What is the biggest mistakes people make when investing? They try, they just don& #39;t realize that all you have to do is just buy across a cross-section of America and they never listen to people like me or read the papers or do anything subsequently. 

人们在投资时犯得最大错误是什么？他们尝试投资，只是他们没有意识到你所需要做的就是购买多种不同的投资，分散风险。他们从不听像我这样的人的建议，也不阅读报纸或做任何后续操作。

They think that because you can trade, you should trade. You buy a farm, you buy an apartment house, you can& #39;t resell it tomorrow, you know, the cost of moving around. 

他们认为因为可以交易，所以就应该交易。你买一个农场，你买一幢公寓楼，你不能明天就转手出售，你知道，这样搬迁的成本很高。

Now you get something handed to you, liquidity, which is instant in sell and the cost of doing it are pennies, you know, compared to other kinds of investment activity. So, because they can so easily move around, they do move around. And moving around is not smarter than investing.

现在你拥有了一项可以随时变现的资产——流动性，而且与其他投资活动相比，变现它的成本微乎其微，你知道的。因为他们可以如此轻松地进行买卖操作，所以他们确实频繁买卖。然而，频繁的买卖并不比长期投资更明智。

One of the ironies of the stock market is the emphasis on trading activity. Brokers who use terms like "tradability" and "liquidity" frequently praise companies with high trading volumes, but investors must understand that this is good for the people at the tables who are responsible for cashing in the chips, but not necessarily good for the clients. An overactive stock market is a corporate thief.

股票市场的讽刺之一就是强调交易的活跃性。使用“交易性”和“流动性”这样名词的经纪商频繁夸赞那些交易量较大的公司，但是，投资者必须明白，这对于在赌桌旁负责兑付筹码的人来说是好事，对于客户来说未必是好事。一个过度活跃的股票市场其实是企业的窃贼。