Priced Classic Books (8) Share 29:
Investment system
Buffett's investment strategy itself is a way to ride through bull-bear turnover, and although there are some position adjustments based on valuation from time to time, overall, its investment characteristics have always been manifested as long-term holdings of heavy stocks.
Buffett's investment system was established to address three fundamental issues:
What to buy, the price you buy, and how to buy and how to sell. If it is analyzed further, it can be roughly divided into eight parts: (1) Basic philosophy. (2) Market logic. (3) Core concept. (4) Investment methods. (5) Stock selection criteria. (6) Value appraisal. (7) Operation policy. (8) Code of Conduct. Of these eight parts, the first four form the basic framework of its investment system, while the last four solve the problem of specific operations
Berkshire's investments in stocks are divided into 3 types: (1) companies that are both cheap and excellent, such as The Washington Post, Geco Insurance, Wells Fargo, etc. (2) Not cheap but excellent companies, such as capital /ABC, Coca-Cola, etc. (3) Cheap but not very good companies (or companies that are not highly certain for Buffett), most of the non-major investment positions and arbitrage buying are of this type. ——Ren Junjie
![Wonderful! In Deyang, Sichuan, the man Peng Mou thought that the amount of alcohol was very good, so he dined and drank with friends during his work in Guangzhou, and insisted on driving back to his residence despite his friends' persuasion, and as a result, he was on the road and[fig]](data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=)