看見價值: 巴菲特一直奉行的財富與人生哲學
The Tao of Warren Buffett: Warren Buffett's Words of Wisdom: Quotations and Interpretations to Help Guide You to Billionaire Wealth and Enlighten - Mary Buffett, David Clark
Immediately become a little Buffettologist after reading this book and make me search more of his related books and his company- Berkshire Hathaway as well ( it is a high-valued company which helps its shareholder get satisfactory return every year but I have checked the " admission fee" to be a shareholder is stunning...US$102,200 per share!!!!!! Alhough I can't find the board lot, I am sure the one who can afford to buy are all millionaires...)
It was written by Warren Buffett's daughter-in-law
Although here are totally 125 quotations of him, some of their concepts ( especially the latter part of the book are duplicated. Still, it is worthy to read...many of them are witticisms
Compared with Lee Ka Shing, I appreciate him more. Apart from being a super successful investor, he contributed 85% of his wealth to the charity...definitely a generous person...
Besides mentioning his investing approach, it also mention the importance of integrity of a corporation, management skills or even some marketing concepts etc
I find he likes to focus and emphrasize on long-term investment instead of the short-term one, he prefers high-quality stocks (which can overcome the challenges and survive) and buy them when the overall economic condition is bad
But I am pretty sure that the brokers dislike Warren Buffett since they live on the comission depending on the frequent transactions in the stock market, if everyone is like Warren, the brokers/ consultants will be starve ot death
And I believe different people should have different strategies and philosophies since their financial conditions are not the same. Warren has super huge capitals to invest which allow him to gain a lot once he decided to sell the stocks as there will be a large sum return even the return rate is normal. As a mediocrity with limited capitals, if I adopt his strategies at this moment, the return will not be so obvious even the return rate looks good. ( although he always said value-investing, spend less but has a high return rate, it can't help much if you just invest $1 even with 100% return, right?)
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note for myself
- learn from experience, but if possible, learn from the others' experience first
-the ability of calculating percentage and possibility
- don't follow the trend
- jot down something which can force you to think deeply
- buy the stock which you can predict its future growth, with the ones which can generate return before but not merely the so-called potentials and expectations, buy the companies which you can expect even after 10-15 years due to unchange behaviours of the customers ( E.g. Cola Coke Budweiser)
- experience is important then academic theories
- " When the tide goes out, you will know who is swimming naked" > find out this person before the tide goes out
- the companies which fired employees and claimed to say it is a cost control measure was having bad cost control already
- do what you like and believe that you will be excel at that aspect one day
- self-marketing/ self-selling based on others' needs
- value investing - the company's fundamentals economic condition is important, good management cannot help much c.f. buy high-quality companies' stocks which are underestimated when the economy goes bad, be patient and let the value of the company grows
-accounting > business language> language of the game
- don't buy the stock which the company needs a large sum of capital to grow/ to develop its news products and thus they are unable to expand and acquire new companies or rebuy the stocks ( e.g. GM)
- don't cut price to protect te brand name
-popular and hot stocks can't help you to earn, never follow the irrational public 反向操作
- don't lose money since the principal is the key of success under the power of compound interest
-prevention is easier than getting rid of the problems once they emerge
-choosing the stocks is like choosing your life-long companion
-reply on you independent thinking rather than the analysts, consultants and brokers
- the little the compensation you pay, the higher the value you can get
- overdiversification is originated from ignorant
-don't buy some stocks you are not familiar with and with a blurred future
- buy resourse-monopoly industry (e.g. coal, road etc)
