You already know that frictional expenses can make buying and selling stock in rapid-trading fashion seriously lower your returns.
你已经了解了摩擦性成本会导致快速交易方式中买卖股票大大降低你的收益。

Still, there are times when you may want to part with one of your stock positions.
然而有时你可能想要舍弃一只股票。

How do you know when it’s time to say goodbye to a favorite stock?
你怎么才能知道何时卖掉心爱的股票呢？

These helpful tips can make the call easier.
下面这些实用的建议能帮你更容易做决定。

-Earnings were not properly stated.
-未明确收益。

-Debt is growing too rapidly.
-债务增长过快

-New competition is likely to seriously harm the firm’s profitability or competitive position in the marketplace.
-新的竞争有可能严重损害该公司的盈利能力或市场竞争地位。

-Management’s ethics are questionable. Benjamin Graham said that “you cannot make a quantitative adjustment for unscrupulous management, only avoid it.” In other words, it doesn’t matter how cheap a stock is, if the executives are crooks, you are likely to get burned.
-管理规范有问题。本杰明·格雷厄姆说：“你不能对不择手段的管理做出定量调整，只能规避。”也就是说无论该股票多便宜，如果高管是骗子，你都可能被殃及。

-The industry as a whole is doomed due to a commoditization of the product line.
-由于生产线的商品化导致整个产业注定要不行了。

-The market price of the stock has risen far faster than the underlying diluted earnings per share. Over time, this situation is not sustainable.
-该股票市场价格的上涨远远超出了潜在的稀释每股收益。时间一长就撑不住了。

-You need the money in the near future – a few years or less. Although stocks are a marvelous long-term investment, short-term volatility can cause you to sell out an inopportune moment, locking in losses. Instead, park your cash in a safe investment such as a bank account or a money market fund.
-你最近几年内或更短时间内需要钱。虽然股票作为长期投资非常不错，但短期波动会导致你卖股票的时间不合适，造成损失。相反，你所做的投资要能够保证资金安全，如银行存款或货币市场基金。

-You don’t understand the business, what it does, or how it makes money.
-你不懂商业、它是做什么的或者怎样赚钱的。

One important note: History has shown that it is generally not a good idea to sell because of your expectations for macroeconomic conditions, such as the national unemployment rate or the government’s budget deficit, or because you expect the stock market to decline in the short-term.
重要提示：历史证明由于对宏观经济因素的预期就出售股票通常不是明智之举，比如国家失业率或者政府的预算赤字，或者因为你预计股票市场短期内会下跌。

Analyzing businesses and calculating their intrinsic value is relatively simple. 
分析企业并计算他们的隐含价值才是相对简单之举。

You have no chance of accurately predicting with any consistency the buy and sell decisions of millions of other investors with different financial situations and analytical abilities. 
你并不能对数百万其他投资者任何买进和卖出的决定做出准确的一致性预测，他们有着不同的财务状况和分析能力。

 

（翻译：菲菲）