手把手教你投資：你的第一堂股票課（附英文原稿）

7. The New Blue Chips & Dividends in this episode, Josh explains how companies generate and disseminate cashflow from profits to their investors. Through dividends [00:00:19] companies generate cashflow from their operations. And the portion of that cashflow that becomes profits. They have a choice of how they want to disseminate those profits amongst their investors. And when I say their investors, the people that manage the companies. The CEO, the CFO, and many of the employees, they own stock too. [00:00:40] So in many cases, they're trying to decide, okay, we have an excess of cashflow, which you would call profit of a hundred million dollars this year. How do we want to give that out? So dividends are a very popular way for companies to literally take that cash and pay it out to shareholders, proportionate to the amount of the company that had shareholder owns. [00:01:01] So they declare a dividend. Usually quarterly, most investors think about dividends annually an...

2. How toBuild a Portfolio 2.如何建立投資組合 In this episode,Josh explains what makes up a portfolio and how to build portfolios thatreflect what the money will be used for. And importantly, when it will be usedby the investor, 在這一集里，喬希解釋了投資組合的組成，以及如何建立反映資金用途的投資組合。重要的是，當投資者使用它時，  folio is a fancyway of saying they have a collection of different stocks and bonds that they'reinvested in. And a portfolio could include real estate. It can includecommodities. It could be an individual stocks. It could be in ETFs or mutualfunds, which are the wrappers around stocks. It can really include anything,even art, even these days, wine Bitcoin, any investible asset can be a part ofyour portfolio. folio是一種很花哨的說法，用來表示他們投資的是不同的股票和債券。投資組合可以包括房地產。它可以包括商品。可能是個股。它可以是ETF或共同基金，它們是股票的包裝物。它真的可以包括任何東西，甚至藝術品，甚至在現在，葡萄酒比特幣，任何...

1.Introduction to the Stock Market 1.股票市場概論 to the stockmarket. One Oh one, a Himalaya learning audio course by Josh Brown. Josh Brownis the CEO of Ritholtz wealth management. Uh, CNBC 喬希·布朗的喜馬拉雅學習音頻課程。喬希·布朗是Ritholtz財富管理公司的首席執行官。呃，CNBCcontributor andone of the biggest influencers in the financial he's also the author of thebook backstage wall street and blogs at the reformed broker. In this firstepisode, Josh gives a high level overview of what the stock market is, how touse it as a vehicle to increase the value of your money and how risks andrewards are inextricably linked. 他還是《華爾街后臺》（backstage wall street）一書的作者，也是《改革后經紀人》（reformedbroker）博客的作者。在第一集中，喬希對股票市場做了一個高層次的概述，如何利用它來增加你的錢的價值，以及風險和回報是如何密不可分地聯系在一起的。  When choosingstocks, he also reveals the iron law of finance. The stock market is a placewhere peopl...

8. Stock Splits in this episode, Josh explained stock splits and why the greatest investor Warren buffet despises them. A stock split. It's not a natural phenomenon. It's manmade. The corporation looks at its stock price. The stock price is let's say $300 per share. And they say, let's do a split because blank. And there were a couple of reasons. [00:00:31] Some I think are legitimate, some might think are illegitimate, but they'll say let's do a three for one, which would bring our stock price down to a hundred. And the shareholder would just see a. Price. That's been cut by two thirds, but they'd see a tripling in the amount of shares they own. It changes. [00:00:49] Absolutely nothing about their stake in the company, proportionally they own the same amount of the company. All that's happened is instead of cutting a pizza into eight slices, you've cut it into 16. Still the same size pizza does not grow the pizza. Well, I don't have a problem with splits. The problem that I ...

9. The Current State of the Market in this episode, Josh reflects on the current state of the stock market, how companies have grown in market cap and how that impacts inequality and unemployment. He concludes with advice for continuing on your financial journey. The stock market right now is reacting to the technology trend that we discussed earlier, where the largest companies in America are completely impervious or even helped by the way the economy is currently structured. [00:00:36] And so those companies have a very large waiting in the indexes and there are many of them. It's not just five. There are hundreds of companies that have found this as an amazing moment for what they do. Right Shopify, which is company based in Canada, which allows small businesses to become their own mini Amazons. [00:00:55] There are companies like Gilliad that are working on vaccine cures. There's a company called , which is the largest warehouse company in North America, basically Amazon a...

4.Portfolio Mistakes 4.投資組合錯誤 in this episode,Josh shares some of the common mistakes to avoid with your money and how it'seasiest a young person to not recognize your greatest asset. I think I mademost of the big mistakes when I was younger, which I think is how it should beand mistakes both with my own money and with client money, nothingcatastrophic, but just not knowing when you have too much of a good thing,chasing markets, when you feel like you're missing out on something thateveryone's making a ton of money, concentration risk, meaning having too muchof one particular type of investment or one specific company stock, that's abig one for people. 在這一集里，喬希和大家分享了一些在花錢時要避免的常見錯誤，以及年輕人如何最容易不認識到你最大的資產。我想我年輕的時候犯了很多大錯，我認為應該是這樣，我自己的錢和客戶的錢都犯了錯誤，没有什麼災難性的，只是不知道什麼時候你有太多的好東西，追逐市場，當你覺得自己錯過了一些大家都賺了一大筆錢的東西，集中風險，意味著有太...

6. Blue-Chip Stocks in this episode, Josh explains blue chip stocks, why they are so reliable and yet how they can rise and fall over the longterm. He also discusses the new blue chips we are seeing most recently in the age of digitization. A blue chip stock historically has been a stock that investors look at as something they can count on forever. [00:00:29] And historically, there are very few companies that you can really do that with over the long, long, long term, but over any 10 year period, a stock can be seen by. A given generation is having blue chip like qualities, 80 and T is a great example of a blue chip. It's over a hundred years old, it's paid a dividend for most of that period of time. [00:00:52] It's never gone away. It's never lost relevance. It's something that people have relied on their parents. Their grandparents have passed down the stock to them. That's a good example of a blue chip, but not all blue chips. They blue chips and general electric is a rea...

3. Risk,Reward & Rebalancing 3.風險、回報與再平衡 in this episode,Josh goes over the essential factors to consider for your portfolio whenplanning your retirement nest egg. He explains which risks to take, which toavoid and suggest sensible investment strategies, such as rebalancing yourportfolios, ratio of stocks to bonds. There are other considerations like, uh,the cost of living in the part of the country that you live in. 在本期節目中，喬希將詳細介紹在計劃退休儲蓄計劃時，投資組合需要考慮的基本因素。他解釋了應該承擔哪些風險，避免哪些風險，並提出了明智的投資策略，比如重新平衡投資組合、股票與債券的比率。還有其他的考慮因素，比如，呃，你居住的國家的生活費用在。 And the rate atwhich that cost of living is going up, longevity is going to be very caged interms of, you know, you think about retirement is almost a new invention inAmerica. In 1950, the way you retired was you literally dropped dead at youroffice. And if you didn't, they handed you a gold...

5. Investment Options In this episode, Josh explains the various decisions that go into investment options like mutual funds and exchange traded funds, and how stocks are valued and either become value or growth stocks. ETFs are just another form of mutual funds. So it's a wrapper. ETF means exchange traded fund with a typical mutual fund mutual funds have been around since the 1920s. [00:00:31] So very old fashioned technology, but it's basically a way to own many stocks or many bonds, but you only buy one investment. So it's a pooled asset. So to speak exchange traded funds. Can be bought and sold on the exchange during the day and mutual funds get bought and sold only after the market closes each day after 4:00 PM, New York time, there are some other differences in terms of the tax treatment. [00:00:56] I think before anyone buys any fund, they should understand what the fees they're paying are. What the tax consequences are and what other alternatives exists. Um, and so th...