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? Today, I shouldn't talk a lot at such a party. The host seems to know that I can neither smoke nor drink, nor dare to drink coffee and tea (I can't sleep after drinking them), so he arranged for me to talk. I'm unlucky, and I always talk when people are eating and drinking. Next, please enjoy your wine tasting and listen to my investment experience.
? The topic that the host asked me to talk about is "What does investment bring us?" This topic is both simple and complicated. The short answer is only a few words: investment has brought us wealth, confidence, happiness and freedom. I don't want to say these words. Many stock critics, financial planners, fund managers and university economics professors speak better than me. For example, people often say that you can't outrun Liu Xiang, but you must outrun CPI and so on, which is very good. Many people here are successful people. What I want to talk about today is my deepest feeling in my personal investment career for many years: investment has sublimated life!
? What has investment brought us? First of all, of course, it is money, but it is not just money. Especially when you have made some money, or when you choose to invest as a lifelong career, you will find that you have more and better reasons to invest.
? First, investment can make people more happy and greatly improve the quality of people's spiritual life
? When I talk about improving the quality of life here, I don't mean that investment can make you drive a good car, live in a big house, drink Maotai and eat seafood every day. What I'm talking about is more mental pleasure. The success of any career can greatly improve people's quality of life, but what I want to talk about is the unique happiness and sense of accomplishment of stock investors.
? Investment can keep you relaxed and happy in some situations that may be annoying. For example, when your car goes to refuel, and everyone complains that the oil price is getting more and more expensive, you remember that you bought shares of PetroChina at a price of 1.5 yuan in Hong Kong ten years ago, and you earned enough money to refuel for a lifetime. As a result, you will be much more chic when you pay for it.
? And you have been holding Dong 'e Ejiao's stock for many years. When you learned that this enterprise had raised the price of its products five times in one year, you easily bought a health food "Guyuan Plaster" for your wife in the supermarket, and praised Ejiao to the female customers at the scene intentionally or unintentionally, saying that it was promoted by Ma Yueling, a famous doctor in Nanjing.
? Investment can make you inexplicably increase your happiness in many times. For example, you have owned the stock of Yunnan Baiyao for many years, and whenever a neighbor or friend accidentally cuts his finger, you send Yunnan Baiyao band-aid very quickly; Especially if you buy a lot of stocks of famous wines, you will be more willing to join in the excitement of China people's dinner at every dinner, and listen to the voices of wine exhortation and fighting, and you can enjoy yourself without drinking.
? One of the advantages of investment is that no matter what major you have studied before, you can come in handy in investment. Because of the variety of listed companies, especially the emerging small and medium-sized enterprises that claim to be in the crevice market, people always feel that their knowledge is not enough. The more professional and comprehensive your knowledge is, the more you can show your talents. If you used to be an entrepreneur or a graduate majoring in finance and economics, of course you are familiar with it; Even if what you have learned is relatively unpopular, you can shine. I have a friend who used to be interested in painting and calligraphy. When he first entered the investment gate, he felt like a mountain. I suggested him to study companies in the communication and cultural industries. He soon found his feelings and had unique opinions on companies that produce e-readers.
? Investment can make you more friends, because you have studied the stocks of all walks of life, so you can talk to people from all walks of life. If suddenly one day, you are with a professional authority and talk about his major in depth, so that he will be impressed by you; Think about it, how did you feel at that moment? I think it will be sung by a love song of Cai Qin: "You smiled at me last night, and I began to feel proud"!
? Even, investment can make you go shopping with your wife happily. I know that many big men are reluctant to accompany their wives to the mall, unless they have just fallen in love. I don't like it myself. I used to feel dizzy as soon as I got to the fashion shop. But many friends told me that they are willing to go to the store after investing. I want to see the latest price of Maotai in the market by the way. I want to see what toothpaste is the most expensive. I want to see which shoe store of Li Ning or Belle has more customers. I want to see how Gome and Suning are doing recently. Investment also reminds you to remind your wife that you should have a sense of safety margin, buy summer clothes in winter and winter clothes in summer.
? The benefits of investment can also make your trip more interesting. Many stock friends told me that it is the most economical and ideal way of working and living to combine tourism with investigation of listed companies. Previous tours, especially group tours, were often "getting on the bus to sleep, getting off the bus to pee, taking pictures at scenic spots, and coming back without knowing anything." And investment makes your travel full and meaningful, makes you return home with a full load, and makes your travel quality higher.
? Investment can also help you indirectly realize your wishes that you could not have achieved. A neighbor of mine used to be the boss of hardware business. He said to me, "When I was young, I wanted to start the best company in China, but I soon found that this ideal was too difficult and unrealistic. Not everyone could start the best company. Your abilities and conditions are limited, but investment can make you a shareholder of the best enterprise in China and even the world. Be able to establish the relationship between shareholders and the entrepreneurs you admire most. You can not only appreciate the best things, but also have the best things. " I am also very happy to hear that.
? Investment can also bring a sense of accomplishment that other industries do not have. A friend of mine in Shenzhen has not only earned a lot of money for himself in the past twenty years, but also paid a huge amount of stamp duty for the country. He believes that many key projects that benefit the country and the people now have their own contributions. He often emphasizes that investors are the cutest people in the new generation.
? Investment makes you feel equal. Price regulates all investment products. No one forces you to buy things you don't want to buy, and no one forbids you to buy things that are publicly listed in the market.
? Investors will never be lonely. A friend of mine said that investment has one more lover than other industries. This lover is with you every day, with endless topics, and changing patterns every day, always full of freshness, that is, the stock market.
? Investment can make your body healthier. Some people have counted the life span of many investment masters, and they all live a long life. The reason, of course, is that, as Mr Buffett said, he goes to work every day in the same mood as painting murals in the Sistine Chapel, singing and dancing.
? Of course, there are many advantages to investing, which is better than not forcing yourself to be honest, not inviting guests and giving gifts, and not being in charge of others and being in charge. You can do anything except what is forbidden by law. Work at home or not, travel abroad or not, very free. Keynes famously said that economic freedom is the highest realm of freedom. I never quite understood this sentence before. Why economic freedom is the highest realm of freedom. Now the more I think about it, the clearer it is. Freedom includes personal freedom, marriage freedom, work freedom and so on, but the world of economic freedom is the widest.
? Therefore, investors can express their feelings like Li Bai: "There is no need to seal Wan Huhou, I hope there is not enough money to invest".
? Second, investment can greatly broaden people's horizons, enrich people's knowledge and improve people's literacy
? For investors, it is helpful to study and think in the investment process by involving as many kinds of knowledge fields as possible. From this point of view, investment not only can but also needs to learn some knowledge of economics, investment, finance, especially enterprise evaluation. It is best to master some philosophy, psychology, history and geography, including a lot of natural science knowledge. If the requirements are higher, investors need to pay close attention to international, domestic, political and economic events. You need to meet many successful entrepreneurs, run a lot of roads, and think about many things. Obviously, investment needs vision, knowledge and wisdom.
? Some friends may say, isn't it necessary to engage in other economic work? I think it's still different. For example, a person engaged in an industry may only pay attention to his own company, and at most only pay attention to the trend of his own industry, and not care much about others. Investors will care about all enterprises and all industries, because there are many listed companies, which are distributed in many countries and industries, involving all aspects. The national conditions of each country are different, the fundamentals of each enterprise are different, and the characteristics and laws of each industry are different. This is not to say that investment is more remarkable than other jobs, but because the investment industry has its own industry characteristics. Work in any industry requires concentration and input. Other businesses may need to focus more on a certain point or a certain line, while investors need to study as many knowledge and fields as possible. German investor Kostolani said: Shareholders don't need to be proficient in everything, but they can understand everything they need.
? After an entrepreneur friend turned to investment, he said with great emotion that in the past decades, he used to open a factory at three o'clock every day, and his home-factory door-customer door never touched other industries; Now that we have invested, we find that there are hundreds of industries in the world, which are colorful and changeable. If I had known that the industry could be divided into stable growth industries, cyclical industries, fixed income industries, fully competitive industries and monopoly industries, I would have tried to work in Maotai Distillery or CCTV decades ago. This friend hasn't invested abroad as widely as Rogers. There are dozens of countries with stock markets in the world, with a total of more than 9, listed companies. Even if you study the industries and representative companies that you are interested in, your vision is very broad.
? The key point is that investment works with money, just like electricians working live on high-voltage lines. It makes you stressed, nervous and afraid of losing money, so it forces you to study and improve. The efforts of investors are different from those of professors who study economics, finance and investment in universities. He is like a general in a war, with an army of capital, strategizing. In actual combat and practice, he studies many things more closely and deeply, so he can learn and understand them better.
? Investment makes people care more about international and domestic events and their motherland. Because you want the listed companies you invest in to have a better economic environment, your stocks to grow with the growth of the country's economic strength, your motherland to be stronger, and you don't want the country's economic development to be hindered. You will be more willing to watch the daily news broadcast, more concerned about prices, more concerned about people's livelihood, more unwilling to fight, and more eager for stability and peaceful development. Investment makes people love the motherland more, because investors and the stock market share the same fate, and the stock market and the country share the same fate. Even if people like Soros like to be empty and look for weak links in a country's economic chain, he still hopes that the United States will be strong.
? Investment can purify people's minds. On more than one occasion, I heard the stock friends discussing whether they could buy the shares of tobacco companies or companies with serious pollution. The sense of social responsibility made people respect. On more occasions, we can see that when discussing great enterprises, the shareholders' eyes are bright and energetic, which makes people feel that their own image is also very tall.
? Investment makes people more willing to study. Take myself as an example. When I was studying in college, economics was one of the main courses, but I couldn't read it at all. Every course was for exams and my grades were average. However, in the last ten years when I turned to value investment in 1999, I read thousands of books related to investment, the number of which was ten times more than that when I was in college. Sometimes I have an ambition to be a semi-economist. In the past, I had a headache when I heard such terms as GDP, M2, open market operation, intermediate business and future free cash flow, and I was bored when I saw financial statements. I only remembered an Engel coefficient. Because I had too little money at that time, eating was vital to my life. Now I'm talking about financial data and personal capital with great interest and I'm not bored at all. I have written some papers on investment, and the responses from all sides are basically positive.
? Investment makes people look far. Because "investing in stocks is investing in the future." Only a good future can bring high returns. Mr Buffett has a famous saying: If you don't want to hold a stock for fifteen years, then don't hold it for one minute. We should try to imagine whether a company is still strong in fifteen years. There are various methods to value stocks, such as price-earnings ratio, price-to-book ratio, market-to-sales ratio, market-to-price ratio, market-to-dividend ratio, market-to-weight ratio, etc., but the most important thing is to discuss the company's future free cash flow. You must be concerned about whether the company's future products and services can expand sales and increase prices, whether the future costs can be controlled, whether the future competition is more intense, what major changes have taken place in the future industry trends and consumption trends, how much room there is in the future market, and what adjustments will be made to future national policies such as taxes, licenses and franchises. You will often think about what will happen after 23 and what will happen when China's per capita income reaches more than $2,. A famous friend of mine, Mr. Dan Bin, once said, "Investment means seeing farther than anyone". I think he said this sentence very well. It would be better if I said it.
? Investment makes people think deeply. If you want to find the stocks of excellent enterprises and the jewel in the crown, you must think carefully. That kind of kung fu and artistic conception is very similar to what Lu Yanrang, a poet in the Tang Dynasty, said in his poem "Bitter Songs": "Sing a word and break several stems." When you look back on the stocks that you have held for nearly ten years and have made rich profits, you are both proud and tragic, and it is easy to think of the feeling of the poet Jia Dao: "Two sentences have been won for three years, and one song has two tears." I believe that both value investors and long-term investors have this experience: "Choose a good stock and run two legs" (for example, my young friend in Shenzhen, Mr. Zhai Jingyang, has run countless listed companies in a few years); "Choosing a good stock is better than reading for ten years!"
? Investment makes people more willing to think and deepen their understanding of things. When I was young, I studied philosophy for four years, and I always seemed to understand many philosophical principles. It's not as good as I do now because I have no personal experience. After more than ten years.