巴菲特从100元到160亿--文摘（Buffett, from $100 to 16 billion - Digest）.docVIP

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巴菲特从100元到160亿--文摘（Buffett, from $100 to 16 billion - Digest）.doc

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巴菲特从100元到160亿--文摘（Buffett, from $100 to 16 billion - Digest）

巴菲特从100元到160亿--文摘（Buffett, from $100 to 16 billion - Digest） [Buffett from 100 yuan to 16 billion] Three basic principles of investment: 1., keep in mind that there is a difference between an enterprises book value, intrinsic value and long value 2., investment is based on intrinsic value 3. as an owner to pay attention to investment investment: 1., the true value of enterprises 2., focus on companies, not just stocks Book value is the historical record of an enterprise Generally speaking, in an efficient market, information reflects the value of an enterprise. The more comprehensive the information, the more accurate the judgment is made. Unfortunately, no one can get all the information about an enterprise at the same time. - so, need to grasp the need to master the information (the core information) The art of investment is to determine whether the current market price is true and reflects the intrinsic value of an enterprise. To be successful in the stock market, you have to go where others fear, others are aggressive in hand, said the Wall Street used reverse investment two rivals: fear and greed. We want you to imagine yourself as one of the companys owners, and youre willing to invest indefinitely in this business, just as you have a farm or an apartment in partnership with other members of your family. Average annual growth rate We dont measure Berkshires performance or performance on a scale, and we measure it at the rate of growth per share. - the value of enterprises rely on the continued appreciation rate Our first choice is to achieve our objectives by directly owning a variety of companies that can generate cash and have a stable return on capital. Our second option is to have part of the equity of the best quality companies that are bought and sold primarily through our insurance subsidiaries. The market price and market size of the stock of the investee company, and the flow of money of our insurance company, determine the asset allocation for any gi