投资方式和投资体系的个人体会（Personal experience in investment and investment systems）.doc

投资方式和投资体系的个人体会（Personal experience in investment and investment systems） Personal experience in investment and investment systems First, value investing is the right way: its more popular now, and I agree with value investing, but the view is very different from that of most people tagged with value investing. 1. advantages: in theory, the most easy to learn, the greatest certainty, in operation on the basis of value, easy to overcome the weaknesses of human nature, high success rate. 2. difficulties: the understanding of the enterprise is difficult to thoroughly, especially retail, only from the financial report and media reports about the information of the enterprise, therefore, the biggest uncertainty is the mechanism of corporate governance, management style, it is difficult to fully understand the moral character. At this point, the fund manager can at least some advantages, on-the-spot investigation, and business leaders to face conversation; in addition, the business understanding is not as simple as people think and easy, especially for the understanding of the core competitiveness of enterprises. 3. shortcomings: the rate of return is not high, this sentence is likely to immediately attracted. For example, suppose that your investment performance is similar to that of Buffett, which reaches 20% a year. When you opened the door in 1985, your capital was 10 thousand yuan. In 2011 this year, even if you are in this 26 years is not removed from investment funds, so by the end of 2011, your assets is 1 million 373 thousand and 700, in todays society is not rich, ha ha, strictly speaking, may also run faster than inflation! 4. requirements: able to understand and identify the core competitiveness of enterprises, and a reasonable scientific valuation model or valuation methods; 5. apply: suitable for fund managers, public offering, private equity funds, or other large funds management. Because the size of the fund and the return on capital are inversely related,