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Buffett's investment in the road, can be summarized as three principles: do not look at stock prices, not price, will not do the difference.
we all know, the highest state of martial arts sword in hand, heart, sword. Buffett also reached the highest level of investment.
fact, Buffett would have been like us, have a look at stock prices from time to time, every night would like to share, do post every day, small investors. But he met a guru Benjamin Graham, Warren was to become.
to see the company do not look at the stock
seen Buffett wrote: Graham pass the value of his investment strategy can be summed up as
one of three trick: do not look to see the company stock. Graham famously
is: from the perspective of company stock investment is the most sensible.
we think about the stock in the end what is it? Stock is the company you hold shares of this proof. As Warren Buffett said:
Buffett stressed: we have will depend on the economic fortunes of the company. Graham, as his teacher taught him that, from a company perspective, to analyze stocks, investing in stocks is the most sensible. This is why Warren Buffett rarely look at the stock market, yet most of the energy to run the basic operations of the company.
was asked: annual financial report.
A reporter asked Buffett: After so many years, the annual reports of listed companies too much. are a lot of reading annual reports of listed companies and lots of phone calls will make clear that the company's business and financial aspects of the basic situation.
do not want the price to value
such a story: There is a carpenter, in his own yard work. He's doing very well, every day from morning to night, the yard saw and hammer sounds into one sound, filled with wood shavings on the floor, covered with sawdust.
One night, the carpenter standing on a high counter, and the disciples saw widening,christian louboutin pumps, saw a big tree. Accidentally, thrown off his hand strap, the watch on the pile of wood shavings fall to the ground. But then watch
valuables. The carpenter apprentice lantern together quickly and look, but how to be found.
carpenter a look, there is no way, so dawn find it.
to pack to pack the carpenter, ready for bed. After a child, his son ran over: very noisy environment, we can not hear the voice of the watch move the pointer. Usually the stock market is also very noisy, gossip everywhere, what stocks to rise, and what stocks to fall, and people are very excited, very difficult to concentrate.
Buffett remember the teachings of his teacher, so that they can stop and listen to the voice of the company, not the voice of the market; to listen to the voice of the value, not the price of voice. Because he knew the final decision is not the past history of price movements, but the company's intrinsic value, value is the final determinant of price. This is Graham
instructors to teach the secret of Buffett's second investment, do not want the price to value. Why not price? The reason is simple: the share price is fundamentally unpredictable. Graham to Buffett told a
in the stock market, you know your opponent you deal? Who do not know.
In fact, your counterparty is the thousands of other investors. Through the exchange,christian louboutin ankle boots, many do not know the other parties to the transaction who is brokered transactions. All transactions except you who, together, become a separate person, this is your only buying and selling stocks trading
opponents.
this way, the market only two people, one is you, another person,louboutin sale, Graham called This is a company with two shareholders, one is you, one is
and
Every day he would quote bid and offer price, but whether transactions, when transactions are totally on you. Whether you Li Buli him, he never mind. But Although the two of you together
shareholding in the listed company is very stable, but
Sometimes he happy, only see favorable factors and would like to hand you bought the stock, and continuously improve the purchase price, quick to sell me, up 5% sale? Daily limit, 10% sale? At other times, he pessimistic attitude,christian louboutin heels, and only see negative factors, he feels the company and the world future is bleak, he kept lowering the price to sell, come buy ah,cheap christian louboutin boots, 5% decline in value, buying a? Daily limit, 10%, take it or leave?
visible,
then the long term, the stock is not also very unstable so it?
Graham said: It all depends on his mood. So the short-term fluctuations in share price also quite large.
but the long term the stock market is a weighing machine. After a long period of time, the stock market parties will gradually understand the true value of the stock price back in value.
do not do speculative investment
clear rules of market volatility, we know how to use the law to defeat the
the same as in the ############, your opponent is making more stupid, you are more likely to make money. To make money in the stock market, the only way is to use
when
when
As Warren Buffett said: accurate assessment of the company's real value. Otherwise, you should not and
like to play cards, like: If you play for 30 minutes did not know who is the fool, then you're the fool.
Remember Warren Buffett's famous quote:
following the market, forecasting stock price movements, to and fro to do the post,cheap christian louboutin, hoping to buy low, sell at a high level, search is the difference between the purchase price and selling price, which carried out according to a price change to determine the behavior of stock trading is not investment, but speculation.
Graham told Warren Buffett, now can not predict the short-term fluctuations in stock prices, then make the difference in the long-term speculation is impossible to make money.
Graham for the first time a unified and clear the behavior is known as speculation. buy, long-term hold, until the prices return to value. The decision-making based on the behavior of the value of what we usually refer to the value of investments.
This is Graham taught Buffett's third investment tips: Do not make speculative investments.