With the same admiration and curiosity, I bought this book-The Biography of Buffett by Roger rostain. Through this book, I learned about Buffett's growth and wealth accumulation. What changes is only the accumulation of wealth figures, and what remains unchanged is Buffett's unique investment wisdom and life creed.
Before I open this book, I want to solve two problems:
1, is there a contradiction between doing things and pursuing profits?
2. How to analyze, sort out and grasp the key points?
Some words in the book and some of my own feelings are extracted as follows:
"The secret of investing in the stock market is to resolutely buy when the stock price is far below the intrinsic value of the stock, firmly believing that the stock price will rise one day."
"What kind of company is it?" "What is its main business model?" "How is his growth?" "What is its growth potential?" ... these questions should be raised not only by an excellent analyst, but also by a business operator. After careful consideration of these issues, I found that TN is very common in business model and growth. So it means that, in any case, now is a transitional period rather than the ultimate goal.
Believe that the road is far more than what you see now, just believe in the future.
"There are three favorable factors: the initial low purchase price, Buffett's insistence on business and a series of countermeasures to reverse Gan Kun."
"This is a principle of our investment philosophy: never expect to sell at a good price when transferring, but keep your purchase volume very low, and you can make a lot of money even if the final price is not high."
Being able to unswervingly adhere to the decision-making based on objective data and careful analysis, even under great pressure, driven by the "general trend" is indeed a master's courage and a good mentality that ordinary people can't reach.
Facts have proved that a temporary "impulse" is a mistake that many people, even many smart people, will make, which reflects the importance and uniqueness of a few people in the broad masses who can stay awake. The premise of staying awake is very profound knowledge and firm commitment to truth.
"I'm sober: I won't give up a certain behavior before, because I have completely mastered its logic (although this may mean giving up easy profits) and accepted a way that I didn't fully understand and didn't successfully put into practice. This approach may also lead to financial losses. " Sometimes, it is easier said than done to stick to your own practice or stick to the traditional model you are familiar with, especially when others are gradually entering the so-called "new model". "It takes 20 years to win a good reputation, and five minutes is enough to destroy it." Honesty is more valuable than gold!
"I would rather have an enterprise with an investment scale of only $654.38+million and a return on investment of up to 6543.8+05% than run an enterprise with a scale of up to $654.38+00 billion and a return on investment of only 5%."
"It is impossible to make a profit by stories with social influence."
In some industries, second place means failure. Relatively limited market space and relatively limited economic capacity make many industries so.
"When others are afraid, you should become greedy."
"Investment requires several qualities: first, rationality and wisdom; Second, improve management; The third and most important point is perseverance. "
"The scale of the enterprise is not the ultimate goal, and the high return of shareholders is the goal to be committed to." A company can become a "profit-making machine" only if it is viewed in terms of finance rather than scale or concept. At the same time, only a good financial situation can really make investors willing to invest. It is always the financial report that attracts investors, not the scale, concept or even simple market expectation.
People usually pay attention to the integrity of customers, but in fact they also need the integrity of shareholders. If you have to choose between the two, the interests of shareholders outweigh the interests of users. "Any method that conflicts with the principle of' shareholders' interests first' is unnecessary. "
The accumulated funds need to be protected and used carefully.
The growth of enterprise's own value and wealth is a crucial issue. Frequent buying and selling of stocks can only make operators profit, but not directly generate new wealth of enterprises, which is even more contrary to the interests of shareholders.
Stability trumps everything, and the purpose should be clear, so as to actively accumulate and avoid losses in "tossing". This applies not only to wealth and enterprises, but also to life.
"Personality is the most important thing for business partners." Character and honesty are more precious assets than gold. Many businesses are not so much a battle of wisdom as a battle of character!
Whether a person is valuable or worthy of respect depends largely on the social value he really creates and produces, rather than on whether his work attitude is diligent and respectable. This is a very realistic situation.
In the process of studying Buffett, I have always realized that although the times and characteristics he faced can be referenced, they are in the past tense after all, so not all the contents, especially those chapters with distinctive characteristics of the times, are used for the present. But one thing remains unchanged at any time, that is, the basic principles of business and the correct attitude towards capital.
"Debt is the fox of financial circles", "The fatal weakness of financial markets is often this kind of borrowed money". Even at present, we should refuse the bad dependence on other kinds of funds and learn to create healthy cash flow.
"What is not worth doing is not worth doing well. After reading Buffett's biography, I think. "
When we often blindly learn or follow the "modern", "scientific" or "popular" practices, we should actually consider the essence of things more. The essence of things is not only truth, but also probably not as complicated as it seems. Many times, we don't want to "add" many things, but learn to subtract unnecessary things.
"two precious principles: first, never lose money; Second, never forget the first principle. "
"To be an excellent analyst, you don't need formal training or high IQ. The most important thing is quality. It should have several qualities: vitality, principle and understanding. "
"Buffett's key to buying stocks: 1, ignoring forecasts and only paying attention to the long-term value of the company; 2. Always only buy stocks that you can understand; 3. Look for managers who treat shareholders' money as seriously as themselves; 4, buy decisively at a glance, eat in large quantities. "
Similar to the above four tips, if you want to run a business well, you also need the above four points: 1 Establish and preserve the intrinsic value of the company, and constantly strengthen it, which is the real future of the company; 2 be engaged in familiar and good industries, and be focused; 3 there must be serious managers; 4 adhere to the above three points.
Coca-Cola is an enterprise with light assets, core technology and great brand effect. We should learn from them.
"Trust your own judgment, stay calm and don't panic."
"American Express also has a bad habit, that is, they won't try to take remedial measures until things are done." This is a mistake that many companies are prone to make, including our company!
"Unlike most businessmen, he never criticized the mistakes of the judiciary because he always believed in the government."
"The basis of credit is not money, but people's quality."
"Loyalty can't be bought by money."
"If people lose Emerson's spiritual pursuit, it is because people have not found a star that can guide them forward. The interconnection of modern society makes us all timid experts, and we can only dig investment clues from the classified columns marked with the words' growth' and' derivative'. Similarly, due to the lack of internal value system, educators' preaching and judgment are also pale and powerless. They can only return to vague and complicated theories and use obscure language to cover up their inner fears. When there is a lack of a strong theory, many viewpoints will appear and become necessary substitutes. "
"Each of us can only maintain the reputation of 15 minutes."
After reading this book, I think I can answer two questions I asked myself:
1, there is no contradiction between doing things and pursuing profits. In fact, what I want to do is to pursue profits;
2, the key point of the matter will always exist, as long as we have the conditions and preparation, we will naturally see and grasp it.
This book has helped me a lot. I will continue to run the existing enterprises in a more correct and rational way. In my opinion, whether the book we read is about history, investment or even just a discussion about something, whether the biography we read is about people who are engaged in what profession, or about people in which era and country, there is one essence that is the same-what we do in our hands is always the main line. Under the traction of this clue, as long as we have the eyes to learn, we can see all the shining power anytime and anywhere.
The spirit of water and Buffett's wisdom give us another inspiration about choosing a job. It is difficult for college students to find jobs. It's hard to make everyone want to stand on the high ground instead of hiding in the low valley. It is hard for a wise mind to see the clear water finally fall into the direction of the sea. Perhaps, we have chosen a small enterprise at present, a position with low starting salary and remote employment location. But small businesses will grow, low wages will rise, and remoteness can also become the center. The key is whether we can find this "value" point. If choosing a job is an investment, it may be a wise choice for us to hide in the depression of value with the mind of value investment.
Thank Buffett for letting me know: first, people need a long-term vision to see the long-term value of life and career, and don't be confused by the petty profits in front of them; Second, people should have the ability and level of independent thinking, fully demonstrate, rationally analyze, trust their own judgment and not blindly follow; Third, we should persist in honesty and believe in the power of personality. If people are right, they will do the right thing, even if it is a temporary danger, and will eventually succeed; Fourth, in a sense, money is a symbol. What we pursue is not material luxury, but the fun and meaning of life; Fourth, when you choose to do the right thing, you will eventually succeed because of this choice and long-term persistence; Choose respectable people to walk with you, and you will get their respect. The wisdom of life lies not in being immersed in the noise, but in thinking after washing away the lead.
Reflections on Buffett's Biography (2) Warren Buffett, the hero of Buffett Biography, is the most successful group enterprise shaper in the United States. 2065438+In March 2005, it became the third richest man in Forbes' global rich list with a wealth of $72.7 billion. It is highly respected and sought after by top investors and unattainable wealth creation ability in the world. Buffett has set goals in life since he was a child. He is naturally sensitive to numbers and has a strong interest. He knows exactly what he is good at. He never wastes time looking for a goal. His unremitting efforts, independent thinking, honesty and trustworthiness, perseverance and amazing perseverance combined to achieve Buffett's glory. The course of Buffett's growth and wealth accumulation only changes the accumulation of wealth figures, but Buffett's unique investment wisdom and life creed remain unchanged.
Warren Buffett will turn 85 this year. The old man is still the chairman and CEO of Berkshire Hathaway, leading this super money-making machine to run at high speed. His first step was to deliver newspapers door to door. /kloc-when he was 0/3 years old, he had to give up playing ball and go to bed early every day in order to get up early the next morning to deliver newspapers. When Buffett 14 years old, he earned enough money for the personal tax threshold of that year. However, the shrewd little Buffett listed the depreciation expenses of his bicycle when he delivered it on the tax bill, and legally exempted himself from paying taxes for the first time. Buffett showed his business talent as a teenager.
When Buffett was in college, he met Graham, a securities investment mentor who benefited him for life. In Graham's masterpiece Securities Analysis, he put forward the theory of value investment, which influenced Buffett's life. Buffett has deeply integrated these theories into his investment career. The secret of his investment in stocks is often explained as: greed when others are afraid, and fear when others are greedy. He also has two valuable principles: first, never lose money; Second, never forget the first principle. Buffett's success lies in that he never blindly follows the crowd or hears hearsay, but makes judgments by his own independent thinking. He has unparalleled independent thinking ability, concentrates on his work and is not disturbed by the outside world. Many companies he invested in may not be favored, but he insisted on buying them. Buffett, like water, always flows into valleys and depressions, always chasing value depressions. Don't compete with others for generally optimistic stocks, know how to stop at the right time, retreat bravely in the torrent, know how to go upstream and find a new way, and thus achieve great success.
As far as readers are concerned, in a complex world, no matter where we work, we should learn from Buffett's legendary life: first, make clear the goal, choose to do the right thing, and make unremitting efforts for the goal, persevere and take everything we do seriously. Second, learn to think independently, not blindly follow other people's suggestions, be brave in innovation, fully demonstrate and analyze rationally, and grasp the logic and essential laws of things' development. Third, we should have a long-term vision, see the long-term value of life and career, and don't be confused by the petty profits in front of us. Fourth, be patient. Perhaps success will not be smooth sailing, but we should never give up lightly. Only by learning to persist and making all preparations can we make a decisive shot and hit a hit when the opportunity comes. Fifth, don't blindly pursue money. In a sense, money is just a symbol. We should not pursue material luxury, but the fun and meaning of life.