Zhang Yao investment quotes

1. The company that is heavily held must be within its own circle of ability;

2. Form a reasonable rate of return expectation, usually set the expected rate of return to 15% annualized, that is, double in five years;

3. Do not affect your emotions and trading for stocks outside the circle of ability;

4. Do not take forecasting as the focus of investment, but make a relative response plan for various possibilities;

5. When the market is depressed and the company is undervalued, it holds as many shares as possible, and when the market is high, gradually reduce the position and reduce the shareholding ratio;

6, pay attention to the valuation, the best company must also have a reasonable valuation, away from high-value companies, leave enough margin of safety, try not to lose;

7. Pay due attention to the macro-economy, but the investment decisions of the target company are not affected by macroeconomic fluctuations;

8. Study the industry and company with a long-term perspective, focusing on the competitive advantage of the enterprise;

9. Multiply the number of shares held by the profit per share as its own profit, and take the dividend received as its own cash flow, constituting its own profit and cash flow system; (Thinking about the problem as the owner of the enterprise. ）

10, as far as possible to make investment decisions simple, relaxed, only familiar with themselves have a grasp, so that you can "one glance at the fat and thin" company investment, usually every 1 to 2 years, choose 1-2 companies to invest.