Zorro: The core idea of trading: trying not to trade
Original Zhang Yankun Deep Value Investment Circle 2022-09-16 12:12 Published in Beijing
The outside world will not always be smooth sailing or peaceful. In the first half of this year, when working from home, in the quiet and continuous learning process, it is more important for us to work hard to cultivate our inner strength, rather than wasting this extremely peaceful period. time, wasting a very full of precious time.
With more efforts and more plans for the future, the future may become a strong man standing out from the crowd. As stock investors, we are still very happy, although the ups and downs are unpredictable, at least we can choose to be with the best companies. Less resentment, less cranky thinking, more breakthroughs from ourselves, to actively read, study, think, cultivate internal strength, find our own weaknesses, and constantly improve, this is what we need to do now.
My way is to read books and talk about value investing in live broadcasts, and connect with big names to learn from each other, write books and articles, and have a lot of fun in the suburbs when I have time. Fifty years old, is a zero start, is a new beginning, there are many things to do. It doesn’t matter what the stock market is, it’s okay if he can grow back if it falls. As long as you have a lot of shares, it doesn’t matter if you hold No. 1 in a good industry. The key is that our physical safety is important. In the face of the epidemic counterattack, we must strictly guard against it. There is no problem with the stock market. Fear of irreparable damage, such as serious physical damage. Again, things that can be solved with money are nothing.
More than 20 years ago, when I first entered the stock market, I stayed in the securities business department or in the road of the big family, trying to visit Gaoyou by a famous teacher. After years of observation, I have found two types of high-level people: the first type of people focus on one stock, choose carefully, buy and sell, and despite the toss, they never tire of it, persevere, and eventually reap the rewards; at that time, these people directly replaced stocks with stocks Names, such as Ma Tsing Beer, Yantian Li, Ma Steel Uncle; the second type of people, who seldom appeared in the trading floor. At that time, the trading conditions could only be traded on the spot in the sales department. There were very few people and many people came here to do long-term anti-public operations. ; Such people buy fractional shares in the bear market, and sell them several times to the bull market.
From the above two types of masters, I got: I have long-term investment experience. Later, in 2002, I got a treasured book “Warren Buffett’s Business Strategy”, began to systematically study Buffett, and began to study value investing. Their common characteristics are: focus on the best companies and make long-term investments. In the twinkling of an eye, I also wrote the book “Notes on Deep Value Investing in Still Water”, summarizing my 20 years of study and practice, and remember these eight words: “Holding stocks and paying dividends, waiting too much!” The next book ” Extraordinary Thinking of Deep Value Investing Counterattack Strategy” will be simplified to “holding shares and keeping dividends!”
If the expectation of dividends for high-quality stocks every year becomes your only hope in the market, then dividends are your “cooling agent” under the turmoil of the market. The simple and persistent pursuit of him allows you to avoid the chaotic market noise, and in the end your long-term returns will be surprisingly good! Looking at it this way: buying stocks is like buying bonds, buying corporate credit; it is also like buying a growing sapling, so what you buy is the ability of the company, and what you buy is the stable growth of the company. If you own the best listed companies in China, and you see investing in them as a pleasure to “receive interest and rent”, then it’s only natural for you to make money by laying down on your “Night Pillow”!
Since we can’t escape every dip, we just need to be prepared to gradually increase the number of shares after each big dip. Guided by such beliefs, then we may overvalue and reduce the money left over positions, but also to come in handy in the next big drop. Therefore, the very few positions we have experienced are just to buy more top quality stocks to increase the number of shares. Without this certainty, we would rather keep holding and do nothing. This is the core idea of my trading, for the sake of more high-quality stocks. Not selling is the core. Selling is only to increase the number of shares in a better and more certain way. In this case, we must consider the precious high-quality stock chips in our hands extremely seriously, and we cannot easily and casually trade.
Twenty-six years into the stock market, we have been thinking hard and summarizing the core idea of trading, and finally it turned out to be: try not to trade!
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