Per reporter: Li Lei
At the 2007 Berkshire shareholder meeting, a young man asked Buffett, "What is the best way to be a good investor?"
Buffett's answer was: "Read." ”
You may be wondering: Is there a relationship between reading and investing? In fact, not only is there, but it is very much related. There is a saying that reading is the lowest cost investment method in the world, even if it is only a few pages a day, it will get a lot of gains and returns in the long run. From this point of view, reading is similar to fund investment, and both believe in long-term power.
Of course, good books are not as good as good books, especially good books recommended by top investors. Today is World Book Day, and the Daily Economic News has invited 7 star fund managers to recommend their favorite book lists.
Buffett once said that reading has changed his life, and he hopes that this list of books will also bring you different harvests and changes (the list of recommended books is in no particular order).
Recommended by Xie Zhiyu of Cixing Global: The Complete History of Business Models
Recommender Xie Zhiyu
Assistant General Manager and Investment Director of Industrial Securities Global Fund, Manager of Xingquan Herun, Xingquan Heyi and Xingquan Social Value Fund
Image source: Douban screenshot, the same below
Testimonials:
The ultimate foothold of the business model is the embodiment of the long-term value of the enterprise, and it is very important for investment to find a sustainable and high-quality business model for the enterprise. The business model is not fixed after it is established, it penetrates with competition, and constantly adjusts, innovates, and evolves with the changes of science and technology, or the entire era. For example, before the 1970s, most of the research focused on the study of more initial business models, and with the slow rise of the Internet, people began to introduce research in other fields, such as organizational behavior, strategy, etc., and slowly deepened their understanding of business models.
The Complete History of Business Models, written by Japanese scholar Hiroharu Mitani, summarizes 70 business models and observes 140 reform pioneers or business leaders, which can help investors systematically understand the changes in global business models and the rise and fall of "big companies", and view business models from a dynamic and changing perspective.
GF Fund Fu Youxing recommended: "The Next Big Bull Stock"
Recommender Fu Youxing
Senior Managing Director and General Manager of Value Investment Department of GF Fund, Manager of GF Steady Growth, GF Steady Return, GF Excellent Enterprise Select Fund Manager
The author of the book, Michael Mo, was the director of global growth equity research at Merrill Lynch. In the book, he introduces the four elements of his stock selection: employees, products, potential and predictability; through his own methods and strategies, he first predicted superstar stocks such as Starbucks and GOOGLE.
There are a lot of insights in the book, and it is recommended to read.
Yinhua Fund Li Xiaoxing recommended: "The Logic of Scientific Discovery"
Recommender Li Xiaoxing
Yinhua Mid and Small Cap, Yinhua Xinyi, Yinhua Xincheng Fund Manager
The book deals primarily with two fundamental issues of knowledge theory: demarcation and induction. The author argues that the demarcation criterion between science and non-science is not verifiability but falsifiability, and that the scientific method is not inductive but deductive test. "Everything cannot be proven, and everything can be falsified." Human progress is achieved by constantly falsifying the views of its predecessors, and the premise of what is true is often assumptions rather than logic. The market always pays too much attention to the smoothness of logic and ignores the judgment of assumptions, which often appears that "this year's experience is next year's lesson, and this year's lesson is next year's experience". In fact, the logic is still unchanged, and only the objective environment is changing. We should walk on thin ice for investment, bold assumptions and careful verification, and must not have the excessively conceited idea of "everyone is drunk and I am awake".
Recommended by Wu Chuanyan of Hongde Foundation: "Poor Charlie's Treasure Book"
Recommender Wu Chuanyan
Deputy General Manager of Hongde Fund; Hongde Zhenyuan Return, Hongde Zhiyuan, Hongde Fengrun Three-year Fund Manager
"What you want, you have to make yourself worthy", is Charlie. Munger impressed me the most. The transformation of the real economy has taken place, and those companies whose cognition and ideals are far ahead of the times are the direction that our investments must always grasp, and our thinking needs to be synchronized to be worthy of such changes. Discovering disruptors also requires us to subvert the old backward way of thinking and investment methods, diversify our thinking, continue to learn, and understand the changes that have taken place in the objective world.
Southern Fund Mao Wei recommended: "Galactic Empire"
Recommender Mao Wei
General Manager of the Equity Research Department of Southern Fund; Manager of Southern Junxin, Southern Information Innovation, and Southern Science and Technology Innovation Fund
The essence of the human imagination is breathtaking. Part of the description of the future world has become a reality, or is becoming a reality. This book covers almost all aspects of human life, from religion, society, economy to science and technology, greatly expanding the human imagination and enabling human society to have a deeper and broader understanding of the future development margins.
For investment, the book "Galactic Empire" on the one hand broadens its own horizons, for the development of human economy, society and science and the needs behind it can be more bold imagination; on the other hand, it also provides a kind of reflection, from a solid fundamental research, from a higher perspective, to think about possible evolution, to explore the reality behind the possible "second level", so that they can maintain independence and a little sense of art in the complex market.
Penghua Fund Liang Hao recommended: "How to choose growth stocks"
Recommender Liang Hao
Vice President of Penghua Fund, Manager of Penghua Emerging Industries, Penghua Research Selection, Penghua Research Smart Fund Manager
Fisher's "How to Choose Growth Stocks" is a book with a complete framework, an effective method, and a very delicate and well-placed observation of many things.
Yi Fang Daxi's recommendation: "Overflow"
Recommender ChengXi
E Fonda GEM ETF, E Fangda SZSE 100 ETF, E Fangda SZSE 100 ETF Linked Fund Manager
Taking Vietnam as a mirror, it reflects the status of China's manufacturing.
Take culture as an anchor to guide the direction of China's manufacturing.
From manufacturing power to manufacturing power, China is already on the road.
Reporter: Li Lei
Editor: Xiao Ruidong
Typography: Xiao Ruidong Ma Yuan
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