紀律篇：
https://www.jkforum.net/p/home.p ... blog&id=1697417

前美國防部長被問及有關的證據時，對事件的分類有以下見解：
1.已知的已知：人們知道自己知道
2.已知的未知：人們知道自己不知道
3.未知的未知：人們不知道自己不知道
若說紀律是針對已知的落實執行，資本配置就是防範未知

資本=資產+金融，其配置與轉換在投資策略中極為重要，取決於三個變數：收益，風險，個人偏好
潛在收益愈大，引發的貪婪促使人趨之若鶩，忽略危機
投資風險愈高，衍生的恐懼迫使人規避退卻，漠視溢酬

投資人無法掌握最佳的進出場時機，但可控制虧損幅度與流動性，以時間換取重大勝利的機會
這有賴於良好的買賣機制，規避巨幅虧損的致命打擊外，擁有高流動性資金亦有助於信用創造
所謂時間/周期的現實認知，就是場內人的耐力比拚，贏者全拿

真正的風險，是永久虧損的可能性；市場存活的最重要法則，不是嚴守停損，而是資本配置
停損，是對思慮不周與策略失當的懺悔，雖可取，但不能視為常態
頻繁為之將徒增投資成本，與其如此，應強化價值評估的精度，與資金控管的效度
凡沒有能力實踐1年期以上的投資預測與規劃，即便短暫獲利仍應視為運氣或偶然，財富終將回歸市場
When the former US Secretary of Defense was asked about the relevant evidence, he had the following opinions on the classification of the incident:
1. Known knowns: people know they know.
2. Known unknowns: people know what they don’t know.
3. Unknown unknowns: people don’t know they don’t know.
If discipline is about implementing the known, capital allocation is about guarding against the unknown.

Capital = assets + finance. Its allocation and conversion are extremely important in investment strategies and depend on three variables: income, risk, and personal preference.
The greater potential benefits, which cause the greed, will prompt people to rush in and ignore the crisis.
The higher investment risk, which results fear, forces people to avoid and ignore returns.

Investors cannot grasp the best timing of entry and exit, but they can control the magnitude of losses and liquidity, and wait for the opportunity of major wins.
This relies on a good trading mechanism to avoid the fatal blow of huge losses. Having high funds liquidity also helps create credit.
The so-called realistic understanding of time/cycle is a competition of endurance between people in the field, and the winner takes all.

The real risk is the possibility of permanent loss; the most important rule for market survival is not to strictly adhere to stop loss, but to allocate capital.
Stop loss is a confession of poor thinking and improper strategy. Although it is advisable, it cannot be regarded as the norm.
Frequently doing so will only increase investment costs. Instead of doing this, the accuracy of value assessment and the effectiveness of fund control should be strengthened.
For those who are unable to implement investment forecasts and plans with a period of more than one year, even short-term profits should still be regarded as luck or accident, and wealth will eventually return to the market.

應對投資風險(資本篇)對投資者非常重要，應好好閱讀才是。