As for high-flying shares, he was not afraid to go short. During the late 1990s, when a newera caused many people to throw out any normal valuation measures as hopelesslyobsolete, Mr Schloss stayed firm and bet against some of the most popular and inflatednames.

　　对于高价股票，他从不担心会卖空。20世纪90年代末，当一个新的纪元使许多人把所有正常的评估措施当做过时的废品扔掉时，施洛斯仍坚定不移，并打赌，某些热门的、价格飞涨的品种也有下跌的时候。

　　In part, he could do so because of a famously frugal cost structure. In part, he was protectedby an extraordinary long-term record. When he ceased managing money for outsiders, hisreturns were reported to have averaged 16% annually, six percentage points higher than themarket. He had other tactics, too. In 1999, when his portfolio was composed of everythingno one wanted, he was asked how, even if his own convictions were unshaken, he couldensure that his investors stuck with him. Being a true contrarian required just one rule, hesaid: Never tell a client what they own.

　　他这样做一方面依据的是著名的节约成本结构。另一方面则是那段非同寻常的长时期记录帮助了他。据报道称，停止为一些门外汉理财后，他的收益已经达到了年均16%，比市场回报率高出六个百分点。除此之外，他还有另外一些策略。1999年，他的证券投资组合中全是没人要的股票，有人问他，即使拥有坚定信念，他是如何确保投资者对他的支持。他说道，作为一个真正的逆向投资者只要具备一条：不要告诉自己的客户他们拥有什么样的股票。

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