2024年4月21日发(作者：惠普激光打印机价格表)

Personal experience（人身经历）

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Buffett pass 10 stock selection

Shareholders' meeting, Buffett Pro pass stock 10 trick

2010, 05, 09

Beijing time on the evening of May 1st, Berkshire Hathaway

annual general meeting of shareholders, 37000 investors from

all over the world participants. The 80 year old Buffett hale

and hearty, he told investors the possibility of serious

inflation is very big, not just the United States, all around

the world. It may be more difficult to break drugs than cure

itself. If I bet on it, I'll bet on a lot of inflation in the

future".

Buffett said he would rather hold stocks than bonds or cash over

the next 20 or more years. If we listen to Buffett, then how

should we stock it? In fact, Buffett answers 5.5 hours, Warren

has given you a 10 strokes:

The first recruit: there is no stock in the heart

Someone asked, how do you compare the latest buying

opportunities and other buying opportunities in history?

In a few cases, Buffett says, the stock market is either too

undervalued or too overvalued, but 90% of the time the stock

market is blurred between the two. If you follow fear when

others are fearful, you can't invest well.

The vast majority of people are concerned about the trend of

the stock market, the others in what to buy what to sell, think

all stocks used to what will happen in the future, and Buffett

only focus on the fundamentals of how the company's value, he

advised investors: you do not buy a stock company but, as long

as the company's profit growth, stock price sooner or later

rose.

Some people ask whether value investors are becoming more and

more likely to lead to less investment opportunities

There are always opportunities to beat the market, Buffett says,

because people are always repeating the same mistakes. Maybe

you'll have cash in hand for a long time, but sooner or later,

you'll have to be ready to catch them.

The second recruit: safety first

In February 2009, Buffett bought $300 million worth of

preferred shares of Harley Davidson, with a dividend yield of

15%. Harley preferred shares are more like bonds than stocks,

but for more than a year, Harley's share price has doubled. So

someone asked Buffett why he didn't buy Harley's common stock

at the time

Buffett explained: "I'm not sure how much Halley's stock is

worth, but I'm pretty sure that Halley won't fail, and 15% of

the fixed rate is very attractive.". I know enough about

investing in Harley bonds, but I don't know enough about Halley

stock.

The secret of happiness is to lower expectations. In investment,

we must remember that safety first, not to make money first,

to reduce your expectations, to prepare for the worst, only safe

and secure investment, and never blindly venture investment.

My rule: first, do not lose money; second, do not forget the

first.

The third trick: stock selection, such as choosing a wife

Some people asked how to prevent the recurrence of the financial

crisis

Buffett said that the financial crisis will happen again and

again, because people will always make crazy moves, and change

the habits of mankind is impossible. Therefore, it is of vital

importance to receive good investment and financial education

in youth and to develop good habits. In elementary school, a

little more knowledge, more than a graduate student, to study

more than thousands of books.

"The chains of habit are too light to be felt until they are

too heavy to break," Buffett said. As you all think, most people

have a poor stock selection, but choose their wives well. Why?

Because children learn lessons from their parents and other

people's marriage, they always choose seriously and strictly,

and finally choose the ideal happy companion. But these people

in stock selection, from small to large without any education

and training, in stock selection time and energy is far less

than choose life partner. Why is Buffett so good at stock

picking? He often said: "stock selection, such as choosing a

wife.".

In fact, he chose stocks more carefully and carefully than his

wife.

Fourth strokes: the enemy

"You can't be an expert on all types of companies," says Buffett.

You don't have to be an expert on everything, but you have to

know very well about the company you're investing in. Your

ability circle size is not important, but it is important to

know the boundaries of your ability circle. You don't need to

be smart enough to do it well if you avoid making big mistakes.

He added, if you want to master a thing would be a lot of thinking,

a lot of practice. Going to bed every night is always a little

better than getting up in the morning, so it's slow, but you'll

definitely improve a lot in the long run. When you're very young,

you start asking yourself what works and what doesn't work"

What you don't understand what they can, a fresh Chibian days.

First of all, to understand their strengths, and secondly, to

play their own strengths, research, proficiency in a certain

type of company, there may be great success. As Sun Tzu said,

the enemy, know yourself. The ability circle is not fixed, and

you must continue to learn and expand your ability circle.

Fifth recruit: first-class business

Buffett used to stress that he was looking for an excellent

company with strong business continuity and competitive

advantage. The shareholders' meeting, he asked Munger, if you

only have a company, which one do you prefer?

Munger said, both of us over the past few decades has been hard

to do is to find the best companies with strong pricing power,

has a monopoly position.

Sixth recruit: first class management

Buffett believes that investment is investor, he attaches great

importance to whether the company has a first-class management.

Buffett defended Goldman at the shareholders' meeting, saying

100% support for Goldman's CEO Blankfein". When asked who could

replace Blankfein, Buffett joked: "if he had a twin brother,

I would have come to replace him." Buffett even said he was

worthy of a woman's permission.

If someone finds unethical or illegal behavior inside the

company, will you intervene directly? Buffett said, "of course,

we won't do anything to make money."." Buffett takes his

reputation seriously and wants his company's management to be

honest and honest. In fact, listen to hearsay do internal

transactions are ill-gotten gains, may sometimes make you earn

a lot of money, but this hidden bomb will make your life inner

anxiety, why?

The seventh recruit: first-class performance

Some ask, which company owns Berkshire's best return on

investment? Which company in the world has the best rate of

return on investment?

Buffett said, like Coca-Cola do not need to invest capital can

run well, some companies even cost is still negative, operation

is very good, such as magazines, collect subscriptions fees,

then send the magazine. It is critical how much capital is

needed to run the business. Companies that invest in capital

are negative, but the company is best. Many consumer companies

have good returns on investment, but too many people want to

buy such companies, so it's hard to buy at a good price.

Buffett places great emphasis on whether the company's

performance is first-rate. His measure is shareholder equity

return on investment. He particularly loves superstar

companies that do not need to invest too much capital to achieve

sustained growth.

The eighth recruit: value evaluation

Some people ask how to do better and better on the valuation

of the company

Buffett said, I started on the valuation absolutely ignorant

of my tutor, Graham taught me for some special types of company

valuation, but the company was almost disappeared, then I

turned to the excellent Munger guide the sustainable

competitive advantage of the company. The goal of the

investment is to look for the best companies that have sustained

competitive advantage over the next 20 years and have a margin

of safety in price. If I can't make a valuation based on the

company's fundamentals analysis,

It won't pay attention to the company at all, which is crucial

for being a good investor.

Ninth move: focus on investment

In recent years, Buffett has been buying some capital intensive

companies, such as energy and industry. Last year's acquisition

of Burlington railroad company is Buffett's biggest

acquisition. This is a big change. Buffett generally invests

only in super small companies with little capital demand and

high return on investment, and rarely invests in such utility

companies.

Buffett explained the changes to shareholders, mainly

Berkshire Hathaway, who has become very large. Less capital

needs and high returns are generally small companies that do

not bring enough returns to the company. "We put a lot of money

into some good business, but in terms of returns, these deals

are not as good as those that can be bought with very little

money."." As the company's funds grew larger, Buffett could

only concentrate on bigger companies, even though returns were

lower, but they had to.

The tenth recruit: long-term investment

"The key to investing is to buy a really good company stock at

a reasonable price and forget it," says Buffett, who has been

holding it for a long, long time. In September 2008, Berkshire

bought about 10% of BYD's $231 million stake through its u. S.

- China energy. It was a week after the collapse of the Lehman

brothers bank, and since then, BYD's shares have nearly doubled,

and in just a year, Buffett has made $1 billion 300 million in

profits of $7. At the shareholders' meeting, Sokol, chairman

of Sino US energy, said Berkshire's investment in BYD was a

long-term investment. Buffett said: "I support the BYD plan,

will be the headquarters of the United States 3 operations in

Losangeles."."

Buffett used to invest only in American companies, but as the

economy began to expand, he began to invest overseas. He was

very concerned about china. What did a Chinese student Wen

Buffett learn from China? Buffett joked that his favored Byd

Co had a bunch of very unusual guys. He added that China is a

"shock economy" and that China has great potential for

development and that this potential is beginning to emerge. He

said he would visit China in September and leave for India next

March. "20 years from now, Chinese and Indians will surely live

a better life than they do today."." He prophesied