如何投资——即使是在流行病期间

It's been a wild year for the financial world. You might be worried about your investments or considering making changes to your portfolio.

对金融界来说，这是疯狂的一年。你可能会担心你的投资或者考虑改变你的投资组合。

But don't do anything drastic. Trust us, no good has ever come from freaking out about your stocks in the middle of a global pandemic.

但不要做任何过激的事。相信我们，在全球流行病之际，对你的股票感到恐慌是不会有任何好处的。

Here's what to remember:

以下是需要记住的:

1. Don't sell stocks when the market tanks.

不要在市场下跌时抛售股票。

When stocks are in free fall, it's scary. You watch your retirement portfolio drop in value. Try thinking about it like a roller coaster. Those can be scary too, but you only get hurt if you jump off the roller coaster. It's better to hang in there and ride back up when the market recovers.

当股市自由下跌时，这很可怕。你看着你的退休投资组合贬值。试着像过山车一样。这些也很可怕，但如果你从过山车上跳下来，你只会受伤。最好是坚持住，在市场复苏的时候，再坐起来。

The problem with selling, is nobody knows when the market will turn around and go roaring back up. So if you sell, your retirement fund can get left in a ruined heap after the market recovers.

抛售的问题在于，没人知道市场何时会转好，何时会重新飙升。因此，如果你卖出股票，你的退休基金可能会在市场复苏后变成一堆烂摊子。

2. Rebalance your portfolio at least once a year

每年至少调整一次你的投资组合

If you want to indulge your human impulse to do something in the face of a market crash, Swensen says there is one very good thing to do. It's called rebalancing: "selling what's gone up and buying what's gone down," says Swensen.

史文森说，如果你想在市场崩盘时放纵自己的冲动去做点什么，有一件非常好的事情可以做。这被称为再平衡:“卖出上涨的，买入下跌的，”斯文森说。

If you have a well designed pie-chart of investments prior to the market crashing, then you have an opportunity to rebalance. For example, if stocks have fallen in value and treasury bonds have increased in value (after investors rushed to buy them as safer investments), then your pie slice for stocks has gotten smaller in value as a percentage of your portfolio. And your bond slice has gotten bigger.

如果你在市场崩盘前就有了一个精心设计的投资饼图，那么你就有了重新平衡的机会。例如，如果股票贬值了，而国债升值了(在投资者将其作为更安全的投资而争相购买之后)，那么你在股票投资组合中所占的比例就变小了。你的债券份额变大了。

3. Don't pick your own stocks.

不要自己选股票。

It makes sense to be invested in the stock market because over long periods of time, stocks have had much better returns than bonds or other investments. But that does not mean that it's a good idea to buy individual stocks, like Amazon or Tesla or whatever seems like the hot company.

投资于股票市场是合理的，因为从长期来看，股票比债券或其他投资有更好的回报。但这并不意味着购买个股是一个好主意，比如亚马逊或特斯拉或任何看起来热门的公司。

Here is the dirty little secret of Wall Street. It's almost impossible, even for professionals, to pick individual companies whose stocks are going to outperform the overall market. Over time, eighty to 90% of mutual fund managers —80 to 90%— fail at this.

下面是华尔街肮脏的小秘密。即使是专业人士，也几乎不可能挑选出哪一家公司的股票会跑赢大盘。随着时间的推移，80%到90%的共同基金经理在这一点上失败了。

So if you're thinking you can read some investing magazines, watch some investing shows on TV, and pick some winner stocks, Swensen says, "it's basically a fool's errand."

因此，如果你认为可以读一些投资杂志，看一些电视上的投资节目，并选择一些赚钱的股票，史文森说，“这基本上是一个傻瓜的差事。”

So what's the right way to own stocks?

那么持有股票的正确方法是什么呢?

4. Invest in index funds, not actively managed funds. And don't pay too much in fees.

投资指数基金，而不是积极管理的基金。不要支付太多的费用。

Swensen says to buy a slice of the entire stock market using low-cost, broad-based index funds. The Vanguard Total Stock Market Index Fund, for example, buys just about every U.S. public company for a very low annual fee of 0.14%.

史文森说，要用低成本、基础广泛的指数基金在整个股市中分一杯羹。例如，先锋股票市场指数基金以0.14%的极低年费收购了几乎所有美国上市公司。

Index funds differ from actively managed mutual funds, some of which charge fees that are 10 times what you'd pay for an index fund. Index funds are what's called 'passively' managed — they just buy a list of stocks without trying to pick winners or losers.

指数基金不同于积极管理的共同基金，其中一些基金收取的费用是指数基金的10倍。指数基金是所谓的“被动”管理，他们只是购买一份股票清单，而不试图挑选赢家或输家。

In an actively managed fund, you're paying professional investors to pick a basket of stocks for the fund to invest in that are supposed to outperform the overall market. But as we say above, the vast majority fail to do that after you factor in the fees they charge you.

在一个积极管理的基金中，你付钱给专业投资者，让他们为基金挑选一篮子股票进行投资，这些股票应该会跑赢大盘。但正如我们上面所说的，在你考虑到他们向你收取的费用后，绝大多数都无法做到这一点。

5. Diversify your portfolio.

分散你的投资组合。

Here's a sample recommended portfolio from David Swensen which he says will serve most investors well:

以下是大卫·史文森推荐的投资组合样本，他说这对大多数投资者都有好处:

30% in U.S. stocks.

30%投资于美国股票。

15% in developed country stocks.

15%投资于发达国家股票。

5% in emerging market stocks.

5%投资于新兴市场股票。

20% in domestic U.S. real estate.

20%投资于美国国内房地产市场。

15% in U.S. Treasury bonds.

15%投资于美国国债。

15% U.S. Treasury Inflation Protected Securities.

15%投资于美国财政部通货膨胀保护证券。

Experts say if you want to make big changes to your portfolio, again don't do it right after stocks crash. Some suggest what's called 'dollar cost averaging' where you make a series of gradual moves over a year and a half to end up where you want to be.

专家说，如果你想对你的投资组合进行大的改变，同样不要在股市崩盘后马上做。有人建议称之为“成本平均法”，即在一年半的时间里逐步采取一系列措施，最终达到你想要达到的目标。

As people approach retirement age and once they're in retirement, Swensen says, things get more complicated. At that point in your life, many experts say it may make sense to get some professional advice from a financial advisor.

史文森说，随着人们接近退休年龄，一旦进入退休年龄，事情就会变得更加复杂。在你人生的这一刻，许多专家说，从理财顾问那里得到一些专业建议也许是有意义的。