(Written on January 14, 2023)
As the investment time gets longer and the age gets older, I feel that we need to keep doing subtraction in investment. One is not to read things like macroeconomics, or to read less, at least not to use the so-called macroeconomic theory to guide one’s own investment practice. This point was mentioned many years ago in my “Ten Catch-A-Rules”. The second is to read less books on investment. In recent years, I seldom read investment books, because there are only a few avenues for investment, and it seems to be repetitive. Especially for individual investors, I think it is enough to read Buffett, Munger, and Duan Yongping, and it doesn’t matter if you read other investment books. Of course, don’t misunderstand here. What I said is less read is based on my extensive reading in the past. At the initial stage of investment, I still advocate that “opening the book is beneficial”. The third is to read less investment articles on the Internet. If you want to read it, you can just filter out the articles or speeches of a few big shots and big Vs that you agree with, and this kind of “watching” should pay attention to tracking their series of speeches or articles consistently, because a No matter how wonderful the speech or article is, it is mostly written from a certain angle due to the time and feeling. If you don’t insist on long-term follow-up, it is easy to cause deviations in understanding. To be honest, recently I have also conducted a “disconnection” with some big shots and big Vs, and some big Vs with different values, or different methodologies, or no real output, suddenly felt that my reading world It is much clearer, so I have more time to do my favorite things or read my favorite books.
When people are young, they often fail to notice the value of time, but as they get older, they realize that time is the rarest resource in our life. Limited (120*365=43800 days). This is how our “scarce resource” is consumed second by second and never comes back again. To some extent, time is much more valuable and precious than money. For example, money can grow with compound interest, but time is absolutely impossible. If you don’t believe it, you can use your time as gold coins to try it out. Even if you consume it every second, you may scare yourself to death. Therefore, if you want to maximize the use of this “scarce resource”, you must do subtraction on the one hand and focus on the other. One is to focus on reading. In the past 2022, although this year was a “bad” year for our personal life or investment, I spent more time reading the four volumes of great men (I have read it N times since I was young), There are eight volumes of the anthology (currently reading the seventh volume). At the same time, I have extensively read some books on geography, history and great figures, especially the biographies of some entrepreneurs such as Ren Zhengfei and Musk. Of course, among the countless literati and poets in Chinese history, I only like Su Dongpo, who was thousands of years ago. Understand what is hopeless optimism and what it means to be able to live out a bitter life with joy. In short, although I am a layman, I feel that reading some books or biographies of great people is still very nourishing to me (for example, in terms of values and methodology, especially in understanding, analyzing, and solving problems, I feel particularly good. nourishment), and this kind of nourishment can only be understood but cannot be expressed in words. Of course, maybe it was because I was afraid of the exams when I was in school, and my reading these years is entirely out of interest. To a certain extent, interest is also a scarce item. Reading because of interest will have the kind of flow experience of “happiness and forgetting worries, not knowing the coming of old age”. The second is to focus on investment. In the past, I often enjoyed analyzing companies one by one, and made some business analysis data cards, but now I can’t, or I don’t do it less. Although there are more than 5,000 listed companies, I mainly focus on my own “Moutai + combination”, but I feel sorry for many other companies and rarely go to see them. Since then, I have felt a lot easier. In fact, in terms of investment, I feel more and more that there is really no need for hard and in-depth research, let alone researching the decimal point behind the annual report numbers, because good business models and good investment targets are often like lice on a small bald man. It is obvious there, on the contrary, any investment target that requires you to deduct the decimal point of the number is probably not a good investment target. For example, do investment targets and business models like Moutai require in-depth research? Actually it is useless. Of course, not only one friend asked me this question: Is it impossible to invest without Moutai? But I think this is an unsolvable problem, because after all, there is Moutai, not to mention that it is not that if you are not Moutai, you will not invest!
Subtraction + focus, whether it is in investment or in my own life, I suddenly feel that I have mastered these two sharp tools, and investment and life are suddenly much more exciting and enriched!
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