1
Buffett :Wall Street is turning the stock market into a "casino", and would rather choose a monkey who throws darts but does not charge management fees than choose a financial consultant.
seems that the so-called professional investment institutions abroad are not very good, and they are even worse in China. If you have to buy a fund, buy index fund or a debt-oriented fund. It is really better to invest in it yourself than to buy equity-oriented funds. Even if you lose money, you will at least pay the tuition fee.
2
Buffett emphasized the value of stock buybacks and joked that if enough people sold, he would buy all the Berkshire stocks. He stressed that stocks should be repurchased only when the price is attractive. Not all repurchases in
are good things. At present, many repurchases in our stock market are repurchases at high prices, which is actually a damage to the interests of shareholders. After all, the company's money is also yours. If the company buys its own stock at a high price, it will also harm your interests. If the stock price is high and there is no good investment path, it is better to pay dividends. Only if the stock is seriously undervalued and repurchased is to protect investors.
3
Munger: Oil will be a very precious resource in the next two hundred years. He admitted that this is not what most people think, and said, "I don't care, I just think they are all wrong." When I won the lottery for National Taiwan Oil Corporation before
, I thought that if the issue breaks, I would give it a dividend. Later, when it went public, it sold it to buy big water and electricity. Looking at the rising current of the OEM, I just want to sing a sentence, what a OEM, it seems that life has reached its peak, what a OEM, it seems that life has reached its climax. If you miss it, you miss it, it’s nothing.
Oil does not last forever, but it does feel that oil prices will continue to rise in the future. After all, resources are limited, but demand is unlimited, and people’s yearning for a better life is unlimited. The demand for gasoline and diesel may decline in the future, but now society is indeed inseparable from petrochemical products.
When I was in school decades ago, the teacher said that oil and coal would be used up in the next few decades. People will say that oil and coal will be used up in decades.
My opinion is that these resources will eventually run out of the day. It’s just that the newly discovered resources over the past few decades have fulfilled our lives. After all, if you look at , Daqing , the output will drop sharply.
4
Buffett: I want to be an investor, and my dad just happens to be doing this and like this. I have enough books at home for me to read. This is a coincidence. But I do think that finding what you really want to do and then working for your whole life, finding what the world you want to live in is like, working for someone you truly respect, that’s what I did after graduation.
To be honest, I also hope that my son likes to invest in the future, but I am afraid that he will go astray and like speculation. So I wrote a lot of posts, hoping that he would take a look in the future and never take the path of speculation. Of course, don't embark on the pseudo-investment path. There are many people who are obviously speculative and buy and sell in large quantities at every turn, but they say they are value investments. There are also some people who obviously bought the wrong stock but are always afraid of cutting their wounds and continue to buy on dips. True value investment should still be like Buffett, investing for a long time, holding excellent stocks, and letting the rose of time bloom.
people do not have to hold so many excellent stocks like Buffett in their lives. After all, his holdings have too much market value. It is enough to hold an excellent stock in a person's life.
5
Buffett said, I won’t buy Bitcoin. He gave an example that he would do the deal if he wanted to sell 1% of all farms in the United States with a total assets of $25 billion, or own 1% of all apartments in the United States. And if he wants to sell all the bitcoins for $25, he won't buy them. Farms and apartments are productive, they have output and rent, but Bitcoin has nothing. Bitcoin is not a productive asset, its value depends on how much the next buyer is willing to pay the seller.
When we buy a stock, we need to think about the assets represented by it, which represent cash flow . If you spend money to buy a piece of waste paper, don’t buy it even if you expect the paper to increase tenfold in the future. This is the principle of value investment. You have to think about what assets you are buying and what its moat is.
All the bitcoins in the world are sold for $25, and I won’t buy them. This sentence may become a famous saying in the future. To extend it, many actual net assets are negative assets, with a market value of hundreds of millions on the surface, but I won’t buy them even if I sell them for a total of 25 yuan.
Someone asked Buffett, you have missed a thousand-fold increase in Bitcoin in the past ten years. Do you regret it? Buffett said if you miss it, you miss it. There is nothing to regret, you can't make all the money. The above paragraph was compiled based on my imagination.
So someone asked me how the stocks I had in my hands were. Even if I was not optimistic, I wouldn’t say it. If it fell, I wouldn’t thank me. If it rose, I would definitely blame me. Why bother?
Munger said, "In my life, I tried to avoid something that is both stupid and evil, and makes me seem worse than others. I think Bitcoin is all three points."
Uncle Munger, There are so many stupid, evil, and worse things than others. In particular, , the Science and Technology Innovation Board, is the hardest hit area.
6
Buffett said that our floating deposit is very appropriate, and our judgment is still possible at present, and it is better than other companies. We like flotation gold the most.
Buffett also said: "I think of Berkshire as a painting. It has infinite sizes, it has a canvas that have been expanding, and I can paint on it as much as I want."
Insurance Company's floating money It is good, provided that the company's investment direction is correct and is better than other companies. An excellent investor can use floating gold to make unlimited size paintings. If a bad investor uses these floating gold as a painting, it may be a mess and there is also a great risk.
7
Buffett said that the probability of nuclear problems is very, very low. But it is also admitted that there will be more accidents related to atomic bomb - we have been approaching many times. He said there was nothing we could do about it. So there is this risk. Berkshire has no way to protect you.
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