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Soon Heng
2023-11-29
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52 classic quotations from Charlie Munger, each sentence is heartbreaking
Soon Heng
2023-03-04
$纳指三倍做多ETF(TQQQ)$
Soon Heng
2023-01-10
$纳指三倍做多ETF(TQQQ)$
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Heng","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3566900768068087","idStr":"3566900768068087"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/246582979182728","repostId":"2387205121","repostType":2,"repost":{"id":"2387205121","kind":"news","pubTimestamp":1701215040,"share":"https://ttm.financial/m/news/2387205121?lang=en_US&edition=fundamental","pubTime":"2023-11-29 07:44","market":"us","language":"zh","title":"52 classic quotations from Charlie Munger, each sentence is heartbreaking","url":"https://stock-news.laohu8.com/highlight/detail?id=2387205121","media":"市场资讯","summary":" 美国西部时间11月28日上午，天才投资家、保守主义思想者查理·芒格在加州去世。让我们重温芒格经典语录，缅怀这位智慧、仁慈的老者。愿他在天堂安息。 3，刻意追求理性真的有用，值得你付出一生的努力。别人给我出的问题，如果符合我“太难”的标准，我就把它扔到“太难”的一堆里，想都不再想了。 37，你真想从查理·芒格身上学到点什么，记住我这句话，“老理儿，靠谱。”","content":"<p><html><head></head><body>Source: Interview with Xiaoya, School of Humanities and Economics</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9b75982973d9a71ddd131bdd293f8938\" tg-width=\"550\" tg-height=\"398\"/></p><p> <strong>On the morning of November 28, Western Time, Charlie Munger, a talented investor and conservative thinker, died in California. Let's revisit Munger's classic quotations and remember this wise and benevolent old man. May he rest in peace in heaven.</strong></p><p> <strong>Transcript of the 2020 Daily Journal Annual Meeting</strong></p><p>1. We don't sign contracts that make ourselves lazy, so as not to fall.</p><p>2. If a problem is thoroughly understood, it will be half solved. It's actually particularly difficult to figure things out.</p><p>3. Deliberately pursuing rationality is really useful and worth your lifelong efforts.</p><p>4. Many things can't be pretended. If you pretend to be pretended, you will be faked. If you reach a certain level of hypocrisy, you will become noble. If you pretend to be hypocritical for a long time, people will really change. If you always say something, people will change.</p><p>5. Your thoughts will deceive you. It's best to take some precautions and be vigilant about your own opinions.</p><p>6. Our problem now is that everything happening around us has filled people's brains with water, but people with brains know nothing.</p><p>7. It's a skill to find a good place to hunt. No matter who goes to a good hunting place, he can hit more things.</p><p>8. Don't fall into the emotion of being victimized and can't get out. You always feel that it's all someone else's fault. This way of thinking is very harmful. You keep thinking this way, and in the end no one else wants to have anything to do with you. You shouldn't think that.</p><p>9. When I encounter problems, I will classify them into categories, and many problems are thrown into a \"too difficult\" pile by me. If someone else gives me a problem that meets my criteria of \"too hard\", I throw it into the \"too hard\" pile and don't even think about it anymore.</p><p>10. No matter who it is, life can't be easy if a stronger competitor comes out. Therefore, I think Japan's stagnation is not Japan's own fault, but the times and trends.</p><p>11. I specifically think about how to deny myself. Most people try to defend their ideas, no matter how stupid they are.</p><p>12. Becoming a rational and objective person should be the most important pursuit in life.</p><p>13. If you can't rely on your face to eat, if your brain is irrational, what should you do?</p><p>14. When thinking about problems, you should consider both what the people above me see and what the people below me see.</p><p>15. Beyond your circle of competence, you have to say, \"This thing is too difficult, and I can't understand it all my life\". I did a good job in this respect. When I met something I couldn't handle, I gave in.</p><p>16. 99% of people are always at the bottom 99%. This is the reality.</p><p>17. I can only give you one suggestion: lower your expectations, try to realize them, and be content. I think this is a good suggestion. At first glance, it doesn't sound like that, but it's actually a very simple truth.</p><p>18. In the long run, people who can delay gratification will live better.</p><p>Delayed gratification is innate, and it has been proven in psychological research. If you are impulsive, you can't do it until you are satisfied immediately. I can only wish you good luck. I guess you will have a bad life, and I can't pull you over.</p><p>19. If you have some talent for delayed gratification and can cultivate this talent, you are already on the road to success and happiness. Always to be satisfied immediately, you can only lead to dead end, and you may catch syphilis.</p><p> <strong>Transcript of the 2019 Daily Journal Annual Meeting</strong></p><p>20. The so-called common sense is common sense that ordinary people don't have.</p><p>When we say that someone has common sense, we actually mean that he has common sense that ordinary people don't have. People think it's easy to have common sense, but it's actually difficult.</p><p>21. The key to playing the game of investment well lies in a few opportunities. You can really see that this opportunity is better than other ordinary opportunities, and you know very well that you know more than others.</p><p>22. An investor, who pursues super-class performance, but diversifies his investment in large quantities, is simply asking for fish from the edge of a tree, which is not feasible and impossible. Is it interesting to repeat impossible tasks over and over again? I think it's going to be painful. Who wants to suffer such torture? This is a road that doesn't go</p><p>23. The first rule of fishing is to fish where there are fish. The second rule of fishing is, remember the first rule.</p><p>24. There are only a few opportunities. When an opportunity comes, we pounce and seize it.</p><p>25. Find a partner who is better than yourself, which you can't buy with any money.</p><p>26. Major decisions, on average, are few every year.</p><p>The gameplay of this game is: stay in this game all the time, keep an eye on it, and don't let a rare opportunity slip away when it appears. You know, there are not many opportunities that every ordinary person can get.</p><p>27. We can succeed not because we are good at solving difficult problems, but because we are good at staying away from them. We're just looking for simple things to do.</p><p>28. Howard amanson once said this: \"Don't underestimate people who overestimate themselves.\"</p><p>It is a very unpleasant part of modern life that overestimates one's own megalomaniac can occasionally achieve great things. I've learned to adapt, so what if I don't adapt? It's no surprise. Megalomaniacs can occasionally be big winners, but I don't want a bunch of megalomaniacs dangling in front of my eyes. I choose the cautious one.</p><p>29. After finding the best one, as long as it can't compare with this best one, don't look at it. Knowing this truth, life is much simpler.</p><p>30. A wise person can wait patiently, let time pass and experience the beauty. Most people are always busy.</p><p>31. There are too many places in life that require perseverance.</p><p>32. I have lived for such a long age and lived well. There is a secret. Let me tell you: don't think too well of human nature.</p><p>There are many defects and faults in human nature. If you are dissatisfied with everything, full of complaints and grievances, it will only backfire, pit yourself, and you can't change the world. If you destroy yourself, how can the world be? How worthless? It's not worth it. I never do such a stupid thing.</p><p>33. If you think about the problem thoroughly, the problem will be half solved.</p><p>34. We have a secret: we don't want to know much. I have a pile of stuff on my desk, and this pile solves most of my puzzles. I name it \"Too Hard\" pile.</p><p>I always throw stuff into the \"too hard\" pile. Occasionally, something very simple comes to my hands, and I do it easily. This is my way of life.</p><p>Everything is thrown into the \"too hard\" pile, a few simple things that I can decide without thinking.</p><p>35. We always abide by common sense-common sense that ordinary people don't have, and throw a lot of things into a \"too difficult\" pile. This is one of the common senses that ordinary people don't have.</p><p>36. The next generation is too difficult to change, and the general outcome is mediocre. Some people can succeed, this is a minority.</p><p>People's achievements are divided in this way, and there are always a few who succeed. There are many people who pursue success, but few people who get it. Discipline, virtue, friends and opportunities are all simple things to say.</p><p>37. You really want to learn something from Charlie Munger. Remember my saying, \"Old rationality, reliability.\" All those traditional virtues will last a lifetime.</p><p>38. The goal I set for myself is to pursue common sense that ordinary people don't have. I set my goal very low. I'm very pleased with my performance. Do it all over again, and it's hard to do better than you do now.</p><p>39. I am generally skeptical about investment products made by professionals. I usually stay away from others who spare no effort to sell what they sell.</p><p>40. Every rational investor will worry about banks, because in the banking business, the management naturally faces the temptation to do stupid things.</p><p>If the management of banks wants to inflate profits, there are plenty of ways. It is simply a breeze to move future profits to the present, although it will harm the long-term development of the company.</p><p>Warren put it well: \"The problem with banking is that there are many banks and few bankers.\" Therefore, if you really want to invest in banks, you can only buy them when you are sure to win. Because over time, the bank's business will be eroded by serious stupidity.</p><p>41. A difficult problem, which I can't solve, I will pull a cordon so that the problem can't even get in.</p><p>42. Everyone is bound to miss the opportunity sometimes, which is doomed. I always think that don't worry too much about things that can't be changed. It is a taboo in life to be full of complaints and complaints.</p><p>The reason is very simple, but many people have destroyed themselves in vain. Jealousy is also a taboo, and jealousy is a sin of no fun. Who has enjoyed in jealousy? How does jealousy benefit you? There's always someone better than you. It's silly to be jealous of others.</p><p>My way of life is to see through the silliest things and stay at a respectful distance. Living like this, I can't make myself a popular person, but I can nip in the bud many troubles before they happen.</p><p>43. It is very, very important to know the boundaries of your circle of competence. You have to always compare what you can do with what others can do. You need to always be firm and rational, especially don't lie to yourself.</p><p>From my life's experience, the ability to know oneself rationally is mainly determined by genetics. I feel like people like Warren and I are natural. Acquired education is very important, but, I think, we are born with the character needed to succeed in investing. I can't bring you back into your womb.</p><p>44. When dealing with great danger, my attitude is to stay as far away as possible. Others, however, as long as they don't fall in, stick it as close as possible. I think it's too overwhelming. I don't want to do that.</p><p>45, (What is the secret to a long life and happiness?) No jealousy, no complaint, no excessive consumption. In the face of any difficulties, keep an optimistic attitude. Make friends with reliable people. Do your duty. They are all simple truths, and they are all old truths. If you do it, you will benefit it all your life.</p><p> <strong>Munger's exchange with investors after the 2017 DJCO annual meeting</strong></p><p>46. Wang Chuanfu knows very well what he can and what he can't do. Elon Musk thinks he can do anything. Let me bet, I prefer to choose someone with some self-awareness.</p><p>47. I read Barron's magazine for 50 years, and I only found one investment opportunity in Barron's. Through this opportunity, I made $80 million with almost no risk. I gave the $80 million to Li Lu for management, and Li Lu turned it into $400 million or $500 million. So to speak, I read Barron's, read it for 50 years, found an investment opportunity in it, and made $400 million or $500 million.</p><p>I've been reading Fortune magazine for 60 years, and I haven't found a clue about a stock in it. I didn't say delayed gratification, this is delayed gratification.</p><p>48. Be sure to know what you can and what you can't do. I never bet when probabilities aren't on my side. Whether it's horse racing or gambling, I've never lost any money.</p><p>49. Probability is not on my side, and I don't play at all. Even if it's just for leisure and entertainment, if the probability is against me, I don't want to participate.</p><p>Sometimes, I also play bridge against opponents who are higher than myself, but I just want to learn from the masters. It's not to learn something, I don't fight a master. I just don't like getting right with probability.</p><p>50. If I were you, of course I would follow investors who are better than me and look for investment clues from them. There is a problem with this method. If you are tracking this, you have come a long way on this road. We are limited by scale. If you learn from us, you are also limited by scale.</p><p>You'd better follow the good investors who play in small pools and look for prices where you have a greater advantage. Although it is difficult to find good investors from small funds, this method is definitely useful.</p><p>If I were you, I would definitely do this. I must find out what smart investors are doing, and I have to closely follow every smart investor. Needless to say?</p><p>51. Among our group of people who do value investing, which one didn't get through it? If we persist, we don't even need to be smart.</p><p>In our generation, those who persist are very successful. It is more difficult for your generation to invest than we did back then. If it's difficult, it's not interesting. Even if it's harder, don't lose heart.</p><p>52. I've always said this. Specialization is often the best way to go. Personally, I prefer to dabble extensively, but people who specialize in one subject tend to achieve greater results. People who specialize in one subject know more than others.</p><p></body></html></p>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>52 classic quotations from Charlie Munger, each sentence is heartbreaking</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n52 classic quotations from Charlie Munger, each sentence is heartbreaking\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">市场资讯</strong><span class=\"h-time small\">2023-11-29 07:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Source: Interview with Xiaoya, School of Humanities and Economics</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9b75982973d9a71ddd131bdd293f8938\" tg-width=\"550\" tg-height=\"398\"/></p><p> <strong>On the morning of November 28, Western Time, Charlie Munger, a talented investor and conservative thinker, died in California. Let's revisit Munger's classic quotations and remember this wise and benevolent old man. May he rest in peace in heaven.</strong></p><p> <strong>Transcript of the 2020 Daily Journal Annual Meeting</strong></p><p>1. We don't sign contracts that make ourselves lazy, so as not to fall.</p><p>2. If a problem is thoroughly understood, it will be half solved. It's actually particularly difficult to figure things out.</p><p>3. Deliberately pursuing rationality is really useful and worth your lifelong efforts.</p><p>4. Many things can't be pretended. If you pretend to be pretended, you will be faked. If you reach a certain level of hypocrisy, you will become noble. If you pretend to be hypocritical for a long time, people will really change. If you always say something, people will change.</p><p>5. Your thoughts will deceive you. It's best to take some precautions and be vigilant about your own opinions.</p><p>6. Our problem now is that everything happening around us has filled people's brains with water, but people with brains know nothing.</p><p>7. It's a skill to find a good place to hunt. No matter who goes to a good hunting place, he can hit more things.</p><p>8. Don't fall into the emotion of being victimized and can't get out. You always feel that it's all someone else's fault. This way of thinking is very harmful. You keep thinking this way, and in the end no one else wants to have anything to do with you. You shouldn't think that.</p><p>9. When I encounter problems, I will classify them into categories, and many problems are thrown into a \"too difficult\" pile by me. If someone else gives me a problem that meets my criteria of \"too hard\", I throw it into the \"too hard\" pile and don't even think about it anymore.</p><p>10. No matter who it is, life can't be easy if a stronger competitor comes out. Therefore, I think Japan's stagnation is not Japan's own fault, but the times and trends.</p><p>11. I specifically think about how to deny myself. Most people try to defend their ideas, no matter how stupid they are.</p><p>12. Becoming a rational and objective person should be the most important pursuit in life.</p><p>13. If you can't rely on your face to eat, if your brain is irrational, what should you do?</p><p>14. When thinking about problems, you should consider both what the people above me see and what the people below me see.</p><p>15. Beyond your circle of competence, you have to say, \"This thing is too difficult, and I can't understand it all my life\". I did a good job in this respect. When I met something I couldn't handle, I gave in.</p><p>16. 99% of people are always at the bottom 99%. This is the reality.</p><p>17. I can only give you one suggestion: lower your expectations, try to realize them, and be content. I think this is a good suggestion. At first glance, it doesn't sound like that, but it's actually a very simple truth.</p><p>18. In the long run, people who can delay gratification will live better.</p><p>Delayed gratification is innate, and it has been proven in psychological research. If you are impulsive, you can't do it until you are satisfied immediately. I can only wish you good luck. I guess you will have a bad life, and I can't pull you over.</p><p>19. If you have some talent for delayed gratification and can cultivate this talent, you are already on the road to success and happiness. Always to be satisfied immediately, you can only lead to dead end, and you may catch syphilis.</p><p> <strong>Transcript of the 2019 Daily Journal Annual Meeting</strong></p><p>20. The so-called common sense is common sense that ordinary people don't have.</p><p>When we say that someone has common sense, we actually mean that he has common sense that ordinary people don't have. People think it's easy to have common sense, but it's actually difficult.</p><p>21. The key to playing the game of investment well lies in a few opportunities. You can really see that this opportunity is better than other ordinary opportunities, and you know very well that you know more than others.</p><p>22. An investor, who pursues super-class performance, but diversifies his investment in large quantities, is simply asking for fish from the edge of a tree, which is not feasible and impossible. Is it interesting to repeat impossible tasks over and over again? I think it's going to be painful. Who wants to suffer such torture? This is a road that doesn't go</p><p>23. The first rule of fishing is to fish where there are fish. The second rule of fishing is, remember the first rule.</p><p>24. There are only a few opportunities. When an opportunity comes, we pounce and seize it.</p><p>25. Find a partner who is better than yourself, which you can't buy with any money.</p><p>26. Major decisions, on average, are few every year.</p><p>The gameplay of this game is: stay in this game all the time, keep an eye on it, and don't let a rare opportunity slip away when it appears. You know, there are not many opportunities that every ordinary person can get.</p><p>27. We can succeed not because we are good at solving difficult problems, but because we are good at staying away from them. We're just looking for simple things to do.</p><p>28. Howard amanson once said this: \"Don't underestimate people who overestimate themselves.\"</p><p>It is a very unpleasant part of modern life that overestimates one's own megalomaniac can occasionally achieve great things. I've learned to adapt, so what if I don't adapt? It's no surprise. Megalomaniacs can occasionally be big winners, but I don't want a bunch of megalomaniacs dangling in front of my eyes. I choose the cautious one.</p><p>29. After finding the best one, as long as it can't compare with this best one, don't look at it. Knowing this truth, life is much simpler.</p><p>30. A wise person can wait patiently, let time pass and experience the beauty. Most people are always busy.</p><p>31. There are too many places in life that require perseverance.</p><p>32. I have lived for such a long age and lived well. There is a secret. Let me tell you: don't think too well of human nature.</p><p>There are many defects and faults in human nature. If you are dissatisfied with everything, full of complaints and grievances, it will only backfire, pit yourself, and you can't change the world. If you destroy yourself, how can the world be? How worthless? It's not worth it. I never do such a stupid thing.</p><p>33. If you think about the problem thoroughly, the problem will be half solved.</p><p>34. We have a secret: we don't want to know much. I have a pile of stuff on my desk, and this pile solves most of my puzzles. I name it \"Too Hard\" pile.</p><p>I always throw stuff into the \"too hard\" pile. Occasionally, something very simple comes to my hands, and I do it easily. This is my way of life.</p><p>Everything is thrown into the \"too hard\" pile, a few simple things that I can decide without thinking.</p><p>35. We always abide by common sense-common sense that ordinary people don't have, and throw a lot of things into a \"too difficult\" pile. This is one of the common senses that ordinary people don't have.</p><p>36. The next generation is too difficult to change, and the general outcome is mediocre. Some people can succeed, this is a minority.</p><p>People's achievements are divided in this way, and there are always a few who succeed. There are many people who pursue success, but few people who get it. Discipline, virtue, friends and opportunities are all simple things to say.</p><p>37. You really want to learn something from Charlie Munger. Remember my saying, \"Old rationality, reliability.\" All those traditional virtues will last a lifetime.</p><p>38. The goal I set for myself is to pursue common sense that ordinary people don't have. I set my goal very low. I'm very pleased with my performance. Do it all over again, and it's hard to do better than you do now.</p><p>39. I am generally skeptical about investment products made by professionals. I usually stay away from others who spare no effort to sell what they sell.</p><p>40. Every rational investor will worry about banks, because in the banking business, the management naturally faces the temptation to do stupid things.</p><p>If the management of banks wants to inflate profits, there are plenty of ways. It is simply a breeze to move future profits to the present, although it will harm the long-term development of the company.</p><p>Warren put it well: \"The problem with banking is that there are many banks and few bankers.\" Therefore, if you really want to invest in banks, you can only buy them when you are sure to win. Because over time, the bank's business will be eroded by serious stupidity.</p><p>41. A difficult problem, which I can't solve, I will pull a cordon so that the problem can't even get in.</p><p>42. Everyone is bound to miss the opportunity sometimes, which is doomed. I always think that don't worry too much about things that can't be changed. It is a taboo in life to be full of complaints and complaints.</p><p>The reason is very simple, but many people have destroyed themselves in vain. Jealousy is also a taboo, and jealousy is a sin of no fun. Who has enjoyed in jealousy? How does jealousy benefit you? There's always someone better than you. It's silly to be jealous of others.</p><p>My way of life is to see through the silliest things and stay at a respectful distance. Living like this, I can't make myself a popular person, but I can nip in the bud many troubles before they happen.</p><p>43. It is very, very important to know the boundaries of your circle of competence. You have to always compare what you can do with what others can do. You need to always be firm and rational, especially don't lie to yourself.</p><p>From my life's experience, the ability to know oneself rationally is mainly determined by genetics. I feel like people like Warren and I are natural. Acquired education is very important, but, I think, we are born with the character needed to succeed in investing. I can't bring you back into your womb.</p><p>44. When dealing with great danger, my attitude is to stay as far away as possible. Others, however, as long as they don't fall in, stick it as close as possible. I think it's too overwhelming. I don't want to do that.</p><p>45, (What is the secret to a long life and happiness?) No jealousy, no complaint, no excessive consumption. In the face of any difficulties, keep an optimistic attitude. Make friends with reliable people. Do your duty. They are all simple truths, and they are all old truths. If you do it, you will benefit it all your life.</p><p> <strong>Munger's exchange with investors after the 2017 DJCO annual meeting</strong></p><p>46. Wang Chuanfu knows very well what he can and what he can't do. Elon Musk thinks he can do anything. Let me bet, I prefer to choose someone with some self-awareness.</p><p>47. I read Barron's magazine for 50 years, and I only found one investment opportunity in Barron's. Through this opportunity, I made $80 million with almost no risk. I gave the $80 million to Li Lu for management, and Li Lu turned it into $400 million or $500 million. So to speak, I read Barron's, read it for 50 years, found an investment opportunity in it, and made $400 million or $500 million.</p><p>I've been reading Fortune magazine for 60 years, and I haven't found a clue about a stock in it. I didn't say delayed gratification, this is delayed gratification.</p><p>48. Be sure to know what you can and what you can't do. I never bet when probabilities aren't on my side. Whether it's horse racing or gambling, I've never lost any money.</p><p>49. Probability is not on my side, and I don't play at all. Even if it's just for leisure and entertainment, if the probability is against me, I don't want to participate.</p><p>Sometimes, I also play bridge against opponents who are higher than myself, but I just want to learn from the masters. It's not to learn something, I don't fight a master. I just don't like getting right with probability.</p><p>50. If I were you, of course I would follow investors who are better than me and look for investment clues from them. There is a problem with this method. If you are tracking this, you have come a long way on this road. We are limited by scale. If you learn from us, you are also limited by scale.</p><p>You'd better follow the good investors who play in small pools and look for prices where you have a greater advantage. Although it is difficult to find good investors from small funds, this method is definitely useful.</p><p>If I were you, I would definitely do this. I must find out what smart investors are doing, and I have to closely follow every smart investor. Needless to say?</p><p>51. Among our group of people who do value investing, which one didn't get through it? If we persist, we don't even need to be smart.</p><p>In our generation, those who persist are very successful. It is more difficult for your generation to invest than we did back then. If it's difficult, it's not interesting. Even if it's harder, don't lose heart.</p><p>52. I've always said this. Specialization is often the best way to go. Personally, I prefer to dabble extensively, but people who specialize in one subject tend to achieve greater results. People who specialize in one subject know more than others.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2023-11-29/doc-imzwfrpc2651410.shtml\">市场资讯</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9b75982973d9a71ddd131bdd293f8938","relate_stocks":{"BK4585":"ETF&股票定投概念","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","BK4534":"瑞士信贷持仓","LU0251142724.SGD":"Fidelity America A-SGD","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","BK4176":"多领域控股","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU1363072403.SGD":"Fidelity Global 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(LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","BK4581":"高盛持仓"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2023-11-29/doc-imzwfrpc2651410.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2387205121","content_text":"来源：人文经济学堂 小雅访谈 美国西部时间11月28日上午，天才投资家、保守主义思想者查理·芒格在加州去世。让我们重温芒格经典语录，缅怀这位智慧、仁慈的老者。愿他在天堂安息。 2020 年 Daily Journal 年会文字记录 1，我们不签让自己偷懒的合同，免得自己走向堕落。 2，一个问题，彻底想明白了，就解决了一半。把事儿想明白，其实特别难。 3，刻意追求理性真的有用，值得你付出一生的努力。 4，很多事儿不能装，装着装着就弄假成真了。虚伪到一定境界反而高尚了，装得久了，人确实会变。嘴上总说什么，人就变了。 5，你的思想会欺骗你，最好采取一些预防措施，对自己的观点要提高警惕。 6，我们现在的问题在于，周围发生的一切把人们的脑子灌进了水，但长着脑子的人们却一无所知。 7，能找到好打猎的地方是本事。无论是谁，到了好打猎的地方，都能打到更多东西。 8，千万别陷入受害的情绪走不出来，总觉得都是别人的错，这种思维方式非常害人。你一直这么想，最后别人都不愿意和你沾边了。不应该这么想。 9，我遇到了问题会分门别类，很多问题被我扔到了“太难”的一堆。别人给我出的问题，如果符合我“太难”的标准，我就把它扔到“太难”的一堆里，想都不再想了。 10，无论是谁，更强大的竞争对手杀出来了，日子都不可能好过。所以我觉得日本的停滞不是日本自己的错，是时也势也。 11，我专门琢磨怎么否定自己。大多数人都是努力维护自己的想法，无论自己的想法多么愚不可及。 12，成为一个理性、客观的人，这应该是人生最重要的追求。 13，不能靠脸吃饭，脑子再不理性点儿，怎么办啊？ 14，想问题的时候，既要考虑在我之上的人看到的是什么，也要考虑在我之下的人看到的是什么。 15，超出了自己的能力圈，你就得说“这东西太难，我一辈子都搞不懂”。我这方面做得很好，我遇到了我搞不定的，我就认怂。 16，99%的人始终是处于底层的99%，这就是现实。 17，我只能给你们一条建议：降低预期，努力把它实现，知足常乐。我认为这是个很好的建议，乍听起来，不是那么回事儿，其实是很简单的道理。 18，长期来看，能够延迟满足的人会活得更好。 延迟满足这东西是天生的，这已经在心理学研究中得到了证明。如果你很冲动，不立刻得到满足就不行，我只能祝你好运，估计你这辈子过不好了，我没办法把你扳过来。 19，如果你有些延迟满足的天分，而且能培养这个天分，你已经走在了通往成功和幸福的路上。总是要立刻得到满足，只能走上死路，还可能染上梅毒。 2019 年 Daily Journal 年会文字记录 20，所谓常识，是平常人没有的常识。 我们在说某个人有常识的时候，其实是说他具备平常人没有的常识。人们都以为具备常识很简单，其实很难。 21，玩好投资这个游戏，关键在于少数几次机会，你确实能看出来，这个机会比其他一般的机会都好，而且你很清楚，自己比别人知道的更多。 22，一个投资者，追求超一流的业绩，却大量分散投资，简直是缘木求鱼，行不通，是不可能的任务。一次又一次重复不可能的任务，有意思吗？我觉得会很痛苦。谁愿意承受这样的折磨？这是一条走不通的路 23，钓鱼的第一条规则是，在有鱼的地方钓鱼。钓鱼的第二条规则是，记住第一条规则。 24，机会只有少数几个，当一个机会来临时，我们扑过去把它抓住。 25，找到比自己优秀的伴侣，这是多少钱都买不来的。 26，重大的决定，平均算下来，每年没几个。 这个游戏的玩法是：始终留在这个游戏里，盯住了，在稀有的机会出现时，别让它溜走，要知道，每个普通人能分到的机会并不多。 27，我们能成功，不是因为我们善于解决难题，而是因为我们善于远离难题。我们只是找简单的事做。 28，霍华德·阿曼森 讲过这样一句话：“千万别低估高估自己的人。” 高估自己的自大狂偶尔竟然能成大事，这是现代生活中让人很不爽的一部分。我已经学会适应了，不适应又能怎样，见怪不怪了。自大狂偶尔能成为大赢家，但我不愿一群自大狂在我眼前晃来晃去，我选择谨慎的人。 29，在找到了一个最好的以后，只要是比不上这个最好的，都不用看了。懂了这个道理，生活简单多了。 30，明智的人能耐心等待，让时间流逝，体会其中的妙处。大多数人总是瞎忙活。 31，生活中需要坚忍的地方太多了。 32，我活了这么一大把年纪，活得很好，有个秘诀，我告诉你们：别把人性想得太好了。 人性本来就有许多缺陷和毛病。你要是看什么都不满，一肚子牢骚、一肚子怨气，只会适得其反，坑了自己，又不能改变世界。把自己毁了，世界该怎么还怎么样，多不值？太不值了。我从来不干这样的傻事。 33，把问题彻底想明白，问题就解决了一半。 34，我们有个秘诀：我们不求知道很多。我桌子上摞着一堆东西，这堆东西解决了我的大部分难题，我给它起了个名字叫“太难”的一堆。 我总是把东西扔到“太难”这一堆里。偶尔来到我手边的是很简单的东西，我很轻松地就做了，这是我的处世之道。 所有东西都扔到“太难”的一堆，少数几个简单的东西，我可以不假思索地决断。 35，我们总是遵守常识――平常人没有的常识，把很多东西扔到“太难”的一堆里，这是平常人没有的常识之一。 36，下一代太难改变，普遍的结局都是平庸。有些人能成功，这是少数。 人的功绩就这么分的，成功的总是少数。追求成功的人很多，得到成功的人很少。纪律、德行、诤友、机会，说出来都是些简单的东西。 37，你真想从查理·芒格身上学到点什么，记住我这句话，“老理儿，靠谱。”所有那些传统美德，让人一生受用。 38，我给自己设定的目标是追求平常人没有的常识。我的目标定得很低。我对自己的表现非常满意。重新来一次，很难比现在做得更好。 39，对于专业人士搞出来的投资产品，我普遍持怀疑态度。别人不遗余力地推销叫卖的东西，我一般都远离。 40，每个理性的投资者都会担心银行，因为在银行这项生意里，管理层天然地要面对做傻事的诱惑。 银行的管理层如果想虚增利润，有的是办法。把未来的利润挪到现在，简直轻而易举，虽然这会损害公司长远的发展。 沃伦说得好：“银行业的问题在于，银行很多，银行家很少”所以说，真要投资银行的话，只能在胜券在握的情况下买入。因为随着时间推移，银行的生意将被严重的愚蠢侵蚀。 41，一个难题，是我解决不了的，我会拉一条警戒线，让问题根本别想钻进来。 42，谁都必然有错过机会的时候，这是注定的。我始终认为，改变不了的事，就别太纠结。牢骚满腹、怨天怨地是人生大忌。 道理很简单，许多人却因此白白地毁了自己。嫉妒也是大忌，而且嫉妒这宗罪还毫无乐趣。谁在嫉妒之中获得了享受？嫉妒对你有什么好处？总有别人比你强。嫉妒别人太傻了。 我的处世之道是：看透最傻的事，敬而远之。如此生活，我不能让自己成为一个受欢迎的人，但是我能对许多麻烦做到防患未然。 43，知道自己的能力圈的边界，非常非常重要。你得始终对比自己能做到什么、别人能做到什么，你需要始终坚定地保持理性，特别是别自己骗自己。 从我一生的阅历来看，理性地认识自己的能力这项特质主要是由基因决定的。我觉得像沃伦和我这样的人是天生的。后天的教育很重要，但是，我认为，我们生下来就具备了投资成功所需的性格。我没办法让你回到娘胎中重生。 44，对待大危险，我的态度是，离得越远越好。别人却是只要不掉进去，贴得越近越好。我觉得太悬了，我不想那么干。 45，（长寿、幸福的秘诀是什么？）不嫉妒、不抱怨、不过度消费。面对什么困难，都保持乐观的心态。交靠谱的人。做本分的事。都是些简单的道理，也都是些老掉牙的道理。做到了，一生受益。 2017 年 DJCO 年会结束后芒格与投资者的交流 46，王传福很清楚什么是自己能做到的，什么是自己做不到的。埃隆·马斯克以为自己无所不能。让我下注，我更愿意选择有些自知之明的人。 47，我读《Barron’s》杂志，读了整整 50 年，我在《Barron’s》中只找到了一个投资机会。通过这个机会，我在几乎没有任何风险的情况下，赚了 8000 万美元。我把这 8000 万美元交给了李录管理，李录把它变成了 4、5 亿美元。可以这么说，我读《Barron’s》，读了 50 年，从中找到了一个投资机会，赚了 4、5 亿美元。 我读了 60 年了《Fortune》杂志，也没从中找到一只股票的线索。我不是说了要延迟满足，这就是延迟满足。 48，一定要知道什么是自己能做到的，什么是自己做不到的。当概率不站在我一边的时候，我从来不赌。无论是赌马、赌博，我都没输过钱。 49，概率不站在我一边，我根本不玩。哪怕只是休闲娱乐，如果概率对我不利，我都不愿参与。 有时候，我也和比自己水平高的对手打桥牌，但我只是为了向高手学习。不是为了学点东西，我才不和高手打呢。我就是不喜欢和概率做对。 50，如果我是你们，我当然要跟踪比我更优秀的投资者，从他们那儿寻找投资线索。用这个方法有个问题，如果你跟踪的是这样的，已经在这条路上走了很远了，我们受规模的限制，你和我们学，你也一样受规模的限制了。 你们最好去跟踪那些在小池子里玩的优秀投资者，寻找你们占据更大优势的价格。虽说从小资金中找出优秀的投资者很困难，但是这个方法肯定有用。 我是你们的话，我肯定这么做。我一定要摸清聪明的投资者在做什么，每一个聪明的投资者我都要密切跟踪，这还用说？ 51，我们这批做价值投资的人，哪一个不是熬出来的，坚持下去，甚至用不着脑子多聪明。 我们这一代人里，坚持下来的，都很成功。你们这一代人做投资，比我们当年更难了。难就难吧，不难还没意思呢。即使更难了，也别灰心。 52，我一直都是这么讲的，专业化往往是最该走的一条路。我个人比较喜欢广泛涉猎，但是专精一门的人往往能取得更大的成绩。专精一门的人比别人懂的都多。","news_type":1,"symbols_score_info":{"BRK.A":1,"BRK.B":1}},"isVote":1,"tweetType":1,"viewCount":1922,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940686407,"gmtCreate":1677862191609,"gmtModify":1677864300304,"author":{"id":"3566900768068087","authorId":"3566900768068087","name":"Soon Heng","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3566900768068087","idStr":"3566900768068087"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TQQQ\">$纳指三倍做多ETF(TQQQ)$ </a>","listText":"<a href=\"https://ttm.financial/S/TQQQ\">$纳指三倍做多ETF(TQQQ)$ </a>","text":"$纳指三倍做多ETF(TQQQ)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940686407","isVote":1,"tweetType":1,"viewCount":2058,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9951059478,"gmtCreate":1673362380596,"gmtModify":1676538824526,"author":{"id":"3566900768068087","authorId":"3566900768068087","name":"Soon Heng","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3566900768068087","idStr":"3566900768068087"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TQQQ\">$纳指三倍做多ETF(TQQQ)$ </a>","listText":"<a href=\"https://ttm.financial/S/TQQQ\">$纳指三倍做多ETF(TQQQ)$ </a>","text":"$纳指三倍做多ETF(TQQQ)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9951059478","isVote":1,"tweetType":1,"viewCount":1644,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":277536767963248,"gmtCreate":1708784009679,"gmtModify":1708784014677,"author":{"id":"3566900768068087","authorId":"3566900768068087","name":"Soon Heng","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3566900768068087","idStr":"3566900768068087"},"themes":[],"htmlText":"Qe S ","listText":"Qe S ","text":"Qe S","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/277536767963248","repostId":"1171850338","repostType":2,"repost":{"id":"1171850338","kind":"news","pubTimestamp":1708768272,"share":"https://ttm.financial/m/news/1171850338?lang=en_US&edition=fundamental","pubTime":"2024-02-24 17:51","market":"us","language":"zh","title":"Just tonight, Berkshire issued its financial report and shareholder letter. These are the five highlights!","url":"https://stock-news.laohu8.com/highlight/detail?id=1171850338","media":"华尔街见闻","summary":"股神今年会说些什么？","content":"<p><html><head></head><body>Author: Ye Zhen</p><p>Tonight, Beijing time, Buffett's Berkshire Hathaway will release its financial report for the fourth quarter and full year of 2023, and at the same time release Buffett's letter to shareholders, which global investors are eagerly looking forward to.</p><p><p style=\"text-align: justify;\">The annual Buffett shareholder letter has become a tradition in the global investment community that has lasted for 58 years. What will the stock god say this year?</p><p><p style=\"text-align: justify;\"><strong>The market is generally concerned about five key issues: Berkshire's cash reserves, Buffett's secret new investment, its layout in the oil field, the reduction of Apple's stock holdings, and the company's future succession plans.</strong></p><p><p style=\"text-align: justify;\">Berkshire shares rose slightly on Friday, reaching a year-to-date gain of about 16%. Berkshire has achieved a compound annual growth rate of 19.8% since 1965, almost twice the rate of any fund tracking the S&P 500 index.</p><p><p style=\"text-align: justify;\">Berkshire's primary investments are focused on five stocks, including Apple, Chevron, Bank of America, American Express, and Coca-Cola, which account for about 75% of its total portfolio value.</p><p><h2 id=\"id_376321162\" style=\"text-align: start;\">No.1 Continue to be cash king?</h2><p style=\"text-align: justify;\">Berkshire Hathaway held about $157.2 billion in cash and cash equivalents at the end of the third quarter, a record high. This huge cash reserve is mainly stored in short-term Treasury Bond.</p><p><p style=\"text-align: justify;\">However, U.S. short-term yields have declined since the end of the third quarter, which may reduce Buffett's incentive to continue increasing his cash reserves.</p><p><p style=\"text-align: justify;\">At the end of last year, the interest rate of 6-month Treasury Bond bills in the United States was about 5.26%, down from about 5.55% at the end of September.<strong>Analysts expect Berkshire to continue buying or share buybacks as part of its capital allocation strategy.</strong></p><p><h2 id=\"id_1410258039\" style=\"text-align: start;\">No.2 What is the mysterious new investment?</h2><p style=\"text-align: justify;\">Buffett May Reveal His Secret New Investment in Annual Report.</p><p><p style=\"text-align: justify;\">Berkshire has twice applied to the U.S. Securities and Exchange Commission to keep the new investments he has built since the second quarter of last year secret for the time being.</p><p><p style=\"text-align: justify;\">Buffett said his investment plans are often mimicked by retail and institutional investors, and keeping his purchase plans private would give him more control over future stock purchases. SEC rules allow for confidentiality periods of up to one year.</p><p><p style=\"text-align: justify;\"><strong>There is speculation that Buffett or his colleagues may be accumulating stakes in an American financial services company.</strong></p><p><h2 id=\"id_3957334354\" style=\"text-align: start;\">No.3 What is Buffett thinking behind the massive increase in oil stocks?</h2><p style=\"text-align: justify;\">Berkshire's latest 13-F filing shows that it increased its stake in Chevron, the second largest oil company in the United States, to 126.1 million shares, or about 5% of its $371 billion portfolio, making it the fifth largest holding in Buffett's $371 billion portfolio.</p><p><p style=\"text-align: justify;\">Buffet also holds a 27% stake in Occidental Petroleum and could increase its ownership to 33% through preferred shares and warrants.</p><p><p style=\"text-align: justify;\"><strong>These holdings tie Berkshire's overall financial commitment directly to the health of the U.S. economy. Buffett's comments on the health of the U.S. economy and its ability to avoid a recession this year will be crucial to Berkshire's performance.</strong></p><p><h2 id=\"id_856726809\" style=\"text-align: start;\">Will No.4 continue to reduce its holdings of Apple?</h2><p style=\"text-align: justify;\">Buffett has long touted the value of holding a stake in Apple and believes the iPhone is \"extremely undervalued\" compared to the value it provides to consumers.</p><p><p style=\"text-align: justify;\">However, Berkshire's SEC 13-F filing in the fourth quarter showed that it reduced its holdings in Apple by about 10 million shares. Apple remains Buffett's largest single holding, holding about 905 million shares and a market capitalization of about $174 billion.</p><p><p style=\"text-align: justify;\">As Apple's growth prospects are questioned and its lagging position in the field of AI, Apple's stock price has underperformed. Investors will be watching Buffett's comments on Apple or the broader technology industry.</p><p><p style=\"text-align: justify;\"><strong>But any hint that Berkshire is looking to diversify its tech investments beyond Apple would be big news for investors.</strong></p><p><h2 id=\"id_2864076604\" style=\"text-align: start;\">No.5 About Munger and Successor</h2><p style=\"text-align: justify;\">Buffett is likely to spend a lot of space in his annual letter this year honoring his good friend and long-time business partner Charlie Munger.</p><p><p style=\"text-align: justify;\">Munger died on November 28 last year, just a month after his 100th birthday.</p><p><p style=\"text-align: justify;\">Munger's death has also brought the company's succession issue into focus again.<strong>Buffett previously said that he was \"playing in overtime\". In this shareholder letter, he may mention the succession issue again, outlining the future of a company without him.</strong></p><p><p style=\"text-align: justify;\">Canadian-born Greg Abel, who runs Berkshire's non-insurance business, is seen as Buffett's obvious heir. Buffett once told the media in 2021, \"If something happens to me tonight, Greg will take over tomorrow morning.\"</p><p></body></html></p>","source":"live_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Just tonight, Berkshire issued its financial report and shareholder letter. These are the five highlights!</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJust tonight, Berkshire issued its financial report and shareholder letter. These are the five highlights!\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2024-02-24 17:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Author: Ye Zhen</p><p>Tonight, Beijing time, Buffett's Berkshire Hathaway will release its financial report for the fourth quarter and full year of 2023, and at the same time release Buffett's letter to shareholders, which global investors are eagerly looking forward to.</p><p><p style=\"text-align: justify;\">The annual Buffett shareholder letter has become a tradition in the global investment community that has lasted for 58 years. What will the stock god say this year?</p><p><p style=\"text-align: justify;\"><strong>The market is generally concerned about five key issues: Berkshire's cash reserves, Buffett's secret new investment, its layout in the oil field, the reduction of Apple's stock holdings, and the company's future succession plans.</strong></p><p><p style=\"text-align: justify;\">Berkshire shares rose slightly on Friday, reaching a year-to-date gain of about 16%. Berkshire has achieved a compound annual growth rate of 19.8% since 1965, almost twice the rate of any fund tracking the S&P 500 index.</p><p><p style=\"text-align: justify;\">Berkshire's primary investments are focused on five stocks, including Apple, Chevron, Bank of America, American Express, and Coca-Cola, which account for about 75% of its total portfolio value.</p><p><h2 id=\"id_376321162\" style=\"text-align: start;\">No.1 Continue to be cash king?</h2><p style=\"text-align: justify;\">Berkshire Hathaway held about $157.2 billion in cash and cash equivalents at the end of the third quarter, a record high. This huge cash reserve is mainly stored in short-term Treasury Bond.</p><p><p style=\"text-align: justify;\">However, U.S. short-term yields have declined since the end of the third quarter, which may reduce Buffett's incentive to continue increasing his cash reserves.</p><p><p style=\"text-align: justify;\">At the end of last year, the interest rate of 6-month Treasury Bond bills in the United States was about 5.26%, down from about 5.55% at the end of September.<strong>Analysts expect Berkshire to continue buying or share buybacks as part of its capital allocation strategy.</strong></p><p><h2 id=\"id_1410258039\" style=\"text-align: start;\">No.2 What is the mysterious new investment?</h2><p style=\"text-align: justify;\">Buffett May Reveal His Secret New Investment in Annual Report.</p><p><p style=\"text-align: justify;\">Berkshire has twice applied to the U.S. Securities and Exchange Commission to keep the new investments he has built since the second quarter of last year secret for the time being.</p><p><p style=\"text-align: justify;\">Buffett said his investment plans are often mimicked by retail and institutional investors, and keeping his purchase plans private would give him more control over future stock purchases. SEC rules allow for confidentiality periods of up to one year.</p><p><p style=\"text-align: justify;\"><strong>There is speculation that Buffett or his colleagues may be accumulating stakes in an American financial services company.</strong></p><p><h2 id=\"id_3957334354\" style=\"text-align: start;\">No.3 What is Buffett thinking behind the massive increase in oil stocks?</h2><p style=\"text-align: justify;\">Berkshire's latest 13-F filing shows that it increased its stake in Chevron, the second largest oil company in the United States, to 126.1 million shares, or about 5% of its $371 billion portfolio, making it the fifth largest holding in Buffett's $371 billion portfolio.</p><p><p style=\"text-align: justify;\">Buffet also holds a 27% stake in Occidental Petroleum and could increase its ownership to 33% through preferred shares and warrants.</p><p><p style=\"text-align: justify;\"><strong>These holdings tie Berkshire's overall financial commitment directly to the health of the U.S. economy. Buffett's comments on the health of the U.S. economy and its ability to avoid a recession this year will be crucial to Berkshire's performance.</strong></p><p><h2 id=\"id_856726809\" style=\"text-align: start;\">Will No.4 continue to reduce its holdings of Apple?</h2><p style=\"text-align: justify;\">Buffett has long touted the value of holding a stake in Apple and believes the iPhone is \"extremely undervalued\" compared to the value it provides to consumers.</p><p><p style=\"text-align: justify;\">However, Berkshire's SEC 13-F filing in the fourth quarter showed that it reduced its holdings in Apple by about 10 million shares. Apple remains Buffett's largest single holding, holding about 905 million shares and a market capitalization of about $174 billion.</p><p><p style=\"text-align: justify;\">As Apple's growth prospects are questioned and its lagging position in the field of AI, Apple's stock price has underperformed. Investors will be watching Buffett's comments on Apple or the broader technology industry.</p><p><p style=\"text-align: justify;\"><strong>But any hint that Berkshire is looking to diversify its tech investments beyond Apple would be big news for investors.</strong></p><p><h2 id=\"id_2864076604\" style=\"text-align: start;\">No.5 About Munger and Successor</h2><p style=\"text-align: justify;\">Buffett is likely to spend a lot of space in his annual letter this year honoring his good friend and long-time business partner Charlie Munger.</p><p><p style=\"text-align: justify;\">Munger died on November 28 last year, just a month after his 100th birthday.</p><p><p style=\"text-align: justify;\">Munger's death has also brought the company's succession issue into focus again.<strong>Buffett previously said that he was \"playing in overtime\". In this shareholder letter, he may mention the succession issue again, outlining the future of a company without him.</strong></p><p><p style=\"text-align: justify;\">Canadian-born Greg Abel, who runs Berkshire's non-insurance business, is seen as Buffett's obvious heir. Buffett once told the media in 2021, \"If something happens to me tonight, Greg will take over tomorrow morning.\"</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3708956\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9beffeecb928009bf6287e307899ffe3","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"https://wallstreetcn.com/articles/3708956","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1171850338","content_text":"作者：叶桢北京时间今晚，巴菲特旗下伯克希尔·哈撒韦将发布2023年四季度及全年财报，同时发布巴菲特致股东信，全球投资者翘首期待。一年一度的巴菲特股东信已经成为全球投资界一项持续了五十八年的传统，股神今年会说些什么？市场普遍关注五个关键问题：伯克希尔的现金储备、巴菲特的秘密新投资、在石油领域的布局、苹果股票的减持情况，以及公司的未来继任计划。周五，伯克希尔股价小幅上扬，年初至今涨幅达到约16%。伯克希尔自1965年以来实现了年复合增长率19.8%，几乎是追踪标普500指数任何基金的两倍。伯克希尔的主要投资集中在五只股票上，包括苹果、雪佛龙、美国银行、美国运通和可口可乐，这些股票占其总投资组合价值的约75%。No.1 继续现金为王？截至第三季度末，伯克希尔·哈撒韦持有约1572亿美元的现金及现金等价物，创历史新高。这一巨额现金储备主要存放在短期国债中。不过，美国短期收益率自第三季度末以来有所下降，这或减少巴菲特继续增加其现金储备的动力。去年底时，美国6个月期国债票据利率约为5.26%，较9月底的约5.55%下降。分析师预计，伯克希尔将继续通过收购或股票回购作为其资本配置策略的一部分。No.2 神秘的新投资是什么？巴菲特可能在年度报告中揭示其秘密的新投资。伯克希尔已经两次向美国证券交易委员会申请，将他从去年第二季度开始建立的新投资暂时保密。巴菲特表示，他的投资计划经常被零售和机构投资者模仿，保持他的购买计划私密将给他更多控制未来股票购买的权力。SEC规则允许长达一年的保密期。有推测称，巴菲特或其同事可能正在积累一家美国金融服务公司的股份。No.3 大举增持石油股背后，巴菲特在想什么？伯克希尔的最新13-F文件显示，其增持了美国第二大石油公司雪佛龙的股份，持股数量达到1.261亿股，约占其3710亿美元投资组合的5%,使其成为巴菲特3710亿美元投资组合中的第五大持股。巴菲特还持有西方石油27%的股份，并通过优先股和认股权证可能将其所有权增至33%。这些持股将伯克希尔的整体财务承诺直接与美国经济的健康状况挂钩。巴菲特对美国经济健康状况及其今年避免衰退的能力的评论，将对伯克希尔的表现至关重要。No.4 会继续减持苹果吗？巴菲特长期以来一直推崇持有苹果公司股份的价值，并认为iPhone与其为消费者提供的价值相比“极度低估”。然而，伯克希尔在第四季度的SEC 13-F文件显示，其减持了约1000万股苹果公司的股份。苹果公司目前仍然是巴菲特最大的单一持股，持有约9.05亿股，市值约为1740亿美元。随着苹果的增长前景受到质疑，以及其在AI领域的落后地位，使得苹果股价表现不佳。投资者将关注巴菲特对苹果或更广泛技术行业的评论。但任何暗示伯克希尔正寻求将其科技投资分散到苹果之外的迹象，对投资者来说将是重大新闻。No.5 关于芒格和继任者巴菲特很可能会在今年的年度信中花费大量篇幅，纪念他的好朋友和长期商业伙伴查理·芒格。芒格去年11月28日去世，距离他100岁生日仅一个月。芒格的去世也让公司的继任问题再次成为焦点。巴菲特此前表示，自己正在“加时赛中玩耍”，此次股东信中他或许会再次提及继任问题，勾勒出一个没有他的公司未来的轮廓。出生于加拿大的格雷格·阿贝尔，负责伯克希尔的非保险业务，被视为巴菲特的明显继承人。巴菲特曾在2021年对媒体表示，“如果今晚我发生了什么事，明天早上格雷格就会接手。”","news_type":1,"symbols_score_info":{"BRK.B":1.1,"BRK.A":1.1}},"isVote":1,"tweetType":1,"viewCount":1921,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940686407,"gmtCreate":1677862191609,"gmtModify":1677864300304,"author":{"id":"3566900768068087","authorId":"3566900768068087","name":"Soon Heng","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3566900768068087","idStr":"3566900768068087"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TQQQ\">$纳指三倍做多ETF(TQQQ)$ </a>","listText":"<a href=\"https://ttm.financial/S/TQQQ\">$纳指三倍做多ETF(TQQQ)$ </a>","text":"$纳指三倍做多ETF(TQQQ)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940686407","isVote":1,"tweetType":1,"viewCount":2058,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":246582979182728,"gmtCreate":1701222337684,"gmtModify":1701222341950,"author":{"id":"3566900768068087","authorId":"3566900768068087","name":"Soon Heng","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3566900768068087","idStr":"3566900768068087"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/246582979182728","repostId":"2387205121","repostType":2,"repost":{"id":"2387205121","kind":"news","pubTimestamp":1701215040,"share":"https://ttm.financial/m/news/2387205121?lang=en_US&edition=fundamental","pubTime":"2023-11-29 07:44","market":"us","language":"zh","title":"52 classic quotations from Charlie Munger, each sentence is heartbreaking","url":"https://stock-news.laohu8.com/highlight/detail?id=2387205121","media":"市场资讯","summary":" 美国西部时间11月28日上午，天才投资家、保守主义思想者查理·芒格在加州去世。让我们重温芒格经典语录，缅怀这位智慧、仁慈的老者。愿他在天堂安息。 3，刻意追求理性真的有用，值得你付出一生的努力。别人给我出的问题，如果符合我“太难”的标准，我就把它扔到“太难”的一堆里，想都不再想了。 37，你真想从查理·芒格身上学到点什么，记住我这句话，“老理儿，靠谱。”","content":"<p><html><head></head><body>Source: Interview with Xiaoya, School of Humanities and Economics</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9b75982973d9a71ddd131bdd293f8938\" tg-width=\"550\" tg-height=\"398\"/></p><p> <strong>On the morning of November 28, Western Time, Charlie Munger, a talented investor and conservative thinker, died in California. Let's revisit Munger's classic quotations and remember this wise and benevolent old man. May he rest in peace in heaven.</strong></p><p> <strong>Transcript of the 2020 Daily Journal Annual Meeting</strong></p><p>1. We don't sign contracts that make ourselves lazy, so as not to fall.</p><p>2. If a problem is thoroughly understood, it will be half solved. It's actually particularly difficult to figure things out.</p><p>3. Deliberately pursuing rationality is really useful and worth your lifelong efforts.</p><p>4. Many things can't be pretended. If you pretend to be pretended, you will be faked. If you reach a certain level of hypocrisy, you will become noble. If you pretend to be hypocritical for a long time, people will really change. If you always say something, people will change.</p><p>5. Your thoughts will deceive you. It's best to take some precautions and be vigilant about your own opinions.</p><p>6. Our problem now is that everything happening around us has filled people's brains with water, but people with brains know nothing.</p><p>7. It's a skill to find a good place to hunt. No matter who goes to a good hunting place, he can hit more things.</p><p>8. Don't fall into the emotion of being victimized and can't get out. You always feel that it's all someone else's fault. This way of thinking is very harmful. You keep thinking this way, and in the end no one else wants to have anything to do with you. You shouldn't think that.</p><p>9. When I encounter problems, I will classify them into categories, and many problems are thrown into a \"too difficult\" pile by me. If someone else gives me a problem that meets my criteria of \"too hard\", I throw it into the \"too hard\" pile and don't even think about it anymore.</p><p>10. No matter who it is, life can't be easy if a stronger competitor comes out. Therefore, I think Japan's stagnation is not Japan's own fault, but the times and trends.</p><p>11. I specifically think about how to deny myself. Most people try to defend their ideas, no matter how stupid they are.</p><p>12. Becoming a rational and objective person should be the most important pursuit in life.</p><p>13. If you can't rely on your face to eat, if your brain is irrational, what should you do?</p><p>14. When thinking about problems, you should consider both what the people above me see and what the people below me see.</p><p>15. Beyond your circle of competence, you have to say, \"This thing is too difficult, and I can't understand it all my life\". I did a good job in this respect. When I met something I couldn't handle, I gave in.</p><p>16. 99% of people are always at the bottom 99%. This is the reality.</p><p>17. I can only give you one suggestion: lower your expectations, try to realize them, and be content. I think this is a good suggestion. At first glance, it doesn't sound like that, but it's actually a very simple truth.</p><p>18. In the long run, people who can delay gratification will live better.</p><p>Delayed gratification is innate, and it has been proven in psychological research. If you are impulsive, you can't do it until you are satisfied immediately. I can only wish you good luck. I guess you will have a bad life, and I can't pull you over.</p><p>19. If you have some talent for delayed gratification and can cultivate this talent, you are already on the road to success and happiness. Always to be satisfied immediately, you can only lead to dead end, and you may catch syphilis.</p><p> <strong>Transcript of the 2019 Daily Journal Annual Meeting</strong></p><p>20. The so-called common sense is common sense that ordinary people don't have.</p><p>When we say that someone has common sense, we actually mean that he has common sense that ordinary people don't have. People think it's easy to have common sense, but it's actually difficult.</p><p>21. The key to playing the game of investment well lies in a few opportunities. You can really see that this opportunity is better than other ordinary opportunities, and you know very well that you know more than others.</p><p>22. An investor, who pursues super-class performance, but diversifies his investment in large quantities, is simply asking for fish from the edge of a tree, which is not feasible and impossible. Is it interesting to repeat impossible tasks over and over again? I think it's going to be painful. Who wants to suffer such torture? This is a road that doesn't go</p><p>23. The first rule of fishing is to fish where there are fish. The second rule of fishing is, remember the first rule.</p><p>24. There are only a few opportunities. When an opportunity comes, we pounce and seize it.</p><p>25. Find a partner who is better than yourself, which you can't buy with any money.</p><p>26. Major decisions, on average, are few every year.</p><p>The gameplay of this game is: stay in this game all the time, keep an eye on it, and don't let a rare opportunity slip away when it appears. You know, there are not many opportunities that every ordinary person can get.</p><p>27. We can succeed not because we are good at solving difficult problems, but because we are good at staying away from them. We're just looking for simple things to do.</p><p>28. Howard amanson once said this: \"Don't underestimate people who overestimate themselves.\"</p><p>It is a very unpleasant part of modern life that overestimates one's own megalomaniac can occasionally achieve great things. I've learned to adapt, so what if I don't adapt? It's no surprise. Megalomaniacs can occasionally be big winners, but I don't want a bunch of megalomaniacs dangling in front of my eyes. I choose the cautious one.</p><p>29. After finding the best one, as long as it can't compare with this best one, don't look at it. Knowing this truth, life is much simpler.</p><p>30. A wise person can wait patiently, let time pass and experience the beauty. Most people are always busy.</p><p>31. There are too many places in life that require perseverance.</p><p>32. I have lived for such a long age and lived well. There is a secret. Let me tell you: don't think too well of human nature.</p><p>There are many defects and faults in human nature. If you are dissatisfied with everything, full of complaints and grievances, it will only backfire, pit yourself, and you can't change the world. If you destroy yourself, how can the world be? How worthless? It's not worth it. I never do such a stupid thing.</p><p>33. If you think about the problem thoroughly, the problem will be half solved.</p><p>34. We have a secret: we don't want to know much. I have a pile of stuff on my desk, and this pile solves most of my puzzles. I name it \"Too Hard\" pile.</p><p>I always throw stuff into the \"too hard\" pile. Occasionally, something very simple comes to my hands, and I do it easily. This is my way of life.</p><p>Everything is thrown into the \"too hard\" pile, a few simple things that I can decide without thinking.</p><p>35. We always abide by common sense-common sense that ordinary people don't have, and throw a lot of things into a \"too difficult\" pile. This is one of the common senses that ordinary people don't have.</p><p>36. The next generation is too difficult to change, and the general outcome is mediocre. Some people can succeed, this is a minority.</p><p>People's achievements are divided in this way, and there are always a few who succeed. There are many people who pursue success, but few people who get it. Discipline, virtue, friends and opportunities are all simple things to say.</p><p>37. You really want to learn something from Charlie Munger. Remember my saying, \"Old rationality, reliability.\" All those traditional virtues will last a lifetime.</p><p>38. The goal I set for myself is to pursue common sense that ordinary people don't have. I set my goal very low. I'm very pleased with my performance. Do it all over again, and it's hard to do better than you do now.</p><p>39. I am generally skeptical about investment products made by professionals. I usually stay away from others who spare no effort to sell what they sell.</p><p>40. Every rational investor will worry about banks, because in the banking business, the management naturally faces the temptation to do stupid things.</p><p>If the management of banks wants to inflate profits, there are plenty of ways. It is simply a breeze to move future profits to the present, although it will harm the long-term development of the company.</p><p>Warren put it well: \"The problem with banking is that there are many banks and few bankers.\" Therefore, if you really want to invest in banks, you can only buy them when you are sure to win. Because over time, the bank's business will be eroded by serious stupidity.</p><p>41. A difficult problem, which I can't solve, I will pull a cordon so that the problem can't even get in.</p><p>42. Everyone is bound to miss the opportunity sometimes, which is doomed. I always think that don't worry too much about things that can't be changed. It is a taboo in life to be full of complaints and complaints.</p><p>The reason is very simple, but many people have destroyed themselves in vain. Jealousy is also a taboo, and jealousy is a sin of no fun. Who has enjoyed in jealousy? How does jealousy benefit you? There's always someone better than you. It's silly to be jealous of others.</p><p>My way of life is to see through the silliest things and stay at a respectful distance. Living like this, I can't make myself a popular person, but I can nip in the bud many troubles before they happen.</p><p>43. It is very, very important to know the boundaries of your circle of competence. You have to always compare what you can do with what others can do. You need to always be firm and rational, especially don't lie to yourself.</p><p>From my life's experience, the ability to know oneself rationally is mainly determined by genetics. I feel like people like Warren and I are natural. Acquired education is very important, but, I think, we are born with the character needed to succeed in investing. I can't bring you back into your womb.</p><p>44. When dealing with great danger, my attitude is to stay as far away as possible. Others, however, as long as they don't fall in, stick it as close as possible. I think it's too overwhelming. I don't want to do that.</p><p>45, (What is the secret to a long life and happiness?) No jealousy, no complaint, no excessive consumption. In the face of any difficulties, keep an optimistic attitude. Make friends with reliable people. Do your duty. They are all simple truths, and they are all old truths. If you do it, you will benefit it all your life.</p><p> <strong>Munger's exchange with investors after the 2017 DJCO annual meeting</strong></p><p>46. Wang Chuanfu knows very well what he can and what he can't do. Elon Musk thinks he can do anything. Let me bet, I prefer to choose someone with some self-awareness.</p><p>47. I read Barron's magazine for 50 years, and I only found one investment opportunity in Barron's. Through this opportunity, I made $80 million with almost no risk. I gave the $80 million to Li Lu for management, and Li Lu turned it into $400 million or $500 million. So to speak, I read Barron's, read it for 50 years, found an investment opportunity in it, and made $400 million or $500 million.</p><p>I've been reading Fortune magazine for 60 years, and I haven't found a clue about a stock in it. I didn't say delayed gratification, this is delayed gratification.</p><p>48. Be sure to know what you can and what you can't do. I never bet when probabilities aren't on my side. Whether it's horse racing or gambling, I've never lost any money.</p><p>49. Probability is not on my side, and I don't play at all. Even if it's just for leisure and entertainment, if the probability is against me, I don't want to participate.</p><p>Sometimes, I also play bridge against opponents who are higher than myself, but I just want to learn from the masters. It's not to learn something, I don't fight a master. I just don't like getting right with probability.</p><p>50. If I were you, of course I would follow investors who are better than me and look for investment clues from them. There is a problem with this method. If you are tracking this, you have come a long way on this road. We are limited by scale. If you learn from us, you are also limited by scale.</p><p>You'd better follow the good investors who play in small pools and look for prices where you have a greater advantage. Although it is difficult to find good investors from small funds, this method is definitely useful.</p><p>If I were you, I would definitely do this. I must find out what smart investors are doing, and I have to closely follow every smart investor. Needless to say?</p><p>51. Among our group of people who do value investing, which one didn't get through it? If we persist, we don't even need to be smart.</p><p>In our generation, those who persist are very successful. It is more difficult for your generation to invest than we did back then. If it's difficult, it's not interesting. Even if it's harder, don't lose heart.</p><p>52. I've always said this. Specialization is often the best way to go. Personally, I prefer to dabble extensively, but people who specialize in one subject tend to achieve greater results. People who specialize in one subject know more than others.</p><p></body></html></p>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>52 classic quotations from Charlie Munger, each sentence is heartbreaking</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n52 classic quotations from Charlie Munger, each sentence is heartbreaking\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">市场资讯</strong><span class=\"h-time small\">2023-11-29 07:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Source: Interview with Xiaoya, School of Humanities and Economics</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9b75982973d9a71ddd131bdd293f8938\" tg-width=\"550\" tg-height=\"398\"/></p><p> <strong>On the morning of November 28, Western Time, Charlie Munger, a talented investor and conservative thinker, died in California. Let's revisit Munger's classic quotations and remember this wise and benevolent old man. May he rest in peace in heaven.</strong></p><p> <strong>Transcript of the 2020 Daily Journal Annual Meeting</strong></p><p>1. We don't sign contracts that make ourselves lazy, so as not to fall.</p><p>2. If a problem is thoroughly understood, it will be half solved. It's actually particularly difficult to figure things out.</p><p>3. Deliberately pursuing rationality is really useful and worth your lifelong efforts.</p><p>4. Many things can't be pretended. If you pretend to be pretended, you will be faked. If you reach a certain level of hypocrisy, you will become noble. If you pretend to be hypocritical for a long time, people will really change. If you always say something, people will change.</p><p>5. Your thoughts will deceive you. It's best to take some precautions and be vigilant about your own opinions.</p><p>6. Our problem now is that everything happening around us has filled people's brains with water, but people with brains know nothing.</p><p>7. It's a skill to find a good place to hunt. No matter who goes to a good hunting place, he can hit more things.</p><p>8. Don't fall into the emotion of being victimized and can't get out. You always feel that it's all someone else's fault. This way of thinking is very harmful. You keep thinking this way, and in the end no one else wants to have anything to do with you. You shouldn't think that.</p><p>9. When I encounter problems, I will classify them into categories, and many problems are thrown into a \"too difficult\" pile by me. If someone else gives me a problem that meets my criteria of \"too hard\", I throw it into the \"too hard\" pile and don't even think about it anymore.</p><p>10. No matter who it is, life can't be easy if a stronger competitor comes out. Therefore, I think Japan's stagnation is not Japan's own fault, but the times and trends.</p><p>11. I specifically think about how to deny myself. Most people try to defend their ideas, no matter how stupid they are.</p><p>12. Becoming a rational and objective person should be the most important pursuit in life.</p><p>13. If you can't rely on your face to eat, if your brain is irrational, what should you do?</p><p>14. When thinking about problems, you should consider both what the people above me see and what the people below me see.</p><p>15. Beyond your circle of competence, you have to say, \"This thing is too difficult, and I can't understand it all my life\". I did a good job in this respect. When I met something I couldn't handle, I gave in.</p><p>16. 99% of people are always at the bottom 99%. This is the reality.</p><p>17. I can only give you one suggestion: lower your expectations, try to realize them, and be content. I think this is a good suggestion. At first glance, it doesn't sound like that, but it's actually a very simple truth.</p><p>18. In the long run, people who can delay gratification will live better.</p><p>Delayed gratification is innate, and it has been proven in psychological research. If you are impulsive, you can't do it until you are satisfied immediately. I can only wish you good luck. I guess you will have a bad life, and I can't pull you over.</p><p>19. If you have some talent for delayed gratification and can cultivate this talent, you are already on the road to success and happiness. Always to be satisfied immediately, you can only lead to dead end, and you may catch syphilis.</p><p> <strong>Transcript of the 2019 Daily Journal Annual Meeting</strong></p><p>20. The so-called common sense is common sense that ordinary people don't have.</p><p>When we say that someone has common sense, we actually mean that he has common sense that ordinary people don't have. People think it's easy to have common sense, but it's actually difficult.</p><p>21. The key to playing the game of investment well lies in a few opportunities. You can really see that this opportunity is better than other ordinary opportunities, and you know very well that you know more than others.</p><p>22. An investor, who pursues super-class performance, but diversifies his investment in large quantities, is simply asking for fish from the edge of a tree, which is not feasible and impossible. Is it interesting to repeat impossible tasks over and over again? I think it's going to be painful. Who wants to suffer such torture? This is a road that doesn't go</p><p>23. The first rule of fishing is to fish where there are fish. The second rule of fishing is, remember the first rule.</p><p>24. There are only a few opportunities. When an opportunity comes, we pounce and seize it.</p><p>25. Find a partner who is better than yourself, which you can't buy with any money.</p><p>26. Major decisions, on average, are few every year.</p><p>The gameplay of this game is: stay in this game all the time, keep an eye on it, and don't let a rare opportunity slip away when it appears. You know, there are not many opportunities that every ordinary person can get.</p><p>27. We can succeed not because we are good at solving difficult problems, but because we are good at staying away from them. We're just looking for simple things to do.</p><p>28. Howard amanson once said this: \"Don't underestimate people who overestimate themselves.\"</p><p>It is a very unpleasant part of modern life that overestimates one's own megalomaniac can occasionally achieve great things. I've learned to adapt, so what if I don't adapt? It's no surprise. Megalomaniacs can occasionally be big winners, but I don't want a bunch of megalomaniacs dangling in front of my eyes. I choose the cautious one.</p><p>29. After finding the best one, as long as it can't compare with this best one, don't look at it. Knowing this truth, life is much simpler.</p><p>30. A wise person can wait patiently, let time pass and experience the beauty. Most people are always busy.</p><p>31. There are too many places in life that require perseverance.</p><p>32. I have lived for such a long age and lived well. There is a secret. Let me tell you: don't think too well of human nature.</p><p>There are many defects and faults in human nature. If you are dissatisfied with everything, full of complaints and grievances, it will only backfire, pit yourself, and you can't change the world. If you destroy yourself, how can the world be? How worthless? It's not worth it. I never do such a stupid thing.</p><p>33. If you think about the problem thoroughly, the problem will be half solved.</p><p>34. We have a secret: we don't want to know much. I have a pile of stuff on my desk, and this pile solves most of my puzzles. I name it \"Too Hard\" pile.</p><p>I always throw stuff into the \"too hard\" pile. Occasionally, something very simple comes to my hands, and I do it easily. This is my way of life.</p><p>Everything is thrown into the \"too hard\" pile, a few simple things that I can decide without thinking.</p><p>35. We always abide by common sense-common sense that ordinary people don't have, and throw a lot of things into a \"too difficult\" pile. This is one of the common senses that ordinary people don't have.</p><p>36. The next generation is too difficult to change, and the general outcome is mediocre. Some people can succeed, this is a minority.</p><p>People's achievements are divided in this way, and there are always a few who succeed. There are many people who pursue success, but few people who get it. Discipline, virtue, friends and opportunities are all simple things to say.</p><p>37. You really want to learn something from Charlie Munger. Remember my saying, \"Old rationality, reliability.\" All those traditional virtues will last a lifetime.</p><p>38. The goal I set for myself is to pursue common sense that ordinary people don't have. I set my goal very low. I'm very pleased with my performance. Do it all over again, and it's hard to do better than you do now.</p><p>39. I am generally skeptical about investment products made by professionals. I usually stay away from others who spare no effort to sell what they sell.</p><p>40. Every rational investor will worry about banks, because in the banking business, the management naturally faces the temptation to do stupid things.</p><p>If the management of banks wants to inflate profits, there are plenty of ways. It is simply a breeze to move future profits to the present, although it will harm the long-term development of the company.</p><p>Warren put it well: \"The problem with banking is that there are many banks and few bankers.\" Therefore, if you really want to invest in banks, you can only buy them when you are sure to win. Because over time, the bank's business will be eroded by serious stupidity.</p><p>41. A difficult problem, which I can't solve, I will pull a cordon so that the problem can't even get in.</p><p>42. Everyone is bound to miss the opportunity sometimes, which is doomed. I always think that don't worry too much about things that can't be changed. It is a taboo in life to be full of complaints and complaints.</p><p>The reason is very simple, but many people have destroyed themselves in vain. Jealousy is also a taboo, and jealousy is a sin of no fun. Who has enjoyed in jealousy? How does jealousy benefit you? There's always someone better than you. It's silly to be jealous of others.</p><p>My way of life is to see through the silliest things and stay at a respectful distance. Living like this, I can't make myself a popular person, but I can nip in the bud many troubles before they happen.</p><p>43. It is very, very important to know the boundaries of your circle of competence. You have to always compare what you can do with what others can do. You need to always be firm and rational, especially don't lie to yourself.</p><p>From my life's experience, the ability to know oneself rationally is mainly determined by genetics. I feel like people like Warren and I are natural. Acquired education is very important, but, I think, we are born with the character needed to succeed in investing. I can't bring you back into your womb.</p><p>44. When dealing with great danger, my attitude is to stay as far away as possible. Others, however, as long as they don't fall in, stick it as close as possible. I think it's too overwhelming. I don't want to do that.</p><p>45, (What is the secret to a long life and happiness?) No jealousy, no complaint, no excessive consumption. In the face of any difficulties, keep an optimistic attitude. Make friends with reliable people. Do your duty. They are all simple truths, and they are all old truths. If you do it, you will benefit it all your life.</p><p> <strong>Munger's exchange with investors after the 2017 DJCO annual meeting</strong></p><p>46. Wang Chuanfu knows very well what he can and what he can't do. Elon Musk thinks he can do anything. Let me bet, I prefer to choose someone with some self-awareness.</p><p>47. I read Barron's magazine for 50 years, and I only found one investment opportunity in Barron's. Through this opportunity, I made $80 million with almost no risk. I gave the $80 million to Li Lu for management, and Li Lu turned it into $400 million or $500 million. So to speak, I read Barron's, read it for 50 years, found an investment opportunity in it, and made $400 million or $500 million.</p><p>I've been reading Fortune magazine for 60 years, and I haven't found a clue about a stock in it. I didn't say delayed gratification, this is delayed gratification.</p><p>48. Be sure to know what you can and what you can't do. I never bet when probabilities aren't on my side. Whether it's horse racing or gambling, I've never lost any money.</p><p>49. Probability is not on my side, and I don't play at all. Even if it's just for leisure and entertainment, if the probability is against me, I don't want to participate.</p><p>Sometimes, I also play bridge against opponents who are higher than myself, but I just want to learn from the masters. It's not to learn something, I don't fight a master. I just don't like getting right with probability.</p><p>50. If I were you, of course I would follow investors who are better than me and look for investment clues from them. There is a problem with this method. If you are tracking this, you have come a long way on this road. We are limited by scale. If you learn from us, you are also limited by scale.</p><p>You'd better follow the good investors who play in small pools and look for prices where you have a greater advantage. Although it is difficult to find good investors from small funds, this method is definitely useful.</p><p>If I were you, I would definitely do this. I must find out what smart investors are doing, and I have to closely follow every smart investor. Needless to say?</p><p>51. Among our group of people who do value investing, which one didn't get through it? If we persist, we don't even need to be smart.</p><p>In our generation, those who persist are very successful. It is more difficult for your generation to invest than we did back then. If it's difficult, it's not interesting. Even if it's harder, don't lose heart.</p><p>52. I've always said this. Specialization is often the best way to go. Personally, I prefer to dabble extensively, but people who specialize in one subject tend to achieve greater results. People who specialize in one subject know more than others.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2023-11-29/doc-imzwfrpc2651410.shtml\">市场资讯</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9b75982973d9a71ddd131bdd293f8938","relate_stocks":{"BK4585":"ETF&股票定投概念","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","BK4534":"瑞士信贷持仓","LU0251142724.SGD":"Fidelity America A-SGD","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","BK4176":"多领域控股","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU1363072403.SGD":"Fidelity Global 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(LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","BK4581":"高盛持仓"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2023-11-29/doc-imzwfrpc2651410.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2387205121","content_text":"来源：人文经济学堂 小雅访谈 美国西部时间11月28日上午，天才投资家、保守主义思想者查理·芒格在加州去世。让我们重温芒格经典语录，缅怀这位智慧、仁慈的老者。愿他在天堂安息。 2020 年 Daily Journal 年会文字记录 1，我们不签让自己偷懒的合同，免得自己走向堕落。 2，一个问题，彻底想明白了，就解决了一半。把事儿想明白，其实特别难。 3，刻意追求理性真的有用，值得你付出一生的努力。 4，很多事儿不能装，装着装着就弄假成真了。虚伪到一定境界反而高尚了，装得久了，人确实会变。嘴上总说什么，人就变了。 5，你的思想会欺骗你，最好采取一些预防措施，对自己的观点要提高警惕。 6，我们现在的问题在于，周围发生的一切把人们的脑子灌进了水，但长着脑子的人们却一无所知。 7，能找到好打猎的地方是本事。无论是谁，到了好打猎的地方，都能打到更多东西。 8，千万别陷入受害的情绪走不出来，总觉得都是别人的错，这种思维方式非常害人。你一直这么想，最后别人都不愿意和你沾边了。不应该这么想。 9，我遇到了问题会分门别类，很多问题被我扔到了“太难”的一堆。别人给我出的问题，如果符合我“太难”的标准，我就把它扔到“太难”的一堆里，想都不再想了。 10，无论是谁，更强大的竞争对手杀出来了，日子都不可能好过。所以我觉得日本的停滞不是日本自己的错，是时也势也。 11，我专门琢磨怎么否定自己。大多数人都是努力维护自己的想法，无论自己的想法多么愚不可及。 12，成为一个理性、客观的人，这应该是人生最重要的追求。 13，不能靠脸吃饭，脑子再不理性点儿，怎么办啊？ 14，想问题的时候，既要考虑在我之上的人看到的是什么，也要考虑在我之下的人看到的是什么。 15，超出了自己的能力圈，你就得说“这东西太难，我一辈子都搞不懂”。我这方面做得很好，我遇到了我搞不定的，我就认怂。 16，99%的人始终是处于底层的99%，这就是现实。 17，我只能给你们一条建议：降低预期，努力把它实现，知足常乐。我认为这是个很好的建议，乍听起来，不是那么回事儿，其实是很简单的道理。 18，长期来看，能够延迟满足的人会活得更好。 延迟满足这东西是天生的，这已经在心理学研究中得到了证明。如果你很冲动，不立刻得到满足就不行，我只能祝你好运，估计你这辈子过不好了，我没办法把你扳过来。 19，如果你有些延迟满足的天分，而且能培养这个天分，你已经走在了通往成功和幸福的路上。总是要立刻得到满足，只能走上死路，还可能染上梅毒。 2019 年 Daily Journal 年会文字记录 20，所谓常识，是平常人没有的常识。 我们在说某个人有常识的时候，其实是说他具备平常人没有的常识。人们都以为具备常识很简单，其实很难。 21，玩好投资这个游戏，关键在于少数几次机会，你确实能看出来，这个机会比其他一般的机会都好，而且你很清楚，自己比别人知道的更多。 22，一个投资者，追求超一流的业绩，却大量分散投资，简直是缘木求鱼，行不通，是不可能的任务。一次又一次重复不可能的任务，有意思吗？我觉得会很痛苦。谁愿意承受这样的折磨？这是一条走不通的路 23，钓鱼的第一条规则是，在有鱼的地方钓鱼。钓鱼的第二条规则是，记住第一条规则。 24，机会只有少数几个，当一个机会来临时，我们扑过去把它抓住。 25，找到比自己优秀的伴侣，这是多少钱都买不来的。 26，重大的决定，平均算下来，每年没几个。 这个游戏的玩法是：始终留在这个游戏里，盯住了，在稀有的机会出现时，别让它溜走，要知道，每个普通人能分到的机会并不多。 27，我们能成功，不是因为我们善于解决难题，而是因为我们善于远离难题。我们只是找简单的事做。 28，霍华德·阿曼森 讲过这样一句话：“千万别低估高估自己的人。” 高估自己的自大狂偶尔竟然能成大事，这是现代生活中让人很不爽的一部分。我已经学会适应了，不适应又能怎样，见怪不怪了。自大狂偶尔能成为大赢家，但我不愿一群自大狂在我眼前晃来晃去，我选择谨慎的人。 29，在找到了一个最好的以后，只要是比不上这个最好的，都不用看了。懂了这个道理，生活简单多了。 30，明智的人能耐心等待，让时间流逝，体会其中的妙处。大多数人总是瞎忙活。 31，生活中需要坚忍的地方太多了。 32，我活了这么一大把年纪，活得很好，有个秘诀，我告诉你们：别把人性想得太好了。 人性本来就有许多缺陷和毛病。你要是看什么都不满，一肚子牢骚、一肚子怨气，只会适得其反，坑了自己，又不能改变世界。把自己毁了，世界该怎么还怎么样，多不值？太不值了。我从来不干这样的傻事。 33，把问题彻底想明白，问题就解决了一半。 34，我们有个秘诀：我们不求知道很多。我桌子上摞着一堆东西，这堆东西解决了我的大部分难题，我给它起了个名字叫“太难”的一堆。 我总是把东西扔到“太难”这一堆里。偶尔来到我手边的是很简单的东西，我很轻松地就做了，这是我的处世之道。 所有东西都扔到“太难”的一堆，少数几个简单的东西，我可以不假思索地决断。 35，我们总是遵守常识――平常人没有的常识，把很多东西扔到“太难”的一堆里，这是平常人没有的常识之一。 36，下一代太难改变，普遍的结局都是平庸。有些人能成功，这是少数。 人的功绩就这么分的，成功的总是少数。追求成功的人很多，得到成功的人很少。纪律、德行、诤友、机会，说出来都是些简单的东西。 37，你真想从查理·芒格身上学到点什么，记住我这句话，“老理儿，靠谱。”所有那些传统美德，让人一生受用。 38，我给自己设定的目标是追求平常人没有的常识。我的目标定得很低。我对自己的表现非常满意。重新来一次，很难比现在做得更好。 39，对于专业人士搞出来的投资产品，我普遍持怀疑态度。别人不遗余力地推销叫卖的东西，我一般都远离。 40，每个理性的投资者都会担心银行，因为在银行这项生意里，管理层天然地要面对做傻事的诱惑。 银行的管理层如果想虚增利润，有的是办法。把未来的利润挪到现在，简直轻而易举，虽然这会损害公司长远的发展。 沃伦说得好：“银行业的问题在于，银行很多，银行家很少”所以说，真要投资银行的话，只能在胜券在握的情况下买入。因为随着时间推移，银行的生意将被严重的愚蠢侵蚀。 41，一个难题，是我解决不了的，我会拉一条警戒线，让问题根本别想钻进来。 42，谁都必然有错过机会的时候，这是注定的。我始终认为，改变不了的事，就别太纠结。牢骚满腹、怨天怨地是人生大忌。 道理很简单，许多人却因此白白地毁了自己。嫉妒也是大忌，而且嫉妒这宗罪还毫无乐趣。谁在嫉妒之中获得了享受？嫉妒对你有什么好处？总有别人比你强。嫉妒别人太傻了。 我的处世之道是：看透最傻的事，敬而远之。如此生活，我不能让自己成为一个受欢迎的人，但是我能对许多麻烦做到防患未然。 43，知道自己的能力圈的边界，非常非常重要。你得始终对比自己能做到什么、别人能做到什么，你需要始终坚定地保持理性，特别是别自己骗自己。 从我一生的阅历来看，理性地认识自己的能力这项特质主要是由基因决定的。我觉得像沃伦和我这样的人是天生的。后天的教育很重要，但是，我认为，我们生下来就具备了投资成功所需的性格。我没办法让你回到娘胎中重生。 44，对待大危险，我的态度是，离得越远越好。别人却是只要不掉进去，贴得越近越好。我觉得太悬了，我不想那么干。 45，（长寿、幸福的秘诀是什么？）不嫉妒、不抱怨、不过度消费。面对什么困难，都保持乐观的心态。交靠谱的人。做本分的事。都是些简单的道理，也都是些老掉牙的道理。做到了，一生受益。 2017 年 DJCO 年会结束后芒格与投资者的交流 46，王传福很清楚什么是自己能做到的，什么是自己做不到的。埃隆·马斯克以为自己无所不能。让我下注，我更愿意选择有些自知之明的人。 47，我读《Barron’s》杂志，读了整整 50 年，我在《Barron’s》中只找到了一个投资机会。通过这个机会，我在几乎没有任何风险的情况下，赚了 8000 万美元。我把这 8000 万美元交给了李录管理，李录把它变成了 4、5 亿美元。可以这么说，我读《Barron’s》，读了 50 年，从中找到了一个投资机会，赚了 4、5 亿美元。 我读了 60 年了《Fortune》杂志，也没从中找到一只股票的线索。我不是说了要延迟满足，这就是延迟满足。 48，一定要知道什么是自己能做到的，什么是自己做不到的。当概率不站在我一边的时候，我从来不赌。无论是赌马、赌博，我都没输过钱。 49，概率不站在我一边，我根本不玩。哪怕只是休闲娱乐，如果概率对我不利，我都不愿参与。 有时候，我也和比自己水平高的对手打桥牌，但我只是为了向高手学习。不是为了学点东西，我才不和高手打呢。我就是不喜欢和概率做对。 50，如果我是你们，我当然要跟踪比我更优秀的投资者，从他们那儿寻找投资线索。用这个方法有个问题，如果你跟踪的是这样的，已经在这条路上走了很远了，我们受规模的限制，你和我们学，你也一样受规模的限制了。 你们最好去跟踪那些在小池子里玩的优秀投资者，寻找你们占据更大优势的价格。虽说从小资金中找出优秀的投资者很困难，但是这个方法肯定有用。 我是你们的话，我肯定这么做。我一定要摸清聪明的投资者在做什么，每一个聪明的投资者我都要密切跟踪，这还用说？ 51，我们这批做价值投资的人，哪一个不是熬出来的，坚持下去，甚至用不着脑子多聪明。 我们这一代人里，坚持下来的，都很成功。你们这一代人做投资，比我们当年更难了。难就难吧，不难还没意思呢。即使更难了，也别灰心。 52，我一直都是这么讲的，专业化往往是最该走的一条路。我个人比较喜欢广泛涉猎，但是专精一门的人往往能取得更大的成绩。专精一门的人比别人懂的都多。","news_type":1,"symbols_score_info":{"BRK.A":1,"BRK.B":1}},"isVote":1,"tweetType":1,"viewCount":1922,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9951059478,"gmtCreate":1673362380596,"gmtModify":1676538824526,"author":{"id":"3566900768068087","authorId":"3566900768068087","name":"Soon Heng","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3566900768068087","idStr":"3566900768068087"},"themes":[],"htmlText":"<a 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