提到保守投資，人們會想到把錢放在規模最大、最穩定、最規避風險的企業和資產上，這樣又能保證本金的安全（如果投入的資金碰巧也升值，那就更好了）。誠然，有些行業（如公用事業）被定義為保守的，但僅僅購買大型知名公司並不能實現成功的保守投資方法的目標。相反，這樣的觀點增加了保守行為和傳統行為之間的混淆。

定義

保守投資，如果理解和運用得當，就不是低風險、低迴報的策略。投資者必須理解兩個定義，才能理解保守投資的適當方式。

1. 保守投資是一種最有可能以最小的風險保持資本購買力的投資。
2. 保守投資是對什麼是保守投資的理解，然後遵循適當確定特定投資是否確實是保守投資所需的特定行動過程。

許多投資者在嘗試保守投資時猶豫不決，這是盲目地認為，透過購買任何符合保守投資條件的證券，他們實際上是保守投資者。換句話說，這類投資者只關註第一個定義。

這樣的觀點是有限和昂貴的。一個成功的保守投資方法不僅需要瞭解什麼是保守投資，更重要的是要採取正確的方法，以確定什麼是真正合格的保守投資。

保守投資的特徵

如果根據第一個定義，投資者已經知道什麼是保守投資，那麼他們需要知道哪些特徵定義了保守投資，這就是第二個定義發揮作用的地方。投資者可以用三大類來確定保守投資。

• 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.

即使一家公司滿足了保守投資的明顯條件，你也應該記住考慮第三個條件。

失敗的人和透過的人

可口可樂（Coca-Cola）、沃爾瑪（Walmart）和強生（Johnson&amp；約翰遜（JNJ）。這些公司一次又一次地展示了它們的特許經營權的優勢。更重要的是，這些公司很可能繼續擁有非常有利的未來前景。可口可樂本質上與百事可樂競爭，而不是其他任何一家。更重要的是，企業家們不太可能坐在**裡考慮建立下一個偉大的軟飲料公司。

沃爾瑪的存在和持續的成功應該會給大多數其他零售商帶來危險，但Target除外。還記得電路城嗎，它曾經是電子產品商店的第二名？它現在破產了，很大程度上是因為沃爾瑪。當然，一旦一家過路的公司被確認，股票價格只會決定其獲得的價值。

底線

保守投資不是簡單地確定大型知名企業，而是要經過一個過程，確定為什麼某個公司符合保守投資的條件。從上面保守投資公司的名字可以看出，作為一個保守的投資者可以帶來一些市場上最可靠和值得尊敬的回報。