Pay Attention to Taxes and Inflation
关注税收和通货膨胀
To paraphrase famed investor Warren Buffett, when it comes to measuring your investment results over time, the primary thing that matters is how many more hamburgers you can buy at the end of the day. In other words, focus on purchasing power.
根据著名投资人沃伦·巴菲特所言,衡量长期投资收入时最基本要考虑的是最终你能多买几个汉堡,也就是说要关注购买力。
It is amazing how few professional portfolio managers focus on pre-tax returns rather than after-tax returns or who ignore the rate of inflation.
但令人惊讶的是只有极少数专业投资管理人会关注税前收益而不关注税后收益,或者忽视通货膨胀率。
Many trade frequently and although they may earn 9% to 12% for their investors over long periods of time, if those investors are in a high marginal tax bracket, the investors will end up with less wealth than they would have otherwise had if they had hired a more conservative manager who made 10% but who structured the investments with an eye towards April 15th. Why?
许多人交易频繁,虽然长期内能为投资者赚到9%- 12%的收益率,但如果投资者要面临高边际税率的话,最终赚到的钱还不如找一个更保守的投资管理人多,保守的管理人能赚到10%的收益率,但会以4月15日为目标进行投资。为什么会这样?
In addition to the enormous cost savings that result from long-term investing (as opposed to short-term trading), there are several tax advantages. Here are some of them:
除了长期投资节约的巨大成本(与短期交易相反)之外,还有一些税率的优势。下面举几个例子:
Short-term capital gains are taxed at personal income tax rates. In New York City, for example, Federal, State, and Local taxes on these types of short-term gains can meet or exceed 50%!
短期资本收益按个人所得税税率纳税,比如在纽约市,联邦、州和地方的这种短期收益的税率可达或超过50%!
At the Federal level, the worst damage is presently 39.6%.
联邦税收中目前最高的税率是39.6%。
In contrast, long-term capital gains, or those generated from investments held for one year or longer, are typically taxed between 0% and 23.6% at the Federal level.
相比之下,联邦层面的长期资本收益,或由一年或更长时间投资产生的收益,通常的税率为0%-23.6%。
Unrealized gains are a sort of "float" on which you can continue to experience the benefit of compounding your money.
未实现收益是一种“浮动”,让你能继续享受理财的收益。
If you sell your investment to the move the money into a new stock, bond, mutual fund, or other investment, you are not only going to have to pay commissions, but you are going to have to give the tax man his cut of your profits.
如果你卖掉投资产品,把钱转移到新股票、债券、共有基金或其他投资上,你不仅要付佣金,还要从你的利润中分给税务人员一部分。
That means the amount you have available to reinvest is going to be substantially lower than the amount shown on your balance sheet just before you liquidated the position.
这就意味着清算资产之前你能继续投资的那部分钱,基本上会低于决算表上显示的钱数。
That's why the best investment minds, such as Benjamin Graham, said you should only consider switching out of one investment and into another if you think the new position is far more attractive than your current one.
这就是为什么像本杰明·格雷厄姆这样最好的投资人说你只能在新的投资产品比目前投资产品好太多时才能考虑从一个投资中撤出,转投另外一个。
In other words, it's not enough for it to be a "little" more attractive - it needs to be absolutely evident to you.
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