以下是内容的中文翻译： 安东尼·波顿，常被誉为“逆向投资之父”，分享了他如何通过与大众背道而驰来获利的见解。他强调，真正的逆向投资需要特定的性格：乐于与众不同，能够支持自己的信念，冷静沉着，并且有耐心。他认为，受欢迎程度等同于风险，而不受欢迎则意味着机遇，但他也告诫说，并非所有不受欢迎的事物都自动成为明智的投资。 波顿解释说，市场倾向于追逐最终会破裂的潮流，因此需要关注别人忽略的地方。他强调不要被人群的舒适感所左右，也不要寻求他人的支持。他承认这条道路可能是孤独的，因为逆向投资者经常发现自己“孤立无援”，拥抱那些别人避之不及的不舒服的机会。他解释说，所谓“不舒服”意味着与传统智慧背道而驰，并忍受他人的不赞同。 他谈到了保持情绪距离，这是投资者的一项关键属性，他认为成功和失败都应该以类似的方式对待，防止任何一种情绪蒙蔽判断力。虽然他充满热情地投入到商业中，但他提倡与情绪波动保持距离。他坚持认为，重点不是关注前景本身，而是关注自己对未来的看法与已经反映在股票市场价格中的预期相比如何。 波顿详细介绍了他的投资流程，其中包括基本面分析和技术分析的结合。他首先看的是股票图表，这有助于确定他介入这只股票是早还是晚。他还查看公司的股东名册。他尤其青睐中小型公司，因为通过深入的研究，他可以获得信息优势。他还将内幕交易纳入考量范围。他还会优先考虑股票市场的“投票”方面，利用所有权数据和内幕交易信息来评估市场情绪。 波顿偏爱具有非对称回报的股票，即潜在的下行空间有限，而上行空间巨大。他说，人们在市场上能做的最逆向的事情就是购买中国股票。他认为中国股市正在接近底部，而大多数市场正在接近顶部。他还建议出售美国股票来为投资中国市场提供资金。他预计，中国股市有望迎来牛市，原因是经过三年的熊市后，国内投资者正在寻求股票回报，并且其他行业（如房地产）的吸引力有限。 当被问及加密货币时，波顿没有给出明确的立场，但他将其视为过度投机的信号。他并没有贬低人工智能，但他相信美国科技赶超中国科技的情况将会发生。 波顿承认，随着被动投资和算法交易的兴起，市场格局发生了变化，这延长了趋势并加剧了竞争。然而，他坚称，异常情况仍然会出现，通常是由“愚蠢的钱”造成的。他解释了他的投资组合构建策略，从少量头寸开始，随着信心的增长逐渐增加头寸，同时不断重新评估现有持仓。 他告诫人们不要过度自信，并提倡谦逊，强调需要不断进行自我反省，并意识到自己的局限性。他认为，承认并从失败中吸取教训比庆祝成功更为重要。他还优先考虑听取相反的观点。 波顿分享说，重要的是要乐于改变自己的想法。他总结说，55%的正确率已经很棒了。他建议剔除那些导致亏损的因素。

Anthony Bolton, often hailed as the "father of contrarian investing," shares his insights on how to profit by doing the opposite of the crowd. He emphasizes that true contrarian investing requires a specific personality: comfortable with being different, capable of backing convictions, unemotional, and patient. He argues that popularity equates to risk, while unpopularity presents an opportunity, cautioning that not everything unpopular is automatically a wise investment. Bolton explains that the market's tendency to follow bandwagons, which eventually burst, necessitates looking where others aren't. He stresses the importance of not being swayed by the comfort of the crowd and seeking reinforcement from others. He recognizes this path can be lonely, as contrarian investors often find themselves "out on a limb," embracing uncomfortable opportunities that others shy away from. Uncomfortable, he clarifies, signifies going against conventional wisdom and enduring the disapproval of others. He touches on maintaining emotional distance, a crucial attribute for investors, stating that successes and failures should be treated similarly, preventing either from clouding judgment. While passionately involved in the business, he advocates for remaining detached from the emotional rollercoaster. He insists on focusing not on the outlook itself, but on how one's view of the future compares to what's already factored into the stock market price. Bolton details his investment process, which incorporates a blend of fundamental and technical analysis. The first thing he looks at is the stock chart. This helps determine if he is early or late to the stock. He also looks at the shareholder lists of a company. He particularly favored small and medium-sized companies where, with thorough research, he could gain an information advantage. He also takes insider dealing into consideration. He also prioritizes the "voting" aspect of the stock market, using ownership data and insider trading information to gauge sentiment. Bolton favors stocks with asymmetric returns, where the potential downside is limited while the upside is significant. He says that the most contrarian thing someone can do in the market is buying Chinese stocks. He believes the China market is approaching its low, while most markets are nearing their highs. He also recommends selling American stocks to fund a move into China. He anticipates that China's stock market is positioned for a bull market, driven by domestic investors seeking returns in equities after a three-year bear market and with limited appeal in other sectors like property. When asked about crypto, Bolton does not give a definitive stance, but he refers to it as a sign of excess. He is not belittling AI, but believes that American tech to Chinese tech is going to happen. Bolton acknowledges that the market's landscape has shifted with the rise of passive investing and algorithmic trading, which lengthens trends and intensifies competition. However, he insists that anomalies still arise, often created by "dumb money." He explains his portfolio construction strategy, starting with small positions and gradually increasing them as conviction grows, while also constantly reevaluating existing holdings. He cautions against overconfidence and advocates for humility, emphasizing the need for constant self-reflection and awareness of one's limitations. He believes that acknowledging and learning from failures is more crucial than celebrating successes. He also prioritizes listening to the counter view. Bolton shares that it is important that you're open to changing your mind. He concludes that being right 55% of the time is great. He recommends removing the things that cause you to lose money.