山涛：不敢高声语，恐惊天上人-QQ阅读

经典重译之股票大作手回忆录(301)，原文(331): I had my position．I was short of stocks in a market that now was plainly a bear market．There wasn't any need for me to push things along．The market was bound to go my way，and，knowing that，I could afford to wait． After I doubled up I didn't make another trade for a long time．About seven weeks after I put out my full line，we had the famous“leak，”and stocks broke badly． It was said that somebody had advance news from Washington that President Wilson was going to issue a message that would bring back the dove of peace to Europe in a hurry．Of course the war-bride boom was started and kept up by the World War，and peace was a bear item． When one of the cleverest traders on the floor was accused of profiting by advance information he simply said he had sold stocks not on any news but because he considered that the bull market was overripe．I myself had doubled my line of shorts seven weeks before. On the news the market broke badly and I naturally covered．It was the only play possible．When something happens on which you did not count when you made your plans it behooves you to utilise the opportunity that a kindly fate offers you． For one thing，on a bad break like that you have a big market，one that you can turn around in，and that is the time to turn your paper profits into real money． Even in a bear market a man cannot always cover one hundred and twenty thousand shares of stock without putting up the price on himself．He must wait for the market that will allow him to buy that much at no damage to his profit as it stands him on paper．其他版本译文(331): 我建立了自己的空头头寸，此时这样的空头市场中，我放空手中掌握的股票。我根本没必要去打压，股市一定会和我的预估相符。清楚了这一点，我就可以安心等着。在我加码一倍以后，我有一大段时间没有交易。大概在我建立全部放空头寸六周后，发生了大家都知道的泄密事件，从而引发了股市的暴跌。我听说，有人事先从华盛顿知道了一个消息，说威尔逊总统很快就要发布一个能为欧洲带来和平的政令。世界大战促成了战时的经济繁荣，也维持了很长时间，而伴随和平而来的自然就是熊市。当一个精明的投资人被指控说利用这个消息赚取利润的时候，他说自己卖掉股票不是靠消息，而是他觉得市场已经活跃过头了。而我，在此前七周就成倍增持了空头头寸。听到了股市要暴跌的消息，我就做了应对，这是唯一合理的做法。在做计划的时候，如果发生了你没有估算到的事情，就该借助命运之神提供的机遇。原因之一是，股市如此暴跌，就会出现一个大市场，大到你可以利用这个市场，把你的账面利润转为现金。就算在空头市场，一个人回补了12万股，也不可能不让股价抬高。因此他必须要等市场给予的这个机会，买进这么多股票，而不致使账面利润受到影响。我的译文(331): 我已建仓完毕。在一个明显已成熊市的市场中，我做空了股票。市场用不着我的任何推动，它自会运行在我预期的路径上，知道了这一点，我便有了等待的耐心。我加仓后，仓位已满，已经算是梭哈了，之后许久未再进行任何交易，就这样又过了大概七周的时间，市场爆出了那场著名的“内幕泄露”事件，股票价格应声大幅暴跌。这就是说有人提前从华盛顿得到了消息: 即威尔逊总统将发表一份声明，而该声明会迅速使欧洲转向和平。就像战时新娘潮一样，本来这轮牛市就是由世界大战催生并推动的，而和平的到来，当然就成了促进熊市的因素。在场内最精明的那帮交易员中，曾有一位被人指责利用此内幕消息牟利，他当时声称自己卖出股票并非依据任何消息，而只是认为牛市好比枝头的果子，熟透了自然会掉下来，这有什么可奇怪的吗？而我自己则早在七周前，就已经满仓梭哈了。市场因此消息的打击而重挫，而我自然是趁机空头平仓。这是当时唯一合理的操作。当意料之外的事情发生时，就理应抓住这份天赐良机。 (为什么这么做呢？)，因为一件事，这样的暴跌行情，大量的卖出，将为你制造出一个巨大的买入平仓的市场，你完全可以在下跌之中回补空头，而这正是将账面利润兑现为真金白银的机会。要平仓十二万股股票，还不想因自己的买入平仓行为推高股价，这即使是在熊市，也很难办到。操盘者必须等待市场上涌出足够大的卖盘，这样他在买入平仓时才能保住账面利润。引用依据： 1. Edwin Lefèvre: Reminiscences of a Stock Operator 2. 《股票大作手回忆录》（[美] 埃德温·勒菲弗著，汤前燕译）上一集: