Original link: https://ljf.com/2023/09/07/1312/ Preface Why do I do live chats? I choose agricultural products because I think the national policy will always support it; I choose live broadcast not only because many pioneers have demonstrated in front, but also because I have become a live broadcast expert in New Oriental. Later, I started to put …
Notes on “Walking to the Light: Conversations with Lao Yu” Read More »
Original link: https://ljf.com/2023/08/30/1308/ 2003 Speech at the Shareholders’ Meeting of Sike Finance Why are Berkshire and Siko so attractive? Why do we have so many steadfast followers? First of all, everyone must have seen our long-term investment yield. However, you follow us not only because of our yield, but also because you appreciate the things …
Original link: https://ljf.com/2023/08/25/1307/ 2000 Speech at the Shareholders’ Meeting of Sike Finance We’ve been in business for decades with very few turnovers. Compared with other companies, we are very stable in terms of personnel. We rarely change players, not because we’re weak or stupid, but because we get the right people from the start. All …
Original link: https://ljf.com/2023/08/23/1304/ 1999 Speech at the Shareholders’ Meeting of Siko Finance Different from the “one size fits all” approach of many large companies, each of Berkshire’s subsidiaries has its own incentive mechanism. Berkshire adopts a highly decentralized organizational structure. After we acquired the company, we basically kept the original incentive mechanism unchanged. The only …
Original link: https://ljf.com/2023/08/21/1302/ 1997 Speech at the Shareholders’ Meeting of Siko Finance When we valued, we only performed a very rough discounted cash flow analysis. I’ve never seen Warren use the discounted cash flow method to accurately calculate the company’s value step by step. It’s not the kind of thing that we think is particularly …
Original link: https://ljf.com/2023/08/20/1301/ 1995 Speech at the Shareholders’ Meeting of Siko Finance In general, over the past 100 years, there may have been no fewer than 100 active investment banks, but now there are only four or five left. There is a large amount of capital flowing in the investment bank every day, and even …
Original link: https://ljf.com/2023/08/19/1300/ 1994 Speech at the Shareholders’ Meeting of Siko Finance If additional investment can achieve a high return on investment, investors are willing to invest more capital. The problem is that in many companies, shareholders have invested more capital. On the surface, the return on equity figures are not bad, but in fact …
Original link: https://ljf.com/2023/08/16/1297/ 1991 Speech at the Shareholders’ Meeting of Siko Finance More money and less opportunity is better than less money and more opportunity. A company is living a good life, very comfortable and stable, and leverage is pure nonsense. It’s not worth the extra money. I strongly disagree with early consumption. I think …
Original link: https://ljf.com/2023/08/08/1295/ Preamble The core of Zen theory is the truth that the Buddha thoroughly realized—dependence and emptiness. It is neither in the world nor out of the world. For us ordinary people, work is the best practice place, where we can realize emptiness. In my opinion, photography is an art of “injecting the …
Original link: https://ljf.com/2023/07/31/1286/ written in front In fact, in terms of fitness, diet and nutrition are often more important than exercise training. Whether it is fat loss or muscle gain, it can be said that “three points for training, seven points for eating”. Chapter 1 Can practice but not eat, everything is zero The study …
“Fitness Nutrition Book” – Make it easy to gain muscle and lose fat Read More »
Original link: https://ljf.com/2023/07/23/1284/ Just watched a great documentary that deserves to be recorded. What to do if you feel lost in life? 1. Improve vitality Turn ideas into cards and abstract into concrete. There are three levels of vitality, like a pyramid of vitality, from bottom to top are 1. Relationship with the body (exercise, …
Original link: https://ljf.com/2023/07/20/1282/ 1990 Speech at the Shareholders’ Meeting of Siko Finance Capitalism is not everything. The capitalist system is an ideal system, but it also has problems that it cannot solve, and sometimes a little socialism is needed. In my opinion, it is impossible to provide credit endorsement by the government on the one …
Original link: https://ljf.com/2023/07/19/1281/ 1989 Speech at the Shareholders’ Meeting of Siko Finance What we have come to today is not by predicting future interest rate levels or changes in the economic cycle. We are not equipped for that kind of forecasting. Instead, we often do things that are in the wrong rhythm and encounter periodic …