二○○八年十月，滿街的股評人都在說Cash is King，最近，Cash is King的聲音又再響起，四處可聽到。
實際上，許多人對Cash is King的真正意義一知半解，以為死抱着現金不放就是Cash is King，這是錯誤的。我認為，真正懂得運用Cash is King概念的投資者，是當股市跌至面目全非、股價超值低賤時，自己手上有相當多的現金可以買股，這才是Cash is King概念的最佳應用者，Cash is King絕對不是在股價低賤時將手上的超值股、優質股以極低賤的價格拋售，然後持有大量現金不敢做任何事。這種人，往往因為在股價低賤時沽售所有的股票，就算沽售後股價再跌，他們也絕對沒有膽量再入市買，他們只會高唱Cash is King，並慶幸自己能在股價較高一點的水平賣掉。
絕非股價低殘沽貨
除非銀行的利率優厚，持有現金可以收利息，否則，像目前這種利率水平，Cash is King只會讓自己的現金被通貨膨脹吃掉。在這種情況之下，Cash哪裏是King？這種人往往會高唱Cash is King好一段時間，往往得等到股市再次出現狂熱時，他們才會解除恐懼感，並從恐懼感轉變為貪婪，覺得錢存在銀行沒有利息，不如趁股市狂熱入市賺快錢。
股市裏最多的就是這種人，一次又一次的低賣高買，一次教訓、兩次教訓都學不到，理由就是他們只會在恐懼時想起Cash is King。
真正成功的Cash is King概念執行者，他們在股市跌至他們認為是超值的時候就入市，而且是大舉而入，為甚麼他們在股價低賤時有大量的現金呢？理由就是股市在狂熱時，他們不狂熱，絕不高追，並開始不斷地累積資金，持有現金不動，不會為股市的亢奮而亢奮，他們持有大量的現金耐心的等，等到滿街的股評人都在唱Cash is King時，他們的確手上有大量的現金來成為King。
入股比亞迪 仍是贏家
看看股神巴菲特，最近他有能力一擲五十億美元買美國銀行股票，這就是Cash is King，這說明他在之前的確持有非常大量的現金，等待他認為股價超值時出擊，二○○八年九月開始，他也是如此做。今日，不少人譏笑巴菲特買比亞迪，但是，這些人不知道，巴菲特是在甚麼時候入股比亞迪，當時入股價有多高，與今日的股價比較，巴菲特仍然是贏家。巴菲特從來沒有成功的撈底，也就是說他入市後股價往往再下跌，但這不重要，他看的是長遠的前景，只要購買時股價是超值的價格，耐心地持有，一定會柳暗花明又一村。
輯錄自 418期 Book A 【曾淵滄教路】
Source/转贴/Extract/Excerpts: 東周刊
Publish date:30/08/11
Be decisive, Be patient, Don’t be greedy, Don't be stubborn
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