Pay attention to the official account and the compass in the world to read the text "How to become an investor step by step"
In previous years, I will interpret Buffett's shareholders' meeting in detail, and I don't know what happened this year.
His speech this time was very flat, maybe this is what a value investor really looks like.
Operationally, he reduced his holdings of Apple and had more cash on hand, but even so, he still said he couldn't find a better opportunity in the U.S. market.
Someone asked him about emerging markets, and he said he didn't understand. Hehe.
The rest is to miss Munger, and said that he only works 2 hours a day at this stage, and if he has any specific questions, he should ask his successor at Berkshire Hathaway.
After Munger left, looking at the lone generation of value investment masters on the stage, there was an indescribable Japanese-style wabi-sabi style.
Especially with Ba Lao's particularly cautious rhetoric, I can't help but think of a poem:
The ancient palace is sparse, and the palace flowers are lonely and red. The white-headed palace maid is here, sitting idle and talking about Xuanzong.
This is written by Yuan Zhen, and he is the prototype of Zhang Sheng's character in "The Legend of Yingying".
Yuan Zhen pickled up the girl and gave it up, but writing poetry is extremely realistic.
The palace walls have collapsed, and the palace maids have gray hair, and they have not forgotten the prosperity of the Xuanzong period in the past.
Looking back on the past few decades, this mystic refers to the overall trend of low interest rates in the international market, or in other words, a long cycle of leverage.
The rainy season in this African savannah is so long that a small animal like me has been bathed in abundant rain since birth.
In a blink of an eye, I was middle-aged when Jiang Wen's dog was written, and the dry season arrived.
In all these decades that our generation has experienced firsthand, there is no difference between value investing and jokes.
If Buffett hadn't turned around later and started to hold Apple heavily, from the perspective of investment returns, he would actually be late in the future.
In other words, a generation of value investing masters, he is not value investing from beginning to end.
When he was younger, he was a high-frequency trader, and his methods were not substantially different from what I just talked about yesterday.
Although he was not a leveraged investor in his later years, he was bathed in the dividends of the leveraged cycle, strictly speaking, he was chasing the trend, and the method of this matter is certainly different, but the essence is no different from our buyers in the past few decades.
Only in the middle decades, Buffett was a value investor in the strict sense of the word.
There's nothing wrong with that, herders live on water and grass, and Warren Buffett changes with the climate. After all, he lived so long, from the Cambrian to the Triassic, through the Jurassic, and now to the Cretaceous.
I sometimes wonder if I had been born 20 years later, what would I have thought of this 90-something man on stage?
I think he's right, but what? Unrealistic, unrealistic to myself.
25 years ago, when I was just in college, I heard from the fresh graduates of that class that if you study well, you can go to Cisco, with a monthly salary of 10,000 yuan.
It doesn't matter if you study poorly, even if you don't graduate, Huawei will not refuse, with a monthly salary of more than 4,000.
At that time, the full professor of the department had a monthly salary of 3,500 and an associate professor of 2,500.
In other words, it is true that there is a golden house in the book, even if you are a fresh undergraduate, a poor student at the bottom, you will have a higher starting salary than a full professor.
With such high expectations, do students study seriously? I don't read much.
Because it was just before the Internet bubble burst in 2000, there were rumors from time to time that a certain senior brother casually wrote a website and cashed out 1 million.
This is the joke of the year, and the current joke is usually a master and doctor in Qingbei, who strives to be admitted to high school as a teacher, with a starting salary of more than 10,000 yuan, from Monday to Saturday, and has to live in school.
At half past six in the morning, I go to work with the students, and at ten o'clock in the evening, the students finish their self-study in the evening and the teacher can return to the dormitory.
It is said that there are winter and summer vacations, half a month of winter vacation, one month of summer vacation, and various arrangements for the rest of the time. In addition to normal teaching, there are various papers, competitions, activities, judging.......
I sometimes think that if I find out that my high school teachers are all masters and doctors in Qingbei and earn more than 200,000 yuan a year, which is such a work rhythm, I may be hit and lose the motivation to study.
Because when we were young, the expectation was that if you studied hard, you would be able to surpass a full professor.
Of course, this was the late 90s, and after 2000, professors started companies one after another, and knowledge was indeed productivity.
Seventeen years ago, I washed my feet in a foot bath shop and asked the technician how much he earned a month, and the girl smiled and said, "It's more than 10,000 yuan."
I was surprised, I was a graduate student, earning 7,000 at the time, and she was a junior high school student, younger than me, more than 10,000 a month.
The foot bath of that era, green, healthy and environmentally friendly, was a cup of tea, and after you used the discount coupon, it was more than 100 at a time.
At that time, all kinds of online group buying had not yet emerged, and there were scalpers rented in residential buildings, specializing in reselling all kinds of coupons, including buffets, foot baths, fruit cakes and concerts.
I'm a regular customer.
I once had the idea of doing the business of Internet + group buying discounts, but after thinking about it for a few months, some people started to do it, some people were financially free, and some people became today's giants.
Now go to the foot bath shop, the online discount can be as cheap as as a few dozens.
Fruits, snacks, snacks and drinks, you can keep calling, and it doesn't hurt to ask people to send them four or five times, they are all in the package.
Immersive audio-visual, technicians are all post-zero.
Even in order to attract customers, the post-00s wore JK clothes and danced in front of the store in the morning and evening.
You ask the little girl, how much is the income?
The little girl told you that the store fooled her to guarantee more than 10,000 yuan, but in fact, the business was extremely bleak, the monthly salary was less than 10,000 yuan, and there were all kinds of salary deductions, you couldn't sell the card, you couldn't pull customers to recharge, just wait for the deduction, or, simply let you clean the toilet.
And the salary is 20 days in arrears, if you leave your job, I'm sorry, the last 20 days are in vain, and you can't go to arbitration, because the so-called contract signed with you at the beginning does not even have a salary amount.
The so-called guarantee is nothing more than a mouthful.
I sometimes wonder, what exactly is value investing?
In fact, more than 20 years later, these various varieties are.
The reason why we are not used to it is because we have never seen value investing like since we started our way.
A fresh graduate, who can study casually for two days, can exceed the income of a full professor, which is from the perspective of a newcomer.
In fact, from another perspective, in the eyes of our professors back then, what would they think?
They will definitely envy their students for catching up with the good times as soon as they debut, thinking that back then, they were 20 years of daughters-in-law and mothers-in-law, and the career cycle they survived was the so-called value investment period.
The person who said this sentence and the person who listened to it had completely different feelings.
Life is just two or two wines, one or two sad and one or two sad, I can remember the expressions of the professors.
Only those who spend the period of value investment with their own youth will really understand the hearts of professors.
We don't understand.
For example, if I am 20 years younger, and a senior as old as Warren Buffett tells me that gold will go from 2000 to 3000 or even 4000 in the long run, I don't understand, for a young person, what is the meaning of this?
If you increase leverage, then you can't deal with all kinds of fluctuations, all kinds of pullbacks, all kinds of swaps in the middle.
If you don't increase leverage: I have 20,000 yuan in my pocket, and it will become 30,000, 40,000, so tama what?
What's more, 20 years ago, I didn't have 20,000 yuan in my pocket.
This is value investing, and it's not that you can't understand it, it's that you can't accept it.
If you think about it, even at the end of the bubble period, people go to the core sector of the core city to make a new one, shake the number, and count the leverage, the rate of return is often close to 100%.
Now you tell me, that's it? That's it? Is this called value investing?
For a man like Warren Buffett, who has hundreds of billions of dollars in his hands, all cycles make sense.
But for a boy who only has tens of thousands of dollars in his pocket.
The so-called value investment period is like a student who finds himself working very hard to become a top student, and can finally stay in school overtime far beyond 996, in order to earn 10,000 thousands of texts per month; Or like that technician, he can only take two days off a month, but he still doesn't earn as much as his predecessors 20 years ago.
Acceptance? Acceptance? Or accept it?
Shakespeare also asked this question, and Gu Long also asked this question.
After a person has achieved fame, especially if you are over 60 years old, if you ask them to reminisce about their lives, they will often feel that they have missed out when they were young.
Life is a journey, you should be slower, more relaxed, and enjoy the scenery on the roadside.
In fact, if you ask them to live 100 times, they don't do it as they think they do when they get older.
Not once.
Just like Warren Buffett denounced high-frequency traders when he was 70 years old, but he forgot that he did the same before he was 30 years old.
Just like Warren Buffett talked about the greatness of value investing after he was 90 years old, but he forgot that when he was 70 years old, he also followed the climate and did trend investing.
People will always forget their own time, and they have no choice but to .......
I'm just not old enough to forget all the things I had to do.......
So if I'm twenty years younger, what can I do when I only have tens of thousands of dollars in my pocket?
I can't do anything, I can only do nonsense, forced to fool around, and even forced to go against the sky.
Because there is no way, just like the question when Liu Bang was still Liu Laosan, how do you let me choose between building the Great Wall and drilling forests? I don't want to choose any of them, can I?
The premise of conservatism is that I have to have something to keep, and if I only have a three-digit deposit, do you want me to use a six-digit password to protect it for the rest of my life?
Just this amount of money, the Bodhisattva's mountain guard god Black Bear Jing will cry when he sees it, Uncle Li will be sad when he touches it, and he will put two banknotes in his wallet and stuff them back for us.
So you make me twenty years younger, let me do it all over again in the Cretaceous, and I will still follow the old path I said yesterday, and I will still make investing my main business.
Because for a person who is so poor that he has nothing but time, there is really nothing to lose.
Pay attention to the official account and the compass in the world to read the text "How to become an investor step by step"
