一百多年的时间里，任何时候以任何价格买入加国银行股长期持有，都能获得丰厚的利润。
而TD 和 RY 又是行业中明显的姣姣者，投资TD和RY的长期回报大大超出其它银行。
说起来容易，真要长期做，无论是持有还是买入都是不太容易的，因为股价的任何一年的波动幅度都至少有30-50%。
加国市场过去十年表现不佳，但是RY和TD在同一时期的回报比指数高出十倍。
投资个股与投资市场需要考虑的东西是不太一样的。
At Berkshire we focus almost exclusively on the valuations of individual companies, looking only to a very limited extent at the valuation of the overall market. Even then, valuing the market has nothing to do with where it's going to go next week or next month or next year, a line of thought we never get into. The fact is that markets behave in ways, sometimes for a very long stretch, that are not linked to value. Sooner or later, though, value counts. - 巴菲特1999年公开演讲
“If you’re an investor, you’re looking on what the asset is going to do;if you’re a speculator,
you’re commonly focusing on what the price of the object is going to do, and that’s not our game.” - Warren Buffett
