Jim Cramer的投资25条之二

It’s OK to Pay the Taxes

缴点税没什么大不了的

*N*o one has ever liked to pay taxes. As long as there have been taxes, people have hated paying them. But the aversion to paying taxes on stock gains borders on the pathological. That’s why my second bedrock tenet for my 25 rules of investing is:

It’s OK to pay the taxes.

没人喜欢缴税。哪里有税收哪里有就抱怨。但对证券收入税收的反感就有点小题大做了。所以我的25条投资准则中的第二条就是： 缴点税没什么大不了的。

When I went bearish in March 2000, I received a huge amount of angry email from people who felt aggrieved. They had bought, I don’t know, Redback Networks (RBAK – news – Cramer’s Take – Rating) or InfoSpace (INSP – news – Cramer’s Take – Rating) because of me, because of something I wrote, and now they were being told to sell it.

我2000年三月看空的时候，收到一堆来自沮丧股民的愤怒信件。他们因为我以前写过的什么东西买了Redback Networks或者InfoSpace，现在却被告知要卖掉。

Had I no regard for them? Had I no regard for how much in taxes they would have to pay because the gains were short-term? What was the point of making money in a compressed period of time when it meant you would have much less to show for it than if the stock were held long-term?

是我没拿他们当回事？还是没拿他们因为短线操作而不得不支付的税当回事？长期持有仿佛比短期赎回更划的时候意味着什么？

I had zero sympathy for these people. I had long ago made my peace with the tax man. I knew that some gains were and are simply unsustainable. Given, though, that so many people thought that if you bought and held, you always ended up with more than if you bought and sold, my discussion fell on deaf ears, an audience like the character in The Lord of the Rings, Gollum, who says, “I’m not listening, I’m not listening.”

我一点也不同情那些人。我和我的税务官和平共处很久了。我早知道不是什么东西都可以保持只涨不跌的。就有那么些人，老以为在手里攥的时间越长就越值钱，我说的话全灌聋子耳朵里去了。就好像指环王里的Gollum，不停的说“我不听我不听”。

Anyone who held on to get the long-term gain then ended up with no gain at all. You obviated the need to pay taxes the hard way; no taxes are due when you sell at a loss.

期待长线回报却最后一无所获的人，你太拿缴税当回事了，如果跌了才卖，避税又有什么用？

It’s important to remember that gains, any gains, can be ephemeral. It is better to stop worrying about the tax man and take the gains when those gains appear unsustainable than to ride things back to a loss. Stop fearing the tax man; start fearing the loss man. You won’t regret it.

有一点非常重要，必须记住，任何增值都可以是稍瞬即逝的。当增长无法维持的时候，把税务放在脑后先赚了再说总比跌了赔钱好。不要畏惧税收官，你需要畏惧的是损失。你不会后悔的。