Keynes’ Three Principles of Securities Investment – Investment Tanka
ケインズの 投資三大 原則は 本源価値に 集中・分散
The three principles of securities investment Keynes indicated; –
A careful selection of a few investments, cheap in relation to 1) intrinsic value, 2) concentrated, and yet suitably 3) diversified.
ケインズの 投資原則 第一は 本源価値で 割安証券
As first of his three principles of securities investment, Keynes does argue;-
‘a careful selection of a few investments having regard to their cheapness in relation to their intrinsic value.’
ケインズの 投資原則 第二には 選別銘柄 集中投資
As second principle, he puts singularly; –
‘a steadfast holding of these, thick and this in large units fairly.
ケインズの 投資原則 第三は 動き異なる 銘柄分散
As the third principle, he points out lastly; –
‘a balanced investment position, a variety of risks in spite of individual holdings being large, … to move in opposite directions in general fluctuations, likely.’
Reference: The Collected Writings of John Maynard Keynes, Vol. XII
By Kota Nakako