Unwittingly, it has been 15 months since the wilss published hundreds of original articles, shared dozens of g investment materials and summarized seven or eight free courses (in the wilss menu bar). I also used my time to write two books, one coming up, one almost finished, and millions of words each year from the media。
I'm not a full-time investment, i'm a workman, and i'm very nervous about my business life in addition to investment and code, running more than a thousand kilometres a year, running hot springs or swimming once a week and playing games. So the biggest question for people who know me is: where do you have so much time? Today i will summarize my approach to investment and share it。
In investment practice, i like two phrases: “investment is not a competitive game, it is a human life work”, and “every penny you earn is a realization of the world”, both of which say the same: in investment, your wealth and your perception match。
Cognizance refers to the acquisition of knowledge of the world through one's intellectual activity, including the subjective world of human society, such as the perception by investors of their own power circles, their perception of their own misperceptions, their ability to withstand risks, the development of reasonable profit expectations and operational strategies, and the objective world of the universe, such as learning about macroeconomic norms, and thinking about the space for industrial development。
Many people have just come to terms with investment, focusing on the question of how to make money, failing to realize that “how to make money” is the key to making money, and investors who, despite their desire to raise their level of perception, do not have a systematic approach to learning, and to learn blindly, often with little success。
So, in the first section of this book, i would like to take stock of what i have learned since i invested。
I. Distinguishing information and knowledge
From a paradoxical point of view, i consider knowledge to be universal, generic, more abstract, but also stable, long-term, information specific, specific, variable, short-term。
An investor, for example, learns the reading and analysis of financial statements, which is learning, but when analysing a particular financial statement of an enterprise, this financial statement is information, and we live in a world of information where problems are always specific and unique, but in order to solve them we must learn。
Knowledge learning is not blind, but is drawn from a wealth of information, drawn from a series of intellectual activities such as analysis, synthesis, summation, evolution, abstraction, generalization, judgement and reasoning. We can understand information as sensory awareness, knowledge as rational knowledge, rationality as a source of sensory awareness, and finally guide concrete practical activities。
As investors, we are exposed to a great deal of information every day, and if we do not filter the wrong information from it, recognize the incompleteness of the information, dig deeper into the patterns behind it, combine the different information and create a smooth logical path, we cannot count on it, and we can only drown it。
Conversely, if investors give too much attention to the learning of investment theory, they can easily fall into a closed-door car and become a “diplomatic accounting”, a four-legged bookcase that does not allow for sound speculation about future development through effective and structured information。
In investment, getting lost in the mass of information without learning how to invest is a major mistake. Today, looking at this model, learning that method tomorrow, like a monkey picking peaches, picking one and throwing it, looking at the heat and the noise, and finally getting nowhere。
So my first suggestion is that investors learn better, extract nutrients from the ocean of information and build their own awareness systems。
The relationship between information and knowledge can be summarized as three points: knowledge is extracted from information; knowledge can guide our investment activities; knowledge is stable and investment is variable, so we need to be good at correcting knowledge and making information and knowledge accessible。
From information to knowledge, from knowledge to practice, everything depends on thinking. The life of an investor is the life of thinking。
Ii. Investments and
Our knowledge systems and theoretical models will need to be updated and revised once the world is universally connected and sport develops. One investor has the knowledge and the ability to solve real problems, and half of it is on the road to investment。
To achieve sustained investment success, i have summarized three conditions that are necessary and that i have summarized in terms of time, place and people。
What time is it? And the dondé poet duft said in "the hour of mankind, the winter, the sun, the spring." the change of air in four seasons a year, we're going to do the right thing at the right time. It is easy to judge how a bear is judged in investment and how a valuation is valued, and all technical problems can easily be resolved. The hard part is for investors to do better, and this excessive pursuit of “better” can easily plunge investors into a miscalculation of forecast prices. For investment, most of the time is spent thinking and waiting, and good hunters are patient and wait for the best chance to trade. Sometimes, even if it lasts for a long time, opportunities may not come, and we learn to give up. Only that day will be our chance to invest。
"george" means painting the land to be king and building a circle of capabilities. It is important to note that the competency circle is not just a technical problem, but a state of mind, and that it is the essence of being honest, dealing with its own jealousy and its ascendancy。
What about people and? There is a cloud in the monument of the book: “the only one who learns and has no friends is alone and invisible.” this phrase means that if there is a lack of communication between alumni in learning, it will inevitably lead to narrow knowledge and short insight. In addition to reading and thinking, smart investors value people and people. We do some research, climb mountains, travel, and meet some of our best friends in investment, which, on the one hand, enhances our horizons and, on the other hand, avoids “unusual car-building”。
Building their own knowledge systems
The fund's investment learning is not difficult, although the number of books on the books market on the fund's investments is not exhaustive, but they have one thing in common, all of which are books on the fund's investments. This means that the subject matter of the contents of these books is the same, which is well suited to the methodology of subject learning。
As a first step, we look for a book that presents the fund's basics, which, in the course of reading, summarizes its contents by theme, such as the fund's rates, the fund's classification, the fund's valuation methodology, etc., and summarizes the knowledge points addressed in each subject. I suggest using electronic notes or dedicated fund investment learning books to record, which will be the foundation upon which we build our own knowledge systems。
The second step, in reading the second fund-type book, is to group the knowledge points of the second and compare them with the notes of the first. The second, when it comes to knowledge points not covered in the first book, fills in the omission, and the second, when the two books are different, carefully compares, checks the record of what one considers to be the correct content, achieves the purpose of falsely depositing the missing。
In addition to such a summary of knowledge, thematic management, it could also be organized in an issue-oriented manner, such as “what are the advantages of index funds?” it is much better than the “advantages of index funds”, which are determined by our mindset。
As a result of these two steps, we quickly built our own system of investment in basic knowledge, and we read more and more fast, because most books have the same content, at best a different expression, without new ideas. In this way, 100 books, 200 books and even more books of the fund type can be read a year。
The third step, based on the establishment of a knowledge system, allows investors to have access to basic information on specific funds, such as index preparation programmes, index sheets, composition weights, etc., as well as recruitment instructions for index funds, fund contracts, financial statements, red-red bulletins, etc., and to carry out in-depth research, mastery of the fund-specific analytical processes and methods, and a deeper fund research capacity soon。
The fourth step is to document the details, insights and reflections of transactions in the course of their own investments, build their own communities of competence, learn to interact with other investors and be confident that they will be more successful on the way to the fund's investments。
The fund’s investment is not difficult, it is an ordinary industry, it is not special, and as long as we remain modest and learn carefully, we can avoid many unnecessary costs, and the fund’s investment will not be easy, requiring investors to spend a longer time learning and to remain independent and rational, which is my experience of investor learning about the fund’s knowledge。
I'd like to propose two books:
First book sheet:
Learning guide on value investments:
Graham: smart investors, securities analysis。
Philip fisher: how to choose the growth unit。
Buffet: buffet letters to shareholders, snowballs, poor charlie's book。
Peter lynch: peter lynch's successful investment, winning wall street, learning to be rich。
Buffet's moat, buffet's teaching you books, stock market truth rules, investors' future, security margins, the davis dynasty, the omaha fog, passing through fog, investing in the simplest thing, buffet investment case collections
Here's a secret that i've been investing in for years
Analysis of three dimensions of an enterprise: business model, enterprise competitiveness and product advantages。
The stock booms and declines were driven by three factors: intrinsic value, market preferences and large volumes。
Three types of risk for market investments: equity risk, strategic risk and market risk。
Three models of excess returns: high turnover, high leverage and high gross domestic product。
Three sources of excess earnings: the ability to produce under the seller's market conditions, the availability of some scarce resources and the optimal combination of factors of production。
The three stages in the growth of the value of the enterprise are revenue growth, market occupation, fine management, lower production costs and increased maori bargaining power。
Three types of value investment: growth investment, value investment and cycle investment。
Three-fold promotion of investors: enterprise research and position control, trading style and risk perception, policy theory and world philosophy。
The knowledge in these areas is believed to provide a solid foundation for investors to cross the stock market。
Second list, applicable to commercial practice
Read + practice + duplicate
Type of entrepreneurship: entrepreneurs ' handbook, precise entrepreneurship, 36 codes of conduct for entrepreneurship
Target group: okr goal and key results approach, learning how to deliver, enabling
Process category: redefinition of processes, redefinition of companies, redefinition of teams
Type of growth: flow pool, growth hacker, index organization
Management category: value, china for human resources, ali baba for human resources
Operational category: addiction, long-tail theory why the future of business is 16 keys to small markets, marketing word
Strategic category: strategic process, reshaping organization, borderless organization
System type: seventh sense, business model customization, growth pain
Philosophy: big problems, stages of life, awareness
Quick reading, common sense, discovery of profit zones, human history, the truth of management, maslotianism, state wealth theory, economic thinking, animal spirit, the path to slavery, understanding business, elephants and fleas, the theory of war, the essence of strategy: best competition strategy in a complex business environment, blue sea strategy, long-tail theory, focus: shaping the future of your business
"the invisible champion: the forward of globalization"
Found business models
Restructure business models
Economic interpretation of business models
The new generation of business models
Profit mode
Found a profit zone
Street business
Innovative corporations: pixar's revelation
"mba can't teach the rich."
Strategy: a history
Good strategy, bad strategy
Cooperative competition
Think fast and slow
"roman empire decline."
Conflict strategy
The structure, the foundation, from excellence to excellence, the mass
Marketing principles
Marketing management (version 14)
The nature of marketing
Market research
Consumer behaviour
"the paranoid behavior."
Sales bible
Marketing wars
Marketing revolution
Marketing imagination
Sensory marketing
Industrial marketing
Wet marketing
Network marketing
Get orders with your head: a full brain game in sales
The elevation negotiations
Managing brand assets
" creating strong brands."
Brand leader
Brand relevance: exclusion from competition
Product management
Creating breakthrough products: from product strategies to project-determined innovations
Pdma manual for the development of new products (version 2)
Reshaping consumers - branding relationships
Positioning
The origin of brands: the top of brand positioning systems
The price bible
Priceless: learning about the popular mind game
Strategies for maximizing profits: smart pricing and branding
Impact
Communications general
Dissemination history: a biographical approach
