Ten Years and Ten Times Series of Golden Sentence Summary 12.09

Ten Years and Ten Times Series of Golden Sentence Summary2021.12.09

1. A hundred years is both long and short, if a person wants to live a long life and a hundred years, it needs many years of knowledge and self-discipline, knowledge and action; if an organization wants to continue for a hundred years and the foundation is evergreen, it needs the unremitting relay of generation after generation, accompanied by many individuals who sacrifice themselves and forget their lives and death.

2. The centenary of listing, the cumulative increase of 460,000 times, sounds a lot, right? The actual equivalent annualized return is about 15%. In other words, if you can survive for a long time, it is very, very remarkable to have a return of 15% per year!

3. It is difficult to exist for a long time.

4. With the consciousness of life, the consciousness of society, and the consciousness of history, they have become the witnesses of history and the participants of history, and then become the promoters of history and the creators of history, without whom there would be no today.

5. Start from the side, start from a like, an evaluation, with the consciousness of words and deeds, become a positive promoter of a better life, and promote the beauty that will not happen for no reason.

6. How to get through the tough.

7. Bad guys don't get better.

8. Those who like it like it, the rest forget it.

9. The "money-making stories" often seen in the online world are for no other reason than that, the first is anonymity, the second is because "dead people can't speak", of course, in other words, the stock market is "people who lose money will be silent".

——Source of golden sentences: Yang Tiannan, "20 Years of an Investor", 2021.6.30--2021.7.31

1. Solo music is not as good as crowd music.

(2) Where the law is duty.

3. Keep working hard in the right direction, persevere, and improve your probability of success.

4. The so-called cost savings are actually benefits.

5. Seeing a light that shines into his own life, this light changes Buffett's fate.

6. Graham has been called the "Godfather of Wall Street."

7. Two reasons why Graham is famous:

First, the founding work, two investment classics: "Securities Analysis" and "Smart Investor".

Second, there are many very good investors among his students.

8. The best time is now, brave to take the first step.

9. In 1957, the Dow Jones Industrial Index fell 8.4%, the S&P 500 fell by 10.5%, and the Buffett Partnership fund rose 10.4%. (Buffett's goal in setting up a partnership fund is to beat Dow Jones by 10 points per year.

10. Buffett said: "If the market returns to a low peak, we will increase our stock positions and maybe even use financial leverage in specific operations." ”

11. It is important to recognize the subjective goals of life.

12. It is better to come early than to come.

13. The classic content is worth reading repeatedly, ten years to read ten times, the same words, the same chapters, we ourselves are constantly growing, experiencing, thinking, the same content will always be read and renewed.

14. In society, we want to be close to the people we like, and one of the best ways to do this is to reduce the cost of the other person knowing themselves. The first thing to do is to make yourself no longer a stranger to the other party, how can you achieve this goal? Improving your written skills is an important way.

15. Buffett's transactions are divided into three types:

1. Underestimation class;

2. Arbitrage;

3. Holding class.

16.In 1958, the U.S. stock market was a big bull market, the Dow Jones Industrial Index rose 38.5%, the S&P 500 rose 42%, the average return of Buffett's five partnership funds was higher than 38.5%, and the income range was distributed between 36.7% and 46.2%.

17. The higher the stock price, the higher the proof that the stock market rises, the more people will find more reasons to prove that the stock market will continue to rise, and more people will invest in the stock market, resulting in a further rise in the stock price.

18. Human nature remains unchanged, and so does the human heart.

19. Buffett writes: "There is a general belief among the masses that they will make money from stocks, yet I believe that such beliefs will eventually be in big trouble." ”

20. One of the three principles of selling stocks: there is a better option.

21. Buffett trading is flexible and rigid, and value investment does not mean that it should be held and held for life after buying, depending on the situation.

22. The higher the stock market, the fewer undervalued securities, and the more difficult it is to find investable objects, then arbitrage investment will be chosen; on the contrary, the stock market will fall sharply, reducing arbitrage investment.

23. The disciple need not be inferior to the teacher, and the teacher does not have to be superior to the disciple. Mentors and friends, teachers and students, learn together.

24. Learning can be learned.

25. The purpose of reading: to read meaningful books, to get inspiration from the experiences and experiences of others, so as to use the wisdom of others to change our own lives. Improve our own work ability, life efficiency, and obtain a sense of happiness and achievement in life.

26. Classics, often read and often new.

27. Buffett proves with his actual actions that Buffett is a changing Buffett, a Buffett who keeps pace with the times, a lifelong learner, and an investor who is constantly evolving.

The 1959 Dow Jones rose 19.9 percent, the S&P 500 rose 12.7 percent, and Buffett's 9 partnership funds returned an average of 25.9 percent. Buffett outperformed the market and was absolutely profitable.

29. The bull market is coming, is your family's problem solved? Either the stock you bought didn't go up, or you bought a little stock with a playful mentality and didn't solve any problem in the end.

30. Bearish is not short.)

31. The most painful thing in the stock market: up to you to buy; down you to sell.

32. I'd rather miss out, and I don't make money I don't make. Buffett accepts his philosophy.

33. What hits us the hardest about investing is the permanent loss of the principal.

34.In 1960, the Dow Jones index fell by 6.3%, the S&P 500 index fell by 1.6%, the 7 partnership funds run by Buffett achieved an average return of 22.8%, and the cumulative return of 140.6% since the establishment of the partnership for 4 years, and the Cumulative return of the Dow Jones index in the same period was 42.6%.

35. Successful investment is not the same as successful investment management.

36. The return on investment in the partnership is not equal to the return that the partner can get his hands on, and the income received by the partner needs to be subtracted from the agreed share.

37. Buffett said: Professional investors can't win the index for a long time, and they lose the meaning of existence.

38. What makes Buffett great is that he has been there for many years. The annual fund performance list does not have Buffett, the funds on the list rise and fall, many periods of time disappeared, Buffett has existed for a long time, but the overall return is the best for a long time.

39. You have enough money, the benefits of being big and having a lot of money: you can keep buying a company until you're on the board, putting pressure on you to accelerate the realization of value.

40.The U.S. stock market was a big bull market in 1961, with the Dow Jones up 22.2 percent, the S&P 500 up 26.4 percent, and Buffett's partnerships earning an average of 45.9 percent, far outpacing the index.

41. Learn from the old.

42. Over the past five years, from 1957 to 1961, Buffett Partnerships has accumulated 251% (181% after giving a partner's fee), and the Dow Jones Index has increased by 74.3%.

43. If a person buys stocks for five years, ten years, fifteen years, twenty years, does not outperform the index, does not even make money, or makes money and does not solve the problem, in this case, resolutely do not do it yourself, because the vast majority of people will not succeed on this road.

44. Do what you love and stick to it.

45. It's hard to change a person, find the right person, rather than transform the person you meet into the right person.

46. A good performance evaluation cycle should go through a complete market cycle.

47. It's easy afterwards, the hardest of the moments.

48. The advantage of being young: it is not that there is more capital, but that he has a chance to start again even if he loses money.

49. Shooting at the edge of the abyss, and not panicking in the heart, this is not an easy thing.

50. Just because something is cheap doesn't mean it won't continue to fall.

51. Investors ask Buffett: Will the increase in the scale of funds affect investment performance? Buffett answered: If you buy an undervalued company, the purchase will be restricted, which will affect the efficiency of investment, and then affect the performance of investment. The expansion of the scale has no impact on the purchase of control companies, or even an advantage, because when the amount of funds is small, many companies have no money to control, and the amount of funds will have more money to acquire control companies.

52. Only by combining knowledge and action can we succeed. Knowing and not doing, can not succeed.

——Source of golden sentences: Yang Tiannan, "Tiannan Interprets Buffett's Sixty-Year Shareholder Letter", 1957-1961