Learningto be patient

The extent of your future wealth and passive income willbe largely decided by how successful you are at buying and holding adiversified portfolio of quality assets.

尝试多一些耐心

你的未来财富总量以及被动收入的维度极大地取决于你能否独具慧眼地购买并长期持有高质量和多元化的物业来构建的投资组合。

Buying and selling decisions should be based on a goodunderstanding of the underlying fundamentals (the drivers of growth beingpresent or otherwise). Properties do not typically show regular, linear growthover an extended period of time. Two or three years of good growth may befollowed by a correction phase.

买与卖的决定应当在基于了解如下基本面的情况下（未来增长的驱动因素是否露出端倪）。长期来讲资产增值并不会展现出规律线性的增长模式。也可能两到三年的增长之后出现一段时间的调整阶段。

A geographically diverse portfolio should mean that at anytime a good portion of your properties are performing well. It’s unrealistic toassume that all your properties will perform well all of the time. It’s normalfor a couple of your properties to `have a rest` for a couple of years. Eventuallythey will become undervalued, but as long as the growth drivers are presentthey will commence the next upward phase in due course。

一个地域多样化的投资组合意味着在任意阶段，你大部分的资产都会有良好的表现。对你的所有资产一直都能表现良好的预期是不现实的。你的资产的一部分会进入为期几年的“休整期”，这很正常。最终这一部分资产可能会被低估，但只要增长的动因出现这些资产将会开始下一个上升阶段。

Just because a property is not going up in the short termis not a valid reason to sell. Timing the market for short-term profits isnotoriously tricky, even for the experts, so taking a long-term view is bothlogical and sensible.

房产在短期内不出现上升并不能作为出售的理由。追逐短期利润的市场是变幻莫测的。即使对专家而言，放眼长期的市场走势才合情合理。