In our investing journey, there are always moment that you said something that seems liable and reasonable, but you just did not put the effort to execute it. For example, you can say Company A has a very good future, and a strong fundamental, and now that its price dropped to a new low, it will be a suitable timing to buy. However, you failed the last step of buying it. Have you ever experienced this before?

Let’s take banking stocks as an example. Before the vaccine was announced back in October or November, their share prices are all at their respective 52-week low. Everyone is saying that they will buy MAYBANK once it dropped below RM7.00 and everyone is saying that they will buy CIMB once it dropped below RM3.00. But in reality, how many investors really did it? Today, MAYBANK is above Rm8.00 and CIMB is above RM4.00, and investors are now regretting that they missed the chance to buy at low point. This is the exact reflection of NATO, where there is only talking, but no action.

Stocks aside, let’s move on to personal experience. The writer believed that most investors nowadays will read about books, articles, or news about how Warren Buffett, Benjamin Graham and more successful investors succeed in their investment journey. We all tried to do the same, holding stocks for longer period, buying stocks when they are below their intrinsic value, never buy stocks that we could not understand. Once again, in reality, how many people can actually do the same as them? Benjamin Graham said in his book “The Intelligent Investors”, that this is the exact reason why there is only limited successful investors, because they often let emotion took them over, and disregard logic and reality.

We all know that investing is simple but not easy. We need to pay a lot of effort into reading a company’s information, cash flow, future and so. We will always say that we will definitely buy a certain stock if we have realized its potential earlier, but we did nothing about finding a new company in our free time. This habit shall be changed and we shall DO what we SAID, so that we can grab more opportunities and missed less chances.

In short, NATO is a bad habit to have for both investors and traders, and shall be changed immediately for a better future. Let us all try to execute what we said in the past, by actually doing it. The writer believed that we can all become a changed personnel when trying to make a small different in our decision, regardless of being in investing or in life.

在我们的投资路上，总会有这样的时刻，就是你说了一些有重点并且值得信赖的话，但就是下不了决心去行动。例如，你看到A公司有很好的未来，基本面很好，价钱也来到了新低，而这就是一个买入的好时机。但是，你却不能下定决心去买入这家公司。你们有过相同的经验吗？

我们就拿银行股来举例。在疫苗的消息宣布之前，大约在10-11月的时候，它们的股价都在各自的52周新低。每个人都说如果MAYBANK跌破RM7.00的话就会买入，而也有人说如果CIMB跌破RM3.00的话他们就会买入。但现实中，又有多少的投资者真的有买到呢？今天，MAYBANK已经突破了RM8.00而CIMB已经突破了RM4.00，而投资者们现在才后悔说失去了买在最低价的时机。这就是NATO的真实例子，即是只说不做。

那除了股票以外，我们再来看看本身的经历。笔者相信大多数新的投资者都会阅读关于一些成功投资者例如巴菲特，格拉汉姆以及其他的书籍，文章以及新闻，看他们是如何成功的。我们都尝试过与他们一样的方法，譬如长期持有一个股、在股票低于它们的合理价的时候买入、不要买自己看不懂的股票。再次的，又有多少人能在现实中跟他们做到一样呢？这也就是为什么格拉汉姆在他的书 “聪明的投资者”里说到成功的投资者很少，因为他们经常被感性覆盖，而忽视了理性以及逻辑思考。

我们都知道投资其实很简单但是不容易。我们需要花很多的精神时间在阅读公司的资料，现金流，未来等。我们时常会说“我如果早点意识到这家公司，我绝对会买它”，但是我们却没有在空闲的时候研究新公司。我们应该改掉这个习惯，不能只说不做，而是要做我们说过的东西，这样才能得到更多的机会，同时减少失去机会的可能性。

总结，NATO是一个对投资者和交易者都不好的习惯，而这个习惯越快改越好，这样才有可能有个比较好的未来。让我们一起做我们之前说过的事情，正式地动手做。笔者相信我们在做了一点小改变后，都可以让自己变得更好，无论是在投资上，亦或者生活上也一样。

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