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This video was actually inspired by a comment on our video about farmland becoming the target of major investment firms. I don't want to call that particular comment are out.
这个视频灵感来自我们视频中关于农田成为大型投资公司目标的评论。我不想说那条评论是错误的。
But they said something like even if investors do buy up all the farmland it doesn't matter, because we are the investors through our pensions, retirement savings accounts or direct holdings.
但他们说，即使投资者买下了所有的农田也没关系，因为我们是通过养老金、退休储蓄账户或直接持股进行投资的。
This line of thinking has been used to protect investors in the past with big bailouts, because if markets are allowed to suffer, then people will lose their life savings.
这种思路在过去曾被用来通过大规模救助来保护投资者，因为如果市场遭受损失，那么人们将失去毕生的积蓄。
The reality is that stock ownership in America is incredibly concentrated in the hands of very wealthy people.
现实情况是，美国的股票所有权高度集中在非常富有的人手中。
According to a Fed survey of consumer finances, the top 10% of Americans own 93% of all stocks.
根据美联储对消费者财务的调查，美国最富有的10%拥有93%的股票。
So everybody worth less than $1.6 million is really just fighting over the scraps.
所有身价低于160万美元的人实际上只是在争夺残羹剩饭。
Even within the top 10%, stock ownership is still incredibly concentrated with the top 0.1% increasing their holdings faster than any other group.
即使在最富有的10%中，股票所有权仍然高度集中，最富有的0.1%增持股票的速度比其他任何群体都快。
These people are investors as a majority of their earnings power will be derived from dividends and capital appreciation from their shareholdings. The detail is that very few of them got there by investing alone.
这些人是投资者，因为他们的大部分盈利能力将来自其持股的股息和资本增值。细节是，他们中很少有人仅靠投资就达到了这一水平。
Most of the wealth in the very highest percentiles of wealth was made through a combination of investing and either running a successful business, having a career as an extremely well-paid executive, or just inheriting their investments.
财富最高百分位中的大部分财富是通过投资和经营成功的企业、拥有极高薪高管的职业或仅仅继承他们的投资而获得的。
There is a similar misconception that millionaires get rich by building an average of seven different sources of income.
也有类似的误解，认为百万富翁通过平均建立七个不同的收入来源而致富。
Just like the idea of being an investor can make you rich, this is based on an element of truth. It's based on an IRS report that studied households between 1998 and 2002.
就像成为投资者可以让你致富的想法一样，这是基于事实的。它基于一份研究1998年至2002年期间家庭的美国国税局报告。
And it found that high net worth respondents had reportable tax income from: dividend income from stocks owned, earned income from paychecks, rents from rental real estate,
研究发现，高净值受访者的应纳税收入来自以下来源：所持股票的股息收入、工资收入、租赁房地产的租金、
royalties from selling rights to use something they've written or invented, capital gains from selling appreciated assets, profits from business they own, and interest from savings, CDs, bonds, or other lending activities.
出售使用他们所写或发明的东西的版税、出售增值资产的资本收益、他们所拥有的企业的利润以及储蓄、大额存单、债券或其他借贷活动的利息。
The thing is at least four out of those required the household to have money invested in the first place.
问题是，其中至少有四个需要家庭首先进行投资。
So they didn't really get rich from having multiple sources of income. They had multiple sources of income because they were rich.
他们并不是因为有多种收入来源而致富的。他们有多种收入来源是因为他们很富有。
So what this means is that for the vast majority of even the most diligent investors, it's better for them to focus on increasing their earnings to buy more investments than it is to focus on hyper optimizing their investments.
这意味着，对于绝大多数最勤奋的投资者来说，他们最好专注于增加收入以购买更多投资，而不是专注于过度优化他们的投资。
In the best case scenario, if you have got yourself a good job, made responsible financial decisions, and are consistently putting money away into an investment portfolio,
在最好的情况下，如果你有一份好工作，做出了负责任的财务决策，并持续将钱存入投资组合，
not only are you in the top 5% of people, but you are still a worker that happens to have some investments.
那么你不仅属于前5%的人，而且你还是一个恰好有一些投资的员工。
Now there are actually three reasons why it's really important for you to think otherwise.
现在有三个原因让你改变想法非常重要。
The first reason is that people that think more about their investments tend to make worse investments.
第一个原因是，对投资考虑得越多的人往往会做出更糟糕的投资。
A study by UC Berkeley found that stock portfolios held by female investors generated annual returns of 1% higher than their male peers on average.
加州大学伯克利分校的一项研究发现，女性投资者持有的股票投资组合的年回报率平均比男性投资者高1%。
1% might not sound like a lot, but compounded over a multi-decade investing horizon and that small difference could easily double or triple a portfolio size.
1%听起来可能不多，但在数十年的投资期内累积起来，这个微小的差异很容易使投资组合规模翻倍或翻三倍。
For single men and single women, the difference was even wider at 1.44%. What was the cause of these higher returns?
对于单身男性和单身女性来说，差异更大，为1.44%。这些更高回报的原因是什么？
Women just cared less about investing, so they didn't try to fine-tune their portfolio as much as men did.
女性只是不太关心投资，所以她们不像男性那样试图微调自己的投资组合。
There is an entire industry of market makers and prop trading firms that can only make money when there is dumb money active in the market.
整个做市商和自营交易公司行业只有在市场上有傻钱活跃时才能赚钱。
So there was a multi-billion-dollar industry that really needs you to trade your investments as much as possible so they can pick up a few cents every time you do.
有一个价值数十亿美元的行业确实需要您尽可能多地交易您的投资，以便他们每次都能赚到几美分。
The second reason is that if people think they are investors, they are a lot more receptive to pro investment policy, either from their governments or their companies.
第二个原因是，如果人们认为自己是投资者，他们会更容易接受支持投资的政策，无论是来自政府还是公司。
Bailouts loosen investment regulations. Lighter work protections and business subsidies overwhelmingly benefit investors often at the expense of workers.
救助放松了投资监管，较轻的工作保护和商业补贴极大地惠及投资者，往往以牺牲员工为代价。
Other questionable practices like corporate investment into single family homes, leveraged buyouts, anti-competitive practices, and market consolidation are surprisingly hard to push back against.
其他可疑的做法，如企业对独栋住宅的投资、杠杆收购、反竞争行为和市场整合，都出人意料地难以抵制。
Because lobbyists immediately bring up the fact that restricting these practices would hurt people's retirement savings if these businesses couldn't do what they do.
因为游说者立即提出这样一个事实：如果这些企业不能做他们所做的事情，限制这些做法将损害人们的退休储蓄。
If people think they are investors, it's a lot easier to get support for these policies. The third reason is that people who think they are investors are better consumers.
如果人们认为自己是投资者，那么获得这些政策的支持就容易得多。第三个原因是，认为自己是投资者的人是更好的消费者。
A survey of 2070 respondents conducted by the market research firm Ticker found that consumers were 80% more likely to purchase from a company that they own shares in.
市场研究公司Ticker对2070名受访者进行的一项调查发现，消费者购买自己持股的公司产品的可能性高出80%。
Apple shareholders were more likely to buy an iPhone, Amazon shareholders were more likely to be prime customers, and Tesla shareholders were much more likely to drive a Tesla.
苹果股东更有可能购买iPhone，亚马逊股东更有可能成为主要客户，而特斯拉股东更有可能驾驶特斯拉。
It's highly unlikely that the investment returns from these companies will cover the purchases unless you made a significant investment when these businesses were much smaller than they are today.
除非你在这些企业比现在小得多的时候进行了重大投资，否则这些公司的投资回报不太可能覆盖购买成本。
If you buy a few Tesla shares because you believe in the vision of electric self-driving cars and you also pick up a Model 3, then you are a consumer that just so happens to also own some shares, not an investor.
如果你因为相信电动自动驾驶汽车的愿景而购买了几股特斯拉股票，并且还买了一辆Model 3，那么你就是一个恰好拥有一些股票的消费者，而不是投资者。
Companies know about this trick and some of them even offer special deals to shareholders in the business.
公司知道这个技巧，其中一些甚至为企业股东提供特殊优惠。
The Carnival Cruise Line Corporation, for example, offers shareholders discounts on trips if they own at least 100 shares on the company, which amounts to about $1,800 as of the date of making this video.
例如，嘉年华邮轮公司为股东提供旅行折扣，如果他们至少拥有100股公司股票，截至制作此视频之日，这相当于约1800美元。
They don't offer these deals because they think a few retail investors will bolster their stock price.
他们不提供这些优惠，因为他们认为一些散户投资者会提高他们的股价。
They do it because it's effectively a loyalty program that people tie up hundreds of dollars to join.
他们这样做是因为这实际上是一个忠诚度计划，人们需要花费数百美元才能加入。
Now the most important piece of nuance amongst all of this is that investing is still incredibly important.
现在，所有这一切中最重要的细微差别是投资仍然非常重要。
