什么是投资人竞争优势的来源呢?和企业或者行业一样,投资人的护城河是结构性的,与心理相关,这样的心理是深深烙印在大脑里的,是你身体的一部分就像公司需要建立自己的壁垒一样,一个投资人也需要有自己独特的竞争优势,否则也会趋于平庸。美国有8000家对冲基金,10000家证券投资信托基金,上百万个个人投资者每天都在参与股票市场,你该如何与这些人竞争呢?你的护城河来自哪里? What is a source of competitive advantage for investors? Investors’ moats are structural and psychologically related to businesses and industries, and their psychology is deeply imprinted in the brain and part of your body just as the company needs Like setting up their own barriers, an investor also needs to have its own unique competitive advantage, otherwise it will tend to be mediocre. There are 8,000 hedge funds and 10,000 securities investment trusts in the United States. Millions of individual investors participate in the stock market every day. How can you compete with these people? Where does your moat come from?