2>轉向標準普爾 500 基金可能是一個更好的選擇</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>對於投資者來説，一個好的策略可能是將虧損投資中的資金撤出，投入到一個跟蹤 <strong>標準普爾 500</strong> 的交易所交易基金（ETF）中。這可以是一個停放資金的好地方，同時考慮其他機會。而且，至少從長遠來看，你可以相信它會升值。</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>在這方面，可能是一個受歡迎的選擇的 ETF 是 <strong>SPDR 標準普爾 500 ETF 信託</strong>（SPY -1.12%）。它一直是跟蹤標準普爾 500 的好方法。在過去十年中，其總回報（包括股息）已上漲超過 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 總回報水平數據來自 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>幾十年來，標準普爾 500 的年均回報率約為 10%。它可以提供一些很好的長期穩定性，同時允許你在多年中增長投資組合。這比單純持有一隻可能沒有太多復甦希望的虧損股票要好得多。</p>
</div><h2>Cutting ties with bad stocks isn't easy, but it's often necessary</h2>
<div class="lb-trans"><h2>割捨糟糕股票並不容易，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隻表現不佳的股票能夠扭轉局面，否則你可能想考慮拋售它，並將這筆資金投入到更好的投資中，比如跟蹤標準普爾 500 的 ETF，讓你接觸到世界上最好的股票。單純希望事情會改善可能是一種代價高昂的策略。</p>
</div>

This Is the Cardinal Sin Warren Buffett Says Investors Should Avoid

- 投資者常常會面臨糟糕的投資選擇，尤其是持有虧損股票。  
- 巴菲特提到，延遲糾正錯誤是投資中的 “根本罪”，應及時止損。  
- 將資金轉向跟蹤標普 500 的 ETF 可能是更好的投資策略。  

這是沃倫·巴菲特所説的投資者應該避免的致命錯誤