2. Every time a crisis happens, it provides us with a rare opportunity for stress testing and investment recovery, and it is values that ultimately determine how you deal with and handle yourself.
3. In the novel Silent Tang by Heller sholokhov, there is a sentence that has a great influence on me: People decide their own destiny and that of others there, but I am herding horses here. How come... I should run away, or I'll get deeper and deeper.
4. In order to find insights in the rapidly changing market, it is necessary not only to master financial theory and commercial laws, but also to comprehensively review the tortuous evolution of history, understand the ins and outs of current events and understand people's inner demands.
John maynard keynes, an economist, famously said that the wisdom of life tells people that they would rather follow the tradition and fail than break it and succeed.
6. A person's career is very long. You can't do anything harmful to those who have helped you, otherwise it may haunt you for life.
7. The theory of asset rebalancing has been fully reflected in Svencen's investment practice, that is, grasping the essence of investment and avoiding timing operation, so as to realize reasonable income. -Recommended book "The Road to Innovation of Institutional Investment"
8. Practice tells people that methods and strategies can defeat the market, but the belief of long-term doctrine can win the future.
9. Trying may be just passion, but persistence is courage.
10. As long as it is an enterprise that creates value for social madness, its income and profit will be realized sooner or later, and society will eventually give it a long-term return.
1 1. Value investment needs to be based on both qualitative and quantitative aspects, but on the contrary, many people rely on instantaneous intuition or mysterious understanding when they encounter things that they cannot understand and cope with. It's like handing the loser to luck at the last minute, or clinging to the zero-sum game and fighting in a complicated and changeable market.
12. Investment can generally be analyzed from three levels: industry, company and management.
13. The best analysis method is not necessarily to use valuation theory, asset pricing model and portfolio strategy, but to adhere to the first principle, that is, to trace the source. This "source" includes basic axioms, philosophy of life, human nature and the law of all things.
14. Das Kapital: The name of a thing lies entirely in its essence. Even though I know a man's name is Jacob, I still know nothing about him.
15. Accurate data can't replace general judgment, and tactical diligence can't make up for strategic laziness.
16. every investor should understand that it is "assets" that can deepen the moat over time, and the longer it takes, the more unfavorable it is to the business.
17. The time to create compound interest value does not mean that it must be held for a long time. Long-term holding has a premise that a good enterprise can continuously create new value over time.
18. Clayton Kristen, a professor of management at Harvard University, made a new systematic interpretation of innovation in his "Innovation Trilogy". Different from what many people think, the key to innovation he emphasized is not technological progress, let alone scientific discovery, but actively responding to market changes. The innovator's dilemma lies in whether the manager's mistake is in the opposite direction or in the same place, and the change of the market leads to the loss of the value of its original moat.
19. There is only one moat in the world, that is, entrepreneurs constantly innovate and create long-term value crazily.
20. Some businesses have obvious ceilings, even if they are monopolized or have strong market barriers, because new technologies can create a new policy environment and break the dilapidated ceilings from the outside, such as technological innovation in the automobile industry and the communications industry; Some businesses are good businesses in developing countries, such as household appliances industry and consumer goods industry; In an aging society, some industries are good industries, such as medical industry and pet industry.
2 1. The starting point of education is to satisfy people's desire for learning. Learning is not anti-human, but a bad learning experience is anti-human, and a good learning experience is the best way to "tap" the potential of nature. This is the basic understanding of online education.
22. Just like many people "know a lot of things but still have a hard time", there are many things mentioned repeatedly in investment, but many people are confused when applying them. For example, "when others are afraid, you should be greedy;" When others are greedy, you should be afraid. The price is what you pay and the value is what you get. Profit is just an opinion, and cash flow is a fact. Buy cheaply and sell cheaply. Never use the purchase cost as the basis of sales decision.
23. Buffett wrote in the preface of "Smart Investor": If you want to succeed in investing in your life, you don't need top IQ, extraordinary business acumen or inside information, but you need a perfect knowledge system as the basis of decision-making and the ability to control your emotions so that it won't erode this system.
24. Value investment does not necessarily depend on genius, but only on the correct thinking mode to control your emotions.
25. john templeton, the founder of Templeton Fund Group, famously said: beating the market is an ambitious goal, but we should be cautious in pursuing it. We cannot verify that the market is right, but we never dare to say that the market is wrong. There is no subjective evaluation of the market, and there is no simple comparison. This constitutes our basic attitude towards the market.
26. In the financial market, it is generally believed that * * * knowledge has been reflected in the price, which requires special vigilance, because there is no necessary causal relationship between * * * knowledge and correctness.
27. Many people believe that history will go back and forth, but some people think that this time will be different. In fact, the purpose of reading history is not for once and for all, but to sum up the laws, so we need to see the diversity and richness of things. Every judgment is brand-new, so look forward. We should regard history as a knowledge reserve and situational training, as a ballast stone to resist major risks, rather than a panacea to ensure your invincible.
28. Waiting is also an initiative. Waiting is not doing nothing. The best way to wait patiently is not to think about irrelevant things and always know what to do and what not to do.
29. Claude Bernard, the founder of modern hospital, famously said that the biggest obstacle to our research is known, not unknown.
30. Buying low-valued stocks is not a continuous source of return for value investment, but a continuous creation of value by enterprises.
3 1. Human beings are born with some psychological cognitive misunderstandings, including aversion to uncertainty, which is manifested in trying to get rid of doubts as soon as possible and pursue definite answers when encountering confusion or pressure. But for investment decisions, the core is to grasp the uncertainty.
32. There is no difference in methodology in essence, but natural self-knowledge, introspection and self-consistency. Different investors have different housekeeping skills, which are actually based on different investment principles and strategies. Once a strategic method becomes a belief, it must have great power.
33. Choosing an investment method means choosing your own lifestyle, starting from your own heart and choosing something that can make you feel happy.
34. (Zhang Yiming) likes to adjust himself, adjust his state between mild joy and mild depression, and pursue extreme rationality and calmness. On this basis, he forces himself to learn many things he doesn't want to do for long-term strategic goals. I often say that people who know the truth of "delayed gratification" have gained the upper hand, and they can continue to evolve. This state of evolution is to push the ultimate goal very far, think about how big the final thing can be deduced, and then in turn ask yourself to keep training and making progress.
35. In The Practice of Management, peter drucker said that he had carefully studied the courses offered by American universities in the 1950s and found that only two courses were most helpful for cultivating managers: short story writing and poetry appreciation. Novel writing helps students to cultivate a close observation of people and interpersonal relationships, while poetry helps students to influence others in a perceptual and imaginative way.
36. arthur schopenhauer said: Although people can do what they want, they can't have what they want.
37. The emergence of a commercial species originated from its era and environment, and its accumulated productivity, supply chain efficiency and brand value are the most complete interpretation of that era, which can be called a classic, but the classic values cannot collapse or disappear in an instant.