投资 · 创业者自述
塞缪尔·斯迈尔斯：节俭·摘录 258
塞缪尔·斯迈尔斯《节俭》· Thrift · 投资
Even the Co-operative Cotton-mills, or Co-operative Banks, which are nothing more than Joint-stock Companies, Limited,[1] may become bankrupt. They may not be able, as was the case during the cotton famine, to compete with large capitalists in the purchase of cotton, or in the production of cotton twist. Co-operative companies established for the purpose of manufacturing, are probably of too speculative a character to afford much lasting benefit to the working classes; and it seems that by far the safer course for them to pursue, in times such as the present, is by means of simple, direct saving. There may be less chance of gain, but there is less risk of loss. What is laid by is not locked up and contingent for its productiveness upon times and trade, but is steadily accumulating, and is always ready at hand for use when the pinch of adversity occurs.
出处：
https://www.gutenberg.org/ebooks/14418
定位：Excerpt 258 · 核对日期：2026-10-19 · 核验：短摘录
白话
即使是合作棉纺厂或合作银行，也不过是股份有限公司，也可能破产。它们可能无法像棉花饥荒时那样，在购买棉花或生产棉纱方面与大型资本家竞争。为制造而建立的合作公司可能投机性太强，无法为工人阶级带来持久利益；在当今时代，对他们来说更安全的做法是简单直接储蓄。可能收益机会少，但损失风险也小。储蓄的东西不会被锁住，其生产力不取决于时机和贸易，而是稳步积累，在逆境来临时随时可用。
上下文
斯迈尔斯《节俭》中比较合作企业与直接储蓄的段落，19世纪英国。
今日一问
你更倾向于将积蓄投入高风险投资还是保持流动性储蓄？
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