2. If Buffett is a person of this age, would he want to be an Internet celebrity? I think it will. Before Buffett became famous, he went to Carnegie's public speaking training class. You need someone to know your talents, otherwise, it's like blinking at the girl in the dark.
3. Today I saw a famous quote from Einstein, No problems can be solved from the same level of consciousness that created it.
4. Someone complained to Fisher that his method was too difficult and time-consuming. His answer is whether you think success is casual.
5. An enterprise with current revenue of 1 billion, a high proportion of current sales expenses, net profit, and cash flow are all negative. It is estimated that the sales growth will be 40% in the next three years, and the profit margin will be 20% after the business is stabilized, then the sales can reach 2.7 billion after three years. Profit of 550 million. According to the market, the average price of 20PE is estimated at 11 billion. If a 15% yield is required. It is now available for purchase below 7.2 billion. This also explains that simply looking at the static valuation will miss such growth stocks. It can be seen that the most important judgments of the above examples are the profit margin of the business and future sales growth. If this company was originally 2 billion, it rose to 3 billion. There is still a buying value. This is why chasing the upward trend can be done, and the reverse trend can also be done. But it needs more precise analysis and deep understanding because it stands on the opposite side of most investors. There must be good reasons to prove that they are wrong or overly pessimistic. Don’t do trading methods like diluting costs. Self-deceiving people are buying more and more, just like gamblers.
6. It is important to have the spirit and habit of independent thinking. To think about what everyone thinks. As a result, they may be right or wrong. It may be right but not optimistic enough to catch up. Most of the bubbles started from fundamentals, but it is overly optimistic. If everyone is wrong and overly pessimistic, that is the biggest buying point.
7. Fisher talked about how to find potential targets. Only about one-fifth of all his portfolios are derived from the opinions of industry insiders, and four-fifths are from other investments he recognizes. People's homework.
8. The so-called hot stocks. It depends on whether there is an organization in the list of shareholders. What should be together is the stocks in which funds have been piled up. Independently judge whether the logic and odds are worth betting.
9. When falling, it is the best torture of your position. Be emotionally pessimistic, and think about whether you are wrong or not. If the present conclusion is different from the previous one, it is necessary to admit the mistake and act decisively, and there is nothing to be ashamed of.
10. The choice of industry and track is very important. How long can the rapid development period last? As the foundation increases, the growth rate will inevitably slow down gradually. Does the rapid development period to the mature period affect the valuation? The market segment is easy to have a ceiling, the absolute number of revenue growth is limited, and the growth rate gradually declines, which is a value trap for growth stocks.
11. Make the middle line, betting at the limit. If you didn’t rise immediately after buying, or weaker than the broader market, you must have read something wrong.
12. After a brief look at the financial statements, learn about the understanding of the research company and products from the sales of suppliers, customers, and competitors.
13. Maintain an ordinary heart, not laziness. This is what I often said to myself recently. It is that "the price is too cheap" is not a reason to buy but to understand the characteristics of the company and industry in-depth, use longer time to judge the comparative competitive advantage and development space. Guidance integrated into life: Don’t care about the current gains and losses, and think more about who you want to be in 5-10 years.
14. When catching fish in the lake, because the small fish does not have a deep hook, the trick is to feel the slight movement of the rod tip, the fish just tried to eat the bait, and the conditioned reflex pulls the rod suddenly to hook the fish. This is very similar to buying stocks when the opportunity has not yet emerged, be patient. Once it comes, start decisively.
15. Valuation is not underestimated compared with historical figures, but whether underestimated compared with the future.
16. The more anxious you are, the easier you make mistakes and the more patient you should be. Rather than resorting to any means to achieve your goals, it is better to resolve your anxiety inward.
17. Psychological cues are very important. Wake up and say to me three times a day, I will be a rich person.
18. Investing should analyze the expected results. It will be too late to wait until everyone sees that it is very good and profitable. It must be that the business is now light and light, and many people are pessimistic. The boss himself wants to cash in. Use other people's money for maximum possession, and use the cash flow from the light business to cover the cost of borrowing. When the business is booming, then change hands to the investors who come in abundance.
19. The price of securities (such as stocks) is determined by two levels of supply and demand. 1 is determined by the demand of the product itself behind the possession certificate, which depends on the characteristics of the product itself, whether it is used by more and more people (market share), the social class changes of the user group, income growth, etc. 2 It is determined by the demand of the stock itself, such as whether it is constantly issuing or repurchasing stocks, and whether there are institutions such as public pensions that need to be held.
20. Don't compare the rich to the rich, and don't compare the poor to the leisure.
21. In 2008, Buffett called on the people of the United States to buy and buy and then fell for several months, and more than 20 points bottomed out. However, at first glance, it seems that the probability is very cheap, and after buying it, I am very determined. You can stop watching at all. Remember not to be disturbed by the upswing after you have been in the air, buy it if you fall 5%, or buy it down. Maybe you got the bet right once or twice, but you don't dare to make a heavy position with this kind of dip. Down, I finally found that the cost is on the middle of the mountain, and the price can fall to make you doubt your life, especially if you still have leverage, often the mentality collapses, the cash flow is cut off, and it is sold at the lowest point. deficit. From this perspective, it is more difficult to exchange positions. It is difficult to sell one stock at the same time as another stock. And selling up, buying down, this is more likely to make people's minds collapse than buying in cash and being trapped.
22. Stock investment grasps three elements: 1) Information understanding is possessed, at least not at a loss. For example, compared with industrial products, retail households have a similar understanding of consumer goods and institutions, and they can also take advantage of grassroots observations. 2) Changes must be long-term and far-reaching, not short-term and sudden. Bikini is no match for program trading. And long-term and far-reaching changes, even if the price jumps, can not be completed in one day. It takes time for big money to enter the market. 3) Use low-cost liabilities to maintain a certain leverage ratio.
23. In a free market, short-term trading behavior, whether buying up or buying down, is unprofitable. This is because the market is a short-term market with sufficient efficiency and a long-term market with inadequacy. A piece of explosive news that can complete the conversion of pricing at the nanosecond level. The price reflects the latest and most comprehensive news and consensus in the market. And some far-reaching characteristics and their changes, the market's understanding of it is gradual. Also, most institutions are short-sighted and restricted, and admission is also gradual.
24. Do not hesitate to start, do not hesitate to start.
25. I came to this market to participate in this game to change my destiny, not to entertain or gamble, so I will use the most serious mindset, the most meticulous research, the soberest brain state, and the strictest self-discipline, Beat others to become a winner.
26. Only change can generate opportunities.
27. Falling from 70 to 60, many of them emptied before and the Warriors would rush in to get the bottom. After falling 40 or 30, no one dared to go in because everyone was scared and stupid, and they were full of pessimism about the future. At this time, there must be a variety of unfavorable factors in reality. Then the real bottom came. When the company began to go bankrupt and the auction house was full on the street, it was cleared. When important people begin to be pessimistic, then everyone is pessimistic.
28. When the trend has risen, it can only compete with the rich and needs stronger expectations to support the trend and valuation, even if it meets the original expectations, it will be treated as a bearish. To look for conditions to form, trends are still opportunities when they are nurturing.
29. Wealth is relative, not absolute. Wealth is your share of the total wealth created by mankind. All you have to do to invest is to prevent your shares from being diluted.
30. Don't jump faster than anyone on the sinking ship.
31. The stock price is determined by the changes of multiple determinants of the observation object. According to Niu Er's law, force is proportional to acceleration. This force can be regarded as a joint force of supply and demand.
32. Many people saw the worst in history drop from 20 to 5 blocks, a 75% drop. I'm very excited to see a 50% drop and feel that it's okay to drop another 25%.
33. The market value is the first, measured by unit indicators such as revenue and profit is the second, the change is the third, and the participants' expectation of the change is the fourth.
34. It is unrealistic to find the "ideal" price of a good stock only by relying on the big market plunge. Without damage to the valuation, a 25% discount can be made at a reasonable price. A 50% discount on panic time is good.
35. Imagine that after 10 years, a good company is more valuable than it is now, and cash is less valuable than it is now. It is right to have cash replaced with a good company at any time. Based on full positions, there is an opportunity to replace good companies with better ones. Let you thank you ten years later.
36. Investing is like falling in love. The secret to finding true love is that the girls are often hurt a few times.
37. There are two opportunity costs for ordinary people. One is the initial principal and the other is the average annualized return. The initial principal can be calculated backward. For example, ten years later, if you want to become a rich person, it is estimated that about 5 million people have entered the wealthy class. At 10% compound interest for 10 years, you will have a starting capital of 1 million this year. And to accumulate at a rate of not less than 20% per year. This primitive accumulation is difficult, and it is also difficult to have an average of 20% of income. Therefore, most people are doing things that are less than their opportunity cost loss, and look forward to the story of investing tens of thousands of capital to make a fortune.
38. Someone asked Warren Buffett before, if he put a bullet in the revolver and turned to shoot himself, how much would he be willing to do. His answer is not willing to do much. it doesn't worth what you have for what you don't need. The poor have to turn over and the rich just have the mentality to maintain a rich state. The poor are the odds first, and the rich are the probability first.
39. Changes in stock prices = changes in stock supply and demand + changes in company profitability.
40. The most important thing about the safety margin of stocks is a great future.
41. Know what you have. It's like driving at high speed. If you can drive, your heart is cautious rather than fearful. If you are afraid, it means that the level should not go to high speed. What you understand must be what you believe, indivisible.
42. The investment must be a happy process. To feel the pain must be desire beyond power. Either improve your ability or reduce your desire. Ability improvement is a slow process, and it seems that it is easier and faster to reduce your desires. For example, if there is a position that makes you feel very anxious, it must be that regardless of profit or loss, reduce the position to no sense of its ups and downs. In short, happy investment!
43. What research do you do after you buy it? Just find some psychological comfort.
44. Stocks are difficult to execute. It's hard to believe what I said. I believe that it is a kind of restraint, not doing the wrong things, any situation, big things, and small things, and immediately stop when they find out.
45. Most of the time I just sit here indifferently and know nothing.
46. Individual investors should not do in-depth research in the industry they are unable to do so. Work should focus more on reasoning and decision-making.
47. Think about what you can do for others. Provide a high-quality product. This product must first satisfy itself. Regardless of the price/performance ratio, you must use the correct method to do the best and do the best. No compromise. Exchange with customers transparently and fairly.
48. It is important to save a sum of money for children, tell them not to be poor as soon as they step out of school.
49. Many people confuse greed with the determination to become rich. This society is also full of muddled remarks such as "having money is not everything", "doing what you are happy, and pursuing yourself". Most of the examples I have seen cannot find a career that they love. The so-called things you love to do are nothing more than extravagance and prosperity. They often say that they don't care too much about money, and eventually become slaves of money. In my opinion, it is the most responsible attitude to oneself to clearly understand how modern society works and to make a decision to become a rich man first. To be rich is also a basic requirement in the era of capitalism.
50. "Make money honestly and become rich" should be regarded as a belief. The entire time and energy are centered around this belief, and naturally, it puts down a lot of indifferent things. Many people like to cultivate a little hobby, life points are little sentiment and a little luxury. Immerse a little of your spare time in a kind of self-satisfaction. To maintain this quality of life, the main business has to be wasted on meaningless repetitive labor.
Comments
Post a Comment