When talking about investment bosses, ordinary people will think that their careers are long enough, their wisdom is rich enough, their strategies are mysterious, and they have achieved excellent results that cannot be replicated for a long time, as if they are miraculous. In fact, it is not true. Investment masters are not mysterious, but they have many characteristics that are worthy of our research or even "copying homework".
"We are richer, wiser and happier" introduces many successful investors. William Green, the author of this book, is a reporter. Through a large number of interviews, he has been close to various investment masters and used a large amount of detailed materials to outline the characteristics of successful investors.
So what common factors contribute to the success of these investors? William Green discovered some common traits of first-class investment experts: they are practitioners of long-termism, disciplined practitioners who are good at enduring, and calm and tenacious investors. They have the most obvious three characteristics:
Strictly self-management
Like Buffett and Munger, the successful investors written by William Green have the qualities of concentration and do their best to their careers.
"The market is always born in despair, grows in half-believing and half-doubting, matures in longing, and destroyed in hope." This famous saying comes from John Templeton, who is known as "the top ten top fund managers in the world in the 20th century."
Templeton is known for his strict and demanding time management, and his management of time is accurate in minutes.
Templeton’s colleague recalled, “When I first met him, he said, ‘Come to me at 4:02, and I have another meeting at 4:13.’” William Green recalled that John Templeton could handle two things at the same time. When William Green met Templeton, Templeton answered the questions while marking out the key paragraphs of a book to be given to the reporter. At this time, Templeton was 85 years old.
John Templeton is known for his tenacity and started from scratch and eventually became a billionaire. He lives in the Bahamas, which has many entertainment and leisure facilities, but he usually only goes to the sea to practice walking in the water and does not waste his time on golf or tennis. From his usual time management and entertainment methods, it can be seen that Templeton has strict self-management and devotes almost all his time to work.
Stay independent at all times
Masters such as Templeton and Buffett have very valuable characteristics: "They are willing to be lonely and willing to take a position that others are not optimistic about. They stick to a belief that many people do not have." "Willing to be lonely" vividly reveals an important concept: the best investors are always unique. They go their own way and are not disturbed by external noise.
John Templeton moved to the Bahamas in the 1960s after spending some time in New York. Since moving here, his investment performance has improved. He believes that he has become psychologically alienated from various investment views because he has stayed away from the crowd. When he first moved here, the Wall Street Journal he subscribed to often delayed delivery by several days. This may have unexpected benefits for a long-term investor.
The stock market is a very prominent field of "herd effect". Successful investors sometimes deliberately stay away from the crowd in order to avoid falling into the trap of "herd effect" and thus maintain a clear and independent judgment.
Dare to think reversely
Successful investors can not only adhere to independent thinking, but also generally have the characteristics of reverse.
Howard Max of Oak Capital is a master of reverse thinking. In his opinion, any asset, no matter how ugly it is, is worth buying as long as it is cheap enough.
During the US financial crisis in 2008, the market was extremely pessimistic. Howard Max entered the market against the trend, and this successful operation made him famous in one battle. At the height of the crisis, Max invested a total of about $10 billion, and eventually they brought nearly doubled returns.
He describes his preference for fishing in unpopular ponds, scrambling gold among troubled companies, and discovering value in areas that investors avoid. This is the reverse investment thinking of top experts.
's rich experience has made investment masters. Ordinary investors can learn a lot from them, but the above three are the most important underlying logic and the most important principles in investment. They are worthy of in-depth research and continuous reference in practice. (CIS)
