提到保守投资，人们会想到把钱放在规模最大、最稳定、最规避风险的企业和资产上，这样又能保证本金的安全（如果投入的资金碰巧也升值，那就更好了）。诚然，有些行业（如公用事业）被定义为保守的，但仅仅购买大型知名公司并不能实现成功的保守投资方法的目标。相反，这样的观点增加了保守行为和传统行为之间的混淆。...
提到保守投资，人们会想到把钱放在规模最大、最稳定、最规避风险的企业和资产上，这样又能保证本金的安全（如果投入的资金碰巧也升值，那就更好了）。诚然，有些行业（如公用事业）被定义为保守的，但仅仅购买大型知名公司并不能实现成功的保守投资方法的目标。相反，这样的观点增加了保守行为和传统行为之间的混淆。
定义
保守投资，如果理解和运用得当，就不是低风险、低回报的策略。投资者必须理解两个定义，才能理解保守投资的适当方式。
- 保守投资是一种最有可能以最小的风险保持资本购买力的投资。
- 保守投资是对什么是保守投资的理解，然后遵循适当确定特定投资是否确实是保守投资所需的特定行动过程。
许多投资者在尝试保守投资时犹豫不决，这是盲目地认为，通过购买任何符合保守投资条件的证券，他们实际上是保守投资者。换句话说，这类投资者只关注第一个定义。
这样的观点是有限和昂贵的。一个成功的保守投资方法不仅需要了解什么是保守投资，更重要的是要采取正确的方法，以确定什么是真正合格的保守投资。
保守投资的特征
如果根据第一个定义，投资者已经知道什么是保守投资，那么他们需要知道哪些特征定义了保守投资，这就是第二个定义发挥作用的地方。投资者可以用三大类来确定保守投资。
- The Safety Factor Clearly, any c***ervative investment should be able to weather market storms better than the rest. In order to do this, certain characteristics must stand out. First, a business should have a low cost of production. Being a low-cost producer has the principal advantage that, when a bad year hits the industry, the chance of still churning out a profit or reporting a **aller net loss is available. Second, a business should have a strong research and marketing department. A company that cannot compete by staying abreast of market changes and trends is doomed in the long run. Finally, management should possess financial skill. In doing so, it will be well versed in things such as per unit cost of production, maximizing return on investment capital, and other essential elements of business success.
- The People Factor This is a rather self-explanatory qualification for a c***ervative investment. But take notice that excellent people can only be beneficial after a business has dem***trated the signs of the above-mentioned quality. Take note of Warren Buffett's advice: "When a management team with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact." A **all company can succeed on the heels of one or two exceptionally-talented people. But as a business grows, people throughout the organization must be counted if the company is to succeed and remain a c***ervative investment.
- Characteristics of the Business This third quality requires a little more work for investors, but is well worth the effort. Here, the goal is to determine what advantages (or disadvantages) may prevent the business from growing and earning more profits, despite satisfying the first two conditi***. One important thing to c***ider is the competitive landscape of the industry; the existence of many compe*****s or the relative ease with which new competition can enter can affect the best of companies. The potential for excessive regulation could also be a game changer.
即使一家公司满足了保守投资的明显条件，你也应该记住考虑第三个条件。
失败的人和通过的人
可口可乐（Coca-Cola）、沃尔玛（Walmart）和强生（Johnson&；约翰逊（JNJ）。这些公司一次又一次地展示了它们的特许经营权的优势。更重要的是，这些公司很可能继续拥有非常有利的未来前景。可口可乐本质上与百事可乐竞争，而不是其他任何一家。更重要的是，企业家们不太可能坐在**里考虑创建下一个伟大的软饮料公司。
沃尔玛的存在和持续的成功应该会给大多数其他零售商带来危险，但Target除外。还记得电路城吗，它曾经是电子产品商店的第二名？它现在破产了，很大程度上是因为沃尔玛。当然，一旦一家过路的公司被确认，股票价格只会决定其获得的价值。
底线
保守投资不是简单地确定大型知名企业，而是要经过一个过程，确定为什么某个公司符合保守投资的条件。从上面保守投资公司的名字可以看出，作为一个保守的投资者可以带来一些市场上最可靠和值得尊敬的回报。
