MI357: The Sloth Investor w/ R P Stevens
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RP·史蒂文斯（RP Stevens）是他即将出版的新书《树懒投资者》（The Sloth Investor）的作者，他在“千禧一代投资播客”（Millennial Investing Podcast）上与帕特里克·唐纳利（Patrick Donnelly）一起讨论了他的独特投资理念。他的书是一本写给投资初学者的指南，书中提出“树懒般的方法”是实现财务成功最理性、最有证据支持的路径，这一路径由构成S-L-O-T-H这五个字母的五项基本原则概括。
史蒂文斯的个人投资之路开始得相对较晚，在他二十多岁快三十的时候。他在一个从不谈论投资的家庭中长大，因此产生了“投资冒名顶替综合症”。他的观点在遇到岳父约翰（John）后发生了转变，约翰向他介绍了复利和沃伦·巴菲特等概念。安德鲁·哈勒姆（Andrew Hallam）的《百万富翁教师》（The Millionaire Teacher）一书进一步点燃了这最初的火花，这本书深刻地影响了史蒂文斯，使他走上了强调简单性和低费用的指数投资之路。虽然他承认最初也涉足了个股，但他越来越采纳指数基金的方法，这与摩根·豪泽尔（Morgan Housel）的观点不谋而合：“我可以不成为一名伟大的投资者，但我无法承担成为一名糟糕投资者的风险。”他强调了一个悖论：虽然大多数人生成功需要积极的行动和努力，但成功的投资却常常奖励更少的行动和更多的耐心。
《树懒投资者》的灵感来源于沃伦·巴菲特的一句名言：“我们投资哲学的基石是接近树懒般的迟钝。”这句话，再加上富达（Fidelity）研究报告的发现（即最成功的投资账户属于那些忘记了它们或已经去世的人），以及丹尼尔·克罗斯比（Daniel Crosby）和摩根·豪泽尔等金融作家的智慧，促使史蒂文斯发展出了“树懒”的比喻。他大约在2019年决定撰写此书，原因是他收到了关于他写作的积极反馈，以及香港新冠疫情封锁期间提供的充裕时间。出版过程虽然漫长，但却是一次宝贵的学习经历。
这五项基本原则是：
1. **S - 简单性 (Simplicity)**：史蒂文斯强调简单性对初学者至关重要，他引用了杰克·博格尔（Jack Bogle）的格言：“简单是终极的精髓。”他认为复杂性和金融术语吓退了许多潜在投资者。
2. **L - 低费用 (Low Fees)**：高额费用是对回报率的巨大拖累，会随着时间推移产生负复利效应。他赞扬杰克·博格尔和先锋基金（Vanguard）普及了低成本指数基金，并将指数基金称为“金融管理领域的曼哈顿计划”。
3. **O - 拥抱全球 (Own the World)**：这一原则提倡建立全球多元化的投资组合，例如先锋富时全球全股票指数基金（Vanguard FTSE All-World Index Fund，VWRP）。史蒂文斯建议与其试图预测哪些国家或地区会表现优异，不如持有整个全球市场，以确保无论增长出现在何处都能获得敞口。这与博格尔的建议不谋而合：“不要在大海捞针，而是买下整个草堆。”
4. **T - 时间 (Time)**：耐心和长期视角至关重要。他提到了摩根·豪泽尔的“日历的暴政”，敦促投资者关注数十年而非短期波动。
5. **H - 固执己见 (Headstrong)**：投资者必须克服自身的认知偏差。“固执己见”（Headstrong）意味着屏蔽市场噪音，忽略耸人听闻的头条新闻（“蒙上眼睛、戴上耳塞”），并坚持一个纪律严明、基于证据的计划。
在自己的投资组合中，史蒂文斯知行合一，主要投资于简单、低费用的指数基金，并采用定期定额投资（dollar-cost averaging）。他还选择提前还清房贷以求“心安”，这种“高枕无忧”（SWAN，Sleep Well At Night）的做法，他也认为在摩根·豪泽尔的个人财务中有所体现。
史蒂文斯并没有一个具体的财务“数字”来定义自由，但他倾向于以年龄来考虑，希望能在55岁前实现财务独立。作为两个孩子的父亲，他旨在为孩子们“铺平”人生道路，但同时强调不要“溺爱”他们，他引用了《娇惯的美国人》（The Coddling of the American Mind）等书籍中的观点。他相信培养独立性以及为目标奋斗的价值。
在他的播客节目《树懒投资者播客》（The Sloth Investor Podcast）中，史蒂文斯采访了JL·柯林斯（JL Collins）、埃里克·巴尔丘纳斯（Eric Balchunas）和安德鲁·哈勒姆等知名嘉宾。一个主要收获是这些成功投资者普遍持有的乐观态度。他从埃里克·巴尔丘纳斯那里了解到了博格尔的“刺猬与狐狸”的比喻，它强调了专注于一个伟大而简单策略的力量。JL·柯林斯关于“债务，不可承受之重”（Debt, the Unacceptable Burden）的信息，以及安德鲁·哈勒姆的著作《平衡》（Balance）（强调经历而非物质财富），也对他产生了显著影响。
金融素养是史蒂文斯极大的热情所在。他希望将自己的投资原则介绍给中学生及更广泛的受众，运用引人入胜的类比，例如将李小龙、约翰·列侬和塞雷娜·威廉姆斯所付出的努力，与成功投资所需的 *不活跃* 状态进行对比。
《树懒投资者》定于6月28日发行，将在亚马逊的各个平台和巴诺书店（Barnes & Noble）有售。读者可以在X（@Sloth_investor）、YouTube（@theSlothInvestor）和Substack（theslothinvestor.substack.com）上找到RP·史蒂文斯。
RP Stevens, author of the forthcoming book "The Sloth Investor," joined Patrick Donnelly on the Millennial Investing Podcast to discuss his unique investing philosophy. His book, a beginner's guide to investing, posits that a "sloth-like approach" is the most rational and evidence-based path to financial success, encapsulated by five bedrock principles that spell out S-L-O-T-H.
Stevens' personal investing journey began relatively late, in his late 20s. Growing up in a family where investing was never discussed, he developed an "investing imposter syndrome." His perspective shifted after meeting his father-in-law, John, who introduced him to concepts like compound interest and Warren Buffett. This initial spark was further ignited by Andrew Hallam's "The Millionaire Teacher," a book that profoundly influenced Stevens and set him on the path to index investing, emphasizing simplicity and low fees. While he admits to initially dabbling in individual stocks, he increasingly embraced the index fund approach, echoing Morgan Housel's sentiment: "I can afford not to be a great investor, but I can't afford to be a bad investor." He highlights the paradox that while most life successes demand activity and effort, successful investing often rewards less activity and more patience.
The inspiration for "The Sloth Investor" stems from a quote by Warren Buffett: "Lethargy bordering on sloth is the cornerstone of our investing philosophy." This, combined with findings like the Fidelity study (most successful investment accounts belong to those who forgot them or passed away), and wisdom from financial authors like Daniel Crosby and Morgan Housel, led Stevens to develop the "sloth" metaphor. He decided to write the book around 2019, driven by positive feedback on his writing and the dedicated time provided by COVID-19 lockdowns in Hong Kong. The publishing process, though lengthy, was a valuable learning experience.
The five bedrock principles are:
1. **S - Simplicity:** Stevens stresses simplicity as crucial for beginners, citing Jack Bogle's "simplicity is the ultimate sophistication." He believes complexity and financial jargon deter many potential investors.
2. **L - Low Fees:** High fees are a major drag on returns, compounding negatively over time. He credits Jack Bogle and Vanguard for making low-cost index funds accessible, calling the index fund "the Manhattan project of financial management."
3. **O - Own the World:** This principle advocates for a globally diversified portfolio, like the Vanguard FTSE All-World Index Fund (VWRP). Rather than trying to predict which countries or regions will outperform, Stevens advises owning the entire global market, ensuring exposure to growth wherever it occurs. This aligns with Bogle's advice: "Don't look for the needle in a haystack, buy the haystack."
4. **T - Time:** Patience and a long-term perspective are paramount. He refers to Morgan Housel's "Tyranny of the Calendar," urging investors to focus on decades rather than short-term fluctuations.
5. **H - Headstrong:** Investors must overcome their own cognitive biases. Being "headstrong" means blocking out market noise, ignoring sensational headlines ("blindfold and earmuffs"), and sticking to a disciplined, evidence-based plan.
In his own portfolio, Stevens practices what he preaches, investing primarily in simple, low-fee index funds and using dollar-cost averaging. He also chose to pay off his home for "peace of mind," a "SWAN" (Sleep Well At Night) approach he sees reflected in Morgan Housel's personal finances.
Stevens doesn't have a specific financial "number" for freedom but thinks in terms of age, hoping to achieve financial independence by 55. As a parent of two children, he aims to "smooth their path" through life but emphasizes the importance of not "coddling" them, referencing books like "The Coddling of the American Mind." He believes in cultivating independence and the value of striving for goals.
From his podcast, "The Sloth Investor Podcast," Stevens has interviewed notable guests like JL Collins, Eric Balchunas, and Andrew Hallam. A major takeaway has been the overarching **optimism** shared by these successful investors. He learned about Bogle's "Hedgehog and the Fox" analogy from Eric Balchunas, emphasizing the power of focusing on one great, simple strategy. JL Collins's message on "Debt, the Unacceptable Burden" and Andrew Hallam's book "Balance" (highlighting experiences over possessions) have also significantly influenced him.
A deep passion for Stevens is financial literacy. He hopes to introduce his investing principles, using engaging analogies like contrasting the effort of Bruce Lee, John Lennon, and Serena Williams with the *inactivity* required for successful investing, to students in secondary schools and beyond.
"The Sloth Investor" is set to release on June 28th and will be available on various Amazon platforms and Barnes & Noble. RP Stevens can be found on X (@Sloth_investor), YouTube (@theSlothInvestor), and Substack (theslothinvestor.substack.com).
摘要
In today’s episode, Patrick Donley (@JPatrickDonley) sits down with R P Stevens to discuss his new book, The Sloth Investor. You’ll learn about his investing journey and how he developed his SLOTH investing philosophy, what the 5 bedrock principles of SLOTH investing are, how he goes about constructing a globally diversified portfolio, how he thinks about his financial freedom number, what his biggest takeaways have been from his guests on his podcast, and so much more!
R P Stevens is the author of the forthcoming personal finance book 'The Sloth Investor'.
The publication date is Friday June 28th.
The book is an insightful beginner's guide to investing where R P Stevens teaches readers how a 'sloth-like' approach is the rational, evidence-based roadmap to investment success. The Sloth Investor's 5 Bedrock Principles of Investing provide an actionable pathway for anyone looking to grow their wealth.
Originally from the UK, R P Stevens currently lives in Hong Kong with his wife and two children.
IN THIS EPISODE, YOU’LL LEARN:
00:00 - Intro
01:57 - What R P’s investing journey has been like and who his biggest influences have been
15:47 - How his investing philosophy has evolved over the years
16:39 - Why he decided to write The Sloth Investor
24:07 - What the 5 bedrock principles of SLOTH investing are
30:49 - How he goes about constructing a globally diversified portfolio
37:03 - Why optimism is so critical for investors
43:44 - How R P thinks about his financial freedom number
51:39 - What his biggest takeaways from his podcast guests have been
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
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R P Stevens' book, The Sloth Investor.
Andrew Hallam's book, The Millionaire Teacher.
Morgan Housel's book, The Psychology of Money .
William Green's book, Richer, Wiser, Happier.
Ben Carlson's book, A Wealth of Common Sense.
Lars Kroijer's book, Investing Demystified.
Eric Balchunas's book, The Bogle Effect.
Jonathon Haidt's book The Coddling of the American Mind.
Bill Perkins' book, Die with Zero.
J L Collins' book, Pathfinders.
Check out the books mentioned in the podcast here.
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