Chen Jiahe
Don’t be afraid of everyone’s jokes, my admiration for some value investment masters actually seems to be a bit of a “cult” in nature, that is, what they say is correct, and if I think differently from what they think, then there must be something wrong with me. (Of course, this list of gurus is limited.)
For example, Buffett said that you can’t use the leverage that you have to pay back when the stock price falls, and you don’t want to use a penny, but I think it’s okay to use 3% of the leverage. Anyway, next year’s dividends will be paid back, so I must be wrong.
Howard Marks said to always pay attention to the valuation, I think sometimes you can ignore the valuation, then I must be wrong.
Graham said not to worry about price fluctuations. I thought, oh, this ticket can go up and down tomorrow, so I must be wrong again.
I have two big pictures in my office, one is the data chart of Buffett’s stock price and net assets for more than 50 years (the Berkshire annual meeting bought from Huang Qian on Xianyu, Huang Qian didn’t know it was when she sold it I was buying it, and I said it was very scarce, how old is Buffett, and you won’t be able to buy it later when he dies, so Mr. Huang is really a good seller), and the other one is Buffett’s headshot. These two big pictures guide our company forward.
I do it, it looks a little stupid and a little selfless, but it makes sure I’m right.
It is the dust, dirt and chaff, who cast Judah pottery into Yao and Shun.
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