Snowball today | 雪球

The previous article introduced the definition of ROIC and Maersk’s ROIC and invested capital data over the years. In the first half of 2022, Maersk’s invested capital was close to US$50 billion, with a ROIC of 62.5%, which means that in the past 12 months, Maersk has earned more than US$30 billion after tax through […]

In fact, on the whole, even if Muyuan does not expand in the past five years, according to the cycle center of 16 yuan/kg, when the grain price returns to the normal level, the total cost of Muyuan can reach 13.7/kg, and the five-year average annual profit of Muyuan is 12.88 billion yuan, which gives

Old K uses three core criteria to select some Mesozoic fund managers with relatively good performance. First, the fund manager’s life span is 5 to 10 years, and there are funds under management that have been under management for more than 3 years, and the scale is less than 10 billion! Second, the maximum drawdown

In his 2004 letter to shareholders, Buffett wrote: “Over the past 35 years, American companies have created an excellent track record, and it stands to reason that investors should also get rich returns, as long as everyone rides the wind in a decentralized and low-cost way. Can. In fact, index funds can also achieve this

Built to Last is a management book written by American management scientists James Collins and Jerry Porras. It was first published in 1994. In Built to Last, James Collins and Jerry Porras selected 18 extraordinary and enduring companies in a six-year research project at Stanford University to study the performance of these 18 evergreen companies.

In the past two days, I took the time to read all the announcements issued by Watson Zhongbao, and summarized and extracted some key points of the company’s changes, from the company’s performance in the first half of the year to the company’s project progress, to the company’s convertible bond issuance, and the company’s ongoing

#2021 Berkshire Shareholders Meeting# [Questioner:] What do you think of quants? Jim Simmons’ Medallion Fund has an annualized return of 39% after 30 years of fees, which proves that (quantitative investing) works. Would you consider hiring a quantitative trading assistant at Berkshire to work alongside Ted or Todd? (run_rabbit_run: It is said that the annualized

CICC Xiamen Anju REIT, Hongtu Shenzhen Anju REIT, Huaxia Beijing Affordable Housing REIT, and the three public offering REITs for single-sale affordable housing have all confirmed the release time, and they will be released on the same day, so get ready to subscribe. 1. Project situation (1) CICC Xiamen Anju REIT Code: 508058 Full name

Investment is the realization of cognition. This is a widely circulated saying, but in reality, there are many counter-examples. There are a lot of people in this market who are very knowledgeable but always lose money. There are also some people who do not have a deep understanding of the macro, the enterprise, and the

What is underestimated and what is overestimated? (This article does not talk about specific buying and selling transactions) One of the favorite sayings of price betting in Snowball and elsewhere is undervaluation. This “undervalued” often also refers to “low PE, low PB”, and even if the stock price has fallen for a long time, it

(PetroChina is the only investment case where Buffett gives an accurate valuation, and the price-to-earning ratio helps you analyze the investment secrets of the stock gods) #market-to-earnings# Foreword: I recently watched the TV series “Basic Law of Genius” and found that it is not difficult to invent a valuation formula in the investment field. The

I read the full text of Lei Jun’s speech yesterday, and it answered a lot of my confusion. Beforehand, I have a very good impression of Mr. Lei. Many years ago, I watched “Win in China” and thought that Mr. Lei was very good. As an entrepreneur, he was smart and peaceful, and seemed sincere.

$Hikvision(SZ002415)$ From the perspective of Neptune’s profits, in such a macro environment, I am optimistic about Neptune’s toughness, but Neptune can’t bear it (the growth rate of main expenses does not match the growth rate of revenue) . I can’t say that this performance is poor, I can only say that my thoughts are optimistic.