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  ·2022-04-14
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  Night Reading | Buffett's 40 sentences are highly recommended by Duan Yongping
  巴菲特说，不管一家公司是大盘、小盘、中盘、还是超小盘，我们只考虑这么几点：这家公司的生意我们能不能看懂？这家公司的管理层我们喜不喜欢？这家公司的价格是否便宜？1998年，巴菲特在佛罗里达大学商学院做了
  Night Reading | Buffett's 40 sentences are highly recommended by Duan Yongping
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21:17","market":"us","language":"zh","title":"Night Reading | Buffett's 40 sentences are highly recommended by Duan Yongping","url":"https://stock-news.laohu8.com/highlight/detail?id=2225584750","media":"正和岛","summary":"巴菲特说，不管一家公司是大盘、小盘、中盘、还是超小盘，我们只考虑这么几点：这家公司的生意我们能不能看懂？这家公司的管理层我们喜不喜欢？这家公司的价格是否便宜？1998年，巴菲特在佛罗里达大学商学院做了","content":"<p><html><head></head><body><b>Buffett said that regardless of whether a company is large, small, medium or ultra-small, we only consider these points: Can we understand the business of this company? Do we like the management of this company? Is the price of this company cheap?</b>In 1998, Buffett gave a meaningful speech at the University of Florida Business School, which later became known as one of the most classic speeches of Buffett's life.<b>Duan Yongping strongly recommends the content of this speech, and it is said that he has read it 10 times.</b></p><p>Please be tricky when you ask questions. The harder the questions you ask, the more fun it will be. \"</p><p>It is worth mentioning that in the speech of nearly one and a half hours, Buffett himself did not speak long, but gave most of his time to the classmates at the scene, asking them to raise the questions that they were most concerned about.</p><p>\"What kind of company do you like?”</p><p>\"How much should you spend on a company?”</p><p>\"Can you tell us about the mistakes you made in business?”</p><p>Sharp questions did not stumble this \"stock god\". He not only answered the students' questions with humor, but also analyzed his stock selection criteria, portfolio construction and thinking mode through the questions.</p><p><b>Huang Zheng said before, \"I found that what Buffett said was actually very simple, and even my mother could understand it. Common sense is obvious and easy to understand, but we are blinded by the prejudices formed by our growth and learning and the demands of personal interests.\"</b></p><p>As Huang Zheng said, Buffett is extremely good at telling you important investment philosophies in a very easy-to-understand metaphor. This was the case twenty years ago. Vivid cases and visual expressions made this speech a classic among classics. It is still very enlightening to revisit it today.</p><p>The original speech is long,<b>We have sorted out 40 essence contents and compiled them into articles,</b>It involves investment ideas, business judgments and hopes for young people. I believe it will inspire you after reading it.</p><p>01</p><p>Don't do anything outside the margin of safety</p><p>01. Suppose you hand me a gun with 1,000 magazines, 1 million magazines, and only one magazine has a bullet in it, and you say, \"Point the gun at your temple and pull the trigger. How much do you want?\" I won't do it. No matter how much you pay me, I won't do it.</p><p>If I win, I don't need that money; If I lose, the result goes without saying. I don't want to do such things at all, but in the financial field, people often do such things without going through their brains.</p><p>02. Suppose you have $100 million at the beginning of the year. If you are not leveraged, you can earn 10%. The success rate of leverage is 99%, and you can earn 20%. At the end of the year, you have $110 million or $120 million. Is there any difference? It doesn't make a difference.</p><p>If you die at the end of the year, the person who wrote the obituary may have made a clerical mistake. Although you have 120 million, he wrote 110 million.</p><p>What's the use of the extra money? No use at all. It doesn't work for you, your family, anyone else.</p><p>03. We basically haven't borrowed any money. Of course, our insurance company has floating money, but I haven't borrowed any money at all.</p><p>I don't borrow money when I only have 10,000 yuan. Is it different not to borrow money? I am also very happy to make investments when I have little money.</p><p>I don't care at all if I have 10,000, 100,000, or 1 million. Unless there is an emergency, such as serious illness and urgent need of money.</p><p>04. If you have 1 yuan now and think that when you have 2 yuan in the future, you can live happier than you are now, you may be wrong. Don't think that earning 10 or 20 times can solve all the problems in your life. Such an idea can easily lead you to the ditch.</p><p>Borrowing money when you shouldn't, or eager for quick success, opportunistic, and doing things you shouldn't do, there will be no place to buy regret medicine in the future.</p><p>02</p><p>Business that can be understood is good business</p><p>05. Henry Kaufman, an American economist, famously said:</p><p>\"There are two kinds of people who are bankrupt, one who knows nothing and the other who knows everything.\"</p><p>I hope everyone can take this as a warning.</p><p>06. I like businesses I can understand. I use this filter, and 90% of companies are filtered out.</p><p>Some things you can't do knowing you don't understand.</p><p>07. I don't like easy business. Business is easy and will attract competitors. I like business with moats.</p><p>I wish to have a priceless castle, the duke guarding it with both talent and political integrity, and the castle has a wide moat around it.</p><p>I have often responded to<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Widen the moat, said the manager of the subsidiary. Throw crocodiles and sharks into the moat to keep competitors out.</p><p>It depends on service, product quality, cost, and sometimes patents or place of business. That's the kind of business I'm looking for.</p><p>Where can I find such a business? I look for good business in those simple products.</p><p>In fact, it is easy to understand that the current economic situation is good, and the management has both ability and political integrity. Such businesses, I can roughly see what they will be like in ten years. Some businesses, I can't see what will happen in ten years, I don't buy them.</p><p>Like<a href=\"https://laohu8.com/S/ORCL\">Oracle</a>Lotus,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>These companies, I can't figure out what their moat will be in ten years.</p><p>Gates is the best business wizard I've ever met,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Also has a huge lead, but I really don't know what Microsoft will be in ten years, or exactly what Microsoft's competitors will be in ten years.</p><p>However, I know what the gum business will be like in ten years, and no matter how much the internet develops, it will not change our gum-chewing habits, as if nothing can. More new varieties of gum will surely emerge, but will the white and yellow arrows disappear? It won't be.</p><p>I imagine for myself, if I had $1 billion, could I hurt this company? Give me $10 billion and let me work globally and<a href=\"https://laohu8.com/S/KO\">Coca Cola</a>Competition, I can hurt<a href=\"https://laohu8.com/S/KO\">Coca Cola</a>Is it? I couldn't do it. Such business is good business.</p><p>08. No matter what time, know what you are doing, so that you can make a good investment. We must understand the business. Some businesses are something we can understand, but not all businesses we can understand.</p><p>09. We don't care whether a company is large-cap, small-cap, medium-cap, or ultra-small-cap. We only consider the following points:</p><p>Can we understand the business of this company? Do we like the management of this company? Is the price of this company cheap?</p><p>03</p><p>Buying stocks is buying companies</p><p>Market decline is a good opportunity</p><p>10. If none of the companies you invest in make money on their own, it will be difficult for you to make money.</p><p>11. After people buy stocks, they stare at the stock price early the next morning, and see that the stock price determines whether their investment is doing well or not. They are confused.</p><p>Buying stocks is buying companies, which is the most basic truth Graham taught me.</p><p>Remember, you are not buying shares, but part ownership of the company. As long as the company's business is good, and the price you buy is not ridiculously high, and your income is not bad, investing in stocks is as simple as that.</p><p>12. I prefer to see the market fall. When it falls sharply, it is easier to buy good goods and use money well. To invest in stocks, this is a truth that you must learn first.</p><p>13. You must have a reason for what you want to buy. If you can't give a reason, don't buy it.</p><p>14. Some people regard buying stocks as watching horse racing, which doesn't matter, but if you are investing, investment is to invest money in it to make sure that you can recover it at a suitable rate of return in the future.</p><p>15. What we think about is not how to get a super high rate of return, but always keeping in mind that we never lose money.</p><p>16. Most<a href=\"https://laohu8.com/S/300785\">Worth buying</a>Companies are those that you think are expensive in terms of numbers and are reluctant to buy, but still want to buy them.</p><p>04</p><p>Hold the Circle of Competence</p><p>Identify a good business</p><p>17. If you can't understand a business at a glance, you still can't understand it after another month or two.</p><p>To understand a business, you must have enough background knowledge, and you must know what you know and what you don't know. This is the key. This is what I often mean by the circle of competence. You should be clear about your circle of competence.</p><p>18. Everyone has their own circle of competence. What matters is not how big the circle of competence is, but staying within the circle of competence.</p><p>If there are thousands of companies in the motherboard, your circle of competence only covers 30 of them, as long as you know which 30 are, that's fine.</p><p>19. As long as it's good business, nothing else matters. As long as it's good business, I don't care about the big or small things, and I don't think about how this year and next year will be.</p><p>Good business, you can see how it will be in the future, but you don't know when.</p><p>When you look at a business, you are focused on thinking about what will happen in the future. Don't get too entangled about when. It doesn't matter how the future of the business can be seen through and when it is.</p><p>20. For my partner Charlie Munger and I, the biggest mistake we ever made was not doing what was wrong, but not doing what was supposed to be done.</p><p>In the midst of these mistakes, we knew the business well and should have acted, but somehow we hesitated and hesitated and did nothing.</p><p>21. I do not study macro issues. The most important thing in investing is to figure out what is important and knowable. If a thing is unimportant and unknowable, leave it alone.</p><p>22. The routine of general consulting organizations is like this. First, they pull their economists out and slip around twice, talk about some big macro patterns, and then analyze them from top to bottom. We think those are nonsense.</p><p>23. When we decide whether to buy a company or not, we never rely on our feelings about macro issues. We don't look at forecasts about interest rates or company earnings, it's useless to look at them.</p><p>05</p><p>Be a friend of time</p><p>Make money by not tossing</p><p>24. Find a good investment opportunity a year, and then hold it until its full potential is unlocked.</p><p>In an environment where people are shouting quotes back and forth every five minutes, in an environment where others are always cramming reports in front of you, it's hard to hold on. Wall Street makes money by tossing, and you make money by not tossing.</p><p>25. If you all here traded your portfolios with each other every day, everyone would end up bankrupt, and all the money would end up in the pockets of the middlemen.</p><p>To put it another way, you both hold a portfolio of ordinary companies, and you both remain motionless for 50 years. In the end, you will both be rich and your brokerage will go bankrupt. Brokerage A doctor like this, the more times he asks you to change your dressing, the more he makes.</p><p>If he gives you a medicine that will cure your illness, he can only make a deal, a deal, and then it will be gone. If he can convince you that changing to take various medicines every day is good for your health, which is good for him and good for the drug seller, you will lose a lot of money. Your health will not get better, and you will lose money.</p><p>26. Keep away from any environment that stimulates you to mess around.</p><p>27. No matter which company we buy, we don't set a price target when we buy.</p><p>For example, we bought it at 30, never thought we would go up to 40, 50, 60 or 100 and sell it, never like that.</p><p>We hope that the companies we buy are bullish now and will be as bullish in five years.</p><p>28. The right way to think about a company is whether the company can be more and more profitable in the long run? If the answer is yes, you don't need to ask any other questions.</p><p>29. Time is the friend of good business and the enemy of bad business.</p><p>If you hold a bad business for a long time, even if you buy it cheaply, you can only make bad profits in the end. If you hold a good business for a long time, even if you buy it more expensive, you will still make excellent profits as long as you hold it for a long time.</p><p>06</p><p>Diversified business</p><p>Should not exceed 6</p><p>30. If you are not a professional investor and do not pursue the goal of achieving excess returns by managing funds, I think you should be highly diversified.</p><p>31. If you can read businesses, you should have no more than six businesses.</p><p>If you can find six good businesses, it will be enough to spread out, no more, and you can make a lot of money.</p><p>I can guarantee that if you don't invest your money in the business you are most optimistic about, but instead go into the seventh business, you will definitely fall into the ditch. Few people make their fortune on the seventh best idea, and many people make their fortune on the best idea.</p><p>32. If you asked me, if I put all my money into a company for twenty years, I would choose<a href=\"https://laohu8.com/S/PG\">P&G</a>Coca-Cola, actually<a href=\"https://laohu8.com/S/PG\">P&G</a>The product line is more diversified, but in comparison, I think Coca-Cola's certainty is higher than P&G's.</p><p>Procter & Gamble can be selected in the top 5% of my most optimistic companies, and Procter & Gamble will not be defeated by its competitors. However, in the next 20 or 30 years, between Procter & Gamble and Coca-Cola, I am more optimistic about Coca-Cola's sales growth potential and pricing power.</p><p>33. I still prefer a business where the product itself sells well.</p><p><a href=\"https://laohu8.com/S/MCD\">McDonald's</a>There have been more and more promotions in recent years, and it has increasingly relied on promotions rather than on the products themselves selling well.</p><p>In contrast, I prefer Gillette, people buy the Front Speed 3 because they like the Front Speed 3 product itself and don't buy it just to get any giveaway.</p><p>Every night, think about the one or two hundred million men whose beards are growing, and when you sleep, the men's beards are growing all the time, and you can sleep soundly. Think again, women all have two legs, which is even better. This method is much more effective than counting sheep. If you want to find this kind of business.</p><p>07</p><p>Some advice for young people</p><p>34. The shackles of habit, at first, are too light to detect, but later they are too heavy to get rid of.</p><p>35. If someone turns me off, but I can make $100 million with him, I will flatly refuse, or how is it different from getting married for money?</p><p>No matter when, you can't get married for money, and if you are already rich, you can't do this.</p><p>36. I have a job that I love, and I loved it when I thought earning $1,000 was a lot of money.</p><p>Students, do the jobs you like. If you always do the jobs you don't like, just to make the work experience on your resume more beautiful, then you are really confused.</p><p>37. You should do whatever work you want to do after your wealth is free. Such a job is the ideal job.</p><p>38. Does it feel a bit like saving your sex life when you are young and saving it until you are older?</p><p>Sooner or later, you should both start doing what you really want to do.</p><p>39. We never think about the past. We feel that there is so much to look forward to in the future, so why worry about the past.</p><p>Don't dwell on the past, it's useless to dwell, life can only look forward.</p><p>40. Do what you like all your life and make friends with people you like.</p><p></body></html></p>","source":"zhenghedao","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>Night Reading | Buffett's 40 sentences are highly recommended by Duan Yongping</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\">\nNight Reading | Buffett's 40 sentences are highly recommended by Duan Yongping\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">正和岛</strong><span class=\"h-time small\">2022-04-13 21:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Buffett said that regardless of whether a company is large, small, medium or ultra-small, we only consider these points: Can we understand the business of this company? Do we like the management of this company? Is the price of this company cheap?</b>In 1998, Buffett gave a meaningful speech at the University of Florida Business School, which later became known as one of the most classic speeches of Buffett's life.<b>Duan Yongping strongly recommends the content of this speech, and it is said that he has read it 10 times.</b></p><p>Please be tricky when you ask questions. The harder the questions you ask, the more fun it will be. \"</p><p>It is worth mentioning that in the speech of nearly one and a half hours, Buffett himself did not speak long, but gave most of his time to the classmates at the scene, asking them to raise the questions that they were most concerned about.</p><p>\"What kind of company do you like?”</p><p>\"How much should you spend on a company?”</p><p>\"Can you tell us about the mistakes you made in business?”</p><p>Sharp questions did not stumble this \"stock god\". He not only answered the students' questions with humor, but also analyzed his stock selection criteria, portfolio construction and thinking mode through the questions.</p><p><b>Huang Zheng said before, \"I found that what Buffett said was actually very simple, and even my mother could understand it. Common sense is obvious and easy to understand, but we are blinded by the prejudices formed by our growth and learning and the demands of personal interests.\"</b></p><p>As Huang Zheng said, Buffett is extremely good at telling you important investment philosophies in a very easy-to-understand metaphor. This was the case twenty years ago. Vivid cases and visual expressions made this speech a classic among classics. It is still very enlightening to revisit it today.</p><p>The original speech is long,<b>We have sorted out 40 essence contents and compiled them into articles,</b>It involves investment ideas, business judgments and hopes for young people. I believe it will inspire you after reading it.</p><p>01</p><p>Don't do anything outside the margin of safety</p><p>01. Suppose you hand me a gun with 1,000 magazines, 1 million magazines, and only one magazine has a bullet in it, and you say, \"Point the gun at your temple and pull the trigger. How much do you want?\" I won't do it. No matter how much you pay me, I won't do it.</p><p>If I win, I don't need that money; If I lose, the result goes without saying. I don't want to do such things at all, but in the financial field, people often do such things without going through their brains.</p><p>02. Suppose you have $100 million at the beginning of the year. If you are not leveraged, you can earn 10%. The success rate of leverage is 99%, and you can earn 20%. At the end of the year, you have $110 million or $120 million. Is there any difference? It doesn't make a difference.</p><p>If you die at the end of the year, the person who wrote the obituary may have made a clerical mistake. Although you have 120 million, he wrote 110 million.</p><p>What's the use of the extra money? No use at all. It doesn't work for you, your family, anyone else.</p><p>03. We basically haven't borrowed any money. Of course, our insurance company has floating money, but I haven't borrowed any money at all.</p><p>I don't borrow money when I only have 10,000 yuan. Is it different not to borrow money? I am also very happy to make investments when I have little money.</p><p>I don't care at all if I have 10,000, 100,000, or 1 million. Unless there is an emergency, such as serious illness and urgent need of money.</p><p>04. If you have 1 yuan now and think that when you have 2 yuan in the future, you can live happier than you are now, you may be wrong. Don't think that earning 10 or 20 times can solve all the problems in your life. Such an idea can easily lead you to the ditch.</p><p>Borrowing money when you shouldn't, or eager for quick success, opportunistic, and doing things you shouldn't do, there will be no place to buy regret medicine in the future.</p><p>02</p><p>Business that can be understood is good business</p><p>05. Henry Kaufman, an American economist, famously said:</p><p>\"There are two kinds of people who are bankrupt, one who knows nothing and the other who knows everything.\"</p><p>I hope everyone can take this as a warning.</p><p>06. I like businesses I can understand. I use this filter, and 90% of companies are filtered out.</p><p>Some things you can't do knowing you don't understand.</p><p>07. I don't like easy business. Business is easy and will attract competitors. I like business with moats.</p><p>I wish to have a priceless castle, the duke guarding it with both talent and political integrity, and the castle has a wide moat around it.</p><p>I have often responded to<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Widen the moat, said the manager of the subsidiary. Throw crocodiles and sharks into the moat to keep competitors out.</p><p>It depends on service, product quality, cost, and sometimes patents or place of business. That's the kind of business I'm looking for.</p><p>Where can I find such a business? I look for good business in those simple products.</p><p>In fact, it is easy to understand that the current economic situation is good, and the management has both ability and political integrity. Such businesses, I can roughly see what they will be like in ten years. Some businesses, I can't see what will happen in ten years, I don't buy them.</p><p>Like<a href=\"https://laohu8.com/S/ORCL\">Oracle</a>Lotus,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>These companies, I can't figure out what their moat will be in ten years.</p><p>Gates is the best business wizard I've ever met,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Also has a huge lead, but I really don't know what Microsoft will be in ten years, or exactly what Microsoft's competitors will be in ten years.</p><p>However, I know what the gum business will be like in ten years, and no matter how much the internet develops, it will not change our gum-chewing habits, as if nothing can. More new varieties of gum will surely emerge, but will the white and yellow arrows disappear? It won't be.</p><p>I imagine for myself, if I had $1 billion, could I hurt this company? Give me $10 billion and let me work globally and<a href=\"https://laohu8.com/S/KO\">Coca Cola</a>Competition, I can hurt<a href=\"https://laohu8.com/S/KO\">Coca Cola</a>Is it? I couldn't do it. Such business is good business.</p><p>08. No matter what time, know what you are doing, so that you can make a good investment. We must understand the business. Some businesses are something we can understand, but not all businesses we can understand.</p><p>09. We don't care whether a company is large-cap, small-cap, medium-cap, or ultra-small-cap. We only consider the following points:</p><p>Can we understand the business of this company? Do we like the management of this company? Is the price of this company cheap?</p><p>03</p><p>Buying stocks is buying companies</p><p>Market decline is a good opportunity</p><p>10. If none of the companies you invest in make money on their own, it will be difficult for you to make money.</p><p>11. After people buy stocks, they stare at the stock price early the next morning, and see that the stock price determines whether their investment is doing well or not. They are confused.</p><p>Buying stocks is buying companies, which is the most basic truth Graham taught me.</p><p>Remember, you are not buying shares, but part ownership of the company. As long as the company's business is good, and the price you buy is not ridiculously high, and your income is not bad, investing in stocks is as simple as that.</p><p>12. I prefer to see the market fall. When it falls sharply, it is easier to buy good goods and use money well. To invest in stocks, this is a truth that you must learn first.</p><p>13. You must have a reason for what you want to buy. If you can't give a reason, don't buy it.</p><p>14. Some people regard buying stocks as watching horse racing, which doesn't matter, but if you are investing, investment is to invest money in it to make sure that you can recover it at a suitable rate of return in the future.</p><p>15. What we think about is not how to get a super high rate of return, but always keeping in mind that we never lose money.</p><p>16. Most<a href=\"https://laohu8.com/S/300785\">Worth buying</a>Companies are those that you think are expensive in terms of numbers and are reluctant to buy, but still want to buy them.</p><p>04</p><p>Hold the Circle of Competence</p><p>Identify a good business</p><p>17. If you can't understand a business at a glance, you still can't understand it after another month or two.</p><p>To understand a business, you must have enough background knowledge, and you must know what you know and what you don't know. This is the key. This is what I often mean by the circle of competence. You should be clear about your circle of competence.</p><p>18. Everyone has their own circle of competence. What matters is not how big the circle of competence is, but staying within the circle of competence.</p><p>If there are thousands of companies in the motherboard, your circle of competence only covers 30 of them, as long as you know which 30 are, that's fine.</p><p>19. As long as it's good business, nothing else matters. As long as it's good business, I don't care about the big or small things, and I don't think about how this year and next year will be.</p><p>Good business, you can see how it will be in the future, but you don't know when.</p><p>When you look at a business, you are focused on thinking about what will happen in the future. Don't get too entangled about when. It doesn't matter how the future of the business can be seen through and when it is.</p><p>20. For my partner Charlie Munger and I, the biggest mistake we ever made was not doing what was wrong, but not doing what was supposed to be done.</p><p>In the midst of these mistakes, we knew the business well and should have acted, but somehow we hesitated and hesitated and did nothing.</p><p>21. I do not study macro issues. The most important thing in investing is to figure out what is important and knowable. If a thing is unimportant and unknowable, leave it alone.</p><p>22. The routine of general consulting organizations is like this. First, they pull their economists out and slip around twice, talk about some big macro patterns, and then analyze them from top to bottom. We think those are nonsense.</p><p>23. When we decide whether to buy a company or not, we never rely on our feelings about macro issues. We don't look at forecasts about interest rates or company earnings, it's useless to look at them.</p><p>05</p><p>Be a friend of time</p><p>Make money by not tossing</p><p>24. Find a good investment opportunity a year, and then hold it until its full potential is unlocked.</p><p>In an environment where people are shouting quotes back and forth every five minutes, in an environment where others are always cramming reports in front of you, it's hard to hold on. Wall Street makes money by tossing, and you make money by not tossing.</p><p>25. If you all here traded your portfolios with each other every day, everyone would end up bankrupt, and all the money would end up in the pockets of the middlemen.</p><p>To put it another way, you both hold a portfolio of ordinary companies, and you both remain motionless for 50 years. In the end, you will both be rich and your brokerage will go bankrupt. Brokerage A doctor like this, the more times he asks you to change your dressing, the more he makes.</p><p>If he gives you a medicine that will cure your illness, he can only make a deal, a deal, and then it will be gone. If he can convince you that changing to take various medicines every day is good for your health, which is good for him and good for the drug seller, you will lose a lot of money. Your health will not get better, and you will lose money.</p><p>26. Keep away from any environment that stimulates you to mess around.</p><p>27. No matter which company we buy, we don't set a price target when we buy.</p><p>For example, we bought it at 30, never thought we would go up to 40, 50, 60 or 100 and sell it, never like that.</p><p>We hope that the companies we buy are bullish now and will be as bullish in five years.</p><p>28. The right way to think about a company is whether the company can be more and more profitable in the long run? If the answer is yes, you don't need to ask any other questions.</p><p>29. Time is the friend of good business and the enemy of bad business.</p><p>If you hold a bad business for a long time, even if you buy it cheaply, you can only make bad profits in the end. If you hold a good business for a long time, even if you buy it more expensive, you will still make excellent profits as long as you hold it for a long time.</p><p>06</p><p>Diversified business</p><p>Should not exceed 6</p><p>30. If you are not a professional investor and do not pursue the goal of achieving excess returns by managing funds, I think you should be highly diversified.</p><p>31. If you can read businesses, you should have no more than six businesses.</p><p>If you can find six good businesses, it will be enough to spread out, no more, and you can make a lot of money.</p><p>I can guarantee that if you don't invest your money in the business you are most optimistic about, but instead go into the seventh business, you will definitely fall into the ditch. Few people make their fortune on the seventh best idea, and many people make their fortune on the best idea.</p><p>32. If you asked me, if I put all my money into a company for twenty years, I would choose<a href=\"https://laohu8.com/S/PG\">P&G</a>Coca-Cola, actually<a href=\"https://laohu8.com/S/PG\">P&G</a>The product line is more diversified, but in comparison, I think Coca-Cola's certainty is higher than P&G's.</p><p>Procter & Gamble can be selected in the top 5% of my most optimistic companies, and Procter & Gamble will not be defeated by its competitors. However, in the next 20 or 30 years, between Procter & Gamble and Coca-Cola, I am more optimistic about Coca-Cola's sales growth potential and pricing power.</p><p>33. I still prefer a business where the product itself sells well.</p><p><a href=\"https://laohu8.com/S/MCD\">McDonald's</a>There have been more and more promotions in recent years, and it has increasingly relied on promotions rather than on the products themselves selling well.</p><p>In contrast, I prefer Gillette, people buy the Front Speed 3 because they like the Front Speed 3 product itself and don't buy it just to get any giveaway.</p><p>Every night, think about the one or two hundred million men whose beards are growing, and when you sleep, the men's beards are growing all the time, and you can sleep soundly. Think again, women all have two legs, which is even better. This method is much more effective than counting sheep. If you want to find this kind of business.</p><p>07</p><p>Some advice for young people</p><p>34. The shackles of habit, at first, are too light to detect, but later they are too heavy to get rid of.</p><p>35. If someone turns me off, but I can make $100 million with him, I will flatly refuse, or how is it different from getting married for money?</p><p>No matter when, you can't get married for money, and if you are already rich, you can't do this.</p><p>36. I have a job that I love, and I loved it when I thought earning $1,000 was a lot of money.</p><p>Students, do the jobs you like. If you always do the jobs you don't like, just to make the work experience on your resume more beautiful, then you are really confused.</p><p>37. You should do whatever work you want to do after your wealth is free. Such a job is the ideal job.</p><p>38. Does it feel a bit like saving your sex life when you are young and saving it until you are older?</p><p>Sooner or later, you should both start doing what you really want to do.</p><p>39. We never think about the past. We feel that there is so much to look forward to in the future, so why worry about the past.</p><p>Don't dwell on the past, it's useless to dwell, life can only look forward.</p><p>40. Do what you like all your life and make friends with people you like.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/_If2Jbd9zIFKl-lKJJqdaA\">正和岛</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ee8356647b06585ac937a0f45e6aeb17","relate_stocks":{"BK4581":"高盛持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","BRK.A":"伯克希尔","BK4176":"多领域控股","BRK.B":"伯克希尔B","BK4550":"红杉资本持仓","BK4534":"瑞士信贷持仓"},"source_url":"https://mp.weixin.qq.com/s/_If2Jbd9zIFKl-lKJJqdaA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2225584750","content_text":"巴菲特说，不管一家公司是大盘、小盘、中盘、还是超小盘，我们只考虑这么几点：这家公司的生意我们能不能看懂？这家公司的管理层我们喜不喜欢？这家公司的价格是否便宜？1998年，巴菲特在佛罗里达大学商学院做了一场超有内涵的演讲，这次演讲后来被称为是巴菲特一生中最经典的演讲，没有之一。段永平强烈推荐这次的演讲内容，据说已经看了10遍。请各位提问时一定要刁钻，你们问的问题越难，才越好玩。”值得一提的是，近一个半小时的演讲中，巴菲特本人并没有长篇大论，而是把大部分时间交给了现场的同学，让他们提出自己最为关心的问题。“您喜欢什么样的公司？”“到底该花多少钱买一家公司？”“能否讲讲您在商业中犯的错误？”一个个犀利的问题并没有难倒这位“股神”，他既幽默风趣的回答了学生们的提问，又借着问题深入剖析了自己的选股标准、组合构建和思维方式。黄峥此前说过，“我发现巴菲特讲的东西其实特别简单，连我母亲都能听懂。常识显而易见、容易理解，但我们因为成长、学习形成的偏见和个人利益的诉求蒙蔽了我们。”如黄峥所言，巴菲特极其擅长把重要的投资哲理用非常通俗易懂的比喻来告诉大家，二十年前便是如此，一个个生动的案例加上形象化的表达，让这场演讲成为经典中的经典，今天重温下来，依然极具启迪意义。演讲原文较长，我们从中整理了40条精华内容摘编成文，涉及投资理念、生意判断以及对年轻人的希冀，相信读后一定会对你有所启发。01别做安全边际以外的事01. 假设你递给我一把枪，里面有1000个弹仓、100万个弹仓，其中只有一个弹仓里有一颗子弹，你说：“把枪对准你的太阳穴，扣一下扳机，你要多少钱？”我不干。你给我多少钱，我都不干。要是我赢了，我不需要那些钱；要是我输了，结果不用说了。这样的事，我一点都不想做，但是在金融领域，人们经常做这样的事，都不经过大脑。02. 假设年初你有1亿美元，如果不上杠杆，能赚10%，上杠杆的成功率是99%，能赚20%，年末时你有1.1亿美元，还是1.2亿美元，有区别吗？没一点区别。要是年末你死了，写讣告的人可能有个笔误，虽然你有1.2亿，但他写成了1.1亿。多赚的钱有什么用？一点用没有。对你、对你的家人，对别人，都没用。03. 我们基本上没借过钱，当然我们的保险公司里有浮存金，但是我压根没借过钱。我只有1万块钱的时候都不借钱，不借钱不一样吗？我钱少的时候做投资也很开心。我根本不在乎我到底是有1万、10万，还是100万。除非遇上了急事，比如生了大病急需用钱。04. 如果你现在有1块钱，以为将来有2块钱的时候，自己能比现在过得更幸福，你可能想错了，别以为赚10倍或20倍能解决生活中的所有问题，这样的想法很容易把你带到沟里去。在不该借钱的时候借钱，或者急功近利、投机取巧，做自己不该做的事，将来都没地方买后悔药。02能看懂的生意才是好生意05. 美国经济学家亨利·考夫曼有这么一句名言：“破产的有两种人，一种是什么都不知道的，一种是什么都知道的。”希望大家能引以为戒。06. 我喜欢我能看懂的生意，我用这一条筛选，90%的公司都被过滤掉了。有些东西明知道自己不懂，就不能做。07. 我不喜欢很容易的生意，生意很容易，会招来竞争对手，我喜欢有护城河的生意。我希望拥有一座价值连城的城堡，守护城堡的公爵德才兼备，而且这座城堡周围有宽广的护城河。我经常对伯克希尔子公司的管理者说，加宽护城河。往护城河里扔鳄鱼、鲨鱼，把竞争对手挡在外面。这要靠服务、靠产品质量、靠成本，有时候要靠专利或营业地点。我要找的就是这样的生意。在哪能找到这样的生意呢？我从那些简单的产品里寻找好生意。其实很容易理解，当前的经济状况良好，管理层德才兼备，这样的生意，我能大概看出来它们十年后会怎样。有的生意，我看不出来十年后会怎样，我不买。像甲骨文、莲花、微软这些公司，我就搞不懂它们的护城河十年之后会怎样。盖茨是我遇到过的最优秀的商业奇才，微软也拥有巨大的领先优势，但我真不知道微软十年后会怎样，也无法确切地知道微软的竞争对手十年后会怎样。不过，我知道口香糖生意十年后会怎样，互联网再怎么发展，都不会改变我们嚼口香糖的习惯，好像没什么能改变我们嚼口香糖的习惯。肯定会有更多新品种的口香糖出现，但白箭和黄箭会消失吗？不会。我自己设想，要是我有10亿美元，能伤着这家公司吗？给我100亿美元，让我在全球和可口可乐竞争，我能伤着可口可乐吗？我做不到。这样的生意是好生意。08. 无论什么时候，都要知道自己在做什么，这样才能做好投资。必须把生意看懂了，有的生意是我们能看懂的，但不是所有生意我们都能看懂。09. 我们不管一家公司是大盘、小盘、中盘、还是超小盘，我们只考虑这么几点：这家公司的生意我们能不能看懂？这家公司的管理层我们喜不喜欢？这家公司的价格是否便宜？03买股票就是买公司市场下跌是好机会10. 如果你投资的公司本身都不赚钱，你也很难赚钱。11. 人们买完股票后，第二天一早就盯着股价，看股价决定自己的投资做得好不好，糊涂到家了。买股票就是买公司，这是格雷厄姆教给我的最基本的道理。记住，你买的不是股票，而是公司的一部分所有权。只要公司生意好，而且你买的价格不是高得离谱，你的收益也差不了，投资股票就这么简单。12. 我更愿意看到市场下跌，大跌的时候更容易买到好货，更容易把钱用好，要投资股票，这是你必须首先学会的一个道理。13. 自己要买什么，一定要有个理由，说不出来理由的，别买。14. 有的人把买股票当成看赛马，那无所谓了，但如果你是在投资的话，投资是把资金投进去，确定将来能以合适的收益率收回资金。15. 我们想的不是怎么获得超高的回报率，而是始终牢记永远不亏钱。16. 最值得买的公司，是那些你觉得从数字上看很贵，舍不得买，但还是很想买的公司。04守住能力圈认定好生意17. 一门生意，要是你不能一眼看懂，再花一两个月的时间，你还是看不懂。要看懂一门生意，必须有足够的背景知识才行，而且要清楚自己知道什么，不知道什么，这是关键。我常说的能力圈就是这个意思，要清楚自己的能力圈。18. 每个人都有自己的能力圈，重要的不是能力圈有多大，而是待在能力圈的范围之内。如果主板中有几千家公司，你的能力圈只涵盖其中的 30 家，只要你清楚是哪30家，就可以了。19. 只要是好生意，别的什么东西都不重要。只要是好生意，我就不管那些大事小事，也不考虑今年明年如何之类的问题。好生意，你能看出来它将来会怎样，但是不知道会是什么时候。看一个生意，你就一门心思琢磨它将来会怎么样，别太纠结什么时候。把生意的将来能怎么样看透了，到底是什么时候，就没多大关系了。20. 对于我和我的合伙人查理·芒格来说，我们犯过的最大的错误不是做错了什么，而是该做的没做。在这些错误中，我们对生意很了解，本来应该行动，但不知道怎么了，我们就在那犹豫来犹豫去，什么都没做。21. 我不研究宏观问题，投资中最紧要的是弄清什么事是重要的、可知的。如果一件事是不重要的、不可知的，那就别管了。22. 一般的咨询机构的套路是这样的，先把他们的经济学家拉出来溜两圈，讲一些大的宏观格局，然后自上而下地分析，我们觉得那些都是胡扯。23. 我们在决定买不买一家公司时，从来不把我们对宏观问题的感觉作为依据。我们不看关于利率或公司盈利的预测，看了没用。05做时间的朋友靠不折腾赚钱24. 一年找到一个好的投资机会，然后一直持有，等待它的潜力充分释放出来。在一个人们每五分钟就来回喊报价的环境里，在一个别人总把各种报告塞到你面前的环境里，很难做到持有不动。华尔街靠折腾赚钱，你靠不折腾赚钱。25. 要是在座的各位每天都相互交易自己的投资组合，所有人最后都会破产，所有的钱最后都会进到中间商的口袋里。换个做法，你们都持有一般公司组成的投资组合，50年里你们都一动不动，最后你们都会很有钱，你们的券商会破产。券商像这样一个医生，他让你换药的次数越多，他赚的越多。他要是给你一种药，把你的病根治了，他只能做成一笔买卖，一笔交易，然后就没了。如果他能让你相信每天换各种药吃对健康有益，这对他有好处，对卖药的有好处，你会亏很多钱。你的身体好不了，还会破财。26. 任何刺激你瞎折腾的环境，都要远离。27. 不管买哪家公司，我们买的时候都不设定价格目标。例如，我们是30买的，从没想过涨到40、50、60或100就卖了，从来没这样过。我们希望自己买入的公司，现在看好，五年后一样看好。28. 看一家公司正确的思维方式是，长期来看，这家公司是否能越来越赚钱？如果答案是能，别的问题都用不着问了。29. 时间是好生意的朋友，烂生意的敌人。如果长期持有一个烂生意，就算买得再便宜，最后也只能取得很烂的收益。如果长期持有好生意，就算买得贵了一些，只要长期持有，还是会取得出色的收益。06分散投资的生意不应超过6个30. 如果不是职业投资者，不追求通过管理资金实现超额收益率的目标，我觉得应该高度分散投资。31. 要是你真能看懂生意，你拥有的生意不应该超过六个。要是你能找到六个好生意，就已经足够分散了，用不着再分散了，而且你能赚很多钱。我敢保证，你不把钱投到你最看好的那个生意，而是再去做第七个生意，肯定会掉到沟里。靠第七个最好的主意发家的人很少，靠最好的主意发家的人很多。32. 要是你问我，我要是把我的所有资金都投入到一家公司，二十年不动，我会选宝洁还是可口可乐，其实宝洁的产品线更多元化，但是比较起来，我认为可口可乐的确定性比宝洁的确定性高。宝洁可以入选我最看好的公司中的前5%，宝洁不会被竞争对手打垮，但是从将来二三十年看，在宝洁和可可口乐之间，我更看好可口可乐的销量增长潜力和定价权。33. 我还是更喜欢产品本身卖得好的生意。麦当劳这几年的促销活动越来越多，它越来越依赖促销，而不是靠产品本身卖得好。相比之下，我更喜欢吉列，人们买锋速3是因为他们喜欢锋速3这个产品本身，不是为了得到什么赠品才买的。每天晚上，想想一两亿男人的胡子都在长，你睡觉的时候，男人们的胡子一直在长，你就能睡得很踏实。再想想，女人们都有两条腿，这更好了。这个方法比数绵羊管用多了，要找就找这样的生意。07给年轻人的几点建议34. 习惯的枷锁，开始的时候轻的难以察觉，到后来却重的无法摆脱。35. 要是有个人让我倒胃口，但是和他走到一起，我能赚1亿美元，我会断然拒绝，要不和为了钱结婚有什么两样？无论什么时候，都不能为了钱结婚，要是已经很有钱了，更不能这样。36. 我有一份我热爱的工作，当年我觉得赚1,000美元是一大笔钱的时候，我就喜欢我的工作。同学们，做你们喜欢的工作，要是你总做那些自己不喜欢的工作，只是为了让简历上的工作经历更漂亮，那你真是糊涂了。37. 你财富自由之后想做什么工作，现在就该做什么工作，这样的工作才是理想的工作。38. 做自己不喜欢的工作，不觉得有点像年轻的时候把性生活省下来，留到岁数大的时候再用吗？或早或晚，你们都应该开始做自己真心想做的事。39. 我们从来不想已经过去的事，我们觉得未来有那么多值得期待的，何必对过去耿耿于怀。不纠结过去的事，纠结也没用，人生只能向前看。40. 一辈子都做自己喜欢的事，交自己喜欢的人。","news_type":1,"symbols_score_info":{"BRK.A":1,"BRK.B":1}},"isVote":1,"tweetType":1,"viewCount":1002,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}