気に入った銘柄の「株価が下がったら買い増しする」というのは、ウォーレン・バフェットやチャーリー・マンガーもとっている方針です(過去記事)。ヘッジ・ファンドのマネージャー、セス・クラーマンも同様のことを著書『Margin of Safety』で取り上げていますので、ご紹介します。(日本語は拙訳)


The single most crucial factor in trading is developing the appropriate reaction to price fluctuations. Investors must learn to resist fear, the tendency to panic when prices are falling, and greed, the tendency to become overly enthusiastic when prices are rising. One half of trading involves learning how to buy. In my view, investors should usually refrain from purchasing a “full position” (the maximum dollar commitment they intend to make) in a given security all at once. Those who fail to heed this advice may be compelled to watch a subsequent price decline helplessly, with no buying power in reserve. Buying a partial position leaves reserves that permit investors to “average down,” lowering their average cost per share, if prices decline.

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