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JackJiang

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2022-03-03

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Night Reading | Peter Lynch: 25 Gold Investment Rules to Beat Wall Street

2022-02-11

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2022-05-01

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The globe waits to listen to Buffett and Munger!

2022-04-02

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2022-02-21

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Earn 500x in 26 years! Can Leeks Really Counterattack?

2022-08-16

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The "Big Short" is cleared! What signal?

2022-04-28

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2022-04-02

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Wang Chuanfu: At present, the skyrocketing price of raw materials is a challenge that the industry needs to overcome

2022-04-02

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Meng Wanzhou as Huawei's rotating chairman

2022-02-15

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The "lover" of the stock god: After six years together, where did Buffett fall in love with Apple?

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What signal?","url":"https://stock-news.laohu8.com/highlight/detail?id=1166587707","media":"华尔街见闻","summary":"他再次告诫投资者，不要对最近的美股反弹太过兴奋。","content":"<p><html><head></head><body>After releasing the crash talk in the second quarter, Michael Burry, the prototype of The Big Short, followed his words and deeds, and immediately cleared almost all his shares. Now, amid the unprecedented rebound in U.S. stocks, he again cautioned investors not to be too excited about the recent rally in U.S. stocks. Michael Burry, the prototype of the film The Big Short, nearly pulled out of the stock market, holding just one stock by the end of the second quarter.</p><p>Michael Bury, known for shorting the US housing market before the 2008 financial crisis, has been issuing pessimistic forecasts in recent years. In late May this year, Michael Bury tweeted warning that a crisis like that of 2008 could repeat itself and that a massive market crash was imminent.</p><p>At the time of \"cloudy\" U.S. stocks, the aggressive rate hike of the Federal Reserve and fears of recession fueled nerves among investors, who began to seek guidance from Mr. Bury's tweets about recession forecasts, and Mr. Bury got \"<b>recession man</b>\"The title, after a lapse of 14 years, turned red again.</p><p><b>After releasing the crash comments, Bury followed his words and deeds, and immediately cleared almost all of his holdings.</b></p><p>On Monday, a filing disclosed by the Securities and Exchange Commission (SEC) showed that,<b>As of June 30, Bury's hedge fund Scion Asset owned shares in just one company – private prison operator GEO Group (GEO).</b></p><p>GEO's shares rose 11% on the news. The announcement revealed that Scion held 3.3 million shares of the company's stock at the end of the second quarter.</p><p>Previous announcements showed that as of the end of March,<b>Scion holds more than $165 million worth of shares, including Alphabet</b>(GOOGL)<b>Booking Holdings</b>(BKNG)<b>Meta Platforms</b>(META)<b>And Bristol-Myers Squibb</b>(Bristol Myers-Squibb, BMY).<img src=\"https://static.tigerbbs.com/b3438164acab843b23dea547ba4b495f\" tg-width=\"780\" tg-height=\"513\" referrerpolicy=\"no-referrer\"/>The rally in U.S. stocks reached another milestone last week, with the Nasdaq rising more than 20% from a low hit in mid-June, ending the longest bear market since 2008.</p><p>But Bury again cautioned investors not to get too excited about the recent rally in U.S. stocks, which will see many temporary rallies before bottoming out.</p><p>\"This happened seven times after 2000, when the Nasdaq fell 78% to the 2002 low,\" he noted.</p><p>He tweeted,<b>The \"stupid\" feeling that caused the huge bubble that appeared on the market in 1929, 1968, 2000 has disappeared.</b></p><p><b>But the \"stupid\" feelings like those before Enron, 9/11 and WorldCom have resurfaced.</b>The WorldCom incident refers to the accounting scandal of WorldCom before the dot-com bubble burst, reflecting the agitation of the telecom industry at that time.<img src=\"https://static.tigerbbs.com/9ead54935d433798b965b488cf677c31\" tg-width=\"586\" tg-height=\"749\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The \"Big Short\" is cleared! What signal?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe \"Big Short\" is cleared! What signal?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-08-16 09:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>After releasing the crash talk in the second quarter, Michael Burry, the prototype of The Big Short, followed his words and deeds, and immediately cleared almost all his shares. Now, amid the unprecedented rebound in U.S. stocks, he again cautioned investors not to be too excited about the recent rally in U.S. stocks. Michael Burry, the prototype of the film The Big Short, nearly pulled out of the stock market, holding just one stock by the end of the second quarter.</p><p>Michael Bury, known for shorting the US housing market before the 2008 financial crisis, has been issuing pessimistic forecasts in recent years. In late May this year, Michael Bury tweeted warning that a crisis like that of 2008 could repeat itself and that a massive market crash was imminent.</p><p>At the time of \"cloudy\" U.S. stocks, the aggressive rate hike of the Federal Reserve and fears of recession fueled nerves among investors, who began to seek guidance from Mr. Bury's tweets about recession forecasts, and Mr. Bury got \"<b>recession man</b>\"The title, after a lapse of 14 years, turned red again.</p><p><b>After releasing the crash comments, Bury followed his words and deeds, and immediately cleared almost all of his holdings.</b></p><p>On Monday, a filing disclosed by the Securities and Exchange Commission (SEC) showed that,<b>As of June 30, Bury's hedge fund Scion Asset owned shares in just one company – private prison operator GEO Group (GEO).</b></p><p>GEO's shares rose 11% on the news. The announcement revealed that Scion held 3.3 million shares of the company's stock at the end of the second quarter.</p><p>Previous announcements showed that as of the end of March,<b>Scion holds more than $165 million worth of shares, including Alphabet</b>(GOOGL)<b>Booking Holdings</b>(BKNG)<b>Meta Platforms</b>(META)<b>And Bristol-Myers Squibb</b>(Bristol Myers-Squibb, BMY).<img src=\"https://static.tigerbbs.com/b3438164acab843b23dea547ba4b495f\" tg-width=\"780\" tg-height=\"513\" referrerpolicy=\"no-referrer\"/>The rally in U.S. stocks reached another milestone last week, with the Nasdaq rising more than 20% from a low hit in mid-June, ending the longest bear market since 2008.</p><p>But Bury again cautioned investors not to get too excited about the recent rally in U.S. stocks, which will see many temporary rallies before bottoming out.</p><p>\"This happened seven times after 2000, when the Nasdaq fell 78% to the 2002 low,\" he noted.</p><p>He tweeted,<b>The \"stupid\" feeling that caused the huge bubble that appeared on the market in 1929, 1968, 2000 has disappeared.</b></p><p><b>But the \"stupid\" feelings like those before Enron, 9/11 and WorldCom have resurfaced.</b>The WorldCom incident refers to the accounting scandal of WorldCom before the dot-com bubble burst, reflecting the agitation of the telecom industry at that time.<img src=\"https://static.tigerbbs.com/9ead54935d433798b965b488cf677c31\" tg-width=\"586\" tg-height=\"749\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3667789\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/997ee3b8a077e123f2a230d24cf88db4","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3667789","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1166587707","content_text":"在二季度发布崩盘的言论后，《大空头》原型迈克尔•伯里言行一致，随即就几乎悉数出清了所持股票。如今在美股空前反弹之际，他再次告诫投资者，不要对最近的美股反弹太过兴奋。电影《大空头》的原型迈克尔•伯里(Michael Burry)几乎撤离了股市，至第二季度末仅持有一只股票。迈克尔•伯里因在2008年金融危机前做空美国房市而闻名，近几年他一直在陆续发布悲观的预测，今年5月下旬，迈克尔•伯里发布推文警告类似2008年那样的危机可能重演，一场大规模的市场崩盘即将到来。当时正值美股“阴云密布”，美联储激进加息以及对衰退的担忧，加剧了投资者的紧张情绪，他们开始从伯里那些关于衰退预测的推文中寻求指引，伯里也因此获得了“recession man”的称号，时隔14年重新翻红。在发布崩盘的言论后，伯里言行一致，随即就几乎悉数出清了所持股票。周一，美国证券交易委员会(SEC)披露的一份文件显示，截至6月30日，伯里掌管的对冲基金公司Scion Asset旗下只持有一家公司的股票——私人监狱运营商GEO Group (GEO)。GEO的股价闻讯上涨了11%。该公告显示，截至第二季度末，Scion持有330万股该公司的股票。之前的公告显示，截至3月底，Scion持有价值超过1.65亿美元的股票，包括Alphabet(GOOGL)、Booking Holdings(BKNG)、Meta Platforms(META)和百时美施贵宝(Bristol Myers-Squibb, BMY)。上周，美股的反弹达到了又一个里程碑，纳指较6月中旬触及的低点上涨超过20%，结束了自2008年以来持续时间最长的一轮熊市。但伯里再次告诫投资者，不要对最近的美股反弹太过兴奋，因为股市在触底之前都会出现很多次暂时性的反弹。他指出：“2000年之后，纳斯达克指数在累计下跌78%至2002年低点的过程中，曾七次出现这种的情形。”他发推文称，在1929年、1968年、2000年市场上出现过的导致巨大泡沫的“愚蠢”感觉，已经消失了。但类似安然公司事件、911事件、世通事件前的那种“愚蠢”感觉却死灰复燃。世通事件指的是互联网泡沫破灭前，世通公司的会计丑闻，反映出当时电信行业的躁动。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2893,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9063086145,"gmtCreate":1651372036160,"gmtModify":1676534897157,"author":{"id":"3586771609683476","authorId":"3586771609683476","name":"JackJiang","avatar":"https://static.tigerbbs.com/21d7e0d2a9c7ff66594d11d8cc825e95","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586771609683476","idStr":"3586771609683476"},"themes":[],"htmlText":"ok👍","listText":"ok👍","text":"ok👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9063086145","repostId":"1179575802","repostType":4,"repost":{"id":"1179575802","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1651234926,"share":"https://ttm.financial/m/news/1179575802?lang=en_US&edition=fundamental","pubTime":"2022-04-29 20:22","market":"us","language":"zh","title":"The globe waits to listen to Buffett and Munger!","url":"https://stock-news.laohu8.com/highlight/detail?id=1179575802","media":"华尔街见闻","summary":"伯克希尔·哈撒韦公司将在奥马哈市举办年度股东大会，自疫情爆发以来首次回归线下。","content":"<p><html><head></head><body>From April 29th to May 1st local time (April 30th to May 2nd Beijing time),<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway will be in Omaha, Nebraska, home of its founder Warren Buffett<b>To hold the annual general meeting,</b>It is the first time it has returned to offline since the outbreak of the pandemic in 2019.</p><p><img src=\"https://static.tigerbbs.com/6f3199e7971184ea39b4a4a58a0c79d0\" tg-width=\"740\" tg-height=\"416\" referrerpolicy=\"no-referrer\"/></p><p>This shareholders' meeting, also known as the \"Spring Festival Gala of the investment community\", attracted the attention of the global investment community. It not only included video shows and exhibitions of products of Berkshire's subsidiaries, but also provided investors with a rare opportunity to hear the speeches of legendary investors-Buffett, 92, and Charlie Munger, 98, who usually participated in marathon questions and answers for several hours.</p><p><img src=\"https://static.tigerbbs.com/97ed3918c3547ee7e972bcfb9bb41fa3\" tg-width=\"499\" tg-height=\"785\" referrerpolicy=\"no-referrer\"/></p><p>It is expected that more than 40,000 people will attend the site. By then, Buffett's retirement plan, company's successor, future investment plan, and views on the current market and global economy will inevitably become the focus of attention of all shareholders and even the global market.</p><p>Buffett, whose net worth exceeds 100 billion dollars, is known as the \"Prophet of Omaha\". The Class A share price of his Berkshire Hathaway closed above 500,000 dollars for the first time in March this year, setting a record closing high, and its performance far surpassed the S&P 500 index, which has been falling this year.</p><p><b>Berkshire Class A Stock</b>Is the company's original issuance of shares. As the company insisted on not paying dividends and splitting shares, its price soared rapidly over time, eventually becoming<b>One of the most expensive individual stocks on Wall Street. The company currently has a market capitalization of $743 billion.</b></p><p><img src=\"https://static.tigerbbs.com/a9c31dbdd6ebb793a60a7e0ecfad9fb5\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><b>Specific arrangements for shareholders' general meetings</b></p><p>On Friday, April 29th, local time, Berkshire Hathaway's shareholders' meeting will be held at CHI Health Center in the northern downtown area of Omaha.</p><p>Like the meeting arrangements of offline shareholders' meetings in previous years,<b>The conference also includes a full three-day schedule of events: weekend parties, peripheral meetings sponsored by investment advisers, Berkshire's<a href=\"https://laohu8.com/S/BRKR\">Brooke</a>Sri Lanka Sports sponsored a 5K walk and other shopping events.</b></p><p>The specific arrangements on Friday, April 29th are: receipt of participation card, shareholders 'shopping and shareholders' exclusive shopping night.</p><p><img src=\"https://static.tigerbbs.com/e416ed9379e7999aa9455eb818195054\" tg-width=\"1080\" tg-height=\"369\" referrerpolicy=\"no-referrer\"/></p><p>The specific arrangements for Saturday, the 30th, are: the shareholders' general meeting will open on site, the usual video of the annual meeting will be broadcast,<b>Q&A session of shareholders' general meeting,</b>Corporate formal business meetings as well as NFM Berkshire Picnic.</p><p><img src=\"https://static.tigerbbs.com/465a981d63db6e69060f9f5df06bc732\" tg-width=\"882\" tg-height=\"340\" referrerpolicy=\"no-referrer\"/></p><p>The specific arrangements for Sunday, May 1, are: the \"Invest in Yourself\" five-kilometer race and a shareholder-only shopping day.</p><p><img src=\"https://static.tigerbbs.com/f6ea29e26acc46f400076b7b4bbe7136\" tg-width=\"1080\" tg-height=\"214\" referrerpolicy=\"no-referrer\"/></p><p>This year's shareholders' meeting,<b>The most notable is undoubtedly the question and answer session.</b>On-site shareholders will be randomly selected, and CNBC's reporter will sort through questions from shareholders who can't attend the meeting and pick out those she thinks people are most interested in.</p><p>Buffett will give shareholders full freedom. Buffett said in the invitation letter that any on-site shareholder who is drawn can ask questions simply by walking to any of the 11 microphones on the site.</p><p><b>2. Will the retirement plan of being \"impeached\" in later years come true?</b></p><p>Just last week, CalPERS, the nation's largest state public pension fund, disclosed its intention to vote in favor of a shareholder proposal by Berkshire Hathaway to remove Buffett as chairman.</p><p>The fund holds more than $450 billion in total assets, including about $2.3 billion in Berkshire Hathaway stock. The National Center for Law and Policy, one of the company's shareholders, has called for an independent chairman, saying that chairman and CEO are held by the same official, weakening the company's governance structure.</p><p>According to the proposal, Buffett can continue to serve as CEO. But Berkshire's board, which opposed the proposal to remove Buffett as chairman, said last month that \"Buffett should remain chairman and CEO as long as he is CEO of Berkshire Hathaway.\"</p><p>The proposal looks to be facing an uphill battle. In addition to the board's veto, Buffett himself holds a 32% voting interest in the company.</p><p>Half a month ago, however, in an exclusive interview with former well-known CBS host Charlie Rose, Buffett also admitted that age has begun to take some toll on him, occasionally \"forgetting names and unable to read as quickly as he used to.\" He calls himself a \"rotting machine\" but still \"feels great\".</p><p>Therefore, some Wall Street analysts speculate that at this year's shareholders' meeting, Buffett may give a retirement timetable and finally confirm Berkshire's future successor.</p><p><b>3. Two \"potential successors\" made their debut at the shareholders' meeting</b></p><p><img src=\"https://static.tigerbbs.com/2bd3a8e83156086137e4aeaad62d621e\" tg-width=\"1080\" tg-height=\"485\" referrerpolicy=\"no-referrer\"/></p><p><b>Not only will Buffett and Munger appear together again, but Greg Abel and Ajit Jain, who are regarded as Buffett's \"potential successors\" by the industry, will also attend together.</b></p><p>In January 2018, Buffett promoted the two executives to serve on Berkshire's board.</p><p>\"The directors agreed that if I stepped down, Greg Abel, vice chairman of Berkshire's non-insurance business, would take over as CEO,\" Buffett admitted in an interview with CNBC on May 3 last year.</p><p>Abel, 59, worked for a small power company called CalEnergy since 1992 before becoming its president in 1998 and renaming the company to Mid-American Energy Holdings. The company was acquired by Berkshire Hathaway in 2000 and is now Berkshire Hathaway Energy (BHE). Abel served as CEO of the company from 2008 to 2018 and is now chairman.</p><p>According to Forbes, Abel owns a 1% stake in Berkshire Hathaway Energy, worth about $480 million, making up the majority of his net worth. He also owns a trust fund in which he owns five Class A shares of Berkshire Hathaway, and he also keeps 2,363 Class B shares in custody for family members. His Class A shares are worth about $2.8 million and his Class B shares are worth more than $400,000.</p><p>Jun once mentioned that unlike Buffett and Munger, Abel, who is low-key in nature, doesn't like to stand in the spotlight. Nevertheless, he was impressed by his outstanding performance in mergers and acquisitions. His friends once described it: \"His life was work, and he hid his talents behind his humble attitude\".</p><p>Abel himself is not young. So perhaps it makes sense that Buffett wants him as CEO of Berkshire Hathaway.</p><p>Another successor is Ajit Jain, vice chairman of Berkshire Hathaway's insurance business. Buffett previously admitted that Berkshire's board of directors had reached a consensus on who should take over as CEO immediately:</p><p><b>If anything happens to me tonight, Greg will take over as CEO the next morning. If anything happens to Greg, another Vice Chairman, Ajit, will take over.</b><b>4. How will Buffett's recent frequent shots explain the investment logic?</b></p><p>Since the beginning of this year, the global market has been in a troubled period. Since the outbreak of the Russia-Ukraine conflict, Buffett, who is good at exploiting market turmoil to tap opportunities, has continued to buy<a href=\"https://laohu8.com/S/OXY\">Occidental Petroleum</a>The company's shares, with its accumulated shareholding reaching 136.4 million shares, accounting for 14.6% of Occidental Petroleum's outstanding shares, are worth more than $7.2 billion.</p><p>Soon after, Buffett made another move, buying Alleghany, an insurance company, for $11.6 billion, the biggest acquisition by Buffett in six years.</p><p>After binge buying oil stocks, buying insurance companies, Buffett buys 121 million shares again<a href=\"https://laohu8.com/S/HPQ\">HP</a>Stocks. The investment gives Berkshire a roughly 11.4% stake in HP, making it the largest shareholder in the personal computer and printer maker.</p><p>According to Business Insider, James Shanahan, a senior equity analyst at investment firm Edward Jones, expects two more deals to materialize next year. Berkshire Hathaway could spend about $4 billion to boost its stake in Pilot Flying J, the nation's largest truck rest stop operator, to 80% in early 2023.</p><p>Additionally, the company could soon acquire an 8% stake in Berkshire Hathaway Energy owned by the Walter Scott Jr. family. That would bring its stake to more than 99%, Shanahan said.</p><p>That allows Berkshire to potentially invest more than $33 billion in 18 months, more than the $30 billion it put into the stock market in 2020.</p><p>At the end of 2021, Berkshire Hathaway had $144 billion in cash on its books. But Berkshire may still struggle to reduce its cash reserves regardless. Shanahan noted that the company generates about $33 billion in free cash flow every five quarters:</p><p><b>Barring other investments, there is a good chance that Berkshire will still hold $150 billion in cash by mid-2023.</b>This week, Shanahan downgraded the stock to \"hold,\" claiming that its current share price already reflects that the stock is likely to outperform its financial services peers this year.</p><p>At the upcoming shareholders' meeting, Buffett may give a more detailed response to recent investment actions and reveal his future investment prospects and plans. Buffett recently called the meeting a \"very, very important meeting.\"</p><p><b>5. The \"Prophet of Omaha\" is by no means deserved</b></p><p>Buffett's many accurate predictions about stocks and markets have earned him the nickname \"Oracle of Omaha.\"</p><p>In 2011,<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Suffering from the aftershocks of the subprime mortgage crisis, with shares falling to $7 a share from $19 a share the year before, Buffet smelled opportunity and bought the $5 billion Bank of America preferred shares.</p><p>These preferred shares come with warrants that allow Buffett to buy 700 million shares of Bank of America at $7.14 per share. When Buffett exercised his power in 2017, he made $12 billion.</p><p>When the Dow fell below 600 in late 1974, Buffett told Forbes that he thought \"now is the time to start investing.\" By the time that interview was published, the Dow had gained nearly 15% to 660.</p><p>This prediction in particular highlights Buffett's investment philosophy:</p><p>Fear when others are greedy, and be greedy when others are fearful. Whenever Buffett spoke, the world listened with bated breath. This time, let's also focus our eyes on this legendary figure.</p><p><img src=\"https://static.tigerbbs.com/86265aa24c88e98c77bfcb35b6d9d942\" tg-width=\"800\" tg-height=\"532\" referrerpolicy=\"no-referrer\"/></p><p><b>6. Review the classic quotes of Buffett and Munger</b></p><p>This shareholders' meeting, known as the \"Spring Festival Gala of the investment community\", attracted the most attention that 92-year-old Buffett and 98-year-old Munger will partner again to share their investment wisdom with global investors.</p><p>Before that, let's recall Munger and Buffett's wise investment views.</p><p><b>1) Munger's 20 Classic Quotes</b></p><p><ul><li>Investment Wisdom</p><p></li></ul>1. People calculate too much and think too little.</p><p>2. It is worth noting how many long-term advantages people like us gain by trying not to be stupid, rather than trying to be very smart!</p><p>3. Generally speaking, jealousy, resentment and self-pity are disastrous ways of thinking. Excessive self-pity borders on paranoia, and paranoia is one of the hardest things to reverse, so let's not get caught up in self-pity.</p><p>4. What is basic, universal wisdom? The first rule is that you can't truly understand anything if you just remember isolated facts and put them together. If these facts are not collated into the memory grid, they exist in an unusable form. You have to build models in your brain.</p><p><ul><li>Wealth creation</p><p></li></ul>1. Making a lot of money is not about buying and selling, but about waiting.</p><p>2. What is the secret to success? \"Reason\".</p><p>The best way to get what you want is to make yourself worthy of it.</p><p>4. If I knew where I would die, I would never go to that place.</p><p><ul><li>The importance of learning</p><p></li></ul>1. There is no universal formula. You need to know a lot about business, human nature and numbers. Don't expect a magic system to do this for you.</p><p>2. If you are familiar with the interdisciplinary path, you will never want to go back, because it will be like cutting off your hands.</p><p>3. All the wise people I've known in my life, none of them don't read every day-none, none. And Warren may surprise you with how much he reads, he is a book with two legs.</p><p>4. Try to be smarter before you get up every day than you were before you went to bed yesterday, day after day, if you live long enough, in the end you will get what you deserve.</p><p><ul><li>Circle of competence theory</p><p></li></ul>1. Knowing what you don't know is more useful than being smart.</p><p>2. If things are too difficult, we skip over and change them. Is there anything easier than doing this?</p><p>3. You don't need to be smart, just stay a little smarter than everyone else for a long, long time.</p><p>4. There are three baskets, namely: entry, exit and too difficult. We must have enough insight, otherwise we will mistakenly throw into the \"too difficult\" basket.</p><p><ul><li>Standards of living</p><p></li></ul>1. \"Imitating the herd\" will return people to mediocrity.</p><p>2. Life is like a poker game. Even if you sometimes get a card you like very much, you must learn to give up.</p><p>3. Learn to think about things upside down. From the back, reverse thinking will help you find many problems.</p><p>4. Life is a series of \"opportunity costs\". You have to marry the best person you can find. How similar is this to investment!</p><p><b>2) Buffett's 15 Investment Mottos</b></p><p>1. The first rule is never to lose money, and the second rule is to keep the first rule in mind.</p><p>Buffett's golden rule, any investor should make capital preservation a top priority when deciding to put money into the market. In other words, stay rational.</p><p>2. Someone sits in the shade of a tree today because he planted a tree a long time ago.</p><p>The core pillar of Buffett's long-term investment philosophy. In life and investment, it is necessary to think about the trajectory of things.</p><p>3. If you are not willing to own a stock for ten years, then don't consider owning it for ten minutes.</p><p>Buffett's best insights into dealing with active and passive investing.</p><p>4. Whether we're talking about socks or stocks, I like to buy quality goods at low prices.</p><p>The core of value investing, finding undervalued companies to invest in.</p><p>5. Buying an excellent company at a reasonable price is better than buying a mediocre company at a low price.</p><p>Finding undervalued companies is not the only criterion. It also depends on the stock fundamentals to judge whether the company is excellent.</p><p>6. The risk comes from you not knowing what you are doing.</p><p>A little research can reduce a lot of risk and learn more about the market.</p><p>7. Never invest in a business you can't understand.</p><p>After understanding the benefits and risks of an asset, try to invest in it.</p><p>8. The best investment is to invest in yourself.</p><p>Invest in two things: your ability to make money and the ability to make it work for you. Work has certain time limits, but money can \"work\" 24/7 and permanently.</p><p>9. Never rely on a single income and use investment to create a second source of income.</p><p>Diversified, long-term investing is the secret to success.</p><p>10. I'm afraid when others are greedy, and I'm greedy when others are afraid.</p><p>People are irrational.</p><p>11. Don't give up what is attractive today because you think you will find something better tomorrow.</p><p>One bird in hand is better than two birds in the forest.</p><p>12. The best opportunity for capital allocation is when the situation deteriorates.</p><p>A market downturn is the perfect time to look for great companies that are undervalued.</p><p>13. Only when the tide recedes do you know who is swimming naked.</p><p>When the short-term irrational market factors recede, we will know who is investing and who is speculating.</p><p>14. Protect your credibility, which is more important than money.</p><p>Integrity Based.</p><p>15. The first investment principle is independent thinking and inner peace.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The globe waits to listen to Buffett and Munger!</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe globe waits to listen to Buffett and Munger!\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2022-04-29 20:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>From April 29th to May 1st local time (April 30th to May 2nd Beijing time),<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway will be in Omaha, Nebraska, home of its founder Warren Buffett<b>To hold the annual general meeting,</b>It is the first time it has returned to offline since the outbreak of the pandemic in 2019.</p><p><img src=\"https://static.tigerbbs.com/6f3199e7971184ea39b4a4a58a0c79d0\" tg-width=\"740\" tg-height=\"416\" referrerpolicy=\"no-referrer\"/></p><p>This shareholders' meeting, also known as the \"Spring Festival Gala of the investment community\", attracted the attention of the global investment community. It not only included video shows and exhibitions of products of Berkshire's subsidiaries, but also provided investors with a rare opportunity to hear the speeches of legendary investors-Buffett, 92, and Charlie Munger, 98, who usually participated in marathon questions and answers for several hours.</p><p><img src=\"https://static.tigerbbs.com/97ed3918c3547ee7e972bcfb9bb41fa3\" tg-width=\"499\" tg-height=\"785\" referrerpolicy=\"no-referrer\"/></p><p>It is expected that more than 40,000 people will attend the site. By then, Buffett's retirement plan, company's successor, future investment plan, and views on the current market and global economy will inevitably become the focus of attention of all shareholders and even the global market.</p><p>Buffett, whose net worth exceeds 100 billion dollars, is known as the \"Prophet of Omaha\". The Class A share price of his Berkshire Hathaway closed above 500,000 dollars for the first time in March this year, setting a record closing high, and its performance far surpassed the S&P 500 index, which has been falling this year.</p><p><b>Berkshire Class A Stock</b>Is the company's original issuance of shares. As the company insisted on not paying dividends and splitting shares, its price soared rapidly over time, eventually becoming<b>One of the most expensive individual stocks on Wall Street. The company currently has a market capitalization of $743 billion.</b></p><p><img src=\"https://static.tigerbbs.com/a9c31dbdd6ebb793a60a7e0ecfad9fb5\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><b>Specific arrangements for shareholders' general meetings</b></p><p>On Friday, April 29th, local time, Berkshire Hathaway's shareholders' meeting will be held at CHI Health Center in the northern downtown area of Omaha.</p><p>Like the meeting arrangements of offline shareholders' meetings in previous years,<b>The conference also includes a full three-day schedule of events: weekend parties, peripheral meetings sponsored by investment advisers, Berkshire's<a href=\"https://laohu8.com/S/BRKR\">Brooke</a>Sri Lanka Sports sponsored a 5K walk and other shopping events.</b></p><p>The specific arrangements on Friday, April 29th are: receipt of participation card, shareholders 'shopping and shareholders' exclusive shopping night.</p><p><img src=\"https://static.tigerbbs.com/e416ed9379e7999aa9455eb818195054\" tg-width=\"1080\" tg-height=\"369\" referrerpolicy=\"no-referrer\"/></p><p>The specific arrangements for Saturday, the 30th, are: the shareholders' general meeting will open on site, the usual video of the annual meeting will be broadcast,<b>Q&A session of shareholders' general meeting,</b>Corporate formal business meetings as well as NFM Berkshire Picnic.</p><p><img src=\"https://static.tigerbbs.com/465a981d63db6e69060f9f5df06bc732\" tg-width=\"882\" tg-height=\"340\" referrerpolicy=\"no-referrer\"/></p><p>The specific arrangements for Sunday, May 1, are: the \"Invest in Yourself\" five-kilometer race and a shareholder-only shopping day.</p><p><img src=\"https://static.tigerbbs.com/f6ea29e26acc46f400076b7b4bbe7136\" tg-width=\"1080\" tg-height=\"214\" referrerpolicy=\"no-referrer\"/></p><p>This year's shareholders' meeting,<b>The most notable is undoubtedly the question and answer session.</b>On-site shareholders will be randomly selected, and CNBC's reporter will sort through questions from shareholders who can't attend the meeting and pick out those she thinks people are most interested in.</p><p>Buffett will give shareholders full freedom. Buffett said in the invitation letter that any on-site shareholder who is drawn can ask questions simply by walking to any of the 11 microphones on the site.</p><p><b>2. Will the retirement plan of being \"impeached\" in later years come true?</b></p><p>Just last week, CalPERS, the nation's largest state public pension fund, disclosed its intention to vote in favor of a shareholder proposal by Berkshire Hathaway to remove Buffett as chairman.</p><p>The fund holds more than $450 billion in total assets, including about $2.3 billion in Berkshire Hathaway stock. The National Center for Law and Policy, one of the company's shareholders, has called for an independent chairman, saying that chairman and CEO are held by the same official, weakening the company's governance structure.</p><p>According to the proposal, Buffett can continue to serve as CEO. But Berkshire's board, which opposed the proposal to remove Buffett as chairman, said last month that \"Buffett should remain chairman and CEO as long as he is CEO of Berkshire Hathaway.\"</p><p>The proposal looks to be facing an uphill battle. In addition to the board's veto, Buffett himself holds a 32% voting interest in the company.</p><p>Half a month ago, however, in an exclusive interview with former well-known CBS host Charlie Rose, Buffett also admitted that age has begun to take some toll on him, occasionally \"forgetting names and unable to read as quickly as he used to.\" He calls himself a \"rotting machine\" but still \"feels great\".</p><p>Therefore, some Wall Street analysts speculate that at this year's shareholders' meeting, Buffett may give a retirement timetable and finally confirm Berkshire's future successor.</p><p><b>3. Two \"potential successors\" made their debut at the shareholders' meeting</b></p><p><img src=\"https://static.tigerbbs.com/2bd3a8e83156086137e4aeaad62d621e\" tg-width=\"1080\" tg-height=\"485\" referrerpolicy=\"no-referrer\"/></p><p><b>Not only will Buffett and Munger appear together again, but Greg Abel and Ajit Jain, who are regarded as Buffett's \"potential successors\" by the industry, will also attend together.</b></p><p>In January 2018, Buffett promoted the two executives to serve on Berkshire's board.</p><p>\"The directors agreed that if I stepped down, Greg Abel, vice chairman of Berkshire's non-insurance business, would take over as CEO,\" Buffett admitted in an interview with CNBC on May 3 last year.</p><p>Abel, 59, worked for a small power company called CalEnergy since 1992 before becoming its president in 1998 and renaming the company to Mid-American Energy Holdings. The company was acquired by Berkshire Hathaway in 2000 and is now Berkshire Hathaway Energy (BHE). Abel served as CEO of the company from 2008 to 2018 and is now chairman.</p><p>According to Forbes, Abel owns a 1% stake in Berkshire Hathaway Energy, worth about $480 million, making up the majority of his net worth. He also owns a trust fund in which he owns five Class A shares of Berkshire Hathaway, and he also keeps 2,363 Class B shares in custody for family members. His Class A shares are worth about $2.8 million and his Class B shares are worth more than $400,000.</p><p>Jun once mentioned that unlike Buffett and Munger, Abel, who is low-key in nature, doesn't like to stand in the spotlight. Nevertheless, he was impressed by his outstanding performance in mergers and acquisitions. His friends once described it: \"His life was work, and he hid his talents behind his humble attitude\".</p><p>Abel himself is not young. So perhaps it makes sense that Buffett wants him as CEO of Berkshire Hathaway.</p><p>Another successor is Ajit Jain, vice chairman of Berkshire Hathaway's insurance business. Buffett previously admitted that Berkshire's board of directors had reached a consensus on who should take over as CEO immediately:</p><p><b>If anything happens to me tonight, Greg will take over as CEO the next morning. If anything happens to Greg, another Vice Chairman, Ajit, will take over.</b><b>4. How will Buffett's recent frequent shots explain the investment logic?</b></p><p>Since the beginning of this year, the global market has been in a troubled period. Since the outbreak of the Russia-Ukraine conflict, Buffett, who is good at exploiting market turmoil to tap opportunities, has continued to buy<a href=\"https://laohu8.com/S/OXY\">Occidental Petroleum</a>The company's shares, with its accumulated shareholding reaching 136.4 million shares, accounting for 14.6% of Occidental Petroleum's outstanding shares, are worth more than $7.2 billion.</p><p>Soon after, Buffett made another move, buying Alleghany, an insurance company, for $11.6 billion, the biggest acquisition by Buffett in six years.</p><p>After binge buying oil stocks, buying insurance companies, Buffett buys 121 million shares again<a href=\"https://laohu8.com/S/HPQ\">HP</a>Stocks. The investment gives Berkshire a roughly 11.4% stake in HP, making it the largest shareholder in the personal computer and printer maker.</p><p>According to Business Insider, James Shanahan, a senior equity analyst at investment firm Edward Jones, expects two more deals to materialize next year. Berkshire Hathaway could spend about $4 billion to boost its stake in Pilot Flying J, the nation's largest truck rest stop operator, to 80% in early 2023.</p><p>Additionally, the company could soon acquire an 8% stake in Berkshire Hathaway Energy owned by the Walter Scott Jr. family. That would bring its stake to more than 99%, Shanahan said.</p><p>That allows Berkshire to potentially invest more than $33 billion in 18 months, more than the $30 billion it put into the stock market in 2020.</p><p>At the end of 2021, Berkshire Hathaway had $144 billion in cash on its books. But Berkshire may still struggle to reduce its cash reserves regardless. Shanahan noted that the company generates about $33 billion in free cash flow every five quarters:</p><p><b>Barring other investments, there is a good chance that Berkshire will still hold $150 billion in cash by mid-2023.</b>This week, Shanahan downgraded the stock to \"hold,\" claiming that its current share price already reflects that the stock is likely to outperform its financial services peers this year.</p><p>At the upcoming shareholders' meeting, Buffett may give a more detailed response to recent investment actions and reveal his future investment prospects and plans. Buffett recently called the meeting a \"very, very important meeting.\"</p><p><b>5. The \"Prophet of Omaha\" is by no means deserved</b></p><p>Buffett's many accurate predictions about stocks and markets have earned him the nickname \"Oracle of Omaha.\"</p><p>In 2011,<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Suffering from the aftershocks of the subprime mortgage crisis, with shares falling to $7 a share from $19 a share the year before, Buffet smelled opportunity and bought the $5 billion Bank of America preferred shares.</p><p>These preferred shares come with warrants that allow Buffett to buy 700 million shares of Bank of America at $7.14 per share. When Buffett exercised his power in 2017, he made $12 billion.</p><p>When the Dow fell below 600 in late 1974, Buffett told Forbes that he thought \"now is the time to start investing.\" By the time that interview was published, the Dow had gained nearly 15% to 660.</p><p>This prediction in particular highlights Buffett's investment philosophy:</p><p>Fear when others are greedy, and be greedy when others are fearful. Whenever Buffett spoke, the world listened with bated breath. This time, let's also focus our eyes on this legendary figure.</p><p><img src=\"https://static.tigerbbs.com/86265aa24c88e98c77bfcb35b6d9d942\" tg-width=\"800\" tg-height=\"532\" referrerpolicy=\"no-referrer\"/></p><p><b>6. Review the classic quotes of Buffett and Munger</b></p><p>This shareholders' meeting, known as the \"Spring Festival Gala of the investment community\", attracted the most attention that 92-year-old Buffett and 98-year-old Munger will partner again to share their investment wisdom with global investors.</p><p>Before that, let's recall Munger and Buffett's wise investment views.</p><p><b>1) Munger's 20 Classic Quotes</b></p><p><ul><li>Investment Wisdom</p><p></li></ul>1. People calculate too much and think too little.</p><p>2. It is worth noting how many long-term advantages people like us gain by trying not to be stupid, rather than trying to be very smart!</p><p>3. Generally speaking, jealousy, resentment and self-pity are disastrous ways of thinking. Excessive self-pity borders on paranoia, and paranoia is one of the hardest things to reverse, so let's not get caught up in self-pity.</p><p>4. What is basic, universal wisdom? The first rule is that you can't truly understand anything if you just remember isolated facts and put them together. If these facts are not collated into the memory grid, they exist in an unusable form. You have to build models in your brain.</p><p><ul><li>Wealth creation</p><p></li></ul>1. Making a lot of money is not about buying and selling, but about waiting.</p><p>2. What is the secret to success? \"Reason\".</p><p>The best way to get what you want is to make yourself worthy of it.</p><p>4. If I knew where I would die, I would never go to that place.</p><p><ul><li>The importance of learning</p><p></li></ul>1. There is no universal formula. You need to know a lot about business, human nature and numbers. Don't expect a magic system to do this for you.</p><p>2. If you are familiar with the interdisciplinary path, you will never want to go back, because it will be like cutting off your hands.</p><p>3. All the wise people I've known in my life, none of them don't read every day-none, none. And Warren may surprise you with how much he reads, he is a book with two legs.</p><p>4. Try to be smarter before you get up every day than you were before you went to bed yesterday, day after day, if you live long enough, in the end you will get what you deserve.</p><p><ul><li>Circle of competence theory</p><p></li></ul>1. Knowing what you don't know is more useful than being smart.</p><p>2. If things are too difficult, we skip over and change them. Is there anything easier than doing this?</p><p>3. You don't need to be smart, just stay a little smarter than everyone else for a long, long time.</p><p>4. There are three baskets, namely: entry, exit and too difficult. We must have enough insight, otherwise we will mistakenly throw into the \"too difficult\" basket.</p><p><ul><li>Standards of living</p><p></li></ul>1. \"Imitating the herd\" will return people to mediocrity.</p><p>2. Life is like a poker game. Even if you sometimes get a card you like very much, you must learn to give up.</p><p>3. Learn to think about things upside down. From the back, reverse thinking will help you find many problems.</p><p>4. Life is a series of \"opportunity costs\". You have to marry the best person you can find. How similar is this to investment!</p><p><b>2) Buffett's 15 Investment Mottos</b></p><p>1. The first rule is never to lose money, and the second rule is to keep the first rule in mind.</p><p>Buffett's golden rule, any investor should make capital preservation a top priority when deciding to put money into the market. In other words, stay rational.</p><p>2. Someone sits in the shade of a tree today because he planted a tree a long time ago.</p><p>The core pillar of Buffett's long-term investment philosophy. In life and investment, it is necessary to think about the trajectory of things.</p><p>3. If you are not willing to own a stock for ten years, then don't consider owning it for ten minutes.</p><p>Buffett's best insights into dealing with active and passive investing.</p><p>4. Whether we're talking about socks or stocks, I like to buy quality goods at low prices.</p><p>The core of value investing, finding undervalued companies to invest in.</p><p>5. Buying an excellent company at a reasonable price is better than buying a mediocre company at a low price.</p><p>Finding undervalued companies is not the only criterion. It also depends on the stock fundamentals to judge whether the company is excellent.</p><p>6. The risk comes from you not knowing what you are doing.</p><p>A little research can reduce a lot of risk and learn more about the market.</p><p>7. Never invest in a business you can't understand.</p><p>After understanding the benefits and risks of an asset, try to invest in it.</p><p>8. The best investment is to invest in yourself.</p><p>Invest in two things: your ability to make money and the ability to make it work for you. Work has certain time limits, but money can \"work\" 24/7 and permanently.</p><p>9. Never rely on a single income and use investment to create a second source of income.</p><p>Diversified, long-term investing is the secret to success.</p><p>10. I'm afraid when others are greedy, and I'm greedy when others are afraid.</p><p>People are irrational.</p><p>11. Don't give up what is attractive today because you think you will find something better tomorrow.</p><p>One bird in hand is better than two birds in the forest.</p><p>12. The best opportunity for capital allocation is when the situation deteriorates.</p><p>A market downturn is the perfect time to look for great companies that are undervalued.</p><p>13. Only when the tide recedes do you know who is swimming naked.</p><p>When the short-term irrational market factors recede, we will know who is investing and who is speculating.</p><p>14. Protect your credibility, which is more important than money.</p><p>Integrity Based.</p><p>15. The first investment principle is independent thinking and inner peace.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6f3199e7971184ea39b4a4a58a0c79d0","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179575802","content_text":"当地时间4月29日至5月1日（北京时间4月30日至5月2日），伯克希尔哈撒韦公司将在其创始人沃伦·巴菲特的家乡——内布拉斯加州奥马哈市举办年度股东大会，为自2019年疫情爆发以来首次回归线下举办。这次的股东大会也被称为是“投资界的春晚”，受到全球投资界的瞩目，不仅有视频秀、伯克希尔子公司产品的展销，而且还为投资者提供了难得的机会，可以听到传奇投资人——现年92岁的巴菲特和98岁的查理·芒格的讲话，他们通常会参加数小时的马拉松式问答环节。预计现场参加可能超过4万人。届时，巴菲特的退休计划、公司接班人、未来的投资计划以及对当前市场和全球经济的看法等，必然会成为所有股东乃至全球市场关注的焦点。净资产超过千亿美元的巴菲特被誉为是“奥马哈先知”，他旗下伯克希尔哈撒韦公司的A类股股价在今年3月首次收于50万美元上方，创下了历史收盘新高，表现远远超过超过了今年不住下跌的标普500指数大盘。伯克希尔A类股票是公司最初发行的股票。由于公司坚持不分红及拆股，随着时间的推移，其价格迅速飙升，最终成为华尔街最昂贵的个股之一。目前该公司市值为7430亿美元。1、股东大会的具体安排当地时间4月29日周五，伯克希尔哈撒韦公司的股东大会将在奥马哈市北部市区的 CHI Health Center 举办。与往年线下股东大会的会议安排一样，此次大会也包括了整整三天的活动日程：周末派对、投资顾问赞助的周边会议、伯克希尔旗下布鲁克斯体育公司赞助的5公里健步跑以及其他购物活动。4月29日周五的具体安排为：领取参会证，股东购物以及股东专享购物夜。30日周六的具体安排为：股东大会现场开门，播放年会惯例影片，股东大会问答环节，公司正式商务会议以及NFM伯克希尔野餐会。5月1日周日的具体安排为：“投资自己”五公里赛跑以及股东专享购物日。今年这场股东大会，最受瞩目的无疑是问答环节。现场股东将被随机抽选，CNBC的记者将整理无法出席会议的股东提问，并摘选出那些她认为人们最感兴趣的问题。巴菲特将给予股东们充分的自由度。巴菲特在邀请函中表示，任何被抽到的现场股东，只需走到现场11个麦克风前的任何一个，就可以进行提问。2、晚年遭到“弹劾” 退休计划会成真吗？就在上周，全美最大的州立公共养老基金加州公务员退休基金 CalPERS 披露，打算投票支持伯克希尔哈撒韦公司的一项股东提议——解除巴菲特的董事长职位。该基金持有超过4500亿美元的总资产，包括约23亿美元的伯克希尔哈撒韦公司股票。该公司股东之一的美国国家法律和政策中心，呼吁设立独立的董事长，称董事长和首席执行官由同一名官员担任，削弱了公司的治理结构。根据该提案，巴菲特可继续担任CEO。但伯克希尔董事会反对解除巴菲特董事长职位这一提议，该董事会上个月表示，“只要巴菲特担任伯克希尔哈撒韦公司的CEO，他就应该继续担任董事长兼CEO”。该提议看起来面临一场艰难的斗争。除了董事会的否决以外，巴菲特本人就持有该公司32%的投票权益。然而半个月前，在接受前CBS知名主持人查理·罗斯专访时，巴菲特也承认，年龄已经开始对他造成了一些影响，偶尔会“忘了名字，无法像以前那样快速阅读”。他称自己是一台“正在腐烂的机器”，但仍然“感觉很棒”。因此，有华尔街分析人士猜测，在今年的股东大会上，巴菲特或许会给出退休时间表，并最终确认伯克希尔未来的接班人。3、两位“潜在接班人”首次亮相股东大会不仅是巴菲特和芒格将再度搭档亮相，被业内看做巴菲特“潜在接班人”的 Greg Abel 和 Ajit Jain 也将一道出席。2018年1月，巴菲特提拔了这两名高管担任伯克希尔董事会成员。去年5月3日，巴菲特在接受CNBC采访时承认：“董事们一致同意，如果我卸任，将由伯克希尔非保险业务的副董事长Greg Abel接任CEO。”现年59岁的Abel从1992年开始在一家名为CalEnergy的小型电力公司工作，1998年成为该公司的总裁，并将公司更名为中美能源控股公司。这家公司在2000年被伯克希尔哈撒韦公司收购，现在为伯克希尔·哈撒韦能源公司（BHE）。Abel从2008年到2018年担任该公司的CEO，现在为董事长。据《福布斯》报道，Abel持有伯克希尔哈撒韦能源公司1%的股份，价值约4.8亿美元，占他净资产的大部分。他还拥有一个信托基金，在该基金中他拥有5股伯克希尔哈撒韦公司的A类股，他还为家庭成员保管了2363股的B类股。他的A类股票价值约280万美元，B类股票价值超过40万美元。见闻君曾提及，与巴菲特和芒格不同，生性低调的Abel不喜欢站在聚光灯下。尽管如此，并购交易方面的出色表现仍让外界对他印象深刻。他的朋友曾这么形容：“他的生活就是工作，他把自己的才能隐藏在谦逊的态度背后”。Abel自己也并不年轻了。因此，巴菲特想让他担任伯克希尔哈撒韦公司的CEO也许是有道理的。另一位接班人是伯克希尔哈撒韦公司保险业务的副董事长Ajit Jain。巴菲特此前坦言，伯克希尔董事会已经对谁应该立刻接班CEO达成了共识：如果我今晚发生什么事，Greg将在第二天早上接替CEO。如果Greg发生什么，另一位副董事长Ajit将接替。4、巴菲特近期频频出手 会如何解释投资逻辑？今年以来，全球市场值多事之秋。自俄乌冲突爆发以来，擅长利用市场动荡挖掘机会的巴菲特，持续买入西方石油公司的股票，持股累计达到1.364亿股，占西方石油在外流通股票的14.6%，价值超过72亿美元。不久之后，巴菲特再度出手，将以116亿美元收购保险公司Alleghany，这是巴菲特六年来最大的一笔收购。在狂买石油股、收购保险公司后，巴菲特再次买入1.21亿股惠普股票。这笔投资使伯克希尔获得了惠普约11.4%的股份，成为这家个人电脑和打印机制造商的最大股东。据Business Insider报道，投资公司Edward Jones的高级股票分析师James Shanahan预计，明年还会实现另外两笔交易。伯克希尔哈撒韦可能会斥资约40亿美元，在2023年初将其对全美最大卡车休息站运营商 Pilot Flying J 的股权提高到80%。此外，该公司可能很快就会收购 Walter Scott Jr. 家族持有的伯克希尔哈撒韦能源公司8%的股份。Shanahan说，这将使其持股比例超过99%。这使得伯克希尔哈撒韦公司在18个月内的投资可能超过330亿美元，超过其在2020年投入股市的300亿美元。截至2021年底，伯克希尔哈撒韦账面上的现金达到1440亿美元。但无论如何，伯克希尔可能仍难以减少其现金储备。Shanahan指出，该公司每五个季度产生约330亿美元的自由现金流：除非有其他的投资，否则到2023年中期，伯克希尔很有可能仍持有1500亿美元的现金。本周，Shanahan将该股评级下调至“持有”，并声称其当前股价已经反映出，该股今年的表现可能优于其金融服务业同行。在即将召开的股东大会上，巴菲特或许会对近期的投资动作给予更详细的回应，并透露其对未来的投资展望与计划。巴菲特最近称这次会议是“非常、非常重要的会议”。5、“奥马哈先知”绝非浪得虚名巴菲特对股票和市场的多次准确预测为他赢得了“奥马哈先知”（Oracle of Omaha）的绰号。2011年，美国银行遭受了次贷危机的余震，股价从前一年的每股19美元跌至每股7美元，巴菲特嗅到了机会的味道，购买了50亿美元的美国银行优先股。这些优先股附有认股权证，巴菲特可以以每股7.14美元的价格购买7亿股美国银行股票。当巴菲特在2017年行权时，他赚了120亿美元。1974年末，当道琼斯指数跌破600点时，巴菲特对《福布斯》表示，他认为“现在就是开始投资的时候了”。到那次采访发表时，道琼斯指数已经上涨了近15%，达到660点。这一预言尤其突显了巴菲特的投资哲学：在别人贪婪时恐惧，在别人恐惧时贪婪。每当巴菲特发言时，全世界都在屏息聆听。这一次，也让我们共同将目光聚焦在这一传奇人物的身上。6、温习下巴菲特和芒格的经典语录这场被誉为“投资界的春晚”的股东大会，最受瞩目的是现年92岁的巴菲特和98岁的芒格将再度搭档，与全球投资者分享他们的投资智慧。在此之前，让我们一起回忆一下芒格、巴菲特的睿智投资观点。   1）芒格的20条经典语录投资智慧1、人们算计得太多，而思考得太少。2、值得注意的是，像我们这样的人通过努力不变得愚蠢，而不是努力变得非常聪明，获得了多少长期优势！3、一般来说，嫉妒、怨恨和自怜都是灾难性的思维方式。过度自怜让人近乎偏执，而偏执是最难逆转的事情之一，我们不要陷入自怜的情绪中。4、什么是基本的、普世的智慧？第一条规则是，如果你只是记住孤立的事实，把他们硬凑起来，你就不可能真正理解任何事情。如果这些事实没有被整理进记忆网格中，它们就以不可使用的形式存在。你必须在你的大脑中建立模型。财富创造1、赚大钱，不在于买卖，而重在等待。2、成功的秘诀是什么？“理性”。3、要想得到你想要的东西，最好的办法是让自己配得上它。4、如果我知道我会死在哪里，我将永远不会去那个地方。学习的重要性1、没有万能公式，你需要了解很多关于商业、人性以及数字的知识，别指望有一个神奇的系统可以为你完成这些工作。2、如果你轻车熟路地走上跨学科的道路，你将永远不想往回走，因为那就像砍断你的双手一样。3、在我的一生中，认识的所有聪明人，没有一个不每天阅读的——没有，一个都没有。而沃伦读书之多，可能会让你感到吃惊，他是一本长了两条腿的书。4、试着每天起床前比昨天睡觉前聪明一点，一天又一天，如果你足够长寿，到头来你会得到你应得的东西。能力圈理论1、知道自己不知道的比聪明更有用。2、如果事情太难了，我们就跳过去换一个，还有什么比做到这一点更简单吗？3、你不需要很聪明，只需要在很长很长的时间内保持比其他人聪明一点点就够了。4、有三个篮筐，分别是：进入、退出和太难，我们必须有足够的洞察力，否则我们就错误投进“太难”的篮子里。生活准则1、“模仿牛群”会使人回归平庸。2、生活就像一场扑克游戏，即使有时候你会拿到一把非常喜欢的牌，但也要必须学会放弃。3、要学会把事情颠倒过来考虑，从后面来看，逆向思维会帮助你发现很多问题。4、人生就是一连串的 \"机会成本\"，你要与你能找到的最好的人结婚，这与投资多么相似啊！2）巴菲特的15条投资箴言1、第一条规则是永远不要赔钱，第二条规则是牢记第一条规则。巴菲特的黄金法则，任何投资者在决定将资金投入市场时，都应该把保本作为首要任务。换句话说，保持理性。2、有人今天坐在树荫下，是因为他很久以前种了一棵树。巴菲特长期投资理念的核心支柱。在生活和投资中，必须思考事物的发展轨迹。3、如果你不愿意拥有一只股票十年，那就不要考虑拥有它十分钟。巴菲特处理主动和被动投资的最佳洞察。4、无论我们是谈论袜子还是股票，我都喜欢在低价时购买优质商品。价值投资的内核，寻找被低估的公司进行投资。5、以合理的价格买入一家优秀的公司，胜于低价买入一家平庸的公司。寻找被低估的公司不是唯一的标准，还要看股票基本面，判断公司是否出色。6、风险来自于你不知道自己在做些什么。一点研究就能减少很多风险，多了解市场。7、永远不要投资你无法理解的业务。了解资产的收益和风险后，再尝试投资它。8、最好的投资就是投资自己 。投资两件事：你赚钱的能力和让钱为你工作的能力。工作有一定的时间限制，但金钱可以全天候、永久地“工作”。9、永远不要依赖于单一收入，用投资创造第二收入来源。多元化、长期投资是成功的秘诀。10、别人贪婪时我恐惧，别人恐惧时我贪婪。人是非理性的。11、不要因为你认为明天会找到更好的东西，而放弃今天有吸引力的东西。一鸟在手胜过两鸟在林。12、资本配置的最佳机会是在情况恶化时。市场低迷是寻找被低估的优秀公司的最佳时机。13、当潮水退去才知道谁在裸泳。当短期非理性的市场因素退去后，才会知道谁是在投资，谁是在投机。14、保护好你的信誉，这比金钱更重要。诚信为本。15、第一大投资原则是独立思考和内心的平静。","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":3008,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9060256524,"gmtCreate":1651157314175,"gmtModify":1676534860749,"author":{"id":"3586771609683476","authorId":"3586771609683476","name":"JackJiang","avatar":"https://static.tigerbbs.com/21d7e0d2a9c7ff66594d11d8cc825e95","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586771609683476","idStr":"3586771609683476"},"themes":[],"htmlText":"Ok👍","listText":"Ok👍","text":"Ok👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9060256524","repostId":"1130065805","repostType":4,"isVote":1,"tweetType":1,"viewCount":2872,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9011858261,"gmtCreate":1648857196180,"gmtModify":1676534410506,"author":{"id":"3586771609683476","authorId":"3586771609683476","name":"JackJiang","avatar":"https://static.tigerbbs.com/21d7e0d2a9c7ff66594d11d8cc825e95","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586771609683476","idStr":"3586771609683476"},"themes":[],"htmlText":"Ok&nbsp;","listText":"Ok&nbsp;","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9011858261","repostId":"1165033782","repostType":4,"isVote":1,"tweetType":1,"viewCount":2669,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9011853311,"gmtCreate":1648857111338,"gmtModify":1676534410426,"author":{"id":"3586771609683476","authorId":"3586771609683476","name":"JackJiang","avatar":"https://static.tigerbbs.com/21d7e0d2a9c7ff66594d11d8cc825e95","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586771609683476","idStr":"3586771609683476"},"themes":[],"htmlText":"Ok&nbsp;","listText":"Ok&nbsp;","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9011853311","repostId":"1130356803","repostType":4,"repost":{"id":"1130356803","kind":"news","pubTimestamp":1648821026,"share":"https://ttm.financial/m/news/1130356803?lang=en_US&edition=fundamental","pubTime":"2022-04-01 21:50","market":"sh","language":"zh","title":"Wang Chuanfu: At present, the skyrocketing price of raw materials is a challenge that the industry needs to overcome","url":"https://stock-news.laohu8.com/highlight/detail?id=1130356803","media":"上海证券报","summary":"建议全面梳理碳酸锂资源布局和产能，增加国内开采量和国外进口量。","content":"<p><div>Shanghai Securities News China Securities Network News (Reporter Qiu Dekun) On the afternoon of April 1st, the online briefing of BYD's 2021 annual report was held. Wang Chuanfu, chairman of BYD, said: \"The current skyrocketing raw material price is a challenge that the industry needs to overcome. It is suggested to comprehensively sort out the layout and production capacity of lithium carbonate resources, increase domestic mining volume and foreign import volume, maintain market supply and demand, stabilize price expectations, and promote the healthy and safe development of the industry.\" Wang Chuanfu introduced that from a global perspective, it is a global consensus to achieve carbon peak and carbon neutrality goals in response to climate change, but behind the explosive growth of the new energy vehicle market, the industry is facing the epidemic, raw materials...</p><p><a href=\"https://news.cnstock.com/news,bwkx-202204-4856332.htm\">Web link</a></div></p>","source":"shzqb","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wang Chuanfu: At present, the skyrocketing price of raw materials is a challenge that the industry needs to overcome</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWang Chuanfu: At present, the skyrocketing price of raw materials is a challenge that the industry needs to overcome\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">上海证券报</strong><span class=\"h-time small\">2022-04-01 21:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Shanghai Securities News China Securities Network News (Reporter Qiu Dekun) On the afternoon of April 1st, the online briefing of BYD's 2021 annual report was held. Wang Chuanfu, chairman of BYD, said: \"The current skyrocketing raw material price is a challenge that the industry needs to overcome. It is suggested to comprehensively sort out the layout and production capacity of lithium carbonate resources, increase domestic mining volume and foreign import volume, maintain market supply and demand, stabilize price expectations, and promote the healthy and safe development of the industry.\" Wang Chuanfu introduced that from a global perspective, it is a global consensus to achieve carbon peak and carbon neutrality goals in response to climate change, but behind the explosive growth of the new energy vehicle market, the industry is facing the epidemic, raw materials...</p><p><a href=\"https://news.cnstock.com/news,bwkx-202204-4856332.htm\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://news.cnstock.com/news,bwkx-202204-4856332.htm\">上海证券报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/321df3e7f5d871ff7f9e8782901189ee","relate_stocks":{"002594":"比亚迪","00285":"比亚迪电子","01211":"比亚迪股份"},"source_url":"https://news.cnstock.com/news,bwkx-202204-4856332.htm","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130356803","content_text":"上证报中国证券网讯（记者 邱德坤）4月1日下午，比亚迪2021年年度报告网上说明会召开。比亚迪董事长王传福表示：“眼下的原材料价格暴涨是行业需要克服的挑战，建议全面梳理碳酸锂资源布局和产能，增加国内开采量和国外进口量，维护市场供需，稳定价格预期，促进行业健康安全发展。”王传福介绍，从全球范围来看，应对气候变化实现碳达峰、碳中和目标是全球共识，但新能源汽车市场爆发式增长的背后，行业面临疫情、原材料价格暴涨、供应链不稳定等严峻挑战。“安全是新能源汽车发展的基石，成本是必须要面对的一项重要指标”。王传福认为，有些东西刚开始做可能贵一点，但是只要规模化以后会把成本降下来。当新能源汽车的性能迈过一定门槛后，对于动力电池能量密度的重要性在降低，取而代之的最重要指标是安全、成本、循环寿命等。王传福表示，中国不可能从燃油车时代被石油卡脖子，变成电动车时代被钴、镍等金属卡脖子。磷酸铁锂不含稀有金属，更加匹配社会资源承受度。","news_type":1,"symbols_score_info":{"00285":0.9,"01211":0.9,"002594":0.9}},"isVote":1,"tweetType":1,"viewCount":2923,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9011859872,"gmtCreate":1648857076646,"gmtModify":1676534410391,"author":{"id":"3586771609683476","authorId":"3586771609683476","name":"JackJiang","avatar":"https://static.tigerbbs.com/21d7e0d2a9c7ff66594d11d8cc825e95","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586771609683476","idStr":"3586771609683476"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9011859872","repostId":"1106667215","repostType":4,"repost":{"id":"1106667215","kind":"news","pubTimestamp":1648828221,"share":"https://ttm.financial/m/news/1106667215?lang=en_US&edition=fundamental","pubTime":"2022-04-01 23:50","market":"sh","language":"zh","title":"Meng Wanzhou as Huawei's rotating chairman","url":"https://stock-news.laohu8.com/highlight/detail?id=1106667215","media":"新浪科技","summary":"4月1日晚间消息，华为官网最新信息显示，华为CFO孟晚舟担任华为副董事长、轮值董事长。","content":"<p><html><head></head><body>On the evening of April 1st, the latest information of Huawei's official website showed that Meng Wanzhou, CFO of Huawei, served as the vice chairman and rotating chairman of Huawei.</p><p><img src=\"https://static.tigerbbs.com/d136391ef7e8cf16433d8f2af0b10fc3\" tg-width=\"630\" tg-height=\"968\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p></body></html></p>","source":"lsy1635144614083","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Meng Wanzhou as Huawei's rotating chairman</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMeng Wanzhou as Huawei's rotating chairman\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪科技</strong><span class=\"h-time small\">2022-04-01 23:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On the evening of April 1st, the latest information of Huawei's official website showed that Meng Wanzhou, CFO of Huawei, served as the vice chairman and rotating chairman of Huawei.</p><p><img src=\"https://static.tigerbbs.com/d136391ef7e8cf16433d8f2af0b10fc3\" tg-width=\"630\" tg-height=\"968\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/tech/2022-04-01/doc-imcwiwss9459519.shtml\">新浪科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a15bffc99387ca14cc717ab1f1c37fcd","relate_stocks":{},"source_url":"https://finance.sina.com.cn/tech/2022-04-01/doc-imcwiwss9459519.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106667215","content_text":"4月1日晚间消息，华为官网最新信息显示，华为CFO孟晚舟担任华为副董事长、轮值董事长。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2703,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9033687751,"gmtCreate":1646267446188,"gmtModify":1676534110181,"author":{"id":"3586771609683476","authorId":"3586771609683476","name":"JackJiang","avatar":"https://static.tigerbbs.com/21d7e0d2a9c7ff66594d11d8cc825e95","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586771609683476","idStr":"3586771609683476"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9033687751","repostId":"1100214031","repostType":4,"repost":{"id":"1100214031","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1646226275,"share":"https://ttm.financial/m/news/1100214031?lang=en_US&edition=fundamental","pubTime":"2022-03-02 21:04","market":"us","language":"zh","title":"Night Reading | Peter Lynch: 25 Gold Investment Rules to Beat Wall Street","url":"https://stock-news.laohu8.com/highlight/detail?id=1100214031","media":"老虎资讯综合","summary":"来源：整合自《战胜华尔街》p282 25条股票投资黄金法则及网上相关资料作者：彼得·林奇编者注：彼得·林奇毫无疑问是一位卓越的股票投资家，是一个永远的多头持有者。这些朴素的道理林奇用幽默的语言给我们阐述，值得我们一边又一遍的去品味，琢磨，投资道路上，我们共勉。注意：投资于6只投资风格相同的股票基金并非分散投资。","content":"<p><html><head></head><body>Source: Integrated from Beating Wall Street p282 25 Golden Rules of Stock Investment and Related Online Materials</p><p>By Peter Lynch</p><p>Editor's Note: Peter Lynch is without a doubt an equity investor of excellence and a long holder forever. As a person of the last century, some of its investment methods may seem a little outdated, but the essence of its value investment is worth learning for every investor.<b>For example, start with the company's own business, study the fundamentals, and don't chase up and kill down. These simple truths Lynch explained to us in humorous language, which is worth savoring and pondering over and over again. On the road of investment, we encourage each other.</b></p><p>1. Investing is fun and exciting, but it can be dangerous if you don't work hard on the fundamentals.</p><p>2. As an amateur investor, your advantage does not lie in getting so-called professional investment advice from Wall Street investment experts. Your strength lies in your own unique knowledge and experience. If you make the most of your unique strengths to invest in companies and industries that you know well, then you will surely beat those investment experts.</p><p>3. For the past 30 years or so, the stock market has been dominated by a group of professional institutional investors, but contrary to what ordinary people think, I think this has made it easier for amateur investors to achieve better investment performance. Amateur investors can ignore this group of professional institutional investors and still beat the market.</p><p>4. Behind each stock is actually a company, and you have to figure out how the company really operates.</p><p>5. It often happens that in the short term, for example, for months or even years, a company's performance has nothing to do with its stock price performance; But in the long run, the performance of a company is definitely completely related to the performance of its stock price. Understanding the difference between short-term and long-term performance and the correlation between stock price performance is the key to making money by investing. At the same time, this difference also shows that patient holding will pay off, and only by choosing the stocks of successful enterprises can you achieve investment success.</p><p>6. You have to figure out exactly what the fundamentals of the company you hold in, and you have to figure out exactly what the reasons are for holding the stock. Yes, children will grow up eventually, but stocks will not eventually rise.</p><p>7. Thinking that once you win a bet, you will make a big profit, but the result will often be a big loss.</p><p>8. Think of stocks as your children, but you can't raise too many children. I suggest that amateur investors don't hold more than 5 stocks at the same time at any time. An amateur investor, even with all his available spare time, can only research and track 8-12 stocks at most, and only find opportunities to buy and sell if conditions permit. Therefore, I advise amateur investors not to hold more than 5 stocks at any time.</p><p>9. If you can't find a listed company stock that is worth investing in. Then stay away from the stock market and put your money in the bank until you find a stock worth investing in.</p><p>10. Never invest in the stock of a company whose finances you don't know. Before buying stocks, be sure to check the company's balance sheet to see if the company is solvent enough and is at risk of bankruptcy.</p><p>11. Avoid those hot stocks. Excellent company stocks in unpopular sectors and sectors without growth tend to be the most profitable big bull stocks.</p><p>12. For small company stocks, for small company stocks, you'd better wait until these small companies start to turn a profit before thinking about investing.</p><p>13. If you plan to invest in an industry that is in trouble, make sure to invest in companies that can weather the storm, and be sure to wait until the industry signals a recovery. But there is no hope of recovery in industries like the production of wagon whips and tubes.</p><p>14. If you invest 1,000 yuan in a stock, even if you lose everything, it will only be 1,000 yuan, but if you hold it patiently, you may earn 1,000 yuan or even 50,000 yuan. As long as you find a few big bull stocks and concentrate on investing, the time and energy spent by amateur investors is far more than worth the money.</p><p>15. In any industry, amateur investors who usually pay close attention will find those excellent high-growth companies, and they find them far earlier than those professional investors.</p><p>16. Stock prices often fall sharply in the stock market, just as snowstorms often occur in the harsh winter in Northeast China. If you are fully prepared in advance, there will be no damage at all. When the stock market plummets, investors who have not prepared in advance will be scared and frightened, hurriedly cut their meat at low prices and flee the stock market. Many stocks will become very cheap, which is an excellent opportunity for investors who have prepared in advance to buy at low prices.</p><p>17. Everyone has the knowledge needed to invest in stocks to make money, but not everyone has the courage needed to invest in stocks to make money. Only with knowledge and courage can you make a lot of money in stock investment. If you are easily influenced by others in the panic of the most market crash, and you are scared to throw away all the stocks in your hands, then you are best not to invest in stocks or stock funds if you are timid and afraid of falling.</p><p>18. There's always something to worry about. Don't worry, the sky won't fall. Unless the company's fundamentals deteriorate, resolutely don't panic and sell good company stocks.</p><p>19. Ignoring any predictions of future interest rates, macroeconomics and stock markets, focus on what is happening to the companies you invest in.</p><p>20. There are always unexpected discoveries in the stock market, that is, good company stocks that perform well but are ignored by professional institutional investors.</p><p>21. Buying stocks without studying the company's fundamentals is like playing cards without looking at them, and there is little chance of making money by investing.</p><p>22. When you hold shares in good companies, time will be on your side, and the longer you hold them, the better your chances of making money. Patiently holding good company stocks will eventually have good returns. Even if you miss the big rise of excellent company stocks like Wal-Mart in the first five years, long-term holding will still have good returns in the next five years. But if you are holding stock options, time will be on your opposite side, and the longer you hold it, the smaller your chances of making money.</p><p>23. If you have the guts to invest in stocks, but don't have the time or interest to do your homework and study the fundamentals, then your best choice is to invest in equity funds. You should diversify your investments into different stock funds. The investment styles of fund managers can be divided into growth, value, small-cap, large-cap, etc. You should invest in several different styles of stock investment funds. Note: Investing in 6 equity funds with the same investment style is not diversification. Investors swapping between different funds will pay a huge price and have to pay high capital gains taxes. If one or a few funds you invest in are performing well, don't abandon them casually, but hold them firmly for the long term.</p><p>24. Over the past 10 years, the average return on investment in the U.S. stock market has only ranked eighth among global stock markets. Therefore, you can buy funds that have invested in overseas stock markets and performed well, thus sharing the high growth of stock markets in other countries outside the United States.</p><p>25. In the long run, investing in a portfolio of carefully selected stocks or equity investment funds will certainly far outperform a portfolio of bonds or bond funds, but investing in a portfolio of randomly selected stocks is safer than keeping your money under your bed.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Night Reading | Peter Lynch: 25 Gold Investment Rules to Beat Wall Street</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNight Reading | Peter Lynch: 25 Gold Investment Rules to Beat Wall Street\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-03-02 21:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Source: Integrated from Beating Wall Street p282 25 Golden Rules of Stock Investment and Related Online Materials</p><p>By Peter Lynch</p><p>Editor's Note: Peter Lynch is without a doubt an equity investor of excellence and a long holder forever. As a person of the last century, some of its investment methods may seem a little outdated, but the essence of its value investment is worth learning for every investor.<b>For example, start with the company's own business, study the fundamentals, and don't chase up and kill down. These simple truths Lynch explained to us in humorous language, which is worth savoring and pondering over and over again. On the road of investment, we encourage each other.</b></p><p>1. Investing is fun and exciting, but it can be dangerous if you don't work hard on the fundamentals.</p><p>2. As an amateur investor, your advantage does not lie in getting so-called professional investment advice from Wall Street investment experts. Your strength lies in your own unique knowledge and experience. If you make the most of your unique strengths to invest in companies and industries that you know well, then you will surely beat those investment experts.</p><p>3. For the past 30 years or so, the stock market has been dominated by a group of professional institutional investors, but contrary to what ordinary people think, I think this has made it easier for amateur investors to achieve better investment performance. Amateur investors can ignore this group of professional institutional investors and still beat the market.</p><p>4. Behind each stock is actually a company, and you have to figure out how the company really operates.</p><p>5. It often happens that in the short term, for example, for months or even years, a company's performance has nothing to do with its stock price performance; But in the long run, the performance of a company is definitely completely related to the performance of its stock price. Understanding the difference between short-term and long-term performance and the correlation between stock price performance is the key to making money by investing. At the same time, this difference also shows that patient holding will pay off, and only by choosing the stocks of successful enterprises can you achieve investment success.</p><p>6. You have to figure out exactly what the fundamentals of the company you hold in, and you have to figure out exactly what the reasons are for holding the stock. Yes, children will grow up eventually, but stocks will not eventually rise.</p><p>7. Thinking that once you win a bet, you will make a big profit, but the result will often be a big loss.</p><p>8. Think of stocks as your children, but you can't raise too many children. I suggest that amateur investors don't hold more than 5 stocks at the same time at any time. An amateur investor, even with all his available spare time, can only research and track 8-12 stocks at most, and only find opportunities to buy and sell if conditions permit. Therefore, I advise amateur investors not to hold more than 5 stocks at any time.</p><p>9. If you can't find a listed company stock that is worth investing in. Then stay away from the stock market and put your money in the bank until you find a stock worth investing in.</p><p>10. Never invest in the stock of a company whose finances you don't know. Before buying stocks, be sure to check the company's balance sheet to see if the company is solvent enough and is at risk of bankruptcy.</p><p>11. Avoid those hot stocks. Excellent company stocks in unpopular sectors and sectors without growth tend to be the most profitable big bull stocks.</p><p>12. For small company stocks, for small company stocks, you'd better wait until these small companies start to turn a profit before thinking about investing.</p><p>13. If you plan to invest in an industry that is in trouble, make sure to invest in companies that can weather the storm, and be sure to wait until the industry signals a recovery. But there is no hope of recovery in industries like the production of wagon whips and tubes.</p><p>14. If you invest 1,000 yuan in a stock, even if you lose everything, it will only be 1,000 yuan, but if you hold it patiently, you may earn 1,000 yuan or even 50,000 yuan. As long as you find a few big bull stocks and concentrate on investing, the time and energy spent by amateur investors is far more than worth the money.</p><p>15. In any industry, amateur investors who usually pay close attention will find those excellent high-growth companies, and they find them far earlier than those professional investors.</p><p>16. Stock prices often fall sharply in the stock market, just as snowstorms often occur in the harsh winter in Northeast China. If you are fully prepared in advance, there will be no damage at all. When the stock market plummets, investors who have not prepared in advance will be scared and frightened, hurriedly cut their meat at low prices and flee the stock market. Many stocks will become very cheap, which is an excellent opportunity for investors who have prepared in advance to buy at low prices.</p><p>17. Everyone has the knowledge needed to invest in stocks to make money, but not everyone has the courage needed to invest in stocks to make money. Only with knowledge and courage can you make a lot of money in stock investment. If you are easily influenced by others in the panic of the most market crash, and you are scared to throw away all the stocks in your hands, then you are best not to invest in stocks or stock funds if you are timid and afraid of falling.</p><p>18. There's always something to worry about. Don't worry, the sky won't fall. Unless the company's fundamentals deteriorate, resolutely don't panic and sell good company stocks.</p><p>19. Ignoring any predictions of future interest rates, macroeconomics and stock markets, focus on what is happening to the companies you invest in.</p><p>20. There are always unexpected discoveries in the stock market, that is, good company stocks that perform well but are ignored by professional institutional investors.</p><p>21. Buying stocks without studying the company's fundamentals is like playing cards without looking at them, and there is little chance of making money by investing.</p><p>22. When you hold shares in good companies, time will be on your side, and the longer you hold them, the better your chances of making money. Patiently holding good company stocks will eventually have good returns. Even if you miss the big rise of excellent company stocks like Wal-Mart in the first five years, long-term holding will still have good returns in the next five years. But if you are holding stock options, time will be on your opposite side, and the longer you hold it, the smaller your chances of making money.</p><p>23. If you have the guts to invest in stocks, but don't have the time or interest to do your homework and study the fundamentals, then your best choice is to invest in equity funds. You should diversify your investments into different stock funds. The investment styles of fund managers can be divided into growth, value, small-cap, large-cap, etc. You should invest in several different styles of stock investment funds. Note: Investing in 6 equity funds with the same investment style is not diversification. Investors swapping between different funds will pay a huge price and have to pay high capital gains taxes. If one or a few funds you invest in are performing well, don't abandon them casually, but hold them firmly for the long term.</p><p>24. Over the past 10 years, the average return on investment in the U.S. stock market has only ranked eighth among global stock markets. Therefore, you can buy funds that have invested in overseas stock markets and performed well, thus sharing the high growth of stock markets in other countries outside the United States.</p><p>25. In the long run, investing in a portfolio of carefully selected stocks or equity investment funds will certainly far outperform a portfolio of bonds or bond funds, but investing in a portfolio of randomly selected stocks is safer than keeping your money under your bed.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100214031","content_text":"来源：整合自《战胜华尔街》p282 25条股票投资黄金法则及网上相关资料作者：彼得·林奇编者注：彼得·林奇毫无疑问是一位卓越的股票投资家，是一个永远的多头持有者。作为上个世纪的人，其一些投资方法可能显得有些过时，但是其价值投资的精髓值得我们每一个投资者去学习。例如，从公司本身业务入手，研究基本面，不要追涨杀跌。这些朴素的道理林奇用幽默的语言给我们阐述，值得我们一边又一遍的去品味，琢磨，投资道路上，我们共勉。1.投资很有趣、很刺激，但如果你不下工夫研究基本面的话，那就会很危险。2.作为一个业余投资者，你的优势并不在于从华尔街投资专家那里获得所谓专业投资建议。你的优势其实在于你自身所具有的独特知识和经验。如果充分发挥你的独特优势来投资于自己充分了解的公司和行业，那么你肯定会打败那些投资专家们。3.过去30多年来，股票市场被一群专业机构投资者所主宰，但是与一般人的想法正好相反，我认为这反而使业余投资者更容易取得更好的投资业绩。业余投资者尽可以忽略这群专业机构投资者，照样战胜市场。4.每只股票后面其实都是一家公司，你得弄清楚这家公司到底是如何经营的。5.经常出现这样的事：短期而言，比如好几个月甚至好几年，一家公司业绩表现与其股价表现毫不相关；但是长期而言，一家公司业绩表现肯定与其股价表现是完全相关的。弄清楚短期和长期业绩表现与股价表现相关性的差别，是投资赚钱的关键。同时，这一差别也表明，耐心持有终有回报，选择成功企业的股票方能取得投资成功。6.你得弄清楚你持股的公司基本面究竟如何，你得搞明白持有这只股票的理由究竟是什么。不错，孩子终究会长大的，但是股票并非终究会上涨的。7.想着一旦赌赢就会大赚一把，结果往往会大输一把。8.把股票看做是你的孩子，但是养孩子不能太多，我建议业余投资者在任何时候都不要同时持有5只以上的股票。一个业余投资人，即使利用所有能利用的业余时间，最多也只能研究追踪8-12支股票，而且只有在条件允许的情况下找到机会进行买入卖出操作。因此我建议业余投资者在任何时候都不要持有5只以上的股票。9.如果你找不到一只值得投资的上市公司股票。那么就远离股市，把你的钱存到银行里，直到你找到一只值得投资的股票。10.永远不要投资你不了解其财务状况的公司股票。在买入股票之前，一定要先检查一下公司的资产负债表，看看公司是否有足够的偿债能力，有没有破产风险。11.避开那些热门股。冷门行业和没有增长的行业中的卓越公司股票往往会成为最赚钱的大牛股。12.对于小公司股票来说，对于小公司股票来说，你最好等到这些小公司开始实现盈利时，再考虑投资也不迟。13.如果你打算投资一个正处于困境之中的行业，一定要投资那些有能力渡过难关的公司，而且一定要等到行业出现复苏的信号。不过，像生产赶马车鞭子和电子管这样的行业是永远没有复苏的希望了。14.如果你在1只股票上投资1000元，即使亏光也不过1000元，但如果耐心持有，可能会赚1000元甚至50000元。只要找到几只大牛股，集中投资，业余投资者花费的时间精力就远远物超所值。15.在任何一个行业，平时留心观察的业余投资者就会发现那些卓越的高成长公司，而且发现时间远远早于那些专业投资者。16.股市中经常会出现股价大跌，就如同东北地区严冬时分经常会出现暴风雪一样。如果事先做好充分准备，根本不会遭到什么损害。股市大跌时那些没有事先准备的投资者会吓得胆战心惊，慌忙低价割肉，逃离股市，许多股票会变得十分便宜，对于事先早做准备的投资者来说反而是一个低价买入的绝佳机会。17.每个人都有投资股票赚钱所需要的知识，但并非每个人都有投资股票赚所需要的胆路，有识且有胆才能在股票投资上赚大钱。如果你在最市大跌恐慌中很容易受别人影响，吓的赶紧抛掉手中所有的股票，那么胆小怕跌的你最好不要投资股票，也不要投资股票型基金。18.总会有事让人担心。放心，天塌不下来。除非公司基本面恶化，否则坚决不要恐慌抛出好公司股票。19.不要理会任何对未来利率、宏观经济和股市的预测，集中精力关注你投资的公司正发生什么变化。20.在股市中总会有意外发现，那就是业绩表现良好却被专业机构投资者忽视的好公司股票。21.不研究公司基本面就买股票，就像不看牌就打牌一样，投资赚钱的机会很小。22.当你持有好公司的股票时，时间就会站在你这一边，持有时间越长，赚钱的机会就越大。耐心持有好公司股票终将有好回报，即使错过了像沃尔玛这样的优秀公司股票前5年的大涨，未来5年内长期持有仍然会有很好的回报。但是如果你持有的是股票期权，时间就会站在你的对立面，持有时间越长，赚钱的机会越小。23.如果你有胆量投资股票，却没有时间也没有兴趣做功课研究基本面，那么你的最佳选择是投资股票型基金。你应该分散投资于不同的股票基金。基金经理的投资风格可分为成长型、价值型、小盘股、大盘股等，你应该投资几种不同风格的股票投资基金。注意：投资于6只投资风格相同的股票基金并非分散投资。投资者在不同基金之间换来换去，就会付出巨大的代价，得支付很高的资本利得税。如果你投资的一只或几只基金业绩表现不错，就不要随便抛弃它们，而要坚决长期持有。24.在过去10年里，美国股市平均投资收益率在全球股市中仅仅排名第8，因此，你可以购买那些投资于海外股市且业绩表现良好的基金，从而分享美国以外其他国家股市的高成长。25.长期而言，投资于一个由精心挑选的股票或股票投资基金构成的投资组，业绩表现肯定要远远胜过一个由债券或债券基金构成的投资组合，但是投一个由胡乱挑选的股票构成的投资组合，还不如把钱放在床底下更安全。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2999,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9097800954,"gmtCreate":1645402723531,"gmtModify":1676534024115,"author":{"id":"3586771609683476","authorId":"3586771609683476","name":"JackJiang","avatar":"https://static.tigerbbs.com/21d7e0d2a9c7ff66594d11d8cc825e95","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586771609683476","idStr":"3586771609683476"},"themes":[],"htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9097800954","repostId":"1124602561","repostType":4,"repost":{"id":"1124602561","kind":"news","weMediaInfo":{"introduction":"致力于提供最及时的财经资讯，最专业的解读分析，覆盖宏观经济、金融机构、A股市场、上市公司、投资理财等财经领域。","home_visible":1,"media_name":"券商中国","id":"9","head_image":"https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f"},"pubTimestamp":1645319129,"share":"https://ttm.financial/m/news/1124602561?lang=en_US&edition=fundamental","pubTime":"2022-02-20 09:05","market":"hk","language":"zh","title":"Earn 500x in 26 years! Can Leeks Really Counterattack?","url":"https://stock-news.laohu8.com/highlight/detail?id=1124602561","media":"券商中国","summary":"凭运气赚钱，凭实力亏钱！韭菜能逆袭吗？投资真能改变命运吗？近期A股一波三折，热门赛道白马股和“顶流”基金净值重挫，深陷其中的投资者再度自嘲“韭菜”难逃被收割的命运。本期分享一个普通投资者的真实故事：这","content":"<p><html><head></head><body><b>Make money by luck, lose money by strength! Can Leeks Counterattack? Can Investing Really Change Destiny?</b>Recently, A-shares have been full of twists and turns, and the net value of popular track white horse stocks and \"top-stream\" funds has plummeted. Investors who are deeply involved once again laugh at themselves that \"leeks\" can't escape the fate of being harvested.</p><p>This issue shares a true story of an ordinary investor: this is the story of a two-generation investment relay run of a family. Mr. M's mother and Mr. M have earned about 500 times the income in 26 years, of which the value investment is about a hundred times and the event drive is about 5 times. However, in the eight years at the beginning of their investment road, active investment basically made no money. During this period, they had to follow the ups and downs of the market and endure the abuse of substantial pullback/retracement; However, in the next 18 years, Mr. M summarized his investment mistakes and other people's successful experiences, and his investment income increased exponentially.</p><p>Mr. M always takes the trouble to share with his friends around him: Unless you are willing to be a leek, let others slaughter, leeks through evolution and learning, can grow into a towering tree; Investment should be made as early as possible. The sooner you hit a bloody head, the better. At that time, the principal can afford to lose at a young age; The stock market will help those who help themselves, and their fate is in their own hands. After investors find the right direction and path, the stock market can bring returns that change their fate.</p><p><b>A 26-year 500-fold sample</b></p><p>Mr. M's family was poor since childhood, and his mother crashed into the stock market in a daze. In 1989, Mr. M's mother's company was unable to pay wages, so she gave employees internal employee shares with a face value of 2,000 yuan; In 1995, the company went public, and after the internal employee shares sold off, Mr. M's mother had the principal to invest in the stock market. At that time, the so-called stock trading was sitting on the bench in the lobby of the business department and watching the screen flip. According to hearsay, this fund rose and fell with the market from 1995 to 1998, and the overall amount was flat.</p><p>After graduating from college in 1997, Mr. M entered a large state-owned enterprise. In order to pass the time of his retired mother, he handed over his savings in the past two years to his mother, and their funds combined could settle in the middle room. In 1999, the funds were placed on Shenzhen Yili A, which was later<a href=\"https://laohu8.com/S/000028\">Sinopharm Accord</a>Restructuring, this money made about one and a half times the gain, which was considered a lot of money at the time.</p><p>However, the money earned by luck would still be lost by strength. In the four-year big bear market after 2000, this money floated 70% of the money at its peak in 1999, of which 50% was retraced between 2000 and 2002. But an important turning point came in 2003, when the funds began to be fully positioned<a href=\"https://laohu8.com/S/600600\">Tsingtao Brewery</a>And<a href=\"https://laohu8.com/S/000060\">CICC Lingnan</a>After the completion of Jiancang, these two stocks once again greatly pullback/retracement by nearly 50%. At its lowest point in 2004, it had lost two-thirds of the funds at its peak in 1999.</p><p>Mr. M. was sold in 2009<a href=\"https://laohu8.com/S/600600\">Tsingtao Brewery</a>And<a href=\"https://laohu8.com/S/000060\">CICC Lingnan</a>Yes, Tsingtao Brewery made a profit of nearly 10 times, and Zhongjin Lingnan made a profit of nearly 20 times. Mr. M clearly remembers that in 2003, the initial purchase price of Tsingtao Brewery was close to 8 yuan. After the dilution of bonus shares, dividends and warrant during the share reform period, the purchase cost of Tsingtao Brewery was reduced to more than 4 yuan. Mr. M sold Tsingtao Brewery for more than 40 yuan in 2009, and made a profit of nearly 10 times during the seven-year investment period.</p><p>Mr. M's initial purchase cost of Zhongjin Lingnan is close to 6 yuan. After the dilution of bonus shares and dividends during the share reform period, the purchase cost of Zhongjin Lingnan has dropped to more than 1 yuan. In 2009, Mr. M threw out Zhongjin Lingnan at a price of more than 20 yuan, with a profit of about 20 times.</p><p>However, Mr. M's investment philosophy is still swinging. From 2010 to 2015, he tried the event-driven market that was hot at that time. During this period, he experienced a 40% retracement in 2012 and a halving in 2015, with an overall return of about 5 times.</p><p>After learning from the painful experience in 2015, Mr. M once again returned to the road of value investment, and began to heavily position Maotai at the end of 2015, with a floating profit of nearly 10 times.</p><p><b>A \"leek\" indomitable promotion road</b></p><p>Mr. M was a proper leek at the beginning. With luck, he rose and fell in the stock market, and the huge loss deeply stung Mr. M. He was unwilling to be a leek. Since 2003, he started a tenacious promotion road, and completed the turn from a small scatter to a rational value investor.</p><p><b>He did the following important things right:</b></p><p>One is to learn, learn and learn again. The constant floating losses that began in 2000 made Mr. M's scalp numb, and he began to think about how to change this situation.</p><p>Mr. M is a science and engineering student. At the beginning of entering the stock market, he lacked basic knowledge of the economy and the operation law of the stock market. However, he believes that learning is the best way to make up for the lack of cognition. In the era when the mobile Internet was not yet popular, Mr. M's learning way was to watch TV and subscribe to newspapers. Mr. M. sits in front of the TV on time at 7: 30 every night to watch the financial channel of CCTV, from the economic information broadcast to the economic half-hour, and then to the Chinese stock market report. If he has time, he also tries to watch the \"Trading Time\" in the afternoon. He watches TV and learns until after 10 o'clock in the evening, and takes notes carefully on important information.</p><p>Mr. M still remembers that since 2004, he often bought financial newspapers at newsstands. During the long-term study, Mr. M has formed a basic understanding of the logic of economic operation and the way of investment in the stock market.</p><p>The second is familiarity, familiarity and re-familiarity. From the bottom up, Mr. M is familiar with the fundamentals of his stock buying.</p><p>Even today, Mr. M can still tell several reasons why he bought Tsingtao beer: in early 2000, Mr. M, who was still young, liked to sing karaoke with his friends, and he found that people's preference for beer changed from Heineken to Tsingtao beer; Tsingtao Beer itself is also shifting from the expansion strategy of \"Peng Zuoyi era\" to the stage of \"Jin Zhiguo era\" that not only wants market but also profits; AB Company of the United States privatized Harbin Brewery Company in Hong Kong stocks and took a stake in Tsingtao Brewery. The era of mergers and acquisitions in the beer industry is coming, and industry giants are beginning to appear.</p><p>As for CICC Lingnan, Mr. M said that if you look at the news for a long time, it is not difficult to find that China's real estate market is booming, and commodity prices are driven up for a long time by this factor. CICC Lingnan was the industry leader at that time, so CICC Lingnan was naturally selected. Although he can't go to the field for research, he doesn't miss every opportunity to search and improve the investment information of this stock. He can even remember the longitude and latitude of this company's metal mine, the grade of the mine and other details.</p><p>As a typical man in science and engineering, Mr. M said with emotion that if you don't master theorems and formulas, you will only do wrong questions; If you don't know the construction and performance of machines and equipment, you will definitely not know where the fault is! The same goes for investment. Only by understanding the fundamentals of the company you hold in depth and detail can you not be afraid of market fluctuations.</p><p>Third, independence, independence and independence again. Since holding Tsingtao Brewery and CICC Lingnan, as the stock price rose, the market value gradually increased, and Mr. M's mother moved from the middle room to the large room. The securities broker also looked at it differently, upgrading the treatment of Mr. M's mother, from one computer to watch the market to allocating two or three computers to watch the market. Because Mr. M firmly believes that this is a big market and the stocks he holds are high-quality targets, he holds the stocks and does not trade. As time went on, the broker couldn't sit still and began recommending various stocks and informing various reasons to buy and sell, but Mr. M was unmoved, firm in confidence and resolute not to trade.</p><p>The agent arranged the computer used by Mr. M's mother in the aisle outside the room on the grounds that the room was otherwise used. After a while, the broker arranged for other clients to use the computer, and the treatment of Mr. M's mother changed from three computers to one computer again. Some time later, the broker used the computer used by Mr. M's mother as a public computer for the clients in the lobby to use. Finally, Mr. M had to move to other securities companies. In the process of going through the formalities, the front desk saw the market value of Mr. M's mother and Mr. M, and immediately called the broker to ask for retention. After the broker arrived, he said helplessly, \"Let's go, let's go, no transactions!\"</p><p>In the fuse market in January, 2016, the market was in a hurry and wailing. A close friend of Mr. M called Mr. M with concern, telling him that the market was extremely pessimistic and might be in a state of depression. But Mr. M. told his friend,<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>The market value is only 200 billion yuan, and the PE is only 12 times. In the last fiscal year, the dividend of Dividend will be more than 6 yuan per share, and the Dividend rate will reach more than 3%. There is no need to be afraid. Instead, Mr. M chose to add positions.</p><p><b>In 2020 and 2021, the new energy concept became a hot market, and almost all friends around him participated in it, but Mr. M remained unmoved and still firmly held<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>。</b></p><p>Looking back, Mr. M said with emotion that we must think independently and not be influenced by other people's opinions. It is precisely independence that can have more benefits than friends and relatives around you.</p><p>The fourth is a normal heart, a normal heart, and a normal heart. Because of family reasons, Mr. M's family was poor since childhood. Mr. M's mother was extremely frugal and had the habit of keeping accounts. In the 1980s, she kept accounts accurately to \"points\". Mr. M is also very frugal. Since he joined the job, he has made it clear how much his monthly expenses are. He lives within his means and strives to make savings every month. No matter how difficult it is, Mr. M has savings even if there is not much left in his monthly salary after repaying the mortgage.</p><p>Mr. M said that it is his good living habits and correct view of wealth that can make him hold his shares and not play stock accounts these years. If you have the idea of changing a car once you make money, buying a good thing when you make money, etc., you can't hold shares calmly; The more ideas, the more affected by mood fluctuations, the more anxious investors will be, and the more anxious they are, the more they want to trade. If you buy and sell, you can't find the north!</p><p><b>So what's the point of making money? Mr. M admits that wealth brings a sense of security, valuable independence and freedom. However, he has never thought of luxury consumption.</b></p><p>Mr. M also believes that value investment seems to be unfast and slowly moving forward, but in fact it is not slow at all. In the investment decision-making process of nearly 20 years in which he participated, it was Tsingtao Brewery, Zhongjin Lingnan at the beginning, and Kweichow Moutai in the past five or six years that laid their wealth foundation. In the middle five years, when the event-driven investment was made, although it felt like it often made money, looking back, it was actually not fast at all, and it made people extremely tired and anxious.</p><p>Mr. M said that value investment is a win-win situation, which is the process of sharing the wealth creation of listed companies, while speculation is an attempt to put the money from other people's pockets into their own pockets, and the money earned by luck can't last long.</p><p>Silly money is not stupid when it realizes that it is stupid; When the leek realized that it couldn't make another leek, all the sickle sharps couldn't cut.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Earn 500x in 26 years! Can Leeks Really Counterattack?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEarn 500x in 26 years! Can Leeks Really Counterattack?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/9\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">券商中国 </p>\n<p class=\"h-time smaller\">2022-02-20 09:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Make money by luck, lose money by strength! Can Leeks Counterattack? Can Investing Really Change Destiny?</b>Recently, A-shares have been full of twists and turns, and the net value of popular track white horse stocks and \"top-stream\" funds has plummeted. Investors who are deeply involved once again laugh at themselves that \"leeks\" can't escape the fate of being harvested.</p><p>This issue shares a true story of an ordinary investor: this is the story of a two-generation investment relay run of a family. Mr. M's mother and Mr. M have earned about 500 times the income in 26 years, of which the value investment is about a hundred times and the event drive is about 5 times. However, in the eight years at the beginning of their investment road, active investment basically made no money. During this period, they had to follow the ups and downs of the market and endure the abuse of substantial pullback/retracement; However, in the next 18 years, Mr. M summarized his investment mistakes and other people's successful experiences, and his investment income increased exponentially.</p><p>Mr. M always takes the trouble to share with his friends around him: Unless you are willing to be a leek, let others slaughter, leeks through evolution and learning, can grow into a towering tree; Investment should be made as early as possible. The sooner you hit a bloody head, the better. At that time, the principal can afford to lose at a young age; The stock market will help those who help themselves, and their fate is in their own hands. After investors find the right direction and path, the stock market can bring returns that change their fate.</p><p><b>A 26-year 500-fold sample</b></p><p>Mr. M's family was poor since childhood, and his mother crashed into the stock market in a daze. In 1989, Mr. M's mother's company was unable to pay wages, so she gave employees internal employee shares with a face value of 2,000 yuan; In 1995, the company went public, and after the internal employee shares sold off, Mr. M's mother had the principal to invest in the stock market. At that time, the so-called stock trading was sitting on the bench in the lobby of the business department and watching the screen flip. According to hearsay, this fund rose and fell with the market from 1995 to 1998, and the overall amount was flat.</p><p>After graduating from college in 1997, Mr. M entered a large state-owned enterprise. In order to pass the time of his retired mother, he handed over his savings in the past two years to his mother, and their funds combined could settle in the middle room. In 1999, the funds were placed on Shenzhen Yili A, which was later<a href=\"https://laohu8.com/S/000028\">Sinopharm Accord</a>Restructuring, this money made about one and a half times the gain, which was considered a lot of money at the time.</p><p>However, the money earned by luck would still be lost by strength. In the four-year big bear market after 2000, this money floated 70% of the money at its peak in 1999, of which 50% was retraced between 2000 and 2002. But an important turning point came in 2003, when the funds began to be fully positioned<a href=\"https://laohu8.com/S/600600\">Tsingtao Brewery</a>And<a href=\"https://laohu8.com/S/000060\">CICC Lingnan</a>After the completion of Jiancang, these two stocks once again greatly pullback/retracement by nearly 50%. At its lowest point in 2004, it had lost two-thirds of the funds at its peak in 1999.</p><p>Mr. M. was sold in 2009<a href=\"https://laohu8.com/S/600600\">Tsingtao Brewery</a>And<a href=\"https://laohu8.com/S/000060\">CICC Lingnan</a>Yes, Tsingtao Brewery made a profit of nearly 10 times, and Zhongjin Lingnan made a profit of nearly 20 times. Mr. M clearly remembers that in 2003, the initial purchase price of Tsingtao Brewery was close to 8 yuan. After the dilution of bonus shares, dividends and warrant during the share reform period, the purchase cost of Tsingtao Brewery was reduced to more than 4 yuan. Mr. M sold Tsingtao Brewery for more than 40 yuan in 2009, and made a profit of nearly 10 times during the seven-year investment period.</p><p>Mr. M's initial purchase cost of Zhongjin Lingnan is close to 6 yuan. After the dilution of bonus shares and dividends during the share reform period, the purchase cost of Zhongjin Lingnan has dropped to more than 1 yuan. In 2009, Mr. M threw out Zhongjin Lingnan at a price of more than 20 yuan, with a profit of about 20 times.</p><p>However, Mr. M's investment philosophy is still swinging. From 2010 to 2015, he tried the event-driven market that was hot at that time. During this period, he experienced a 40% retracement in 2012 and a halving in 2015, with an overall return of about 5 times.</p><p>After learning from the painful experience in 2015, Mr. M once again returned to the road of value investment, and began to heavily position Maotai at the end of 2015, with a floating profit of nearly 10 times.</p><p><b>A \"leek\" indomitable promotion road</b></p><p>Mr. M was a proper leek at the beginning. With luck, he rose and fell in the stock market, and the huge loss deeply stung Mr. M. He was unwilling to be a leek. Since 2003, he started a tenacious promotion road, and completed the turn from a small scatter to a rational value investor.</p><p><b>He did the following important things right:</b></p><p>One is to learn, learn and learn again. The constant floating losses that began in 2000 made Mr. M's scalp numb, and he began to think about how to change this situation.</p><p>Mr. M is a science and engineering student. At the beginning of entering the stock market, he lacked basic knowledge of the economy and the operation law of the stock market. However, he believes that learning is the best way to make up for the lack of cognition. In the era when the mobile Internet was not yet popular, Mr. M's learning way was to watch TV and subscribe to newspapers. Mr. M. sits in front of the TV on time at 7: 30 every night to watch the financial channel of CCTV, from the economic information broadcast to the economic half-hour, and then to the Chinese stock market report. If he has time, he also tries to watch the \"Trading Time\" in the afternoon. He watches TV and learns until after 10 o'clock in the evening, and takes notes carefully on important information.</p><p>Mr. M still remembers that since 2004, he often bought financial newspapers at newsstands. During the long-term study, Mr. M has formed a basic understanding of the logic of economic operation and the way of investment in the stock market.</p><p>The second is familiarity, familiarity and re-familiarity. From the bottom up, Mr. M is familiar with the fundamentals of his stock buying.</p><p>Even today, Mr. M can still tell several reasons why he bought Tsingtao beer: in early 2000, Mr. M, who was still young, liked to sing karaoke with his friends, and he found that people's preference for beer changed from Heineken to Tsingtao beer; Tsingtao Beer itself is also shifting from the expansion strategy of \"Peng Zuoyi era\" to the stage of \"Jin Zhiguo era\" that not only wants market but also profits; AB Company of the United States privatized Harbin Brewery Company in Hong Kong stocks and took a stake in Tsingtao Brewery. The era of mergers and acquisitions in the beer industry is coming, and industry giants are beginning to appear.</p><p>As for CICC Lingnan, Mr. M said that if you look at the news for a long time, it is not difficult to find that China's real estate market is booming, and commodity prices are driven up for a long time by this factor. CICC Lingnan was the industry leader at that time, so CICC Lingnan was naturally selected. Although he can't go to the field for research, he doesn't miss every opportunity to search and improve the investment information of this stock. He can even remember the longitude and latitude of this company's metal mine, the grade of the mine and other details.</p><p>As a typical man in science and engineering, Mr. M said with emotion that if you don't master theorems and formulas, you will only do wrong questions; If you don't know the construction and performance of machines and equipment, you will definitely not know where the fault is! The same goes for investment. Only by understanding the fundamentals of the company you hold in depth and detail can you not be afraid of market fluctuations.</p><p>Third, independence, independence and independence again. Since holding Tsingtao Brewery and CICC Lingnan, as the stock price rose, the market value gradually increased, and Mr. M's mother moved from the middle room to the large room. The securities broker also looked at it differently, upgrading the treatment of Mr. M's mother, from one computer to watch the market to allocating two or three computers to watch the market. Because Mr. M firmly believes that this is a big market and the stocks he holds are high-quality targets, he holds the stocks and does not trade. As time went on, the broker couldn't sit still and began recommending various stocks and informing various reasons to buy and sell, but Mr. M was unmoved, firm in confidence and resolute not to trade.</p><p>The agent arranged the computer used by Mr. M's mother in the aisle outside the room on the grounds that the room was otherwise used. After a while, the broker arranged for other clients to use the computer, and the treatment of Mr. M's mother changed from three computers to one computer again. Some time later, the broker used the computer used by Mr. M's mother as a public computer for the clients in the lobby to use. Finally, Mr. M had to move to other securities companies. In the process of going through the formalities, the front desk saw the market value of Mr. M's mother and Mr. M, and immediately called the broker to ask for retention. After the broker arrived, he said helplessly, \"Let's go, let's go, no transactions!\"</p><p>In the fuse market in January, 2016, the market was in a hurry and wailing. A close friend of Mr. M called Mr. M with concern, telling him that the market was extremely pessimistic and might be in a state of depression. But Mr. M. told his friend,<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>The market value is only 200 billion yuan, and the PE is only 12 times. In the last fiscal year, the dividend of Dividend will be more than 6 yuan per share, and the Dividend rate will reach more than 3%. There is no need to be afraid. Instead, Mr. M chose to add positions.</p><p><b>In 2020 and 2021, the new energy concept became a hot market, and almost all friends around him participated in it, but Mr. M remained unmoved and still firmly held<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>。</b></p><p>Looking back, Mr. M said with emotion that we must think independently and not be influenced by other people's opinions. It is precisely independence that can have more benefits than friends and relatives around you.</p><p>The fourth is a normal heart, a normal heart, and a normal heart. Because of family reasons, Mr. M's family was poor since childhood. Mr. M's mother was extremely frugal and had the habit of keeping accounts. In the 1980s, she kept accounts accurately to \"points\". Mr. M is also very frugal. Since he joined the job, he has made it clear how much his monthly expenses are. He lives within his means and strives to make savings every month. No matter how difficult it is, Mr. M has savings even if there is not much left in his monthly salary after repaying the mortgage.</p><p>Mr. M said that it is his good living habits and correct view of wealth that can make him hold his shares and not play stock accounts these years. If you have the idea of changing a car once you make money, buying a good thing when you make money, etc., you can't hold shares calmly; The more ideas, the more affected by mood fluctuations, the more anxious investors will be, and the more anxious they are, the more they want to trade. If you buy and sell, you can't find the north!</p><p><b>So what's the point of making money? Mr. M admits that wealth brings a sense of security, valuable independence and freedom. However, he has never thought of luxury consumption.</b></p><p>Mr. M also believes that value investment seems to be unfast and slowly moving forward, but in fact it is not slow at all. In the investment decision-making process of nearly 20 years in which he participated, it was Tsingtao Brewery, Zhongjin Lingnan at the beginning, and Kweichow Moutai in the past five or six years that laid their wealth foundation. In the middle five years, when the event-driven investment was made, although it felt like it often made money, looking back, it was actually not fast at all, and it made people extremely tired and anxious.</p><p>Mr. M said that value investment is a win-win situation, which is the process of sharing the wealth creation of listed companies, while speculation is an attempt to put the money from other people's pockets into their own pockets, and the money earned by luck can't last long.</p><p>Silly money is not stupid when it realizes that it is stupid; When the leek realized that it couldn't make another leek, all the sickle sharps couldn't cut.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a00745cd781f91ef6ef359064c639fbb","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124602561","content_text":"凭运气赚钱，凭实力亏钱！韭菜能逆袭吗？投资真能改变命运吗？近期A股一波三折，热门赛道白马股和“顶流”基金净值重挫，深陷其中的投资者再度自嘲“韭菜”难逃被收割的命运。本期分享一个普通投资者的真实故事：这是一家两代人投资接力奔跑的故事，M先生的母亲和M先生在26年的时间里，赚取了大约500倍的收益，其中价值投资约为一百倍，事件驱动约为5倍。但在他们投资之路开端的8年时间中，主动投资基本没有赚过钱，期间还要跟着市场沉浮，忍耐大幅回撤的凌虐；但后18年时间中，M先生总结自己的投资错误和别人的成功经验，投资收益获得指数级别增长。M先生总是不厌其烦地与身边的朋友分享：除非你甘愿做一枚韭菜，任人宰割，韭菜通过进化和学习，是可以长成参天大树的；投资要趁早，越早碰得头破血流越好，那个时候本金小年纪轻输得起；股市会帮助自助者，命运是掌握在自己的手中，投资者在找到了正确的方向和路径后，股市能够带来改变命运的回报。一个26年500倍的样本M先生自幼家境清贫，他的妈妈是稀里糊涂一头撞进股市的。1989年，M先生的妈妈所在的公司无法发出工资，就给职工发了面值2000元的内部职工股；1995年，这家公司上市，内部职工股抛售后，M先生的妈妈才有了在股市进行投资的本金。当时的所谓炒股，就是坐在营业部大厅的条凳上看着屏幕翻屏，道听途说，这笔资金在1995年至1998年期间跟着市场沉沉浮浮，整体持平。M先生1997年大学毕业后进入一家大型国企，为了让退休的母亲打发时间，他将自己近两年的积蓄上交给母亲，两人的资金合起来可以入驻中户室。1999年，这笔资金押中了深益力A，深益力A后来被国药一致重组，这笔资金获得了大约一倍半的收益，这在当时算得上是赚了一笔大钱。但是凭运气赚来的钱，还是会凭实力亏回去。在2000年之后的四年大熊市中，这笔资金浮亏了1999年高峰时期70%的钱，其中，2000年到2002年回撤了50%。但重要的转折就发生在2003年，这笔资金开始全仓青岛啤酒和中金岭南，建仓完毕后，这两只个股再度大幅回撤近50%。截至2004年最低点时，已经浮亏掉了1999年高峰时期资金的三分之二。M先生是在2009年卖掉青岛啤酒和中金岭南的，青岛啤酒获利近10倍，中金岭南获利近20倍。M先生清晰地记得，2003年青岛啤酒的初始买入价接近8块，经过股改时期的送股、分红、权证等摊薄，青岛啤酒的买入成本降低至4块多。M先生在2009年以40多元的价格卖出了青岛啤酒，在长达7年的投资期中，获利近10倍。M先生对中金岭南的初始买入成本接近6块，经过股改时期的送股、分红等摊薄后，中金岭南的买入成本降至为1块多。2009年M先生以20多块钱的价格抛出了中金岭南，获利约20倍。但M先生的投资理念仍在摇摆中，2010年至2015年，他尝试了当时市场大热的事件驱动，期间经历了2012年回撤40%和2015年的腰斩，总体收益约为5倍。经过2015年的痛定思痛，M先生再度回到了价值投资之路上，并从2015年末开始重仓茅台，浮盈近10倍。一个“韭菜”百折不挠的晋级之路M先生开始是一枚妥妥的韭菜，凭着运气在股市里沉浮，巨幅的亏损深深地刺痛了M先生。他不甘于做一枚韭菜，从2003年后开始了顽强的晋级之路，完成了从小散到理性价值投资者的转身。他做对了以下几项重要的事：一是学习、学习、再学习。2000年开始的不断浮亏让M先生头皮发麻，他便开始思考如何才能改变这一现状。M先生是理工生，在踏入股市之初，他对经济和股市的运行规律缺乏基本的认知。但他认为，学习是弥补认知不足最好的方式，在移动互联网还没有普及的年代，M先生的学习方式是看电视、订报纸。M先生每晚7:30准时坐在电视机前收看中央电视台的财经频道，从经济信息联播到经济半小时、再到中国股市报道，如果有时间的话，下午的《交易时间》也争取收看，看电视学习的时间持续到晚上10点钟以后，重要的信息还认真地做笔记。M先生还记得2004年开始，经常在报摊买财经报纸看。在长期的学习中，M先生对经济运行逻辑和股市的投资之道形成了基本的认识。二是熟悉、熟悉、再熟悉。M先生自下而上，对自己买入股票的基本面烂熟于心。直到今天，M先生依然能如数家珍般地说出当初买青岛啤酒的几个理由：2000年初，尚年轻的M先生和朋友们喜欢一起去唱K，他发现人们对啤酒的偏好从喜力转向青岛啤酒；青岛啤酒自身也正从“彭作义时代”的扩张战略转向“金志国时代”不仅要市场还要利润阶段；美国AB公司港股私有化哈尔滨啤酒公司，入股青啤，啤酒行业并购整合时代来临，行业巨头初现。至于中金岭南，M先生说，如果长期看新闻，就不难发现中国房地产市场的蓬勃发展，大宗商品价格受此因素推动长期向上，中金岭南当时是行业龙头，自然就选中了中金岭南。尽管不能到实地调研，但他不放过每一个搜寻并完善这只个股投资信息的机会，他甚至能记得这家公司金属矿的经纬度、矿的品位等细节。作为一名典型的理工男，M先生感慨地说，如果不掌握定理和公式，那只会做错题；如果不了解机器设备的构造和性能，肯定就不知道故障在哪里！投资也一样，只有深入细致地了解所持公司的基本面，才能在市场波动中不恐惧。三是独立、独立、再独立。自持有青啤和中金岭南后，随着股价上涨，市值也逐渐增加，M先生的母亲从中户室移入大户室。证券经纪人也另眼相看，为M先生的母亲升级待遇，从一台电脑看行情，到分配两台、三台电脑看行情。M先生因为坚信这是一波大行情且所持有股票是优质标的，就持股不动没有交易。随着时间推移，经纪人坐不住了，开始推荐各种股票，告知各种买入卖出的理由，但M先生不为所动，坚定信心，坚决不交易。经纪人就以房间另有用途为由将M先生的母亲所使用的电脑安排至房间外的过道上。过了一段时间，经纪人又安排其他客户来使用电脑，M先生母亲的待遇从三台电脑再度变成一台电脑。又过了一段时间，经纪人将M先生母亲所使用的电脑作为公用电脑供大厅的客户来使用。最后，M先生只好转迁其它证券公司，在办理手续过程中，前台看到M先生母亲和M先生的市值，立马打电话给经纪人要求挽留，经纪人赶来后无奈地说：“走吧，走吧，不做交易的！”2016年1月份的熔断行情中，市场风声鹤唳、哀嚎遍野，M先生的一位挚友关切地致电给M先生，告知市场极度悲观，可能会一蹶不振。但M先生告诉朋友，贵州茅台的市值只有两千来亿、PE只有12倍，上一财年股息分红每股将有6元以上，股息率达到了3%以上，完全没有必要恐惧。M先生反而选择了加仓。2020年和2021年新能源概念成为市场的大热，身边的朋友几乎都参与其中，但M先生不为所动，依然坚定持有贵州茅台。回首往事，M先生感慨地说，一定要有独立的思考，不为他人的观点所左右。恰恰是独立，才能比身边的亲朋好友有更多的收益。四是平常心、平常心、再平常心。M先生因为家庭原因，自幼家境清贫，M先生的母亲极度节俭，有记账的习惯，八十年代时精确到“分”来记账。M先生也很节俭，自参加工作后，就明确自己每月的开支是多少，量入为出，争取做到每月都有节余。无论再困难，即使还房贷后每月工资所剩不多，M先生也有节余。M先生说，正是自己量入为出的良好生活习惯和正确的财富观，才能让自己这些年持股不动，不打股票账户的主意。如果你一旦有了赚了钱就换部车、赚了钱要买个好东西等诸如此类的想法，就不能淡定持股；想法越多，受情绪波动的影响越大，投资者就会越焦虑，越焦虑就越想交易，买着卖着、卖着买着就找不到北了！那么赚钱的意义何在？M先生坦言，财富带来的是安全感，是可贵的独立和自由，不过，自己从没有想过奢侈消费。M先生还认为，价值投资貌似不快、徐徐前进，其实一点都不慢，在自己参与的近二十年间投资决策过程中，正是开始的青啤、中金岭南，和这五六年间的贵州茅台奠定了自己的财富基础，在中间的五年间的事件驱动投资时，虽然感觉上经常赚钱、但回头看，其实一点也不快，还把人弄得极为疲惫、情绪极度焦虑。M先生表示，价值投资是共赢，是分享上市公司财富创造的过程，而投机是试图将别人口袋的钱装入自己口袋，凭运气赚来的钱无法长久。当傻钱意识到自己傻的时候，傻钱就不傻了；当韭菜意识到不能再做一枚韭菜时，所有的镰刀利器就割不动了。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":3708,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9095828707,"gmtCreate":1644884039503,"gmtModify":1676533971310,"author":{"id":"3586771609683476","authorId":"3586771609683476","name":"JackJiang","avatar":"https://static.tigerbbs.com/21d7e0d2a9c7ff66594d11d8cc825e95","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586771609683476","idStr":"3586771609683476"},"themes":[],"htmlText":"Good👍","listText":"Good👍","text":"Good👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9095828707","repostId":"1143952641","repostType":4,"repost":{"id":"1143952641","kind":"news","pubTimestamp":1644830183,"share":"https://ttm.financial/m/news/1143952641?lang=en_US&edition=fundamental","pubTime":"2022-02-14 17:16","market":"us","language":"zh","title":"The \"lover\" of the stock god: After six years together, where did Buffett fall in love with Apple?","url":"https://stock-news.laohu8.com/highlight/detail?id=1143952641","media":"36氪财经","summary":"入股苹果，巴菲特大赚1341亿美元。","content":"<p><html><head></head><body>Author | Lin Yulian</p><p>For decades, Buffett has long doted on the consumer and financial sectors and is not keen on investing in tech stocks. However, since January 2016,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The world's leading technology company has become Buffett's \"favorite\" and now occupies Buffett's companies<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>42.73% position in the portfolio. From sneering at technology stocks to now spending the largest position to buy Apple and \"holding hands\" for six years, where did Buffett fall in love with Apple?</p><p>Buffett is optimistic that most companies have moat characteristics and excellent management. In addition to product strength and management, Apple's unique feature is that it has strong consumption attributes as a technology stock, and its return on net assets has performed well for many consecutive years. As Apple's stock price kept rising, Buffett made a lot of money, and the $134.1 billion investment income in Apple helped Berkshire withstand the negative impact of the pandemic.</p><p>At present, Berkshire's market value has exceeded 700 billion dollars. Against the background that the Fed's rate hike is expected to envelop the market, will this world's top insurance group, which has long operated in the \"investment + insurance\" mode, become the fifth trillion-dollar company?</p><p><b>Investing in Apple: Berkshire's third-largest business</b></p><p>In February 2020, Buffett admitted in a CNBC interview that Apple may be the best business in the world. It is not only a stock, but also Berkshire's third business. At the beginning of this year, Apple's share price once rose to a record high of $182.94/share, becoming the first giant company in the world to enter a market value of $3 trillion, which attracted market attention.</p><p>As of February 11th, Apple closed at $168.64, with a total market value of $2.75 trillion, exceeding the total GDP of the UK in 2020 of $2.71 trillion, equivalent to 7.5 Maotai.</p><p><img src=\"https://static.tigerbbs.com/fc05273ee76ab1ecf41ca6859e0ddcd7\" tg-width=\"550\" tg-height=\"339\" referrerpolicy=\"no-referrer\"/></p><p>Among the many investors in review, Buffett is undoubtedly the biggest winner. Buffett's purchase of Apple goes back to 2016, when his potential successors, investment managers Todd Combs and Ted Weisler, guided his fund to buy 9.81 million Apple shares. After getting Buffett's approval, Berkshire began to heavily position itself in Apple.</p><p>Since taking a position, Berkshire has also sold some Apple shares. In 2020, Apple's stock price cut in half, and Buffett reduced his position slightly in the third quarter, earning $11 billion in revenue. As of January 3, 2022, Berkshire held a total of 908 million Apple shares, with a shareholding ratio of 5.56%. Based on the stock price of that day, the shareholding value was 165.3 billion USD, minus the cumulative investment of 31.089 billion USD in 2020, making a huge profit of more than 134.1 billion USD, which aroused the envy of the market.</p><p><img src=\"https://static.tigerbbs.com/2b6123aa7605eb1074af7e2a93fafeb9\" tg-width=\"550\" tg-height=\"240\" referrerpolicy=\"no-referrer\"/>Data source: CNBC<img src=\"https://static.tigerbbs.com/236f8ead633b3024a9f008d243b983b1\" tg-width=\"550\" tg-height=\"84\" referrerpolicy=\"no-referrer\"/>Source: Corporate earnings report;<a href=\"https://laohu8.com/S/KRKR\">36 Krypton</a>charting</p><p>Investing in Apple helped Berkshire's two pillar businesses, insurance and railroads, take a huge hit due to the pandemic, and the company weathered the Covid shock. Apple's share price soared 33% in just one year in 2021, and to this day, Apple is the highest owned company in Berkshire's portfolio, with a position of over 40%. In 2021, Berkshire Hathaway shares rose 30%, slightly more than the S&P 500's 27% gain.</p><p><img src=\"https://static.tigerbbs.com/acd8a53bdd5ff0b54b22563a8a3a4de9\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\"/>Apple's cumulative total returns in the past five years have outperformed the S&P 500 and NasdaqSource: Apple Earnings</p><p>Why is Buffett, who has always scoffed at technology stocks, willing to hold Apple for a long time? At the shareholders' meeting in May 2021, Buffett revealed the core reason why he is optimistic about Apple. \"Apple is an extraordinary company. They have excellent management, and their products have loyal fans all over the world. Apple's brands and products are very outstanding, and their profit margins are also very high. At the same time, mobile phones are an essential must-have in the lives of all young people.\"</p><p>In addition, an enterprise whose ROE (return on net assets) is 20%-30% for a long time can be regarded as an excellent enterprise, while only enterprises whose ROE is not less than 20% and can grow steadily can enter Buffett's investment range. A careful look at Apple's financial indicators shows that Apple's ROE performance is equally amazing, exceeding 30% for five consecutive years and continuing to grow. For Buffett, who attaches great importance to ROE in stock selection, this undoubtedly greatly increases his bargaining chips.</p><p><img src=\"https://static.tigerbbs.com/8a29f13184edf57b9af5676e5d5dc18b\" tg-width=\"550\" tg-height=\"331\" referrerpolicy=\"no-referrer\"/>Data Source:<a href=\"https://laohu8.com/S/300033\">Flush</a>； 36 Krypton mapping</p><p><b>Buffett's Investment Strategy: Firmly Believe in Value Investing</b></p><p>Since the 1950s, Buffett's name has resounded throughout the investment circle and become a legendary myth. In 2021, Buffett reached No. 6 on the Forbes list with a net worth of $96 billion.</p><p>Buffett has always advocated the concept of value investment. After the collapse of the US stock market in 1929, value investment was first proposed by Graham, the godfather of Wall Street, in Securities Analysis, that is, the so-called \"cigarette butt picking\": the remaining cigarette butts were yellow and moldy, but if they could take a free sip, they would be of supreme value. The kernel of value investment is that the margin of safety is high enough, and on this basis, long-term holding can obtain safe and stable income.</p><p>Buffett was attracted to his book \"The Smart Investor\" at the age of 19, and then went to Columbia University to become a student of Graham. He was influenced by Graham's investment philosophy throughout his life. Buffett's investment logic is also very clear: discover valuable but undervalued companies, and then take a stake in that company for a long time. \"If you're not prepared to hold a stock for ten years, don't hold that stock for even ten minutes\".</p><p>Buffett's position directly verifies the above statement. At the end of 2019, Berkshire owned seven stocks that had been held for more than 15 years, namely<a href=\"https://laohu8.com/S/WPO\">The Washington Post</a>、<a href=\"https://laohu8.com/S/KO\">Coca Cola</a>、<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>Procter & Gamble,<a href=\"https://laohu8.com/S/AXP\">American Express</a>Company,<a href=\"https://laohu8.com/S/MCO\">Moody's</a>Company, GEICO Insurance. Among them, the holding period for the Washington Post is up to 41 years, and the holding period for GEICO Insurance is up to 44 years.</p><p>In terms of industry selection, Buffett prefers traditional industries with stable competition pattern such as finance, consumption and public utilities; At the company level, Buffett values whether the enterprise has a moat and excellent management, and whether it has advantages in brand, product characteristics, and business model cost control. The so-called moat characteristics are embodied in large scale, sustained profit, high ROE, low debt and simple business.</p><p>In its third quarter position report (13F) as of September 30, 2021, Berkshire's top five holdings were Apple,<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>American Express, Coca-Cola,<a href=\"https://laohu8.com/S/KHC\">Kraft Heinz</a>, accounting for 42.78%, 14.61%, 8.65%, 7.15% and 4.09% of the investment portfolio, respectively.</p><p><b>Berkshire: The Next Trillion Dollar Company?</b></p><p>As the world's top insurance group, Berkshire's predecessor can be traced back to Valley Falls Company founded in Valley Falls, Rhode Island in 1939. Valley Falls merged with other companies over and over again during the years of development, and eventually became a textile mill with 15 factories and more than 12,000 workers. It was the early Berkshire Hathaway. By the end of the twentieth century, Berkshire was on the verge of collapse following a series of factory closures and layoffs.</p><p>In 1965, Buffett began to take the helm of Berkshire, began to invest in secondary market stocks and participate in real enterprises, and continued to outperform the US stock market. Its subsidiaries involved insurance, railway, energy, manufacturing and other industries.</p><p>In 2021, Berkshire ranked 11th on the Fortune World 500 with $245.51 billion in operating income and $42.52 billion in profit. As of the close of trading on February 11th, Berkshire reported $479,400 per share, with a market value of $713.745 billion. Since this year, it has risen by 6.37%, outperforming the S&P 500 (-7.29%).</p><p>Since the beginning of the year, the market has been wailing. Under the expectation of tightening monetary policy in the United States, technology stocks are under pressure, and value stocks may benefit. Under this background, Berkshire, which has always insisted on value investment, is expected to follow Apple,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>、<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>、<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>After that, it became the next trillion-dollar market cap company.</p><p>For this slightly radical judgment, Berkshire Insurance + Investment operation mode has huge advantages. For many years, the public's attention to Buffett has mostly focused on the investment side, but not much mention of its debt side. In fact, the close cooperation between the two established Buffett's unique investment style.</p><p>On the liability side, first of all, Berkshire's source of funds is mainly non-life insurance premiums. Many of its insurance companies can not only get sustained premium income, but also have a much lower comprehensive cost ratio than their peers, and even get some zero-cost or even negative-cost funds.</p><p>Secondly, Berkshire, as an insurance group mainly engaged in non-life insurance, has a duration of many of its non-life insurance products within one year, and then superimposes the capital occupation for compensation. Berkshire needs to keep a large number of cash positions to cope with the above situation. Moreover, the asset management strategy of maintaining high liquidity will directly affect the decision-making on the investment side.</p><p><img src=\"https://static.tigerbbs.com/48cd1d3a0fe094c6d543c05865cf0abb\" tg-width=\"550\" tg-height=\"347\" referrerpolicy=\"no-referrer\"/>Data source: Flush; 36 Krypton mapping</p><p>Due to the consideration of premium safety, Berkshire's investment style is more stable. In addition to high requirements for asset-liability matching and risk-return, it also strictly controls financial leverage, and its leverage ratio is far lower than that of the whole industry level of American property insurance and life insurance.</p><p>In terms of investment style, based on the characteristics of its own debt side, Berkshire always adheres to the value investment principles such as moat and margin of safety, and avoids technology stocks with higher valuation.</p><p>On the other hand, the macro background may have little impact on Berkshire. At the beginning of the year, as the Federal Reserve hinted that it would rate hike in March, the obviously hawkish statement and the soaring yield of U.S. bonds, the market sold off highly valued stocks and turned to value defensive stocks for hedging. Berkshire, which is known for its steady style, was popular with the market against the trend.</p><p>Take examples as evidence. Since the beginning of this year, Cathie Wood, a wooden sister who is optimistic about technology stocks and is known as the \"female version of Buffett\", has encountered Waterloo. In the turmoil at the beginning of the year, Buffett still sits firmly in Diaoyutai. Previously, Sister Wood owned six<a href=\"https://laohu8.com/S/C76.SI\">Innovation and Technology</a>Funds once far outperformed the broader market, and ARKK has also performed well since the pandemic. However, as macro liquidity has changed, the performance gap between Berkshire and Ark Innovation ETF has narrowed to only 8 percentage points.</p><p><img src=\"https://static.tigerbbs.com/f26e36f3ba79a62693b4917318f8eb90\" tg-width=\"550\" tg-height=\"335\" referrerpolicy=\"no-referrer\"/>Data Source : Financial Times</p><p>Whether Berkshire becomes the next trillion-dollar company at its current valuation level will take time. On Jan. 25, Berkshire claimed it expected to host and webcast its 2022 AGM live on April 30. Affected by the pandemic, Berkshire has completed two consecutive shareholder meetings online. The meeting will disclose the relevant contents of the 2021 annual report, which will be released on February 26th.</p><p></body></html></p>","source":"36k","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The \"lover\" of the stock god: After six years together, where did Buffett fall in love with Apple?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe \"lover\" of the stock god: After six years together, where did Buffett fall in love with Apple?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪财经</strong><span class=\"h-time small\">2022-02-14 17:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Author | Lin Yulian</p><p>For decades, Buffett has long doted on the consumer and financial sectors and is not keen on investing in tech stocks. However, since January 2016,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The world's leading technology company has become Buffett's \"favorite\" and now occupies Buffett's companies<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>42.73% position in the portfolio. From sneering at technology stocks to now spending the largest position to buy Apple and \"holding hands\" for six years, where did Buffett fall in love with Apple?</p><p>Buffett is optimistic that most companies have moat characteristics and excellent management. In addition to product strength and management, Apple's unique feature is that it has strong consumption attributes as a technology stock, and its return on net assets has performed well for many consecutive years. As Apple's stock price kept rising, Buffett made a lot of money, and the $134.1 billion investment income in Apple helped Berkshire withstand the negative impact of the pandemic.</p><p>At present, Berkshire's market value has exceeded 700 billion dollars. Against the background that the Fed's rate hike is expected to envelop the market, will this world's top insurance group, which has long operated in the \"investment + insurance\" mode, become the fifth trillion-dollar company?</p><p><b>Investing in Apple: Berkshire's third-largest business</b></p><p>In February 2020, Buffett admitted in a CNBC interview that Apple may be the best business in the world. It is not only a stock, but also Berkshire's third business. At the beginning of this year, Apple's share price once rose to a record high of $182.94/share, becoming the first giant company in the world to enter a market value of $3 trillion, which attracted market attention.</p><p>As of February 11th, Apple closed at $168.64, with a total market value of $2.75 trillion, exceeding the total GDP of the UK in 2020 of $2.71 trillion, equivalent to 7.5 Maotai.</p><p><img src=\"https://static.tigerbbs.com/fc05273ee76ab1ecf41ca6859e0ddcd7\" tg-width=\"550\" tg-height=\"339\" referrerpolicy=\"no-referrer\"/></p><p>Among the many investors in review, Buffett is undoubtedly the biggest winner. Buffett's purchase of Apple goes back to 2016, when his potential successors, investment managers Todd Combs and Ted Weisler, guided his fund to buy 9.81 million Apple shares. After getting Buffett's approval, Berkshire began to heavily position itself in Apple.</p><p>Since taking a position, Berkshire has also sold some Apple shares. In 2020, Apple's stock price cut in half, and Buffett reduced his position slightly in the third quarter, earning $11 billion in revenue. As of January 3, 2022, Berkshire held a total of 908 million Apple shares, with a shareholding ratio of 5.56%. Based on the stock price of that day, the shareholding value was 165.3 billion USD, minus the cumulative investment of 31.089 billion USD in 2020, making a huge profit of more than 134.1 billion USD, which aroused the envy of the market.</p><p><img src=\"https://static.tigerbbs.com/2b6123aa7605eb1074af7e2a93fafeb9\" tg-width=\"550\" tg-height=\"240\" referrerpolicy=\"no-referrer\"/>Data source: CNBC<img src=\"https://static.tigerbbs.com/236f8ead633b3024a9f008d243b983b1\" tg-width=\"550\" tg-height=\"84\" referrerpolicy=\"no-referrer\"/>Source: Corporate earnings report;<a href=\"https://laohu8.com/S/KRKR\">36 Krypton</a>charting</p><p>Investing in Apple helped Berkshire's two pillar businesses, insurance and railroads, take a huge hit due to the pandemic, and the company weathered the Covid shock. Apple's share price soared 33% in just one year in 2021, and to this day, Apple is the highest owned company in Berkshire's portfolio, with a position of over 40%. In 2021, Berkshire Hathaway shares rose 30%, slightly more than the S&P 500's 27% gain.</p><p><img src=\"https://static.tigerbbs.com/acd8a53bdd5ff0b54b22563a8a3a4de9\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\"/>Apple's cumulative total returns in the past five years have outperformed the S&P 500 and NasdaqSource: Apple Earnings</p><p>Why is Buffett, who has always scoffed at technology stocks, willing to hold Apple for a long time? At the shareholders' meeting in May 2021, Buffett revealed the core reason why he is optimistic about Apple. \"Apple is an extraordinary company. They have excellent management, and their products have loyal fans all over the world. Apple's brands and products are very outstanding, and their profit margins are also very high. At the same time, mobile phones are an essential must-have in the lives of all young people.\"</p><p>In addition, an enterprise whose ROE (return on net assets) is 20%-30% for a long time can be regarded as an excellent enterprise, while only enterprises whose ROE is not less than 20% and can grow steadily can enter Buffett's investment range. A careful look at Apple's financial indicators shows that Apple's ROE performance is equally amazing, exceeding 30% for five consecutive years and continuing to grow. For Buffett, who attaches great importance to ROE in stock selection, this undoubtedly greatly increases his bargaining chips.</p><p><img src=\"https://static.tigerbbs.com/8a29f13184edf57b9af5676e5d5dc18b\" tg-width=\"550\" tg-height=\"331\" referrerpolicy=\"no-referrer\"/>Data Source:<a href=\"https://laohu8.com/S/300033\">Flush</a>； 36 Krypton mapping</p><p><b>Buffett's Investment Strategy: Firmly Believe in Value Investing</b></p><p>Since the 1950s, Buffett's name has resounded throughout the investment circle and become a legendary myth. In 2021, Buffett reached No. 6 on the Forbes list with a net worth of $96 billion.</p><p>Buffett has always advocated the concept of value investment. After the collapse of the US stock market in 1929, value investment was first proposed by Graham, the godfather of Wall Street, in Securities Analysis, that is, the so-called \"cigarette butt picking\": the remaining cigarette butts were yellow and moldy, but if they could take a free sip, they would be of supreme value. The kernel of value investment is that the margin of safety is high enough, and on this basis, long-term holding can obtain safe and stable income.</p><p>Buffett was attracted to his book \"The Smart Investor\" at the age of 19, and then went to Columbia University to become a student of Graham. He was influenced by Graham's investment philosophy throughout his life. Buffett's investment logic is also very clear: discover valuable but undervalued companies, and then take a stake in that company for a long time. \"If you're not prepared to hold a stock for ten years, don't hold that stock for even ten minutes\".</p><p>Buffett's position directly verifies the above statement. At the end of 2019, Berkshire owned seven stocks that had been held for more than 15 years, namely<a href=\"https://laohu8.com/S/WPO\">The Washington Post</a>、<a href=\"https://laohu8.com/S/KO\">Coca Cola</a>、<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>Procter & Gamble,<a href=\"https://laohu8.com/S/AXP\">American Express</a>Company,<a href=\"https://laohu8.com/S/MCO\">Moody's</a>Company, GEICO Insurance. Among them, the holding period for the Washington Post is up to 41 years, and the holding period for GEICO Insurance is up to 44 years.</p><p>In terms of industry selection, Buffett prefers traditional industries with stable competition pattern such as finance, consumption and public utilities; At the company level, Buffett values whether the enterprise has a moat and excellent management, and whether it has advantages in brand, product characteristics, and business model cost control. The so-called moat characteristics are embodied in large scale, sustained profit, high ROE, low debt and simple business.</p><p>In its third quarter position report (13F) as of September 30, 2021, Berkshire's top five holdings were Apple,<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>American Express, Coca-Cola,<a href=\"https://laohu8.com/S/KHC\">Kraft Heinz</a>, accounting for 42.78%, 14.61%, 8.65%, 7.15% and 4.09% of the investment portfolio, respectively.</p><p><b>Berkshire: The Next Trillion Dollar Company?</b></p><p>As the world's top insurance group, Berkshire's predecessor can be traced back to Valley Falls Company founded in Valley Falls, Rhode Island in 1939. Valley Falls merged with other companies over and over again during the years of development, and eventually became a textile mill with 15 factories and more than 12,000 workers. It was the early Berkshire Hathaway. By the end of the twentieth century, Berkshire was on the verge of collapse following a series of factory closures and layoffs.</p><p>In 1965, Buffett began to take the helm of Berkshire, began to invest in secondary market stocks and participate in real enterprises, and continued to outperform the US stock market. Its subsidiaries involved insurance, railway, energy, manufacturing and other industries.</p><p>In 2021, Berkshire ranked 11th on the Fortune World 500 with $245.51 billion in operating income and $42.52 billion in profit. As of the close of trading on February 11th, Berkshire reported $479,400 per share, with a market value of $713.745 billion. Since this year, it has risen by 6.37%, outperforming the S&P 500 (-7.29%).</p><p>Since the beginning of the year, the market has been wailing. Under the expectation of tightening monetary policy in the United States, technology stocks are under pressure, and value stocks may benefit. Under this background, Berkshire, which has always insisted on value investment, is expected to follow Apple,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>、<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>、<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>After that, it became the next trillion-dollar market cap company.</p><p>For this slightly radical judgment, Berkshire Insurance + Investment operation mode has huge advantages. For many years, the public's attention to Buffett has mostly focused on the investment side, but not much mention of its debt side. In fact, the close cooperation between the two established Buffett's unique investment style.</p><p>On the liability side, first of all, Berkshire's source of funds is mainly non-life insurance premiums. Many of its insurance companies can not only get sustained premium income, but also have a much lower comprehensive cost ratio than their peers, and even get some zero-cost or even negative-cost funds.</p><p>Secondly, Berkshire, as an insurance group mainly engaged in non-life insurance, has a duration of many of its non-life insurance products within one year, and then superimposes the capital occupation for compensation. Berkshire needs to keep a large number of cash positions to cope with the above situation. Moreover, the asset management strategy of maintaining high liquidity will directly affect the decision-making on the investment side.</p><p><img src=\"https://static.tigerbbs.com/48cd1d3a0fe094c6d543c05865cf0abb\" tg-width=\"550\" tg-height=\"347\" referrerpolicy=\"no-referrer\"/>Data source: Flush; 36 Krypton mapping</p><p>Due to the consideration of premium safety, Berkshire's investment style is more stable. In addition to high requirements for asset-liability matching and risk-return, it also strictly controls financial leverage, and its leverage ratio is far lower than that of the whole industry level of American property insurance and life insurance.</p><p>In terms of investment style, based on the characteristics of its own debt side, Berkshire always adheres to the value investment principles such as moat and margin of safety, and avoids technology stocks with higher valuation.</p><p>On the other hand, the macro background may have little impact on Berkshire. At the beginning of the year, as the Federal Reserve hinted that it would rate hike in March, the obviously hawkish statement and the soaring yield of U.S. bonds, the market sold off highly valued stocks and turned to value defensive stocks for hedging. Berkshire, which is known for its steady style, was popular with the market against the trend.</p><p>Take examples as evidence. Since the beginning of this year, Cathie Wood, a wooden sister who is optimistic about technology stocks and is known as the \"female version of Buffett\", has encountered Waterloo. In the turmoil at the beginning of the year, Buffett still sits firmly in Diaoyutai. Previously, Sister Wood owned six<a href=\"https://laohu8.com/S/C76.SI\">Innovation and Technology</a>Funds once far outperformed the broader market, and ARKK has also performed well since the pandemic. However, as macro liquidity has changed, the performance gap between Berkshire and Ark Innovation ETF has narrowed to only 8 percentage points.</p><p><img src=\"https://static.tigerbbs.com/f26e36f3ba79a62693b4917318f8eb90\" tg-width=\"550\" tg-height=\"335\" referrerpolicy=\"no-referrer\"/>Data Source : Financial Times</p><p>Whether Berkshire becomes the next trillion-dollar company at its current valuation level will take time. On Jan. 25, Berkshire claimed it expected to host and webcast its 2022 AGM live on April 30. Affected by the pandemic, Berkshire has completed two consecutive shareholder meetings online. The meeting will disclose the relevant contents of the 2021 annual report, which will be released on February 26th.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/td4Tf0RDcVBGqfZO5CP2qQ\">36氪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9beffeecb928009bf6287e307899ffe3","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔","AAPL":"苹果"},"source_url":"https://mp.weixin.qq.com/s/td4Tf0RDcVBGqfZO5CP2qQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143952641","content_text":"作者 | 林玉莲几十年来，巴菲特长期宠爱消费和金融行业，并不热衷于投资科技股。然而自2016年1月以来，苹果这一全球头部科技公司成为巴菲特的“心头好”，目前已占据巴菲特旗下公司伯克希尔投资组合42.73%的仓位。从对科技股嗤之以鼻，到现在花最大仓位买入苹果，“执手”六年，巴菲特到底爱上了苹果哪里？巴菲特看好企业大都具有护城河特征，以及拥有卓越的管理层。除开产品力、管理层，苹果的独特之处在于作为科技股却有着浓厚的消费属性，以及净资产收益率连续多年表现卓越。随着苹果股价一路走高，巴菲特赚得盆满钵地，1341亿美元对苹果的投资收益帮助伯克希尔扛住了来自疫情的负面影响。当下，伯克希尔的市值已经超过7000亿美元，在美联储加息预期笼罩市场的背景下，这家长期以“投资+保险”模式运作的世界顶级保险集团会成为第五个万亿美元公司吗？投资苹果：伯克希尔第三大业务2020年2月，巴菲特曾在CNBC采访中坦言，苹果可能是世界上最好的企业，它不仅是一只股票，更是伯克希尔的第三项业务。今年年初，苹果股价一度涨至历史新高182.94美元/股，成为全球首家迈入三万亿美元市值的巨头公司，引发市场关注。截至2月11日，苹果报收168.64美元，总市值2.75万亿美元，超过英国2020年GDP总值2.71万亿美元，相当于个7.5个茅台。复盘重仓苹果的众多投资人，巴菲特无疑是最大赢家。巴菲特买入苹果的历程还要回溯到2016年，其潜在接班人投资经理托德·库姆斯和泰德·韦斯勒，指导旗下基金买入了981万股苹果股票。在得到巴菲特批准后，伯克希尔开始大举重仓苹果。持仓以来，伯克希尔也曾出售部分苹果的股票。2020年，苹果股价腰斩，巴菲特在第三季度略微减仓，获得了110亿美元的收入。截至2022年1月3日，伯克希尔累计持有9.08亿苹果股票，持股比例5.56%，按当日股价计算，持股价值1653亿美元，减去2020年累计投入310.89亿美元，大赚1341亿美元有余，惹得市场羡艳。数据来源：CNBC数据来源：公司财报；36氪制图由于疫情的影响，伯克希尔两项支柱业务——保险和铁路均受到了巨大的打击，投资苹果帮助该公司顺利度过了新冠冲击。在2021年仅仅一年的时间内，苹果股价飙升33%，时至今日，苹果是伯克希尔投资组合中持股比例最高的公司，其仓位超40%。2021年，伯克希尔哈撒韦股价上涨30%，略高于标普500指数27%的涨幅。苹果近五年累计总回报跑赢标普500和纳斯达克指数 　　数据来源：苹果财报一向对科技股嗤之以鼻的巴菲特为何愿意长期持有苹果？在2021年5月的股东大会上，巴菲特透露了看好苹果的核心原因，“苹果是一个非凡的公司，他们有优秀的管理层，他们的产品在全球范围也有忠实的粉丝，苹果的品牌和产品都非常杰出，利润率也非常高。同时手机在所有年轻人生活中都是必不可少的必备品。”此外，一家企业ROE（净资产收益率）较长时间处于20%-30%可算作优秀企业，而ROE不低于20%且能够稳定增长的企业才能进入巴菲特的投资范围。仔细查看苹果财务指标可以发现，苹果的ROE表现同样惊人，连续五年都超过了30%且持续增长，对选股极其看重ROE的巴菲特而言，这无疑是大大加重了筹码。数据来源：同花顺；36氪制图巴菲特投资策略：坚信价值投资自上世纪50年代以来，巴菲特的名号就响彻了投资圈，成为具有传奇色彩的神话。2021年，巴菲特凭借960亿美元的身价登上福布斯排行榜第6位。一直以来，巴菲特倡导价值投资理念。1929年美股大崩溃后，价值投资由华尔街教父格雷厄姆在《证券分析》中被首次提出，即所谓的“捡烟蒂”：被人抽剩下的烟蒂泛黄又发霉，但若是能抽上免费的一口，便有无上的价值。价值投资的内核是安全边际足够高，在此基础上长期持有才能获得安全而稳定的收益。巴菲特在19岁时被其著作《聪明的投资者》吸引，之后前往哥伦比亚大学成为格雷厄姆的学生，一生受到格雷厄姆投资理念的影响。巴菲特的投资逻辑也非常清楚：发现有价值但被低估的公司，然后长期持有该公司的股份。“如果你没有持有一种股票十年的准备，那么连十分钟都不要持有这种股票”。巴菲特的持仓直接验证了以上说法。截至2019年底，伯克希尔拥有7只持有时间超过15年的股票，分别为华盛顿邮报、可口可乐、富国银行、宝洁公司、美国运通公司、穆迪公司、 GEICO保险。其中对华盛顿邮报的持有时间长达41年，对GEICO保险持有时间长达44年。在行业选择上，巴菲特倾偏好金融、消费、公用事业等竞争格局稳定的传统行业；在公司层面，巴菲特看重企业是否具有护城河和出色的管理层，是否在品牌、产品特性、商业模式成本控制等方面具有优势。所谓护城河特征，具体表现在规模大、持续盈利、ROE高且负债少、业务简单。截至2021年9月30日的第三季度持仓报告(13F)，伯克希尔前五大重仓股分别为苹果、美国银行、美国通运、可口可乐、卡夫亨氏，分别占去投资组合的42.78%、14.61%、8.65%、7.15%、4.09%。伯克希尔：下一个万亿级美元公司？伯克希尔作为世界顶级的保险集团，其前身可追溯到1939年在罗德岛谷瀑布市成立的谷瀑布公司，谷瀑布在多年的发展中和其他公司一次次合并，最终成为一家有着15家工厂和超过12000名工人的纺织厂，它就是早期的伯克希尔·哈撒韦。到二十世纪末，伴随着旗下工厂接连关闭和裁员风波，伯克希尔濒临倒闭。1965年，巴菲特开始掌舵伯克希尔，开始进行二级市场股票投资并参股实体企业，持续跑赢美股大盘，旗下子公司涉及保险、铁路、能源、制造业等多个行业。2021年，伯克希尔以2455.1亿美元的营业收入和425.2亿美元的利润位列《财富》世界500强第11位。截至2月11日收盘，伯克希尔报47.94万美元/股，市值达7137.45亿美元，年内以来累计上涨6.37%，跑赢标普500（-7.29%）。年初以来，市场一片哀嚎，在美国收紧货币政策预期下，科技股承压，价值股或将受益。在这样的时代背景下，一直坚持价值投资的伯克希尔有望继苹果、微软、亚马逊、特斯拉之后，成为下一个万亿级美元市值公司。对于这个略显激进的判断，伯克希尔保险+投资运作模式优势巨大。多年以来，大众关注巴菲特大都着眼于投资端，而对其负债端却没有太多提及。实际上，二者之间的紧密配合才确立了巴菲特独到的投资风格。在负债端，首先伯克希尔的资金来源主要是非寿险保费，旗下多家保险公司不仅能获得持续的保费收入，而且综合成本率也远低于同行，甚至还能获得部分零成本乃至负成本的资金。其次，伯克希尔作为一家主营非寿险的保险集团，其不少非寿险产品的久期都在一年内，再叠加用于赔付的资金占用，伯克希尔需要保留大量的现金头寸来应对上述局面。而且，保持高流动性的资产管理策略也会直接影响到投资端的决策。数据来源：同花顺；36氪制图出于对保费安全的考量，伯克希尔的投资风格更偏稳健，除了对资产负债匹配、风险收益有较高要求外，还严格控制财务杠杆，其杠杆倍数远低于美国财险、寿险的全行业水平。在投资风格方面，伯克希尔基于自身负债端的特点，始终坚守护城河与安全边际、回避估值较高的科技股等价值投资原则。另一方面，宏观大背景或许对伯克希尔的影响不大。随着年初美联储暗示3月将加息，明显偏鹰的表态加上美债收益率飙升，市场纷纷抛售高估值股票，转向价值防御型股票避险，以稳健风格著称的伯克希尔则逆势受到市场热捧。以实例为证，今年以来，看好科技股、有着“女版巴菲特”之称的木头姐凯西·伍德(Cathie Wood)遭遇滑铁卢，在年初的动荡中，巴菲特依然稳坐钓鱼台。此前木头姐旗下六只创新科技型基金一度远超大盘，ARKK自疫情以来也表现卓越，但随着宏观流动性发生变化，伯克希尔公司与方舟创新ETF之间的业绩差距缩小至仅8个百分点。数据来源：Financial Times以目前的估值水平，伯克希尔是否会成为下一个万亿美元公司尚需时日。1月25日，伯克希尔声称预计于4月30日现场举办2022年度股东大会并进行网络直播。受疫情的影响，伯克希尔已经连续两届股东大会都在线上完成。此次会议将透露2021年度报告相关内容，此报告将于2月26日发布。","news_type":1,"symbols_score_info":{"BRK.A":0.9,"AAPL":0.9,"BRK.B":0.9}},"isVote":1,"tweetType":1,"viewCount":2793,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9092340373,"gmtCreate":1644542474636,"gmtModify":1676533939014,"author":{"id":"3586771609683476","authorId":"3586771609683476","name":"JackJiang","avatar":"https://static.tigerbbs.com/21d7e0d2a9c7ff66594d11d8cc825e95","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586771609683476","idStr":"3586771609683476"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9092340373","repostId":"2210513930","repostType":4,"repost":{"id":"2210513930","kind":"news","pubTimestamp":1644529396,"share":"https://ttm.financial/m/news/2210513930?lang=en_US&edition=fundamental","pubTime":"2022-02-11 05:43","market":"us","language":"zh","title":"Foreign media headlines | Again! U.S. CPI continues to hit a 40-year high in January","url":"https://stock-news.laohu8.com/highlight/detail?id=2210513930","media":"市场资讯","summary":"接受调查的经济学家预估CPI同比上涨7.3%，环比上涨0.4%。该数据进一步支持美联储下月开始加息以因应广泛通胀压力，市场甚至开始猜测加息幅度会高于25基点。在美联储3月15-16日会议召开之前，还会公布2月份CPI和就业数据。投资者提高了对美联储的紧缩政策预期。去年同期这一比例为22.4%。NAR还表示，第四季度二手单户住宅的中值价格上涨14.6%至361700美元。此次召回涉及部分2020年至2022年生产的Model X、Model S和Model Y车型，以及2017年至2022年生产的 Model 3。","content":"<p><html><head></head><body><b>The headlines that the financial media paid attention to last night and this morning mainly include:</b></p><p><b>1. U.S. inflation rate exceeds expectations to reach the highest in 40 years, the Federal Reserve and the White House feel pressure</b><b>2. The money market raises interest rate forecast again: the Federal Reserve rate hike 50 basis points or holds an emergency meeting to raise interest rates</b><b>3. Housing prices are soaring, affordability for first-time homebuyers in the United States is the worst in three years</b><b>4. OPEC believes that global oil demand faces upward potential as the economy rebounds</b><b>5. The best performer in Buffett's portfolio last year was a stock that he significantly reduced</b><b>6、<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Nearly 580,000 more electric vehicles are recalled: because the sound of the pedestrian warning system may be masked</b><img src=\"https://static.tigerbbs.com/6caf2568c31b096480211a31a85363e4\" tg-width=\"720\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/></p><p><b>U.S. inflation reaches 40-year high above expectations, Fed and White House feel pressure</b></p><p>The U.S. inflation rate exceeded expectations in January, and consumer prices rose at their highest year-over-year level in four decades, making it urgent for the Federal Reserve to launch a rate hike.</p><p>The consumer price index (CPI) rose 7.5% in January from a year earlier, up from 7% in December, Labor Department data showed Thursday. CPI rose 0.6% month-on-month in January, and prices in food, electricity, housing and other fields are rising. Core CPI, which excludes food and energy prices, rose 6% year-on-year, also the biggest increase since 1982, with a 0.6% month-on-month increase.</p><p>Economists surveyed forecast a 7.3% year-over-year increase in CPI and 0.4% month-over-month increase.</p><p>The data further supports the Fed's rate hike to begin next month in response to widespread inflationary pressures, and the market is even starting to speculate that the rate hike will be higher than 25 basis points. Steady rises in consumer prices have weakened the real value of recent wage increases, reducing the purchasing power of American households, and thus hampering the economic rebound.</p><p>The February CPI and employment data will also be released before the Fed's March 15-16 meeting.</p><p>Investors have raised their expectations for tightening by the Federal Reserve. The market now predicts a 50% chance of a 50 basis point rate hike in March. While most economists expect the Fed to adopt a more gradual rate hike strategy, as many officials have said, rising inflation following rapid wage rises will make the possibility of a 50 basis point rate hike too impossible to ignore.</p><p><img src=\"https://static.tigerbbs.com/f86f96180fee5ed9f26342015d614f08\" tg-width=\"720\" tg-height=\"465\" referrerpolicy=\"no-referrer\"/></p><p><b>Money markets raise interest rate forecasts again: the Federal Reserve rate hike 50 basis points or hold an emergency meeting to raise interest rates</b></p><p>Money markets now expect the Fed to accumulate a rate hike of one percentage point at the next three meetings, meaning one of them could raise rates by 50 basis points, or officials hold an unplanned emergency policy meeting to raise rates.</p><p>At one point on Thursday, the swap rate market thought the federal funds target rate would rise to 1.12% after the June meeting, more than 100 basis points above the current real effective interest rate of 0.08%. That is to say, either rate hike 50 basis points at a policy meeting, or hold a temporary meeting between the meetings in March, May and June to raise interest rates.</p><p>The market now believes that the probability of a 50 basis point rate hike in March exceeds 75%.</p><p>The U.S. Labor Department reported that CPI rose 7.5% year-on-year in January, higher than economists' expectations of 7.3% and the biggest increase since 1982.</p><p>Fed official James Bullard said he supports a one percentage point cumulative rate hike by early July, including a 50 basis point rate hike for the first time since 2000.</p><p>\"I'd like to see a 100 basis point hike already by July 1st,\" Bullard said in an interview Thursday. \"I was already a hawkish, but I raised interest rate expectations significantly because I think the committee should act.\"</p><p><img src=\"https://static.tigerbbs.com/7cdadcd766ab4a065c9b99e9b769460b\" tg-width=\"720\" tg-height=\"479\" referrerpolicy=\"no-referrer\"/></p><p><b>Home prices soar U.S. first-time homebuyer affordability hits worst in three years</b></p><p>Buying a home in the United States is getting harder and harder.</p><p>For first-time buyers, monthly mortgage payments as a share of household income jumped to 25.6% in the fourth quarter, the worst affordability in three years, according to the National Association of Realtors (NAR). The percentage was 22.4% in the same period last year.</p><p>Soaring home prices coupled with rising mortgage rates increased the typical household's monthly payment by $201, the group said in a report Thursday.</p><p>The NAR also said the median price of a used single-family home rose 14.6% to $361,700 in the fourth quarter. The increase was slightly lower than 15.9% a year ago.</p><p>Of the 183 metropolitan areas surveyed by real estate agents, 67% saw double-digit price increases, compared with 78% in the third quarter. The largest year-over-year gains were in Punta Gorda, Florida, climbing 28.7%; It was followed by Ocala, Florida, up 28.2%; Austin, Texas, home prices climbed 25.8%.</p><p><img src=\"https://static.tigerbbs.com/6fbd1c9ba66d380513a2ae473c297c1f\" tg-width=\"720\" tg-height=\"540\" referrerpolicy=\"no-referrer\"/></p><p><b>OPEC sees upside potential in global oil demand as economy rebounds</b></p><p>The Organization of the Petroleum Exporting Countries (OPEC) said global oil demand recovery could exceed expectations this year as economic activity rebounds and travel heats up.</p><p>OPEC has been unable to restore supplies fast enough to meet the consumption recovery, which has pushed oil prices to seven-year highs above $90 a barrel and exacerbated inflationary pressures in major economies.</p><p>In its latest monthly report, the group said there are many challenges ahead, from the pandemic to inflation, but global demand volume growth is likely to exceed its current forecast for 2022 – 4.2 million barrels per day.</p><p>\"Based on the continued observed strong economic recovery, the forecasted upside potential prevails,\" the group said in its monthly report, \"in addition, travel is expected to be more active, particularly in the tourism sector.\"</p><p>The report also showed that the market was tight on supply by OPEC's own standards, with inventories in developed countries about 202 million barrels below their 2015-2019 average as of December.</p><p><img src=\"https://static.tigerbbs.com/f7de26a752a735b794d18d6e05b31088\" tg-width=\"720\" tg-height=\"456\" referrerpolicy=\"no-referrer\"/></p><p><b>The best performer in Buffett's portfolio last year was a stock he significantly reduced</b></p><p>Which was Warren Buffett's best-performing stock last year? It was a company he sold off.</p><p>According to data compiled by the media,<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>Stocks' total return last year was 61%, more than<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>The performance of any of the stocks included in the latest portfolio data published as of September 30. Its performance also far outperformed Berkshire's two big bets: Apple and<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>。</p><p>Buffett's Berkshire will disclose updates about its holdings in the coming days. Filings have already shown that the company has largely missed out on Wells Fargo's rebound. For years, San Francisco-based Wells Fargo has been the largest stake bet by market value in Berkshire's stock portfolio, often praised by Buffett himself. But as the bank was plagued by scandals, Berkshire cut its investment from 323 million shares at the end of 2019 to about 675,000 shares by September last year.</p><p><img src=\"https://static.tigerbbs.com/501aba31308a046c29bf5b1a6cb30792\" tg-width=\"720\" tg-height=\"479\" referrerpolicy=\"no-referrer\"/></p><p><b>Tesla recalls nearly 580,000 more electric vehicles: because the sound of the pedestrian warning system may be covered up</b></p><p>Tesla is reportedly recalling about 579,000 electric vehicles in the United States, largely because the car's \"Boombox\" feature could mask the sound of the \"Pedestrian Warning System\" (PWS), increasing the risk of a crash.</p><p>In December 2020, Tesla introduced the \"Boombox\" feature, which allows owners to customize the sound of their car's horns, with multiple built-in audio such as farting, mimicking goat barking, and trumpets. At the same time, different types of music, including rock music, will be continuously played during the driving process of electric vehicles.</p><p>The National Highway Traffic Safety Administration (NHTSA) said on its website that the \"Boombox\" feature of Tesla sedans and SUVs allows drivers to play sounds while the vehicle is in motion. This violates federal safety standards that require EVs to sound pedestrian warning tones. While the \"Boombox\" feature may mask the sound of the \"pedestrian warning system\", thereby increasing the risk of a crash.</p><p>NHTSA said Tesla will address the issue with an OTA remote software update that will disable the \"Boombox\" feature. The recall involves select Model X, Model S, and Model Y models built between 2020 and 2022, as well as Model 3 built between 2017 and 2022.</p><p>This is already the fourth recall Tesla has unveiled in the past two weeks, with two stemming from software errors, as U.S. safety regulators step up scrutiny of the company.</p><p></body></html></p>","source":"sina_symbol","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Foreign media headlines | Again! U.S. CPI continues to hit a 40-year high in January</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForeign media headlines | Again! U.S. CPI continues to hit a 40-year high in January\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">市场资讯</strong><span class=\"h-time small\">2022-02-11 05:43</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>The headlines that the financial media paid attention to last night and this morning mainly include:</b></p><p><b>1. U.S. inflation rate exceeds expectations to reach the highest in 40 years, the Federal Reserve and the White House feel pressure</b><b>2. The money market raises interest rate forecast again: the Federal Reserve rate hike 50 basis points or holds an emergency meeting to raise interest rates</b><b>3. Housing prices are soaring, affordability for first-time homebuyers in the United States is the worst in three years</b><b>4. OPEC believes that global oil demand faces upward potential as the economy rebounds</b><b>5. The best performer in Buffett's portfolio last year was a stock that he significantly reduced</b><b>6、<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Nearly 580,000 more electric vehicles are recalled: because the sound of the pedestrian warning system may be masked</b><img src=\"https://static.tigerbbs.com/6caf2568c31b096480211a31a85363e4\" tg-width=\"720\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/></p><p><b>U.S. inflation reaches 40-year high above expectations, Fed and White House feel pressure</b></p><p>The U.S. inflation rate exceeded expectations in January, and consumer prices rose at their highest year-over-year level in four decades, making it urgent for the Federal Reserve to launch a rate hike.</p><p>The consumer price index (CPI) rose 7.5% in January from a year earlier, up from 7% in December, Labor Department data showed Thursday. CPI rose 0.6% month-on-month in January, and prices in food, electricity, housing and other fields are rising. Core CPI, which excludes food and energy prices, rose 6% year-on-year, also the biggest increase since 1982, with a 0.6% month-on-month increase.</p><p>Economists surveyed forecast a 7.3% year-over-year increase in CPI and 0.4% month-over-month increase.</p><p>The data further supports the Fed's rate hike to begin next month in response to widespread inflationary pressures, and the market is even starting to speculate that the rate hike will be higher than 25 basis points. Steady rises in consumer prices have weakened the real value of recent wage increases, reducing the purchasing power of American households, and thus hampering the economic rebound.</p><p>The February CPI and employment data will also be released before the Fed's March 15-16 meeting.</p><p>Investors have raised their expectations for tightening by the Federal Reserve. The market now predicts a 50% chance of a 50 basis point rate hike in March. While most economists expect the Fed to adopt a more gradual rate hike strategy, as many officials have said, rising inflation following rapid wage rises will make the possibility of a 50 basis point rate hike too impossible to ignore.</p><p><img src=\"https://static.tigerbbs.com/f86f96180fee5ed9f26342015d614f08\" tg-width=\"720\" tg-height=\"465\" referrerpolicy=\"no-referrer\"/></p><p><b>Money markets raise interest rate forecasts again: the Federal Reserve rate hike 50 basis points or hold an emergency meeting to raise interest rates</b></p><p>Money markets now expect the Fed to accumulate a rate hike of one percentage point at the next three meetings, meaning one of them could raise rates by 50 basis points, or officials hold an unplanned emergency policy meeting to raise rates.</p><p>At one point on Thursday, the swap rate market thought the federal funds target rate would rise to 1.12% after the June meeting, more than 100 basis points above the current real effective interest rate of 0.08%. That is to say, either rate hike 50 basis points at a policy meeting, or hold a temporary meeting between the meetings in March, May and June to raise interest rates.</p><p>The market now believes that the probability of a 50 basis point rate hike in March exceeds 75%.</p><p>The U.S. Labor Department reported that CPI rose 7.5% year-on-year in January, higher than economists' expectations of 7.3% and the biggest increase since 1982.</p><p>Fed official James Bullard said he supports a one percentage point cumulative rate hike by early July, including a 50 basis point rate hike for the first time since 2000.</p><p>\"I'd like to see a 100 basis point hike already by July 1st,\" Bullard said in an interview Thursday. \"I was already a hawkish, but I raised interest rate expectations significantly because I think the committee should act.\"</p><p><img src=\"https://static.tigerbbs.com/7cdadcd766ab4a065c9b99e9b769460b\" tg-width=\"720\" tg-height=\"479\" referrerpolicy=\"no-referrer\"/></p><p><b>Home prices soar U.S. first-time homebuyer affordability hits worst in three years</b></p><p>Buying a home in the United States is getting harder and harder.</p><p>For first-time buyers, monthly mortgage payments as a share of household income jumped to 25.6% in the fourth quarter, the worst affordability in three years, according to the National Association of Realtors (NAR). The percentage was 22.4% in the same period last year.</p><p>Soaring home prices coupled with rising mortgage rates increased the typical household's monthly payment by $201, the group said in a report Thursday.</p><p>The NAR also said the median price of a used single-family home rose 14.6% to $361,700 in the fourth quarter. The increase was slightly lower than 15.9% a year ago.</p><p>Of the 183 metropolitan areas surveyed by real estate agents, 67% saw double-digit price increases, compared with 78% in the third quarter. The largest year-over-year gains were in Punta Gorda, Florida, climbing 28.7%; It was followed by Ocala, Florida, up 28.2%; Austin, Texas, home prices climbed 25.8%.</p><p><img src=\"https://static.tigerbbs.com/6fbd1c9ba66d380513a2ae473c297c1f\" tg-width=\"720\" tg-height=\"540\" referrerpolicy=\"no-referrer\"/></p><p><b>OPEC sees upside potential in global oil demand as economy rebounds</b></p><p>The Organization of the Petroleum Exporting Countries (OPEC) said global oil demand recovery could exceed expectations this year as economic activity rebounds and travel heats up.</p><p>OPEC has been unable to restore supplies fast enough to meet the consumption recovery, which has pushed oil prices to seven-year highs above $90 a barrel and exacerbated inflationary pressures in major economies.</p><p>In its latest monthly report, the group said there are many challenges ahead, from the pandemic to inflation, but global demand volume growth is likely to exceed its current forecast for 2022 – 4.2 million barrels per day.</p><p>\"Based on the continued observed strong economic recovery, the forecasted upside potential prevails,\" the group said in its monthly report, \"in addition, travel is expected to be more active, particularly in the tourism sector.\"</p><p>The report also showed that the market was tight on supply by OPEC's own standards, with inventories in developed countries about 202 million barrels below their 2015-2019 average as of December.</p><p><img src=\"https://static.tigerbbs.com/f7de26a752a735b794d18d6e05b31088\" tg-width=\"720\" tg-height=\"456\" referrerpolicy=\"no-referrer\"/></p><p><b>The best performer in Buffett's portfolio last year was a stock he significantly reduced</b></p><p>Which was Warren Buffett's best-performing stock last year? It was a company he sold off.</p><p>According to data compiled by the media,<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>Stocks' total return last year was 61%, more than<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>The performance of any of the stocks included in the latest portfolio data published as of September 30. Its performance also far outperformed Berkshire's two big bets: Apple and<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>。</p><p>Buffett's Berkshire will disclose updates about its holdings in the coming days. Filings have already shown that the company has largely missed out on Wells Fargo's rebound. For years, San Francisco-based Wells Fargo has been the largest stake bet by market value in Berkshire's stock portfolio, often praised by Buffett himself. But as the bank was plagued by scandals, Berkshire cut its investment from 323 million shares at the end of 2019 to about 675,000 shares by September last year.</p><p><img src=\"https://static.tigerbbs.com/501aba31308a046c29bf5b1a6cb30792\" tg-width=\"720\" tg-height=\"479\" referrerpolicy=\"no-referrer\"/></p><p><b>Tesla recalls nearly 580,000 more electric vehicles: because the sound of the pedestrian warning system may be covered up</b></p><p>Tesla is reportedly recalling about 579,000 electric vehicles in the United States, largely because the car's \"Boombox\" feature could mask the sound of the \"Pedestrian Warning System\" (PWS), increasing the risk of a crash.</p><p>In December 2020, Tesla introduced the \"Boombox\" feature, which allows owners to customize the sound of their car's horns, with multiple built-in audio such as farting, mimicking goat barking, and trumpets. At the same time, different types of music, including rock music, will be continuously played during the driving process of electric vehicles.</p><p>The National Highway Traffic Safety Administration (NHTSA) said on its website that the \"Boombox\" feature of Tesla sedans and SUVs allows drivers to play sounds while the vehicle is in motion. This violates federal safety standards that require EVs to sound pedestrian warning tones. While the \"Boombox\" feature may mask the sound of the \"pedestrian warning system\", thereby increasing the risk of a crash.</p><p>NHTSA said Tesla will address the issue with an OTA remote software update that will disable the \"Boombox\" feature. The recall involves select Model X, Model S, and Model Y models built between 2020 and 2022, as well as Model 3 built between 2017 and 2022.</p><p>This is already the fourth recall Tesla has unveiled in the past two weeks, with two stemming from software errors, as U.S. safety regulators step up scrutiny of the company.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2022-02-11/doc-ikyamrna0132779.shtml\">市场资讯</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6caf2568c31b096480211a31a85363e4","relate_stocks":{"BK4559":"巴菲特持仓","BK4504":"桥水持仓",".IXIC":"NASDAQ Composite","BK4550":"红杉资本持仓","BK4534":"瑞士信贷持仓","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2022-02-11/doc-ikyamrna0132779.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2210513930","content_text":"球财经媒体昨夜今晨共同关注的头条新闻主要有：1、美国通胀率超预期达到40年最高 美联储和白宫倍感压力2、货币市场再度提高利率预测：美联储加息50基点或召开紧急会议升息3、房价飙升 美国首次购房者可负担能力达到三年来最差4、OPEC认为随着经济反弹 全球石油需求面临上行潜力5、巴菲特投资组合中去年表现最好的是一只被他大幅减持的股票6、特斯拉再召回近58万辆电动汽车：因行人警告系统声音或被掩盖美国通胀率超预期达到40年最高 美联储和白宫倍感压力美国1月通胀率超过预期，消费物价同比升幅达到四十年来最高水平，美联储启动加息变得刻不容缓。劳工部周四公布的数据显示，1月消费者价格指数（CPI）同比上涨7.5%，高于去年12月的7%。1月CPI环比升幅0.6%，食品、电力、住房等多个领域的价格都在上涨。不包括食品和能源价格的核心CPI同比增长6%，也创下1982年以来最大增幅，环比升幅为0.6%。接受调查的经济学家预估CPI同比上涨7.3%，环比上涨0.4%。该数据进一步支持美联储下月开始加息以因应广泛通胀压力，市场甚至开始猜测加息幅度会高于25基点。消费物价的稳步上涨削弱了近期薪资增长的实际价值，降低美国家庭购买力，进而阻碍到经济反弹。在美联储3月15-16日会议召开之前，还会公布2月份CPI和就业数据。投资者提高了对美联储的紧缩政策预期。市场现在预测3月加息50基点的可能性为50%。虽然多数经济学家预计美联储会如多位官员所说采取更循序渐进的加息策略，但薪资快速上涨后通胀的升温将使加息50个基点的可能性也变得不容忽视。货币市场再度提高利率预测：美联储加息50基点或召开紧急会议升息货币市场现在预期美联储在未来三次会议上将累计加息一个百分点 ，这意味着其中一次可能升息50基点，或者官员召开计划外的紧急政策会议提高利率。周四掉期利率市场一度认为6月份会议后联邦基金目标利率将升至1.12%，比目前0.08%的实际有效利率高出100基点以上。也就是说，要么在一次政策会议上加息50基点，要么在3月、5月、6月会议之间临时加开一次会升息。市场现在认为，3月加息50个基点的概率超过了75%。美国劳工部公布，1月CPI同比上涨7.5%，高于经济学家预期的7.3%，为1982年以来最大升幅。美联储官员James Bullard表示，他支持在7月初之前累计加息一个百分点，包括2000年以来首次加息50个基点。“我希望在7月1日之前看到已经升息100个基点，”Bullard周四接受采访时表示， “我本来就比较鹰派了，但还是大幅提高了利率预期，因为我认为委员会应该采取行动。”房价飙升 美国首次购房者可负担能力达到三年来最差在美国买房正变得越来越难。美国全国地产经纪商协会（NAR）称，对于首次购房者而言，第四季度按揭贷款的月供占家庭收入的比重跃升至25.6%，可负担能力为三年来最差。去年同期这一比例为22.4%。该组织在周四的一份报告中表示，房价飙升再加上抵押贷款利率上升使得典型家庭的月供增加201美元。NAR还表示，第四季度二手单户住宅的中值价格上涨14.6%至361700美元。涨幅略低于一年前的15.9%。在房地产经纪人调查的183个大都市区中，67%的房价涨幅达到两位数，第三季度这个比例为78%。同比涨幅最大的地区是佛罗里达州的Punta Gorda，攀升28.7%；其次是佛罗里达州的Ocala，上涨28.2%；德克萨斯州的奥斯汀房价攀升25.8%。OPEC认为随着经济反弹 全球石油需求面临上行潜力石油输出国组织（OPEC）表示，随着经济活动的反弹和旅行升温，全球石油需求复苏今年可能超过预期。石油输出国组织已经无法以足够快的速度恢复供应以满足消费复苏，这推动油价升至每桶90美元以上的七年高点，并加剧主要经济体的通胀压力。在最新月度报告中，该组织表示，从疫情到通货膨胀，正面临许多挑战，但全球需求量增速可能会超过其目前对2022年的预期——420万桶/天。“基于持续观察到的强劲经济复苏，预测的上行潜力占上风，”该组织在月度报告中表示，“此外，出行预计将更活跃，特别是在旅游业方面。”该报告还显示，按照OPEC自己的标准，市场供应紧张，截至去年12月，发达国家的库存比其2015-2019年的平均水平低约2.02亿桶。巴菲特投资组合中去年表现最好的是一只被他大幅减持的股票去年，沃伦·巴菲特手上表现最好的股票是哪只？是被他抛售的一家公司。根据媒体汇编的数据，富国银行股票去年的总回报率为61%，超过了伯克希尔所公布的截至9月30日止投资组合最新数据中任何一只股票的表现。其表现也远超过了伯克希尔的两大押注：苹果公司和美国银行。巴菲特的伯克希尔未来几天将会披露有关持股的最新信息。申报文件已经显示，该公司基本上错失了富国银行反弹的良机。多年来，总部在旧金山的富国银行都是伯克希尔股票投资组合当中，按照市值计算最大的股份押注，也常常得到巴菲特本人的夸奖。但是随着该行丑闻缠身，伯克希尔到去年9月份，将投资规模从2019年底的3.23亿股削减至了大约67.5万股。特斯拉再召回近58万辆电动汽车：因行人警告系统声音或被掩盖据报道，特斯拉正在美国召回约57.9万辆电动汽车，主要因为汽车的“Boombox”功能可能会掩盖“行人警告系统”（PWS）的声音，从而增加撞车的风险。2020年12月，特斯拉推出了“Boombox”功能，允许车主自定义汽车喇叭的声音，内置放屁、模仿山羊叫和小号等多种音频。同时，在电动汽车行驶过程中也会持续播不同类型的音乐，包括摇滚乐等。美国国家公路交通安全管理局（NHTSA）在其网站上称，特斯拉轿车和SUV的“Boombox”功能，允许司机在车辆行驶时播放声音。这违反了联邦安全标准，即要求电动汽车发出行人警告提示音。而“Boombox”功能可能会掩盖“行人警告系统”的声音，从而增加撞车的风险。NHTSA表示，特斯拉将通过OTA远程软件更新来解决这个问题，该更新将禁用“Boombox”功能。此次召回涉及部分2020年至2022年生产的Model X、Model S和Model Y车型，以及2017年至2022年生产的 Model 3。随着美国安全监管机构加强对特斯拉的审查，这已经是特斯拉在过去两周内公布的第四次召回，其中两次源于软件错误。","news_type":1,"symbols_score_info":{".DJI":1,".IXIC":1,"SPY":1}},"isVote":1,"tweetType":1,"viewCount":3247,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9033687751,"gmtCreate":1646267446188,"gmtModify":1676534110181,"author":{"id":"3586771609683476","authorId":"3586771609683476","name":"JackJiang","avatar":"https://static.tigerbbs.com/21d7e0d2a9c7ff66594d11d8cc825e95","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586771609683476","idStr":"3586771609683476"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9033687751","repostId":"1100214031","repostType":4,"repost":{"id":"1100214031","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1646226275,"share":"https://ttm.financial/m/news/1100214031?lang=en_US&edition=fundamental","pubTime":"2022-03-02 21:04","market":"us","language":"zh","title":"Night Reading | Peter Lynch: 25 Gold Investment Rules to Beat Wall Street","url":"https://stock-news.laohu8.com/highlight/detail?id=1100214031","media":"老虎资讯综合","summary":"来源：整合自《战胜华尔街》p282 25条股票投资黄金法则及网上相关资料作者：彼得·林奇编者注：彼得·林奇毫无疑问是一位卓越的股票投资家，是一个永远的多头持有者。这些朴素的道理林奇用幽默的语言给我们阐述，值得我们一边又一遍的去品味，琢磨，投资道路上，我们共勉。注意：投资于6只投资风格相同的股票基金并非分散投资。","content":"<p><html><head></head><body>Source: Integrated from Beating Wall Street p282 25 Golden Rules of Stock Investment and Related Online Materials</p><p>By Peter Lynch</p><p>Editor's Note: Peter Lynch is without a doubt an equity investor of excellence and a long holder forever. As a person of the last century, some of its investment methods may seem a little outdated, but the essence of its value investment is worth learning for every investor.<b>For example, start with the company's own business, study the fundamentals, and don't chase up and kill down. These simple truths Lynch explained to us in humorous language, which is worth savoring and pondering over and over again. On the road of investment, we encourage each other.</b></p><p>1. Investing is fun and exciting, but it can be dangerous if you don't work hard on the fundamentals.</p><p>2. As an amateur investor, your advantage does not lie in getting so-called professional investment advice from Wall Street investment experts. Your strength lies in your own unique knowledge and experience. If you make the most of your unique strengths to invest in companies and industries that you know well, then you will surely beat those investment experts.</p><p>3. For the past 30 years or so, the stock market has been dominated by a group of professional institutional investors, but contrary to what ordinary people think, I think this has made it easier for amateur investors to achieve better investment performance. Amateur investors can ignore this group of professional institutional investors and still beat the market.</p><p>4. Behind each stock is actually a company, and you have to figure out how the company really operates.</p><p>5. It often happens that in the short term, for example, for months or even years, a company's performance has nothing to do with its stock price performance; But in the long run, the performance of a company is definitely completely related to the performance of its stock price. Understanding the difference between short-term and long-term performance and the correlation between stock price performance is the key to making money by investing. At the same time, this difference also shows that patient holding will pay off, and only by choosing the stocks of successful enterprises can you achieve investment success.</p><p>6. You have to figure out exactly what the fundamentals of the company you hold in, and you have to figure out exactly what the reasons are for holding the stock. Yes, children will grow up eventually, but stocks will not eventually rise.</p><p>7. Thinking that once you win a bet, you will make a big profit, but the result will often be a big loss.</p><p>8. Think of stocks as your children, but you can't raise too many children. I suggest that amateur investors don't hold more than 5 stocks at the same time at any time. An amateur investor, even with all his available spare time, can only research and track 8-12 stocks at most, and only find opportunities to buy and sell if conditions permit. Therefore, I advise amateur investors not to hold more than 5 stocks at any time.</p><p>9. If you can't find a listed company stock that is worth investing in. Then stay away from the stock market and put your money in the bank until you find a stock worth investing in.</p><p>10. Never invest in the stock of a company whose finances you don't know. Before buying stocks, be sure to check the company's balance sheet to see if the company is solvent enough and is at risk of bankruptcy.</p><p>11. Avoid those hot stocks. Excellent company stocks in unpopular sectors and sectors without growth tend to be the most profitable big bull stocks.</p><p>12. For small company stocks, for small company stocks, you'd better wait until these small companies start to turn a profit before thinking about investing.</p><p>13. If you plan to invest in an industry that is in trouble, make sure to invest in companies that can weather the storm, and be sure to wait until the industry signals a recovery. But there is no hope of recovery in industries like the production of wagon whips and tubes.</p><p>14. If you invest 1,000 yuan in a stock, even if you lose everything, it will only be 1,000 yuan, but if you hold it patiently, you may earn 1,000 yuan or even 50,000 yuan. As long as you find a few big bull stocks and concentrate on investing, the time and energy spent by amateur investors is far more than worth the money.</p><p>15. In any industry, amateur investors who usually pay close attention will find those excellent high-growth companies, and they find them far earlier than those professional investors.</p><p>16. Stock prices often fall sharply in the stock market, just as snowstorms often occur in the harsh winter in Northeast China. If you are fully prepared in advance, there will be no damage at all. When the stock market plummets, investors who have not prepared in advance will be scared and frightened, hurriedly cut their meat at low prices and flee the stock market. Many stocks will become very cheap, which is an excellent opportunity for investors who have prepared in advance to buy at low prices.</p><p>17. Everyone has the knowledge needed to invest in stocks to make money, but not everyone has the courage needed to invest in stocks to make money. Only with knowledge and courage can you make a lot of money in stock investment. If you are easily influenced by others in the panic of the most market crash, and you are scared to throw away all the stocks in your hands, then you are best not to invest in stocks or stock funds if you are timid and afraid of falling.</p><p>18. There's always something to worry about. Don't worry, the sky won't fall. Unless the company's fundamentals deteriorate, resolutely don't panic and sell good company stocks.</p><p>19. Ignoring any predictions of future interest rates, macroeconomics and stock markets, focus on what is happening to the companies you invest in.</p><p>20. There are always unexpected discoveries in the stock market, that is, good company stocks that perform well but are ignored by professional institutional investors.</p><p>21. Buying stocks without studying the company's fundamentals is like playing cards without looking at them, and there is little chance of making money by investing.</p><p>22. When you hold shares in good companies, time will be on your side, and the longer you hold them, the better your chances of making money. Patiently holding good company stocks will eventually have good returns. Even if you miss the big rise of excellent company stocks like Wal-Mart in the first five years, long-term holding will still have good returns in the next five years. But if you are holding stock options, time will be on your opposite side, and the longer you hold it, the smaller your chances of making money.</p><p>23. If you have the guts to invest in stocks, but don't have the time or interest to do your homework and study the fundamentals, then your best choice is to invest in equity funds. You should diversify your investments into different stock funds. The investment styles of fund managers can be divided into growth, value, small-cap, large-cap, etc. You should invest in several different styles of stock investment funds. Note: Investing in 6 equity funds with the same investment style is not diversification. Investors swapping between different funds will pay a huge price and have to pay high capital gains taxes. If one or a few funds you invest in are performing well, don't abandon them casually, but hold them firmly for the long term.</p><p>24. Over the past 10 years, the average return on investment in the U.S. stock market has only ranked eighth among global stock markets. Therefore, you can buy funds that have invested in overseas stock markets and performed well, thus sharing the high growth of stock markets in other countries outside the United States.</p><p>25. In the long run, investing in a portfolio of carefully selected stocks or equity investment funds will certainly far outperform a portfolio of bonds or bond funds, but investing in a portfolio of randomly selected stocks is safer than keeping your money under your bed.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Night Reading | Peter Lynch: 25 Gold Investment Rules to Beat Wall Street</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNight Reading | Peter Lynch: 25 Gold Investment Rules to Beat Wall Street\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-03-02 21:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Source: Integrated from Beating Wall Street p282 25 Golden Rules of Stock Investment and Related Online Materials</p><p>By Peter Lynch</p><p>Editor's Note: Peter Lynch is without a doubt an equity investor of excellence and a long holder forever. As a person of the last century, some of its investment methods may seem a little outdated, but the essence of its value investment is worth learning for every investor.<b>For example, start with the company's own business, study the fundamentals, and don't chase up and kill down. These simple truths Lynch explained to us in humorous language, which is worth savoring and pondering over and over again. On the road of investment, we encourage each other.</b></p><p>1. Investing is fun and exciting, but it can be dangerous if you don't work hard on the fundamentals.</p><p>2. As an amateur investor, your advantage does not lie in getting so-called professional investment advice from Wall Street investment experts. Your strength lies in your own unique knowledge and experience. If you make the most of your unique strengths to invest in companies and industries that you know well, then you will surely beat those investment experts.</p><p>3. For the past 30 years or so, the stock market has been dominated by a group of professional institutional investors, but contrary to what ordinary people think, I think this has made it easier for amateur investors to achieve better investment performance. Amateur investors can ignore this group of professional institutional investors and still beat the market.</p><p>4. Behind each stock is actually a company, and you have to figure out how the company really operates.</p><p>5. It often happens that in the short term, for example, for months or even years, a company's performance has nothing to do with its stock price performance; But in the long run, the performance of a company is definitely completely related to the performance of its stock price. Understanding the difference between short-term and long-term performance and the correlation between stock price performance is the key to making money by investing. At the same time, this difference also shows that patient holding will pay off, and only by choosing the stocks of successful enterprises can you achieve investment success.</p><p>6. You have to figure out exactly what the fundamentals of the company you hold in, and you have to figure out exactly what the reasons are for holding the stock. Yes, children will grow up eventually, but stocks will not eventually rise.</p><p>7. Thinking that once you win a bet, you will make a big profit, but the result will often be a big loss.</p><p>8. Think of stocks as your children, but you can't raise too many children. I suggest that amateur investors don't hold more than 5 stocks at the same time at any time. An amateur investor, even with all his available spare time, can only research and track 8-12 stocks at most, and only find opportunities to buy and sell if conditions permit. Therefore, I advise amateur investors not to hold more than 5 stocks at any time.</p><p>9. If you can't find a listed company stock that is worth investing in. Then stay away from the stock market and put your money in the bank until you find a stock worth investing in.</p><p>10. Never invest in the stock of a company whose finances you don't know. Before buying stocks, be sure to check the company's balance sheet to see if the company is solvent enough and is at risk of bankruptcy.</p><p>11. Avoid those hot stocks. Excellent company stocks in unpopular sectors and sectors without growth tend to be the most profitable big bull stocks.</p><p>12. For small company stocks, for small company stocks, you'd better wait until these small companies start to turn a profit before thinking about investing.</p><p>13. If you plan to invest in an industry that is in trouble, make sure to invest in companies that can weather the storm, and be sure to wait until the industry signals a recovery. But there is no hope of recovery in industries like the production of wagon whips and tubes.</p><p>14. If you invest 1,000 yuan in a stock, even if you lose everything, it will only be 1,000 yuan, but if you hold it patiently, you may earn 1,000 yuan or even 50,000 yuan. As long as you find a few big bull stocks and concentrate on investing, the time and energy spent by amateur investors is far more than worth the money.</p><p>15. In any industry, amateur investors who usually pay close attention will find those excellent high-growth companies, and they find them far earlier than those professional investors.</p><p>16. Stock prices often fall sharply in the stock market, just as snowstorms often occur in the harsh winter in Northeast China. If you are fully prepared in advance, there will be no damage at all. When the stock market plummets, investors who have not prepared in advance will be scared and frightened, hurriedly cut their meat at low prices and flee the stock market. Many stocks will become very cheap, which is an excellent opportunity for investors who have prepared in advance to buy at low prices.</p><p>17. Everyone has the knowledge needed to invest in stocks to make money, but not everyone has the courage needed to invest in stocks to make money. Only with knowledge and courage can you make a lot of money in stock investment. If you are easily influenced by others in the panic of the most market crash, and you are scared to throw away all the stocks in your hands, then you are best not to invest in stocks or stock funds if you are timid and afraid of falling.</p><p>18. There's always something to worry about. Don't worry, the sky won't fall. Unless the company's fundamentals deteriorate, resolutely don't panic and sell good company stocks.</p><p>19. Ignoring any predictions of future interest rates, macroeconomics and stock markets, focus on what is happening to the companies you invest in.</p><p>20. There are always unexpected discoveries in the stock market, that is, good company stocks that perform well but are ignored by professional institutional investors.</p><p>21. Buying stocks without studying the company's fundamentals is like playing cards without looking at them, and there is little chance of making money by investing.</p><p>22. When you hold shares in good companies, time will be on your side, and the longer you hold them, the better your chances of making money. Patiently holding good company stocks will eventually have good returns. Even if you miss the big rise of excellent company stocks like Wal-Mart in the first five years, long-term holding will still have good returns in the next five years. But if you are holding stock options, time will be on your opposite side, and the longer you hold it, the smaller your chances of making money.</p><p>23. If you have the guts to invest in stocks, but don't have the time or interest to do your homework and study the fundamentals, then your best choice is to invest in equity funds. You should diversify your investments into different stock funds. The investment styles of fund managers can be divided into growth, value, small-cap, large-cap, etc. You should invest in several different styles of stock investment funds. Note: Investing in 6 equity funds with the same investment style is not diversification. Investors swapping between different funds will pay a huge price and have to pay high capital gains taxes. If one or a few funds you invest in are performing well, don't abandon them casually, but hold them firmly for the long term.</p><p>24. Over the past 10 years, the average return on investment in the U.S. stock market has only ranked eighth among global stock markets. Therefore, you can buy funds that have invested in overseas stock markets and performed well, thus sharing the high growth of stock markets in other countries outside the United States.</p><p>25. In the long run, investing in a portfolio of carefully selected stocks or equity investment funds will certainly far outperform a portfolio of bonds or bond funds, but investing in a portfolio of randomly selected stocks is safer than keeping your money under your bed.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100214031","content_text":"来源：整合自《战胜华尔街》p282 25条股票投资黄金法则及网上相关资料作者：彼得·林奇编者注：彼得·林奇毫无疑问是一位卓越的股票投资家，是一个永远的多头持有者。作为上个世纪的人，其一些投资方法可能显得有些过时，但是其价值投资的精髓值得我们每一个投资者去学习。例如，从公司本身业务入手，研究基本面，不要追涨杀跌。这些朴素的道理林奇用幽默的语言给我们阐述，值得我们一边又一遍的去品味，琢磨，投资道路上，我们共勉。1.投资很有趣、很刺激，但如果你不下工夫研究基本面的话，那就会很危险。2.作为一个业余投资者，你的优势并不在于从华尔街投资专家那里获得所谓专业投资建议。你的优势其实在于你自身所具有的独特知识和经验。如果充分发挥你的独特优势来投资于自己充分了解的公司和行业，那么你肯定会打败那些投资专家们。3.过去30多年来，股票市场被一群专业机构投资者所主宰，但是与一般人的想法正好相反，我认为这反而使业余投资者更容易取得更好的投资业绩。业余投资者尽可以忽略这群专业机构投资者，照样战胜市场。4.每只股票后面其实都是一家公司，你得弄清楚这家公司到底是如何经营的。5.经常出现这样的事：短期而言，比如好几个月甚至好几年，一家公司业绩表现与其股价表现毫不相关；但是长期而言，一家公司业绩表现肯定与其股价表现是完全相关的。弄清楚短期和长期业绩表现与股价表现相关性的差别，是投资赚钱的关键。同时，这一差别也表明，耐心持有终有回报，选择成功企业的股票方能取得投资成功。6.你得弄清楚你持股的公司基本面究竟如何，你得搞明白持有这只股票的理由究竟是什么。不错，孩子终究会长大的，但是股票并非终究会上涨的。7.想着一旦赌赢就会大赚一把，结果往往会大输一把。8.把股票看做是你的孩子，但是养孩子不能太多，我建议业余投资者在任何时候都不要同时持有5只以上的股票。一个业余投资人，即使利用所有能利用的业余时间，最多也只能研究追踪8-12支股票，而且只有在条件允许的情况下找到机会进行买入卖出操作。因此我建议业余投资者在任何时候都不要持有5只以上的股票。9.如果你找不到一只值得投资的上市公司股票。那么就远离股市，把你的钱存到银行里，直到你找到一只值得投资的股票。10.永远不要投资你不了解其财务状况的公司股票。在买入股票之前，一定要先检查一下公司的资产负债表，看看公司是否有足够的偿债能力，有没有破产风险。11.避开那些热门股。冷门行业和没有增长的行业中的卓越公司股票往往会成为最赚钱的大牛股。12.对于小公司股票来说，对于小公司股票来说，你最好等到这些小公司开始实现盈利时，再考虑投资也不迟。13.如果你打算投资一个正处于困境之中的行业，一定要投资那些有能力渡过难关的公司，而且一定要等到行业出现复苏的信号。不过，像生产赶马车鞭子和电子管这样的行业是永远没有复苏的希望了。14.如果你在1只股票上投资1000元，即使亏光也不过1000元，但如果耐心持有，可能会赚1000元甚至50000元。只要找到几只大牛股，集中投资，业余投资者花费的时间精力就远远物超所值。15.在任何一个行业，平时留心观察的业余投资者就会发现那些卓越的高成长公司，而且发现时间远远早于那些专业投资者。16.股市中经常会出现股价大跌，就如同东北地区严冬时分经常会出现暴风雪一样。如果事先做好充分准备，根本不会遭到什么损害。股市大跌时那些没有事先准备的投资者会吓得胆战心惊，慌忙低价割肉，逃离股市，许多股票会变得十分便宜，对于事先早做准备的投资者来说反而是一个低价买入的绝佳机会。17.每个人都有投资股票赚钱所需要的知识，但并非每个人都有投资股票赚所需要的胆路，有识且有胆才能在股票投资上赚大钱。如果你在最市大跌恐慌中很容易受别人影响，吓的赶紧抛掉手中所有的股票，那么胆小怕跌的你最好不要投资股票，也不要投资股票型基金。18.总会有事让人担心。放心，天塌不下来。除非公司基本面恶化，否则坚决不要恐慌抛出好公司股票。19.不要理会任何对未来利率、宏观经济和股市的预测，集中精力关注你投资的公司正发生什么变化。20.在股市中总会有意外发现，那就是业绩表现良好却被专业机构投资者忽视的好公司股票。21.不研究公司基本面就买股票，就像不看牌就打牌一样，投资赚钱的机会很小。22.当你持有好公司的股票时，时间就会站在你这一边，持有时间越长，赚钱的机会就越大。耐心持有好公司股票终将有好回报，即使错过了像沃尔玛这样的优秀公司股票前5年的大涨，未来5年内长期持有仍然会有很好的回报。但是如果你持有的是股票期权，时间就会站在你的对立面，持有时间越长，赚钱的机会越小。23.如果你有胆量投资股票，却没有时间也没有兴趣做功课研究基本面，那么你的最佳选择是投资股票型基金。你应该分散投资于不同的股票基金。基金经理的投资风格可分为成长型、价值型、小盘股、大盘股等，你应该投资几种不同风格的股票投资基金。注意：投资于6只投资风格相同的股票基金并非分散投资。投资者在不同基金之间换来换去，就会付出巨大的代价，得支付很高的资本利得税。如果你投资的一只或几只基金业绩表现不错，就不要随便抛弃它们，而要坚决长期持有。24.在过去10年里，美国股市平均投资收益率在全球股市中仅仅排名第8，因此，你可以购买那些投资于海外股市且业绩表现良好的基金，从而分享美国以外其他国家股市的高成长。25.长期而言，投资于一个由精心挑选的股票或股票投资基金构成的投资组，业绩表现肯定要远远胜过一个由债券或债券基金构成的投资组合，但是投一个由胡乱挑选的股票构成的投资组合，还不如把钱放在床底下更安全。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2999,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9092340373,"gmtCreate":1644542474636,"gmtModify":1676533939014,"author":{"id":"3586771609683476","authorId":"3586771609683476","name":"JackJiang","avatar":"https://static.tigerbbs.com/21d7e0d2a9c7ff66594d11d8cc825e95","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586771609683476","idStr":"3586771609683476"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9092340373","repostId":"2210513930","repostType":4,"isVote":1,"tweetType":1,"viewCount":3247,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9063086145,"gmtCreate":1651372036160,"gmtModify":1676534897157,"author":{"id":"3586771609683476","authorId":"3586771609683476","name":"JackJiang","avatar":"https://static.tigerbbs.com/21d7e0d2a9c7ff66594d11d8cc825e95","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586771609683476","idStr":"3586771609683476"},"themes":[],"htmlText":"ok👍","listText":"ok👍","text":"ok👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9063086145","repostId":"1179575802","repostType":4,"repost":{"id":"1179575802","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1651234926,"share":"https://ttm.financial/m/news/1179575802?lang=en_US&edition=fundamental","pubTime":"2022-04-29 20:22","market":"us","language":"zh","title":"The globe waits to listen to Buffett and Munger!","url":"https://stock-news.laohu8.com/highlight/detail?id=1179575802","media":"华尔街见闻","summary":"伯克希尔·哈撒韦公司将在奥马哈市举办年度股东大会，自疫情爆发以来首次回归线下。","content":"<p><html><head></head><body>From April 29th to May 1st local time (April 30th to May 2nd Beijing time),<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway will be in Omaha, Nebraska, home of its founder Warren Buffett<b>To hold the annual general meeting,</b>It is the first time it has returned to offline since the outbreak of the pandemic in 2019.</p><p><img src=\"https://static.tigerbbs.com/6f3199e7971184ea39b4a4a58a0c79d0\" tg-width=\"740\" tg-height=\"416\" referrerpolicy=\"no-referrer\"/></p><p>This shareholders' meeting, also known as the \"Spring Festival Gala of the investment community\", attracted the attention of the global investment community. It not only included video shows and exhibitions of products of Berkshire's subsidiaries, but also provided investors with a rare opportunity to hear the speeches of legendary investors-Buffett, 92, and Charlie Munger, 98, who usually participated in marathon questions and answers for several hours.</p><p><img src=\"https://static.tigerbbs.com/97ed3918c3547ee7e972bcfb9bb41fa3\" tg-width=\"499\" tg-height=\"785\" referrerpolicy=\"no-referrer\"/></p><p>It is expected that more than 40,000 people will attend the site. By then, Buffett's retirement plan, company's successor, future investment plan, and views on the current market and global economy will inevitably become the focus of attention of all shareholders and even the global market.</p><p>Buffett, whose net worth exceeds 100 billion dollars, is known as the \"Prophet of Omaha\". The Class A share price of his Berkshire Hathaway closed above 500,000 dollars for the first time in March this year, setting a record closing high, and its performance far surpassed the S&P 500 index, which has been falling this year.</p><p><b>Berkshire Class A Stock</b>Is the company's original issuance of shares. As the company insisted on not paying dividends and splitting shares, its price soared rapidly over time, eventually becoming<b>One of the most expensive individual stocks on Wall Street. The company currently has a market capitalization of $743 billion.</b></p><p><img src=\"https://static.tigerbbs.com/a9c31dbdd6ebb793a60a7e0ecfad9fb5\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><b>Specific arrangements for shareholders' general meetings</b></p><p>On Friday, April 29th, local time, Berkshire Hathaway's shareholders' meeting will be held at CHI Health Center in the northern downtown area of Omaha.</p><p>Like the meeting arrangements of offline shareholders' meetings in previous years,<b>The conference also includes a full three-day schedule of events: weekend parties, peripheral meetings sponsored by investment advisers, Berkshire's<a href=\"https://laohu8.com/S/BRKR\">Brooke</a>Sri Lanka Sports sponsored a 5K walk and other shopping events.</b></p><p>The specific arrangements on Friday, April 29th are: receipt of participation card, shareholders 'shopping and shareholders' exclusive shopping night.</p><p><img src=\"https://static.tigerbbs.com/e416ed9379e7999aa9455eb818195054\" tg-width=\"1080\" tg-height=\"369\" referrerpolicy=\"no-referrer\"/></p><p>The specific arrangements for Saturday, the 30th, are: the shareholders' general meeting will open on site, the usual video of the annual meeting will be broadcast,<b>Q&A session of shareholders' general meeting,</b>Corporate formal business meetings as well as NFM Berkshire Picnic.</p><p><img src=\"https://static.tigerbbs.com/465a981d63db6e69060f9f5df06bc732\" tg-width=\"882\" tg-height=\"340\" referrerpolicy=\"no-referrer\"/></p><p>The specific arrangements for Sunday, May 1, are: the \"Invest in Yourself\" five-kilometer race and a shareholder-only shopping day.</p><p><img src=\"https://static.tigerbbs.com/f6ea29e26acc46f400076b7b4bbe7136\" tg-width=\"1080\" tg-height=\"214\" referrerpolicy=\"no-referrer\"/></p><p>This year's shareholders' meeting,<b>The most notable is undoubtedly the question and answer session.</b>On-site shareholders will be randomly selected, and CNBC's reporter will sort through questions from shareholders who can't attend the meeting and pick out those she thinks people are most interested in.</p><p>Buffett will give shareholders full freedom. Buffett said in the invitation letter that any on-site shareholder who is drawn can ask questions simply by walking to any of the 11 microphones on the site.</p><p><b>2. Will the retirement plan of being \"impeached\" in later years come true?</b></p><p>Just last week, CalPERS, the nation's largest state public pension fund, disclosed its intention to vote in favor of a shareholder proposal by Berkshire Hathaway to remove Buffett as chairman.</p><p>The fund holds more than $450 billion in total assets, including about $2.3 billion in Berkshire Hathaway stock. The National Center for Law and Policy, one of the company's shareholders, has called for an independent chairman, saying that chairman and CEO are held by the same official, weakening the company's governance structure.</p><p>According to the proposal, Buffett can continue to serve as CEO. But Berkshire's board, which opposed the proposal to remove Buffett as chairman, said last month that \"Buffett should remain chairman and CEO as long as he is CEO of Berkshire Hathaway.\"</p><p>The proposal looks to be facing an uphill battle. In addition to the board's veto, Buffett himself holds a 32% voting interest in the company.</p><p>Half a month ago, however, in an exclusive interview with former well-known CBS host Charlie Rose, Buffett also admitted that age has begun to take some toll on him, occasionally \"forgetting names and unable to read as quickly as he used to.\" He calls himself a \"rotting machine\" but still \"feels great\".</p><p>Therefore, some Wall Street analysts speculate that at this year's shareholders' meeting, Buffett may give a retirement timetable and finally confirm Berkshire's future successor.</p><p><b>3. Two \"potential successors\" made their debut at the shareholders' meeting</b></p><p><img src=\"https://static.tigerbbs.com/2bd3a8e83156086137e4aeaad62d621e\" tg-width=\"1080\" tg-height=\"485\" referrerpolicy=\"no-referrer\"/></p><p><b>Not only will Buffett and Munger appear together again, but Greg Abel and Ajit Jain, who are regarded as Buffett's \"potential successors\" by the industry, will also attend together.</b></p><p>In January 2018, Buffett promoted the two executives to serve on Berkshire's board.</p><p>\"The directors agreed that if I stepped down, Greg Abel, vice chairman of Berkshire's non-insurance business, would take over as CEO,\" Buffett admitted in an interview with CNBC on May 3 last year.</p><p>Abel, 59, worked for a small power company called CalEnergy since 1992 before becoming its president in 1998 and renaming the company to Mid-American Energy Holdings. The company was acquired by Berkshire Hathaway in 2000 and is now Berkshire Hathaway Energy (BHE). Abel served as CEO of the company from 2008 to 2018 and is now chairman.</p><p>According to Forbes, Abel owns a 1% stake in Berkshire Hathaway Energy, worth about $480 million, making up the majority of his net worth. He also owns a trust fund in which he owns five Class A shares of Berkshire Hathaway, and he also keeps 2,363 Class B shares in custody for family members. His Class A shares are worth about $2.8 million and his Class B shares are worth more than $400,000.</p><p>Jun once mentioned that unlike Buffett and Munger, Abel, who is low-key in nature, doesn't like to stand in the spotlight. Nevertheless, he was impressed by his outstanding performance in mergers and acquisitions. His friends once described it: \"His life was work, and he hid his talents behind his humble attitude\".</p><p>Abel himself is not young. So perhaps it makes sense that Buffett wants him as CEO of Berkshire Hathaway.</p><p>Another successor is Ajit Jain, vice chairman of Berkshire Hathaway's insurance business. Buffett previously admitted that Berkshire's board of directors had reached a consensus on who should take over as CEO immediately:</p><p><b>If anything happens to me tonight, Greg will take over as CEO the next morning. If anything happens to Greg, another Vice Chairman, Ajit, will take over.</b><b>4. How will Buffett's recent frequent shots explain the investment logic?</b></p><p>Since the beginning of this year, the global market has been in a troubled period. Since the outbreak of the Russia-Ukraine conflict, Buffett, who is good at exploiting market turmoil to tap opportunities, has continued to buy<a href=\"https://laohu8.com/S/OXY\">Occidental Petroleum</a>The company's shares, with its accumulated shareholding reaching 136.4 million shares, accounting for 14.6% of Occidental Petroleum's outstanding shares, are worth more than $7.2 billion.</p><p>Soon after, Buffett made another move, buying Alleghany, an insurance company, for $11.6 billion, the biggest acquisition by Buffett in six years.</p><p>After binge buying oil stocks, buying insurance companies, Buffett buys 121 million shares again<a href=\"https://laohu8.com/S/HPQ\">HP</a>Stocks. The investment gives Berkshire a roughly 11.4% stake in HP, making it the largest shareholder in the personal computer and printer maker.</p><p>According to Business Insider, James Shanahan, a senior equity analyst at investment firm Edward Jones, expects two more deals to materialize next year. Berkshire Hathaway could spend about $4 billion to boost its stake in Pilot Flying J, the nation's largest truck rest stop operator, to 80% in early 2023.</p><p>Additionally, the company could soon acquire an 8% stake in Berkshire Hathaway Energy owned by the Walter Scott Jr. family. That would bring its stake to more than 99%, Shanahan said.</p><p>That allows Berkshire to potentially invest more than $33 billion in 18 months, more than the $30 billion it put into the stock market in 2020.</p><p>At the end of 2021, Berkshire Hathaway had $144 billion in cash on its books. But Berkshire may still struggle to reduce its cash reserves regardless. Shanahan noted that the company generates about $33 billion in free cash flow every five quarters:</p><p><b>Barring other investments, there is a good chance that Berkshire will still hold $150 billion in cash by mid-2023.</b>This week, Shanahan downgraded the stock to \"hold,\" claiming that its current share price already reflects that the stock is likely to outperform its financial services peers this year.</p><p>At the upcoming shareholders' meeting, Buffett may give a more detailed response to recent investment actions and reveal his future investment prospects and plans. Buffett recently called the meeting a \"very, very important meeting.\"</p><p><b>5. The \"Prophet of Omaha\" is by no means deserved</b></p><p>Buffett's many accurate predictions about stocks and markets have earned him the nickname \"Oracle of Omaha.\"</p><p>In 2011,<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Suffering from the aftershocks of the subprime mortgage crisis, with shares falling to $7 a share from $19 a share the year before, Buffet smelled opportunity and bought the $5 billion Bank of America preferred shares.</p><p>These preferred shares come with warrants that allow Buffett to buy 700 million shares of Bank of America at $7.14 per share. When Buffett exercised his power in 2017, he made $12 billion.</p><p>When the Dow fell below 600 in late 1974, Buffett told Forbes that he thought \"now is the time to start investing.\" By the time that interview was published, the Dow had gained nearly 15% to 660.</p><p>This prediction in particular highlights Buffett's investment philosophy:</p><p>Fear when others are greedy, and be greedy when others are fearful. Whenever Buffett spoke, the world listened with bated breath. This time, let's also focus our eyes on this legendary figure.</p><p><img src=\"https://static.tigerbbs.com/86265aa24c88e98c77bfcb35b6d9d942\" tg-width=\"800\" tg-height=\"532\" referrerpolicy=\"no-referrer\"/></p><p><b>6. Review the classic quotes of Buffett and Munger</b></p><p>This shareholders' meeting, known as the \"Spring Festival Gala of the investment community\", attracted the most attention that 92-year-old Buffett and 98-year-old Munger will partner again to share their investment wisdom with global investors.</p><p>Before that, let's recall Munger and Buffett's wise investment views.</p><p><b>1) Munger's 20 Classic Quotes</b></p><p><ul><li>Investment Wisdom</p><p></li></ul>1. People calculate too much and think too little.</p><p>2. It is worth noting how many long-term advantages people like us gain by trying not to be stupid, rather than trying to be very smart!</p><p>3. Generally speaking, jealousy, resentment and self-pity are disastrous ways of thinking. Excessive self-pity borders on paranoia, and paranoia is one of the hardest things to reverse, so let's not get caught up in self-pity.</p><p>4. What is basic, universal wisdom? The first rule is that you can't truly understand anything if you just remember isolated facts and put them together. If these facts are not collated into the memory grid, they exist in an unusable form. You have to build models in your brain.</p><p><ul><li>Wealth creation</p><p></li></ul>1. Making a lot of money is not about buying and selling, but about waiting.</p><p>2. What is the secret to success? \"Reason\".</p><p>The best way to get what you want is to make yourself worthy of it.</p><p>4. If I knew where I would die, I would never go to that place.</p><p><ul><li>The importance of learning</p><p></li></ul>1. There is no universal formula. You need to know a lot about business, human nature and numbers. Don't expect a magic system to do this for you.</p><p>2. If you are familiar with the interdisciplinary path, you will never want to go back, because it will be like cutting off your hands.</p><p>3. All the wise people I've known in my life, none of them don't read every day-none, none. And Warren may surprise you with how much he reads, he is a book with two legs.</p><p>4. Try to be smarter before you get up every day than you were before you went to bed yesterday, day after day, if you live long enough, in the end you will get what you deserve.</p><p><ul><li>Circle of competence theory</p><p></li></ul>1. Knowing what you don't know is more useful than being smart.</p><p>2. If things are too difficult, we skip over and change them. Is there anything easier than doing this?</p><p>3. You don't need to be smart, just stay a little smarter than everyone else for a long, long time.</p><p>4. There are three baskets, namely: entry, exit and too difficult. We must have enough insight, otherwise we will mistakenly throw into the \"too difficult\" basket.</p><p><ul><li>Standards of living</p><p></li></ul>1. \"Imitating the herd\" will return people to mediocrity.</p><p>2. Life is like a poker game. Even if you sometimes get a card you like very much, you must learn to give up.</p><p>3. Learn to think about things upside down. From the back, reverse thinking will help you find many problems.</p><p>4. Life is a series of \"opportunity costs\". You have to marry the best person you can find. How similar is this to investment!</p><p><b>2) Buffett's 15 Investment Mottos</b></p><p>1. The first rule is never to lose money, and the second rule is to keep the first rule in mind.</p><p>Buffett's golden rule, any investor should make capital preservation a top priority when deciding to put money into the market. In other words, stay rational.</p><p>2. Someone sits in the shade of a tree today because he planted a tree a long time ago.</p><p>The core pillar of Buffett's long-term investment philosophy. In life and investment, it is necessary to think about the trajectory of things.</p><p>3. If you are not willing to own a stock for ten years, then don't consider owning it for ten minutes.</p><p>Buffett's best insights into dealing with active and passive investing.</p><p>4. Whether we're talking about socks or stocks, I like to buy quality goods at low prices.</p><p>The core of value investing, finding undervalued companies to invest in.</p><p>5. Buying an excellent company at a reasonable price is better than buying a mediocre company at a low price.</p><p>Finding undervalued companies is not the only criterion. It also depends on the stock fundamentals to judge whether the company is excellent.</p><p>6. The risk comes from you not knowing what you are doing.</p><p>A little research can reduce a lot of risk and learn more about the market.</p><p>7. Never invest in a business you can't understand.</p><p>After understanding the benefits and risks of an asset, try to invest in it.</p><p>8. The best investment is to invest in yourself.</p><p>Invest in two things: your ability to make money and the ability to make it work for you. Work has certain time limits, but money can \"work\" 24/7 and permanently.</p><p>9. Never rely on a single income and use investment to create a second source of income.</p><p>Diversified, long-term investing is the secret to success.</p><p>10. I'm afraid when others are greedy, and I'm greedy when others are afraid.</p><p>People are irrational.</p><p>11. Don't give up what is attractive today because you think you will find something better tomorrow.</p><p>One bird in hand is better than two birds in the forest.</p><p>12. The best opportunity for capital allocation is when the situation deteriorates.</p><p>A market downturn is the perfect time to look for great companies that are undervalued.</p><p>13. Only when the tide recedes do you know who is swimming naked.</p><p>When the short-term irrational market factors recede, we will know who is investing and who is speculating.</p><p>14. Protect your credibility, which is more important than money.</p><p>Integrity Based.</p><p>15. The first investment principle is independent thinking and inner peace.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The globe waits to listen to Buffett and Munger!</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe globe waits to listen to Buffett and Munger!\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2022-04-29 20:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>From April 29th to May 1st local time (April 30th to May 2nd Beijing time),<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway will be in Omaha, Nebraska, home of its founder Warren Buffett<b>To hold the annual general meeting,</b>It is the first time it has returned to offline since the outbreak of the pandemic in 2019.</p><p><img src=\"https://static.tigerbbs.com/6f3199e7971184ea39b4a4a58a0c79d0\" tg-width=\"740\" tg-height=\"416\" referrerpolicy=\"no-referrer\"/></p><p>This shareholders' meeting, also known as the \"Spring Festival Gala of the investment community\", attracted the attention of the global investment community. It not only included video shows and exhibitions of products of Berkshire's subsidiaries, but also provided investors with a rare opportunity to hear the speeches of legendary investors-Buffett, 92, and Charlie Munger, 98, who usually participated in marathon questions and answers for several hours.</p><p><img src=\"https://static.tigerbbs.com/97ed3918c3547ee7e972bcfb9bb41fa3\" tg-width=\"499\" tg-height=\"785\" referrerpolicy=\"no-referrer\"/></p><p>It is expected that more than 40,000 people will attend the site. By then, Buffett's retirement plan, company's successor, future investment plan, and views on the current market and global economy will inevitably become the focus of attention of all shareholders and even the global market.</p><p>Buffett, whose net worth exceeds 100 billion dollars, is known as the \"Prophet of Omaha\". The Class A share price of his Berkshire Hathaway closed above 500,000 dollars for the first time in March this year, setting a record closing high, and its performance far surpassed the S&P 500 index, which has been falling this year.</p><p><b>Berkshire Class A Stock</b>Is the company's original issuance of shares. As the company insisted on not paying dividends and splitting shares, its price soared rapidly over time, eventually becoming<b>One of the most expensive individual stocks on Wall Street. The company currently has a market capitalization of $743 billion.</b></p><p><img src=\"https://static.tigerbbs.com/a9c31dbdd6ebb793a60a7e0ecfad9fb5\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><b>Specific arrangements for shareholders' general meetings</b></p><p>On Friday, April 29th, local time, Berkshire Hathaway's shareholders' meeting will be held at CHI Health Center in the northern downtown area of Omaha.</p><p>Like the meeting arrangements of offline shareholders' meetings in previous years,<b>The conference also includes a full three-day schedule of events: weekend parties, peripheral meetings sponsored by investment advisers, Berkshire's<a href=\"https://laohu8.com/S/BRKR\">Brooke</a>Sri Lanka Sports sponsored a 5K walk and other shopping events.</b></p><p>The specific arrangements on Friday, April 29th are: receipt of participation card, shareholders 'shopping and shareholders' exclusive shopping night.</p><p><img src=\"https://static.tigerbbs.com/e416ed9379e7999aa9455eb818195054\" tg-width=\"1080\" tg-height=\"369\" referrerpolicy=\"no-referrer\"/></p><p>The specific arrangements for Saturday, the 30th, are: the shareholders' general meeting will open on site, the usual video of the annual meeting will be broadcast,<b>Q&A session of shareholders' general meeting,</b>Corporate formal business meetings as well as NFM Berkshire Picnic.</p><p><img src=\"https://static.tigerbbs.com/465a981d63db6e69060f9f5df06bc732\" tg-width=\"882\" tg-height=\"340\" referrerpolicy=\"no-referrer\"/></p><p>The specific arrangements for Sunday, May 1, are: the \"Invest in Yourself\" five-kilometer race and a shareholder-only shopping day.</p><p><img src=\"https://static.tigerbbs.com/f6ea29e26acc46f400076b7b4bbe7136\" tg-width=\"1080\" tg-height=\"214\" referrerpolicy=\"no-referrer\"/></p><p>This year's shareholders' meeting,<b>The most notable is undoubtedly the question and answer session.</b>On-site shareholders will be randomly selected, and CNBC's reporter will sort through questions from shareholders who can't attend the meeting and pick out those she thinks people are most interested in.</p><p>Buffett will give shareholders full freedom. Buffett said in the invitation letter that any on-site shareholder who is drawn can ask questions simply by walking to any of the 11 microphones on the site.</p><p><b>2. Will the retirement plan of being \"impeached\" in later years come true?</b></p><p>Just last week, CalPERS, the nation's largest state public pension fund, disclosed its intention to vote in favor of a shareholder proposal by Berkshire Hathaway to remove Buffett as chairman.</p><p>The fund holds more than $450 billion in total assets, including about $2.3 billion in Berkshire Hathaway stock. The National Center for Law and Policy, one of the company's shareholders, has called for an independent chairman, saying that chairman and CEO are held by the same official, weakening the company's governance structure.</p><p>According to the proposal, Buffett can continue to serve as CEO. But Berkshire's board, which opposed the proposal to remove Buffett as chairman, said last month that \"Buffett should remain chairman and CEO as long as he is CEO of Berkshire Hathaway.\"</p><p>The proposal looks to be facing an uphill battle. In addition to the board's veto, Buffett himself holds a 32% voting interest in the company.</p><p>Half a month ago, however, in an exclusive interview with former well-known CBS host Charlie Rose, Buffett also admitted that age has begun to take some toll on him, occasionally \"forgetting names and unable to read as quickly as he used to.\" He calls himself a \"rotting machine\" but still \"feels great\".</p><p>Therefore, some Wall Street analysts speculate that at this year's shareholders' meeting, Buffett may give a retirement timetable and finally confirm Berkshire's future successor.</p><p><b>3. Two \"potential successors\" made their debut at the shareholders' meeting</b></p><p><img src=\"https://static.tigerbbs.com/2bd3a8e83156086137e4aeaad62d621e\" tg-width=\"1080\" tg-height=\"485\" referrerpolicy=\"no-referrer\"/></p><p><b>Not only will Buffett and Munger appear together again, but Greg Abel and Ajit Jain, who are regarded as Buffett's \"potential successors\" by the industry, will also attend together.</b></p><p>In January 2018, Buffett promoted the two executives to serve on Berkshire's board.</p><p>\"The directors agreed that if I stepped down, Greg Abel, vice chairman of Berkshire's non-insurance business, would take over as CEO,\" Buffett admitted in an interview with CNBC on May 3 last year.</p><p>Abel, 59, worked for a small power company called CalEnergy since 1992 before becoming its president in 1998 and renaming the company to Mid-American Energy Holdings. The company was acquired by Berkshire Hathaway in 2000 and is now Berkshire Hathaway Energy (BHE). Abel served as CEO of the company from 2008 to 2018 and is now chairman.</p><p>According to Forbes, Abel owns a 1% stake in Berkshire Hathaway Energy, worth about $480 million, making up the majority of his net worth. He also owns a trust fund in which he owns five Class A shares of Berkshire Hathaway, and he also keeps 2,363 Class B shares in custody for family members. His Class A shares are worth about $2.8 million and his Class B shares are worth more than $400,000.</p><p>Jun once mentioned that unlike Buffett and Munger, Abel, who is low-key in nature, doesn't like to stand in the spotlight. Nevertheless, he was impressed by his outstanding performance in mergers and acquisitions. His friends once described it: \"His life was work, and he hid his talents behind his humble attitude\".</p><p>Abel himself is not young. So perhaps it makes sense that Buffett wants him as CEO of Berkshire Hathaway.</p><p>Another successor is Ajit Jain, vice chairman of Berkshire Hathaway's insurance business. Buffett previously admitted that Berkshire's board of directors had reached a consensus on who should take over as CEO immediately:</p><p><b>If anything happens to me tonight, Greg will take over as CEO the next morning. If anything happens to Greg, another Vice Chairman, Ajit, will take over.</b><b>4. How will Buffett's recent frequent shots explain the investment logic?</b></p><p>Since the beginning of this year, the global market has been in a troubled period. Since the outbreak of the Russia-Ukraine conflict, Buffett, who is good at exploiting market turmoil to tap opportunities, has continued to buy<a href=\"https://laohu8.com/S/OXY\">Occidental Petroleum</a>The company's shares, with its accumulated shareholding reaching 136.4 million shares, accounting for 14.6% of Occidental Petroleum's outstanding shares, are worth more than $7.2 billion.</p><p>Soon after, Buffett made another move, buying Alleghany, an insurance company, for $11.6 billion, the biggest acquisition by Buffett in six years.</p><p>After binge buying oil stocks, buying insurance companies, Buffett buys 121 million shares again<a href=\"https://laohu8.com/S/HPQ\">HP</a>Stocks. The investment gives Berkshire a roughly 11.4% stake in HP, making it the largest shareholder in the personal computer and printer maker.</p><p>According to Business Insider, James Shanahan, a senior equity analyst at investment firm Edward Jones, expects two more deals to materialize next year. Berkshire Hathaway could spend about $4 billion to boost its stake in Pilot Flying J, the nation's largest truck rest stop operator, to 80% in early 2023.</p><p>Additionally, the company could soon acquire an 8% stake in Berkshire Hathaway Energy owned by the Walter Scott Jr. family. That would bring its stake to more than 99%, Shanahan said.</p><p>That allows Berkshire to potentially invest more than $33 billion in 18 months, more than the $30 billion it put into the stock market in 2020.</p><p>At the end of 2021, Berkshire Hathaway had $144 billion in cash on its books. But Berkshire may still struggle to reduce its cash reserves regardless. Shanahan noted that the company generates about $33 billion in free cash flow every five quarters:</p><p><b>Barring other investments, there is a good chance that Berkshire will still hold $150 billion in cash by mid-2023.</b>This week, Shanahan downgraded the stock to \"hold,\" claiming that its current share price already reflects that the stock is likely to outperform its financial services peers this year.</p><p>At the upcoming shareholders' meeting, Buffett may give a more detailed response to recent investment actions and reveal his future investment prospects and plans. Buffett recently called the meeting a \"very, very important meeting.\"</p><p><b>5. The \"Prophet of Omaha\" is by no means deserved</b></p><p>Buffett's many accurate predictions about stocks and markets have earned him the nickname \"Oracle of Omaha.\"</p><p>In 2011,<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Suffering from the aftershocks of the subprime mortgage crisis, with shares falling to $7 a share from $19 a share the year before, Buffet smelled opportunity and bought the $5 billion Bank of America preferred shares.</p><p>These preferred shares come with warrants that allow Buffett to buy 700 million shares of Bank of America at $7.14 per share. When Buffett exercised his power in 2017, he made $12 billion.</p><p>When the Dow fell below 600 in late 1974, Buffett told Forbes that he thought \"now is the time to start investing.\" By the time that interview was published, the Dow had gained nearly 15% to 660.</p><p>This prediction in particular highlights Buffett's investment philosophy:</p><p>Fear when others are greedy, and be greedy when others are fearful. Whenever Buffett spoke, the world listened with bated breath. This time, let's also focus our eyes on this legendary figure.</p><p><img src=\"https://static.tigerbbs.com/86265aa24c88e98c77bfcb35b6d9d942\" tg-width=\"800\" tg-height=\"532\" referrerpolicy=\"no-referrer\"/></p><p><b>6. Review the classic quotes of Buffett and Munger</b></p><p>This shareholders' meeting, known as the \"Spring Festival Gala of the investment community\", attracted the most attention that 92-year-old Buffett and 98-year-old Munger will partner again to share their investment wisdom with global investors.</p><p>Before that, let's recall Munger and Buffett's wise investment views.</p><p><b>1) Munger's 20 Classic Quotes</b></p><p><ul><li>Investment Wisdom</p><p></li></ul>1. People calculate too much and think too little.</p><p>2. It is worth noting how many long-term advantages people like us gain by trying not to be stupid, rather than trying to be very smart!</p><p>3. Generally speaking, jealousy, resentment and self-pity are disastrous ways of thinking. Excessive self-pity borders on paranoia, and paranoia is one of the hardest things to reverse, so let's not get caught up in self-pity.</p><p>4. What is basic, universal wisdom? The first rule is that you can't truly understand anything if you just remember isolated facts and put them together. If these facts are not collated into the memory grid, they exist in an unusable form. You have to build models in your brain.</p><p><ul><li>Wealth creation</p><p></li></ul>1. Making a lot of money is not about buying and selling, but about waiting.</p><p>2. What is the secret to success? \"Reason\".</p><p>The best way to get what you want is to make yourself worthy of it.</p><p>4. If I knew where I would die, I would never go to that place.</p><p><ul><li>The importance of learning</p><p></li></ul>1. There is no universal formula. You need to know a lot about business, human nature and numbers. Don't expect a magic system to do this for you.</p><p>2. If you are familiar with the interdisciplinary path, you will never want to go back, because it will be like cutting off your hands.</p><p>3. All the wise people I've known in my life, none of them don't read every day-none, none. And Warren may surprise you with how much he reads, he is a book with two legs.</p><p>4. Try to be smarter before you get up every day than you were before you went to bed yesterday, day after day, if you live long enough, in the end you will get what you deserve.</p><p><ul><li>Circle of competence theory</p><p></li></ul>1. Knowing what you don't know is more useful than being smart.</p><p>2. If things are too difficult, we skip over and change them. Is there anything easier than doing this?</p><p>3. You don't need to be smart, just stay a little smarter than everyone else for a long, long time.</p><p>4. There are three baskets, namely: entry, exit and too difficult. We must have enough insight, otherwise we will mistakenly throw into the \"too difficult\" basket.</p><p><ul><li>Standards of living</p><p></li></ul>1. \"Imitating the herd\" will return people to mediocrity.</p><p>2. Life is like a poker game. Even if you sometimes get a card you like very much, you must learn to give up.</p><p>3. Learn to think about things upside down. From the back, reverse thinking will help you find many problems.</p><p>4. Life is a series of \"opportunity costs\". You have to marry the best person you can find. How similar is this to investment!</p><p><b>2) Buffett's 15 Investment Mottos</b></p><p>1. The first rule is never to lose money, and the second rule is to keep the first rule in mind.</p><p>Buffett's golden rule, any investor should make capital preservation a top priority when deciding to put money into the market. In other words, stay rational.</p><p>2. Someone sits in the shade of a tree today because he planted a tree a long time ago.</p><p>The core pillar of Buffett's long-term investment philosophy. In life and investment, it is necessary to think about the trajectory of things.</p><p>3. If you are not willing to own a stock for ten years, then don't consider owning it for ten minutes.</p><p>Buffett's best insights into dealing with active and passive investing.</p><p>4. Whether we're talking about socks or stocks, I like to buy quality goods at low prices.</p><p>The core of value investing, finding undervalued companies to invest in.</p><p>5. Buying an excellent company at a reasonable price is better than buying a mediocre company at a low price.</p><p>Finding undervalued companies is not the only criterion. It also depends on the stock fundamentals to judge whether the company is excellent.</p><p>6. The risk comes from you not knowing what you are doing.</p><p>A little research can reduce a lot of risk and learn more about the market.</p><p>7. Never invest in a business you can't understand.</p><p>After understanding the benefits and risks of an asset, try to invest in it.</p><p>8. The best investment is to invest in yourself.</p><p>Invest in two things: your ability to make money and the ability to make it work for you. Work has certain time limits, but money can \"work\" 24/7 and permanently.</p><p>9. Never rely on a single income and use investment to create a second source of income.</p><p>Diversified, long-term investing is the secret to success.</p><p>10. I'm afraid when others are greedy, and I'm greedy when others are afraid.</p><p>People are irrational.</p><p>11. Don't give up what is attractive today because you think you will find something better tomorrow.</p><p>One bird in hand is better than two birds in the forest.</p><p>12. The best opportunity for capital allocation is when the situation deteriorates.</p><p>A market downturn is the perfect time to look for great companies that are undervalued.</p><p>13. Only when the tide recedes do you know who is swimming naked.</p><p>When the short-term irrational market factors recede, we will know who is investing and who is speculating.</p><p>14. Protect your credibility, which is more important than money.</p><p>Integrity Based.</p><p>15. The first investment principle is independent thinking and inner peace.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6f3199e7971184ea39b4a4a58a0c79d0","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179575802","content_text":"当地时间4月29日至5月1日（北京时间4月30日至5月2日），伯克希尔哈撒韦公司将在其创始人沃伦·巴菲特的家乡——内布拉斯加州奥马哈市举办年度股东大会，为自2019年疫情爆发以来首次回归线下举办。这次的股东大会也被称为是“投资界的春晚”，受到全球投资界的瞩目，不仅有视频秀、伯克希尔子公司产品的展销，而且还为投资者提供了难得的机会，可以听到传奇投资人——现年92岁的巴菲特和98岁的查理·芒格的讲话，他们通常会参加数小时的马拉松式问答环节。预计现场参加可能超过4万人。届时，巴菲特的退休计划、公司接班人、未来的投资计划以及对当前市场和全球经济的看法等，必然会成为所有股东乃至全球市场关注的焦点。净资产超过千亿美元的巴菲特被誉为是“奥马哈先知”，他旗下伯克希尔哈撒韦公司的A类股股价在今年3月首次收于50万美元上方，创下了历史收盘新高，表现远远超过超过了今年不住下跌的标普500指数大盘。伯克希尔A类股票是公司最初发行的股票。由于公司坚持不分红及拆股，随着时间的推移，其价格迅速飙升，最终成为华尔街最昂贵的个股之一。目前该公司市值为7430亿美元。1、股东大会的具体安排当地时间4月29日周五，伯克希尔哈撒韦公司的股东大会将在奥马哈市北部市区的 CHI Health Center 举办。与往年线下股东大会的会议安排一样，此次大会也包括了整整三天的活动日程：周末派对、投资顾问赞助的周边会议、伯克希尔旗下布鲁克斯体育公司赞助的5公里健步跑以及其他购物活动。4月29日周五的具体安排为：领取参会证，股东购物以及股东专享购物夜。30日周六的具体安排为：股东大会现场开门，播放年会惯例影片，股东大会问答环节，公司正式商务会议以及NFM伯克希尔野餐会。5月1日周日的具体安排为：“投资自己”五公里赛跑以及股东专享购物日。今年这场股东大会，最受瞩目的无疑是问答环节。现场股东将被随机抽选，CNBC的记者将整理无法出席会议的股东提问，并摘选出那些她认为人们最感兴趣的问题。巴菲特将给予股东们充分的自由度。巴菲特在邀请函中表示，任何被抽到的现场股东，只需走到现场11个麦克风前的任何一个，就可以进行提问。2、晚年遭到“弹劾” 退休计划会成真吗？就在上周，全美最大的州立公共养老基金加州公务员退休基金 CalPERS 披露，打算投票支持伯克希尔哈撒韦公司的一项股东提议——解除巴菲特的董事长职位。该基金持有超过4500亿美元的总资产，包括约23亿美元的伯克希尔哈撒韦公司股票。该公司股东之一的美国国家法律和政策中心，呼吁设立独立的董事长，称董事长和首席执行官由同一名官员担任，削弱了公司的治理结构。根据该提案，巴菲特可继续担任CEO。但伯克希尔董事会反对解除巴菲特董事长职位这一提议，该董事会上个月表示，“只要巴菲特担任伯克希尔哈撒韦公司的CEO，他就应该继续担任董事长兼CEO”。该提议看起来面临一场艰难的斗争。除了董事会的否决以外，巴菲特本人就持有该公司32%的投票权益。然而半个月前，在接受前CBS知名主持人查理·罗斯专访时，巴菲特也承认，年龄已经开始对他造成了一些影响，偶尔会“忘了名字，无法像以前那样快速阅读”。他称自己是一台“正在腐烂的机器”，但仍然“感觉很棒”。因此，有华尔街分析人士猜测，在今年的股东大会上，巴菲特或许会给出退休时间表，并最终确认伯克希尔未来的接班人。3、两位“潜在接班人”首次亮相股东大会不仅是巴菲特和芒格将再度搭档亮相，被业内看做巴菲特“潜在接班人”的 Greg Abel 和 Ajit Jain 也将一道出席。2018年1月，巴菲特提拔了这两名高管担任伯克希尔董事会成员。去年5月3日，巴菲特在接受CNBC采访时承认：“董事们一致同意，如果我卸任，将由伯克希尔非保险业务的副董事长Greg Abel接任CEO。”现年59岁的Abel从1992年开始在一家名为CalEnergy的小型电力公司工作，1998年成为该公司的总裁，并将公司更名为中美能源控股公司。这家公司在2000年被伯克希尔哈撒韦公司收购，现在为伯克希尔·哈撒韦能源公司（BHE）。Abel从2008年到2018年担任该公司的CEO，现在为董事长。据《福布斯》报道，Abel持有伯克希尔哈撒韦能源公司1%的股份，价值约4.8亿美元，占他净资产的大部分。他还拥有一个信托基金，在该基金中他拥有5股伯克希尔哈撒韦公司的A类股，他还为家庭成员保管了2363股的B类股。他的A类股票价值约280万美元，B类股票价值超过40万美元。见闻君曾提及，与巴菲特和芒格不同，生性低调的Abel不喜欢站在聚光灯下。尽管如此，并购交易方面的出色表现仍让外界对他印象深刻。他的朋友曾这么形容：“他的生活就是工作，他把自己的才能隐藏在谦逊的态度背后”。Abel自己也并不年轻了。因此，巴菲特想让他担任伯克希尔哈撒韦公司的CEO也许是有道理的。另一位接班人是伯克希尔哈撒韦公司保险业务的副董事长Ajit Jain。巴菲特此前坦言，伯克希尔董事会已经对谁应该立刻接班CEO达成了共识：如果我今晚发生什么事，Greg将在第二天早上接替CEO。如果Greg发生什么，另一位副董事长Ajit将接替。4、巴菲特近期频频出手 会如何解释投资逻辑？今年以来，全球市场值多事之秋。自俄乌冲突爆发以来，擅长利用市场动荡挖掘机会的巴菲特，持续买入西方石油公司的股票，持股累计达到1.364亿股，占西方石油在外流通股票的14.6%，价值超过72亿美元。不久之后，巴菲特再度出手，将以116亿美元收购保险公司Alleghany，这是巴菲特六年来最大的一笔收购。在狂买石油股、收购保险公司后，巴菲特再次买入1.21亿股惠普股票。这笔投资使伯克希尔获得了惠普约11.4%的股份，成为这家个人电脑和打印机制造商的最大股东。据Business Insider报道，投资公司Edward Jones的高级股票分析师James Shanahan预计，明年还会实现另外两笔交易。伯克希尔哈撒韦可能会斥资约40亿美元，在2023年初将其对全美最大卡车休息站运营商 Pilot Flying J 的股权提高到80%。此外，该公司可能很快就会收购 Walter Scott Jr. 家族持有的伯克希尔哈撒韦能源公司8%的股份。Shanahan说，这将使其持股比例超过99%。这使得伯克希尔哈撒韦公司在18个月内的投资可能超过330亿美元，超过其在2020年投入股市的300亿美元。截至2021年底，伯克希尔哈撒韦账面上的现金达到1440亿美元。但无论如何，伯克希尔可能仍难以减少其现金储备。Shanahan指出，该公司每五个季度产生约330亿美元的自由现金流：除非有其他的投资，否则到2023年中期，伯克希尔很有可能仍持有1500亿美元的现金。本周，Shanahan将该股评级下调至“持有”，并声称其当前股价已经反映出，该股今年的表现可能优于其金融服务业同行。在即将召开的股东大会上，巴菲特或许会对近期的投资动作给予更详细的回应，并透露其对未来的投资展望与计划。巴菲特最近称这次会议是“非常、非常重要的会议”。5、“奥马哈先知”绝非浪得虚名巴菲特对股票和市场的多次准确预测为他赢得了“奥马哈先知”（Oracle of Omaha）的绰号。2011年，美国银行遭受了次贷危机的余震，股价从前一年的每股19美元跌至每股7美元，巴菲特嗅到了机会的味道，购买了50亿美元的美国银行优先股。这些优先股附有认股权证，巴菲特可以以每股7.14美元的价格购买7亿股美国银行股票。当巴菲特在2017年行权时，他赚了120亿美元。1974年末，当道琼斯指数跌破600点时，巴菲特对《福布斯》表示，他认为“现在就是开始投资的时候了”。到那次采访发表时，道琼斯指数已经上涨了近15%，达到660点。这一预言尤其突显了巴菲特的投资哲学：在别人贪婪时恐惧，在别人恐惧时贪婪。每当巴菲特发言时，全世界都在屏息聆听。这一次，也让我们共同将目光聚焦在这一传奇人物的身上。6、温习下巴菲特和芒格的经典语录这场被誉为“投资界的春晚”的股东大会，最受瞩目的是现年92岁的巴菲特和98岁的芒格将再度搭档，与全球投资者分享他们的投资智慧。在此之前，让我们一起回忆一下芒格、巴菲特的睿智投资观点。   1）芒格的20条经典语录投资智慧1、人们算计得太多，而思考得太少。2、值得注意的是，像我们这样的人通过努力不变得愚蠢，而不是努力变得非常聪明，获得了多少长期优势！3、一般来说，嫉妒、怨恨和自怜都是灾难性的思维方式。过度自怜让人近乎偏执，而偏执是最难逆转的事情之一，我们不要陷入自怜的情绪中。4、什么是基本的、普世的智慧？第一条规则是，如果你只是记住孤立的事实，把他们硬凑起来，你就不可能真正理解任何事情。如果这些事实没有被整理进记忆网格中，它们就以不可使用的形式存在。你必须在你的大脑中建立模型。财富创造1、赚大钱，不在于买卖，而重在等待。2、成功的秘诀是什么？“理性”。3、要想得到你想要的东西，最好的办法是让自己配得上它。4、如果我知道我会死在哪里，我将永远不会去那个地方。学习的重要性1、没有万能公式，你需要了解很多关于商业、人性以及数字的知识，别指望有一个神奇的系统可以为你完成这些工作。2、如果你轻车熟路地走上跨学科的道路，你将永远不想往回走，因为那就像砍断你的双手一样。3、在我的一生中，认识的所有聪明人，没有一个不每天阅读的——没有，一个都没有。而沃伦读书之多，可能会让你感到吃惊，他是一本长了两条腿的书。4、试着每天起床前比昨天睡觉前聪明一点，一天又一天，如果你足够长寿，到头来你会得到你应得的东西。能力圈理论1、知道自己不知道的比聪明更有用。2、如果事情太难了，我们就跳过去换一个，还有什么比做到这一点更简单吗？3、你不需要很聪明，只需要在很长很长的时间内保持比其他人聪明一点点就够了。4、有三个篮筐，分别是：进入、退出和太难，我们必须有足够的洞察力，否则我们就错误投进“太难”的篮子里。生活准则1、“模仿牛群”会使人回归平庸。2、生活就像一场扑克游戏，即使有时候你会拿到一把非常喜欢的牌，但也要必须学会放弃。3、要学会把事情颠倒过来考虑，从后面来看，逆向思维会帮助你发现很多问题。4、人生就是一连串的 \"机会成本\"，你要与你能找到的最好的人结婚，这与投资多么相似啊！2）巴菲特的15条投资箴言1、第一条规则是永远不要赔钱，第二条规则是牢记第一条规则。巴菲特的黄金法则，任何投资者在决定将资金投入市场时，都应该把保本作为首要任务。换句话说，保持理性。2、有人今天坐在树荫下，是因为他很久以前种了一棵树。巴菲特长期投资理念的核心支柱。在生活和投资中，必须思考事物的发展轨迹。3、如果你不愿意拥有一只股票十年，那就不要考虑拥有它十分钟。巴菲特处理主动和被动投资的最佳洞察。4、无论我们是谈论袜子还是股票，我都喜欢在低价时购买优质商品。价值投资的内核，寻找被低估的公司进行投资。5、以合理的价格买入一家优秀的公司，胜于低价买入一家平庸的公司。寻找被低估的公司不是唯一的标准，还要看股票基本面，判断公司是否出色。6、风险来自于你不知道自己在做些什么。一点研究就能减少很多风险，多了解市场。7、永远不要投资你无法理解的业务。了解资产的收益和风险后，再尝试投资它。8、最好的投资就是投资自己 。投资两件事：你赚钱的能力和让钱为你工作的能力。工作有一定的时间限制，但金钱可以全天候、永久地“工作”。9、永远不要依赖于单一收入，用投资创造第二收入来源。多元化、长期投资是成功的秘诀。10、别人贪婪时我恐惧，别人恐惧时我贪婪。人是非理性的。11、不要因为你认为明天会找到更好的东西，而放弃今天有吸引力的东西。一鸟在手胜过两鸟在林。12、资本配置的最佳机会是在情况恶化时。市场低迷是寻找被低估的优秀公司的最佳时机。13、当潮水退去才知道谁在裸泳。当短期非理性的市场因素退去后，才会知道谁是在投资，谁是在投机。14、保护好你的信誉，这比金钱更重要。诚信为本。15、第一大投资原则是独立思考和内心的平静。","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":3008,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9011858261,"gmtCreate":1648857196180,"gmtModify":1676534410506,"author":{"id":"3586771609683476","authorId":"3586771609683476","name":"JackJiang","avatar":"https://static.tigerbbs.com/21d7e0d2a9c7ff66594d11d8cc825e95","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586771609683476","idStr":"3586771609683476"},"themes":[],"htmlText":"Ok&nbsp;","listText":"Ok&nbsp;","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9011858261","repostId":"1165033782","repostType":4,"isVote":1,"tweetType":1,"viewCount":2669,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9097800954,"gmtCreate":1645402723531,"gmtModify":1676534024115,"author":{"id":"3586771609683476","authorId":"3586771609683476","name":"JackJiang","avatar":"https://static.tigerbbs.com/21d7e0d2a9c7ff66594d11d8cc825e95","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586771609683476","idStr":"3586771609683476"},"themes":[],"htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9097800954","repostId":"1124602561","repostType":4,"repost":{"id":"1124602561","kind":"news","weMediaInfo":{"introduction":"致力于提供最及时的财经资讯，最专业的解读分析，覆盖宏观经济、金融机构、A股市场、上市公司、投资理财等财经领域。","home_visible":1,"media_name":"券商中国","id":"9","head_image":"https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f"},"pubTimestamp":1645319129,"share":"https://ttm.financial/m/news/1124602561?lang=en_US&edition=fundamental","pubTime":"2022-02-20 09:05","market":"hk","language":"zh","title":"Earn 500x in 26 years! Can Leeks Really Counterattack?","url":"https://stock-news.laohu8.com/highlight/detail?id=1124602561","media":"券商中国","summary":"凭运气赚钱，凭实力亏钱！韭菜能逆袭吗？投资真能改变命运吗？近期A股一波三折，热门赛道白马股和“顶流”基金净值重挫，深陷其中的投资者再度自嘲“韭菜”难逃被收割的命运。本期分享一个普通投资者的真实故事：这","content":"<p><html><head></head><body><b>Make money by luck, lose money by strength! Can Leeks Counterattack? Can Investing Really Change Destiny?</b>Recently, A-shares have been full of twists and turns, and the net value of popular track white horse stocks and \"top-stream\" funds has plummeted. Investors who are deeply involved once again laugh at themselves that \"leeks\" can't escape the fate of being harvested.</p><p>This issue shares a true story of an ordinary investor: this is the story of a two-generation investment relay run of a family. Mr. M's mother and Mr. M have earned about 500 times the income in 26 years, of which the value investment is about a hundred times and the event drive is about 5 times. However, in the eight years at the beginning of their investment road, active investment basically made no money. During this period, they had to follow the ups and downs of the market and endure the abuse of substantial pullback/retracement; However, in the next 18 years, Mr. M summarized his investment mistakes and other people's successful experiences, and his investment income increased exponentially.</p><p>Mr. M always takes the trouble to share with his friends around him: Unless you are willing to be a leek, let others slaughter, leeks through evolution and learning, can grow into a towering tree; Investment should be made as early as possible. The sooner you hit a bloody head, the better. At that time, the principal can afford to lose at a young age; The stock market will help those who help themselves, and their fate is in their own hands. After investors find the right direction and path, the stock market can bring returns that change their fate.</p><p><b>A 26-year 500-fold sample</b></p><p>Mr. M's family was poor since childhood, and his mother crashed into the stock market in a daze. In 1989, Mr. M's mother's company was unable to pay wages, so she gave employees internal employee shares with a face value of 2,000 yuan; In 1995, the company went public, and after the internal employee shares sold off, Mr. M's mother had the principal to invest in the stock market. At that time, the so-called stock trading was sitting on the bench in the lobby of the business department and watching the screen flip. According to hearsay, this fund rose and fell with the market from 1995 to 1998, and the overall amount was flat.</p><p>After graduating from college in 1997, Mr. M entered a large state-owned enterprise. In order to pass the time of his retired mother, he handed over his savings in the past two years to his mother, and their funds combined could settle in the middle room. In 1999, the funds were placed on Shenzhen Yili A, which was later<a href=\"https://laohu8.com/S/000028\">Sinopharm Accord</a>Restructuring, this money made about one and a half times the gain, which was considered a lot of money at the time.</p><p>However, the money earned by luck would still be lost by strength. In the four-year big bear market after 2000, this money floated 70% of the money at its peak in 1999, of which 50% was retraced between 2000 and 2002. But an important turning point came in 2003, when the funds began to be fully positioned<a href=\"https://laohu8.com/S/600600\">Tsingtao Brewery</a>And<a href=\"https://laohu8.com/S/000060\">CICC Lingnan</a>After the completion of Jiancang, these two stocks once again greatly pullback/retracement by nearly 50%. At its lowest point in 2004, it had lost two-thirds of the funds at its peak in 1999.</p><p>Mr. M. was sold in 2009<a href=\"https://laohu8.com/S/600600\">Tsingtao Brewery</a>And<a href=\"https://laohu8.com/S/000060\">CICC Lingnan</a>Yes, Tsingtao Brewery made a profit of nearly 10 times, and Zhongjin Lingnan made a profit of nearly 20 times. Mr. M clearly remembers that in 2003, the initial purchase price of Tsingtao Brewery was close to 8 yuan. After the dilution of bonus shares, dividends and warrant during the share reform period, the purchase cost of Tsingtao Brewery was reduced to more than 4 yuan. Mr. M sold Tsingtao Brewery for more than 40 yuan in 2009, and made a profit of nearly 10 times during the seven-year investment period.</p><p>Mr. M's initial purchase cost of Zhongjin Lingnan is close to 6 yuan. After the dilution of bonus shares and dividends during the share reform period, the purchase cost of Zhongjin Lingnan has dropped to more than 1 yuan. In 2009, Mr. M threw out Zhongjin Lingnan at a price of more than 20 yuan, with a profit of about 20 times.</p><p>However, Mr. M's investment philosophy is still swinging. From 2010 to 2015, he tried the event-driven market that was hot at that time. During this period, he experienced a 40% retracement in 2012 and a halving in 2015, with an overall return of about 5 times.</p><p>After learning from the painful experience in 2015, Mr. M once again returned to the road of value investment, and began to heavily position Maotai at the end of 2015, with a floating profit of nearly 10 times.</p><p><b>A \"leek\" indomitable promotion road</b></p><p>Mr. M was a proper leek at the beginning. With luck, he rose and fell in the stock market, and the huge loss deeply stung Mr. M. He was unwilling to be a leek. Since 2003, he started a tenacious promotion road, and completed the turn from a small scatter to a rational value investor.</p><p><b>He did the following important things right:</b></p><p>One is to learn, learn and learn again. The constant floating losses that began in 2000 made Mr. M's scalp numb, and he began to think about how to change this situation.</p><p>Mr. M is a science and engineering student. At the beginning of entering the stock market, he lacked basic knowledge of the economy and the operation law of the stock market. However, he believes that learning is the best way to make up for the lack of cognition. In the era when the mobile Internet was not yet popular, Mr. M's learning way was to watch TV and subscribe to newspapers. Mr. M. sits in front of the TV on time at 7: 30 every night to watch the financial channel of CCTV, from the economic information broadcast to the economic half-hour, and then to the Chinese stock market report. If he has time, he also tries to watch the \"Trading Time\" in the afternoon. He watches TV and learns until after 10 o'clock in the evening, and takes notes carefully on important information.</p><p>Mr. M still remembers that since 2004, he often bought financial newspapers at newsstands. During the long-term study, Mr. M has formed a basic understanding of the logic of economic operation and the way of investment in the stock market.</p><p>The second is familiarity, familiarity and re-familiarity. From the bottom up, Mr. M is familiar with the fundamentals of his stock buying.</p><p>Even today, Mr. M can still tell several reasons why he bought Tsingtao beer: in early 2000, Mr. M, who was still young, liked to sing karaoke with his friends, and he found that people's preference for beer changed from Heineken to Tsingtao beer; Tsingtao Beer itself is also shifting from the expansion strategy of \"Peng Zuoyi era\" to the stage of \"Jin Zhiguo era\" that not only wants market but also profits; AB Company of the United States privatized Harbin Brewery Company in Hong Kong stocks and took a stake in Tsingtao Brewery. The era of mergers and acquisitions in the beer industry is coming, and industry giants are beginning to appear.</p><p>As for CICC Lingnan, Mr. M said that if you look at the news for a long time, it is not difficult to find that China's real estate market is booming, and commodity prices are driven up for a long time by this factor. CICC Lingnan was the industry leader at that time, so CICC Lingnan was naturally selected. Although he can't go to the field for research, he doesn't miss every opportunity to search and improve the investment information of this stock. He can even remember the longitude and latitude of this company's metal mine, the grade of the mine and other details.</p><p>As a typical man in science and engineering, Mr. M said with emotion that if you don't master theorems and formulas, you will only do wrong questions; If you don't know the construction and performance of machines and equipment, you will definitely not know where the fault is! The same goes for investment. Only by understanding the fundamentals of the company you hold in depth and detail can you not be afraid of market fluctuations.</p><p>Third, independence, independence and independence again. Since holding Tsingtao Brewery and CICC Lingnan, as the stock price rose, the market value gradually increased, and Mr. M's mother moved from the middle room to the large room. The securities broker also looked at it differently, upgrading the treatment of Mr. M's mother, from one computer to watch the market to allocating two or three computers to watch the market. Because Mr. M firmly believes that this is a big market and the stocks he holds are high-quality targets, he holds the stocks and does not trade. As time went on, the broker couldn't sit still and began recommending various stocks and informing various reasons to buy and sell, but Mr. M was unmoved, firm in confidence and resolute not to trade.</p><p>The agent arranged the computer used by Mr. M's mother in the aisle outside the room on the grounds that the room was otherwise used. After a while, the broker arranged for other clients to use the computer, and the treatment of Mr. M's mother changed from three computers to one computer again. Some time later, the broker used the computer used by Mr. M's mother as a public computer for the clients in the lobby to use. Finally, Mr. M had to move to other securities companies. In the process of going through the formalities, the front desk saw the market value of Mr. M's mother and Mr. M, and immediately called the broker to ask for retention. After the broker arrived, he said helplessly, \"Let's go, let's go, no transactions!\"</p><p>In the fuse market in January, 2016, the market was in a hurry and wailing. A close friend of Mr. M called Mr. M with concern, telling him that the market was extremely pessimistic and might be in a state of depression. But Mr. M. told his friend,<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>The market value is only 200 billion yuan, and the PE is only 12 times. In the last fiscal year, the dividend of Dividend will be more than 6 yuan per share, and the Dividend rate will reach more than 3%. There is no need to be afraid. Instead, Mr. M chose to add positions.</p><p><b>In 2020 and 2021, the new energy concept became a hot market, and almost all friends around him participated in it, but Mr. M remained unmoved and still firmly held<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>。</b></p><p>Looking back, Mr. M said with emotion that we must think independently and not be influenced by other people's opinions. It is precisely independence that can have more benefits than friends and relatives around you.</p><p>The fourth is a normal heart, a normal heart, and a normal heart. Because of family reasons, Mr. M's family was poor since childhood. Mr. M's mother was extremely frugal and had the habit of keeping accounts. In the 1980s, she kept accounts accurately to \"points\". Mr. M is also very frugal. Since he joined the job, he has made it clear how much his monthly expenses are. He lives within his means and strives to make savings every month. No matter how difficult it is, Mr. M has savings even if there is not much left in his monthly salary after repaying the mortgage.</p><p>Mr. M said that it is his good living habits and correct view of wealth that can make him hold his shares and not play stock accounts these years. If you have the idea of changing a car once you make money, buying a good thing when you make money, etc., you can't hold shares calmly; The more ideas, the more affected by mood fluctuations, the more anxious investors will be, and the more anxious they are, the more they want to trade. If you buy and sell, you can't find the north!</p><p><b>So what's the point of making money? Mr. M admits that wealth brings a sense of security, valuable independence and freedom. However, he has never thought of luxury consumption.</b></p><p>Mr. M also believes that value investment seems to be unfast and slowly moving forward, but in fact it is not slow at all. In the investment decision-making process of nearly 20 years in which he participated, it was Tsingtao Brewery, Zhongjin Lingnan at the beginning, and Kweichow Moutai in the past five or six years that laid their wealth foundation. In the middle five years, when the event-driven investment was made, although it felt like it often made money, looking back, it was actually not fast at all, and it made people extremely tired and anxious.</p><p>Mr. M said that value investment is a win-win situation, which is the process of sharing the wealth creation of listed companies, while speculation is an attempt to put the money from other people's pockets into their own pockets, and the money earned by luck can't last long.</p><p>Silly money is not stupid when it realizes that it is stupid; When the leek realized that it couldn't make another leek, all the sickle sharps couldn't cut.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Earn 500x in 26 years! Can Leeks Really Counterattack?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEarn 500x in 26 years! Can Leeks Really Counterattack?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/9\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">券商中国 </p>\n<p class=\"h-time smaller\">2022-02-20 09:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Make money by luck, lose money by strength! Can Leeks Counterattack? Can Investing Really Change Destiny?</b>Recently, A-shares have been full of twists and turns, and the net value of popular track white horse stocks and \"top-stream\" funds has plummeted. Investors who are deeply involved once again laugh at themselves that \"leeks\" can't escape the fate of being harvested.</p><p>This issue shares a true story of an ordinary investor: this is the story of a two-generation investment relay run of a family. Mr. M's mother and Mr. M have earned about 500 times the income in 26 years, of which the value investment is about a hundred times and the event drive is about 5 times. However, in the eight years at the beginning of their investment road, active investment basically made no money. During this period, they had to follow the ups and downs of the market and endure the abuse of substantial pullback/retracement; However, in the next 18 years, Mr. M summarized his investment mistakes and other people's successful experiences, and his investment income increased exponentially.</p><p>Mr. M always takes the trouble to share with his friends around him: Unless you are willing to be a leek, let others slaughter, leeks through evolution and learning, can grow into a towering tree; Investment should be made as early as possible. The sooner you hit a bloody head, the better. At that time, the principal can afford to lose at a young age; The stock market will help those who help themselves, and their fate is in their own hands. After investors find the right direction and path, the stock market can bring returns that change their fate.</p><p><b>A 26-year 500-fold sample</b></p><p>Mr. M's family was poor since childhood, and his mother crashed into the stock market in a daze. In 1989, Mr. M's mother's company was unable to pay wages, so she gave employees internal employee shares with a face value of 2,000 yuan; In 1995, the company went public, and after the internal employee shares sold off, Mr. M's mother had the principal to invest in the stock market. At that time, the so-called stock trading was sitting on the bench in the lobby of the business department and watching the screen flip. According to hearsay, this fund rose and fell with the market from 1995 to 1998, and the overall amount was flat.</p><p>After graduating from college in 1997, Mr. M entered a large state-owned enterprise. In order to pass the time of his retired mother, he handed over his savings in the past two years to his mother, and their funds combined could settle in the middle room. In 1999, the funds were placed on Shenzhen Yili A, which was later<a href=\"https://laohu8.com/S/000028\">Sinopharm Accord</a>Restructuring, this money made about one and a half times the gain, which was considered a lot of money at the time.</p><p>However, the money earned by luck would still be lost by strength. In the four-year big bear market after 2000, this money floated 70% of the money at its peak in 1999, of which 50% was retraced between 2000 and 2002. But an important turning point came in 2003, when the funds began to be fully positioned<a href=\"https://laohu8.com/S/600600\">Tsingtao Brewery</a>And<a href=\"https://laohu8.com/S/000060\">CICC Lingnan</a>After the completion of Jiancang, these two stocks once again greatly pullback/retracement by nearly 50%. At its lowest point in 2004, it had lost two-thirds of the funds at its peak in 1999.</p><p>Mr. M. was sold in 2009<a href=\"https://laohu8.com/S/600600\">Tsingtao Brewery</a>And<a href=\"https://laohu8.com/S/000060\">CICC Lingnan</a>Yes, Tsingtao Brewery made a profit of nearly 10 times, and Zhongjin Lingnan made a profit of nearly 20 times. Mr. M clearly remembers that in 2003, the initial purchase price of Tsingtao Brewery was close to 8 yuan. After the dilution of bonus shares, dividends and warrant during the share reform period, the purchase cost of Tsingtao Brewery was reduced to more than 4 yuan. Mr. M sold Tsingtao Brewery for more than 40 yuan in 2009, and made a profit of nearly 10 times during the seven-year investment period.</p><p>Mr. M's initial purchase cost of Zhongjin Lingnan is close to 6 yuan. After the dilution of bonus shares and dividends during the share reform period, the purchase cost of Zhongjin Lingnan has dropped to more than 1 yuan. In 2009, Mr. M threw out Zhongjin Lingnan at a price of more than 20 yuan, with a profit of about 20 times.</p><p>However, Mr. M's investment philosophy is still swinging. From 2010 to 2015, he tried the event-driven market that was hot at that time. During this period, he experienced a 40% retracement in 2012 and a halving in 2015, with an overall return of about 5 times.</p><p>After learning from the painful experience in 2015, Mr. M once again returned to the road of value investment, and began to heavily position Maotai at the end of 2015, with a floating profit of nearly 10 times.</p><p><b>A \"leek\" indomitable promotion road</b></p><p>Mr. M was a proper leek at the beginning. With luck, he rose and fell in the stock market, and the huge loss deeply stung Mr. M. He was unwilling to be a leek. Since 2003, he started a tenacious promotion road, and completed the turn from a small scatter to a rational value investor.</p><p><b>He did the following important things right:</b></p><p>One is to learn, learn and learn again. The constant floating losses that began in 2000 made Mr. M's scalp numb, and he began to think about how to change this situation.</p><p>Mr. M is a science and engineering student. At the beginning of entering the stock market, he lacked basic knowledge of the economy and the operation law of the stock market. However, he believes that learning is the best way to make up for the lack of cognition. In the era when the mobile Internet was not yet popular, Mr. M's learning way was to watch TV and subscribe to newspapers. Mr. M. sits in front of the TV on time at 7: 30 every night to watch the financial channel of CCTV, from the economic information broadcast to the economic half-hour, and then to the Chinese stock market report. If he has time, he also tries to watch the \"Trading Time\" in the afternoon. He watches TV and learns until after 10 o'clock in the evening, and takes notes carefully on important information.</p><p>Mr. M still remembers that since 2004, he often bought financial newspapers at newsstands. During the long-term study, Mr. M has formed a basic understanding of the logic of economic operation and the way of investment in the stock market.</p><p>The second is familiarity, familiarity and re-familiarity. From the bottom up, Mr. M is familiar with the fundamentals of his stock buying.</p><p>Even today, Mr. M can still tell several reasons why he bought Tsingtao beer: in early 2000, Mr. M, who was still young, liked to sing karaoke with his friends, and he found that people's preference for beer changed from Heineken to Tsingtao beer; Tsingtao Beer itself is also shifting from the expansion strategy of \"Peng Zuoyi era\" to the stage of \"Jin Zhiguo era\" that not only wants market but also profits; AB Company of the United States privatized Harbin Brewery Company in Hong Kong stocks and took a stake in Tsingtao Brewery. The era of mergers and acquisitions in the beer industry is coming, and industry giants are beginning to appear.</p><p>As for CICC Lingnan, Mr. M said that if you look at the news for a long time, it is not difficult to find that China's real estate market is booming, and commodity prices are driven up for a long time by this factor. CICC Lingnan was the industry leader at that time, so CICC Lingnan was naturally selected. Although he can't go to the field for research, he doesn't miss every opportunity to search and improve the investment information of this stock. He can even remember the longitude and latitude of this company's metal mine, the grade of the mine and other details.</p><p>As a typical man in science and engineering, Mr. M said with emotion that if you don't master theorems and formulas, you will only do wrong questions; If you don't know the construction and performance of machines and equipment, you will definitely not know where the fault is! The same goes for investment. Only by understanding the fundamentals of the company you hold in depth and detail can you not be afraid of market fluctuations.</p><p>Third, independence, independence and independence again. Since holding Tsingtao Brewery and CICC Lingnan, as the stock price rose, the market value gradually increased, and Mr. M's mother moved from the middle room to the large room. The securities broker also looked at it differently, upgrading the treatment of Mr. M's mother, from one computer to watch the market to allocating two or three computers to watch the market. Because Mr. M firmly believes that this is a big market and the stocks he holds are high-quality targets, he holds the stocks and does not trade. As time went on, the broker couldn't sit still and began recommending various stocks and informing various reasons to buy and sell, but Mr. M was unmoved, firm in confidence and resolute not to trade.</p><p>The agent arranged the computer used by Mr. M's mother in the aisle outside the room on the grounds that the room was otherwise used. After a while, the broker arranged for other clients to use the computer, and the treatment of Mr. M's mother changed from three computers to one computer again. Some time later, the broker used the computer used by Mr. M's mother as a public computer for the clients in the lobby to use. Finally, Mr. M had to move to other securities companies. In the process of going through the formalities, the front desk saw the market value of Mr. M's mother and Mr. M, and immediately called the broker to ask for retention. After the broker arrived, he said helplessly, \"Let's go, let's go, no transactions!\"</p><p>In the fuse market in January, 2016, the market was in a hurry and wailing. A close friend of Mr. M called Mr. M with concern, telling him that the market was extremely pessimistic and might be in a state of depression. But Mr. M. told his friend,<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>The market value is only 200 billion yuan, and the PE is only 12 times. In the last fiscal year, the dividend of Dividend will be more than 6 yuan per share, and the Dividend rate will reach more than 3%. There is no need to be afraid. Instead, Mr. M chose to add positions.</p><p><b>In 2020 and 2021, the new energy concept became a hot market, and almost all friends around him participated in it, but Mr. M remained unmoved and still firmly held<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>。</b></p><p>Looking back, Mr. M said with emotion that we must think independently and not be influenced by other people's opinions. It is precisely independence that can have more benefits than friends and relatives around you.</p><p>The fourth is a normal heart, a normal heart, and a normal heart. Because of family reasons, Mr. M's family was poor since childhood. Mr. M's mother was extremely frugal and had the habit of keeping accounts. In the 1980s, she kept accounts accurately to \"points\". Mr. M is also very frugal. Since he joined the job, he has made it clear how much his monthly expenses are. He lives within his means and strives to make savings every month. No matter how difficult it is, Mr. M has savings even if there is not much left in his monthly salary after repaying the mortgage.</p><p>Mr. M said that it is his good living habits and correct view of wealth that can make him hold his shares and not play stock accounts these years. If you have the idea of changing a car once you make money, buying a good thing when you make money, etc., you can't hold shares calmly; The more ideas, the more affected by mood fluctuations, the more anxious investors will be, and the more anxious they are, the more they want to trade. If you buy and sell, you can't find the north!</p><p><b>So what's the point of making money? Mr. M admits that wealth brings a sense of security, valuable independence and freedom. However, he has never thought of luxury consumption.</b></p><p>Mr. M also believes that value investment seems to be unfast and slowly moving forward, but in fact it is not slow at all. In the investment decision-making process of nearly 20 years in which he participated, it was Tsingtao Brewery, Zhongjin Lingnan at the beginning, and Kweichow Moutai in the past five or six years that laid their wealth foundation. In the middle five years, when the event-driven investment was made, although it felt like it often made money, looking back, it was actually not fast at all, and it made people extremely tired and anxious.</p><p>Mr. M said that value investment is a win-win situation, which is the process of sharing the wealth creation of listed companies, while speculation is an attempt to put the money from other people's pockets into their own pockets, and the money earned by luck can't last long.</p><p>Silly money is not stupid when it realizes that it is stupid; When the leek realized that it couldn't make another leek, all the sickle sharps couldn't cut.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a00745cd781f91ef6ef359064c639fbb","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124602561","content_text":"凭运气赚钱，凭实力亏钱！韭菜能逆袭吗？投资真能改变命运吗？近期A股一波三折，热门赛道白马股和“顶流”基金净值重挫，深陷其中的投资者再度自嘲“韭菜”难逃被收割的命运。本期分享一个普通投资者的真实故事：这是一家两代人投资接力奔跑的故事，M先生的母亲和M先生在26年的时间里，赚取了大约500倍的收益，其中价值投资约为一百倍，事件驱动约为5倍。但在他们投资之路开端的8年时间中，主动投资基本没有赚过钱，期间还要跟着市场沉浮，忍耐大幅回撤的凌虐；但后18年时间中，M先生总结自己的投资错误和别人的成功经验，投资收益获得指数级别增长。M先生总是不厌其烦地与身边的朋友分享：除非你甘愿做一枚韭菜，任人宰割，韭菜通过进化和学习，是可以长成参天大树的；投资要趁早，越早碰得头破血流越好，那个时候本金小年纪轻输得起；股市会帮助自助者，命运是掌握在自己的手中，投资者在找到了正确的方向和路径后，股市能够带来改变命运的回报。一个26年500倍的样本M先生自幼家境清贫，他的妈妈是稀里糊涂一头撞进股市的。1989年，M先生的妈妈所在的公司无法发出工资，就给职工发了面值2000元的内部职工股；1995年，这家公司上市，内部职工股抛售后，M先生的妈妈才有了在股市进行投资的本金。当时的所谓炒股，就是坐在营业部大厅的条凳上看着屏幕翻屏，道听途说，这笔资金在1995年至1998年期间跟着市场沉沉浮浮，整体持平。M先生1997年大学毕业后进入一家大型国企，为了让退休的母亲打发时间，他将自己近两年的积蓄上交给母亲，两人的资金合起来可以入驻中户室。1999年，这笔资金押中了深益力A，深益力A后来被国药一致重组，这笔资金获得了大约一倍半的收益，这在当时算得上是赚了一笔大钱。但是凭运气赚来的钱，还是会凭实力亏回去。在2000年之后的四年大熊市中，这笔资金浮亏了1999年高峰时期70%的钱，其中，2000年到2002年回撤了50%。但重要的转折就发生在2003年，这笔资金开始全仓青岛啤酒和中金岭南，建仓完毕后，这两只个股再度大幅回撤近50%。截至2004年最低点时，已经浮亏掉了1999年高峰时期资金的三分之二。M先生是在2009年卖掉青岛啤酒和中金岭南的，青岛啤酒获利近10倍，中金岭南获利近20倍。M先生清晰地记得，2003年青岛啤酒的初始买入价接近8块，经过股改时期的送股、分红、权证等摊薄，青岛啤酒的买入成本降低至4块多。M先生在2009年以40多元的价格卖出了青岛啤酒，在长达7年的投资期中，获利近10倍。M先生对中金岭南的初始买入成本接近6块，经过股改时期的送股、分红等摊薄后，中金岭南的买入成本降至为1块多。2009年M先生以20多块钱的价格抛出了中金岭南，获利约20倍。但M先生的投资理念仍在摇摆中，2010年至2015年，他尝试了当时市场大热的事件驱动，期间经历了2012年回撤40%和2015年的腰斩，总体收益约为5倍。经过2015年的痛定思痛，M先生再度回到了价值投资之路上，并从2015年末开始重仓茅台，浮盈近10倍。一个“韭菜”百折不挠的晋级之路M先生开始是一枚妥妥的韭菜，凭着运气在股市里沉浮，巨幅的亏损深深地刺痛了M先生。他不甘于做一枚韭菜，从2003年后开始了顽强的晋级之路，完成了从小散到理性价值投资者的转身。他做对了以下几项重要的事：一是学习、学习、再学习。2000年开始的不断浮亏让M先生头皮发麻，他便开始思考如何才能改变这一现状。M先生是理工生，在踏入股市之初，他对经济和股市的运行规律缺乏基本的认知。但他认为，学习是弥补认知不足最好的方式，在移动互联网还没有普及的年代，M先生的学习方式是看电视、订报纸。M先生每晚7:30准时坐在电视机前收看中央电视台的财经频道，从经济信息联播到经济半小时、再到中国股市报道，如果有时间的话，下午的《交易时间》也争取收看，看电视学习的时间持续到晚上10点钟以后，重要的信息还认真地做笔记。M先生还记得2004年开始，经常在报摊买财经报纸看。在长期的学习中，M先生对经济运行逻辑和股市的投资之道形成了基本的认识。二是熟悉、熟悉、再熟悉。M先生自下而上，对自己买入股票的基本面烂熟于心。直到今天，M先生依然能如数家珍般地说出当初买青岛啤酒的几个理由：2000年初，尚年轻的M先生和朋友们喜欢一起去唱K，他发现人们对啤酒的偏好从喜力转向青岛啤酒；青岛啤酒自身也正从“彭作义时代”的扩张战略转向“金志国时代”不仅要市场还要利润阶段；美国AB公司港股私有化哈尔滨啤酒公司，入股青啤，啤酒行业并购整合时代来临，行业巨头初现。至于中金岭南，M先生说，如果长期看新闻，就不难发现中国房地产市场的蓬勃发展，大宗商品价格受此因素推动长期向上，中金岭南当时是行业龙头，自然就选中了中金岭南。尽管不能到实地调研，但他不放过每一个搜寻并完善这只个股投资信息的机会，他甚至能记得这家公司金属矿的经纬度、矿的品位等细节。作为一名典型的理工男，M先生感慨地说，如果不掌握定理和公式，那只会做错题；如果不了解机器设备的构造和性能，肯定就不知道故障在哪里！投资也一样，只有深入细致地了解所持公司的基本面，才能在市场波动中不恐惧。三是独立、独立、再独立。自持有青啤和中金岭南后，随着股价上涨，市值也逐渐增加，M先生的母亲从中户室移入大户室。证券经纪人也另眼相看，为M先生的母亲升级待遇，从一台电脑看行情，到分配两台、三台电脑看行情。M先生因为坚信这是一波大行情且所持有股票是优质标的，就持股不动没有交易。随着时间推移，经纪人坐不住了，开始推荐各种股票，告知各种买入卖出的理由，但M先生不为所动，坚定信心，坚决不交易。经纪人就以房间另有用途为由将M先生的母亲所使用的电脑安排至房间外的过道上。过了一段时间，经纪人又安排其他客户来使用电脑，M先生母亲的待遇从三台电脑再度变成一台电脑。又过了一段时间，经纪人将M先生母亲所使用的电脑作为公用电脑供大厅的客户来使用。最后，M先生只好转迁其它证券公司，在办理手续过程中，前台看到M先生母亲和M先生的市值，立马打电话给经纪人要求挽留，经纪人赶来后无奈地说：“走吧，走吧，不做交易的！”2016年1月份的熔断行情中，市场风声鹤唳、哀嚎遍野，M先生的一位挚友关切地致电给M先生，告知市场极度悲观，可能会一蹶不振。但M先生告诉朋友，贵州茅台的市值只有两千来亿、PE只有12倍，上一财年股息分红每股将有6元以上，股息率达到了3%以上，完全没有必要恐惧。M先生反而选择了加仓。2020年和2021年新能源概念成为市场的大热，身边的朋友几乎都参与其中，但M先生不为所动，依然坚定持有贵州茅台。回首往事，M先生感慨地说，一定要有独立的思考，不为他人的观点所左右。恰恰是独立，才能比身边的亲朋好友有更多的收益。四是平常心、平常心、再平常心。M先生因为家庭原因，自幼家境清贫，M先生的母亲极度节俭，有记账的习惯，八十年代时精确到“分”来记账。M先生也很节俭，自参加工作后，就明确自己每月的开支是多少，量入为出，争取做到每月都有节余。无论再困难，即使还房贷后每月工资所剩不多，M先生也有节余。M先生说，正是自己量入为出的良好生活习惯和正确的财富观，才能让自己这些年持股不动，不打股票账户的主意。如果你一旦有了赚了钱就换部车、赚了钱要买个好东西等诸如此类的想法，就不能淡定持股；想法越多，受情绪波动的影响越大，投资者就会越焦虑，越焦虑就越想交易，买着卖着、卖着买着就找不到北了！那么赚钱的意义何在？M先生坦言，财富带来的是安全感，是可贵的独立和自由，不过，自己从没有想过奢侈消费。M先生还认为，价值投资貌似不快、徐徐前进，其实一点都不慢，在自己参与的近二十年间投资决策过程中，正是开始的青啤、中金岭南，和这五六年间的贵州茅台奠定了自己的财富基础，在中间的五年间的事件驱动投资时，虽然感觉上经常赚钱、但回头看，其实一点也不快，还把人弄得极为疲惫、情绪极度焦虑。M先生表示，价值投资是共赢，是分享上市公司财富创造的过程，而投机是试图将别人口袋的钱装入自己口袋，凭运气赚来的钱无法长久。当傻钱意识到自己傻的时候，傻钱就不傻了；当韭菜意识到不能再做一枚韭菜时，所有的镰刀利器就割不动了。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":3708,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9993367733,"gmtCreate":1660628603325,"gmtModify":1676536368894,"author":{"id":"3586771609683476","authorId":"3586771609683476","name":"JackJiang","avatar":"https://static.tigerbbs.com/21d7e0d2a9c7ff66594d11d8cc825e95","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586771609683476","idStr":"3586771609683476"},"themes":[],"htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9993367733","repostId":"1166587707","repostType":2,"repost":{"id":"1166587707","kind":"news","pubTimestamp":1660612662,"share":"https://ttm.financial/m/news/1166587707?lang=en_US&edition=fundamental","pubTime":"2022-08-16 09:17","market":"us","language":"zh","title":"The \"Big Short\" is cleared! What signal?","url":"https://stock-news.laohu8.com/highlight/detail?id=1166587707","media":"华尔街见闻","summary":"他再次告诫投资者，不要对最近的美股反弹太过兴奋。","content":"<p><html><head></head><body>After releasing the crash talk in the second quarter, Michael Burry, the prototype of The Big Short, followed his words and deeds, and immediately cleared almost all his shares. Now, amid the unprecedented rebound in U.S. stocks, he again cautioned investors not to be too excited about the recent rally in U.S. stocks. Michael Burry, the prototype of the film The Big Short, nearly pulled out of the stock market, holding just one stock by the end of the second quarter.</p><p>Michael Bury, known for shorting the US housing market before the 2008 financial crisis, has been issuing pessimistic forecasts in recent years. In late May this year, Michael Bury tweeted warning that a crisis like that of 2008 could repeat itself and that a massive market crash was imminent.</p><p>At the time of \"cloudy\" U.S. stocks, the aggressive rate hike of the Federal Reserve and fears of recession fueled nerves among investors, who began to seek guidance from Mr. Bury's tweets about recession forecasts, and Mr. Bury got \"<b>recession man</b>\"The title, after a lapse of 14 years, turned red again.</p><p><b>After releasing the crash comments, Bury followed his words and deeds, and immediately cleared almost all of his holdings.</b></p><p>On Monday, a filing disclosed by the Securities and Exchange Commission (SEC) showed that,<b>As of June 30, Bury's hedge fund Scion Asset owned shares in just one company – private prison operator GEO Group (GEO).</b></p><p>GEO's shares rose 11% on the news. The announcement revealed that Scion held 3.3 million shares of the company's stock at the end of the second quarter.</p><p>Previous announcements showed that as of the end of March,<b>Scion holds more than $165 million worth of shares, including Alphabet</b>(GOOGL)<b>Booking Holdings</b>(BKNG)<b>Meta Platforms</b>(META)<b>And Bristol-Myers Squibb</b>(Bristol Myers-Squibb, BMY).<img src=\"https://static.tigerbbs.com/b3438164acab843b23dea547ba4b495f\" tg-width=\"780\" tg-height=\"513\" referrerpolicy=\"no-referrer\"/>The rally in U.S. stocks reached another milestone last week, with the Nasdaq rising more than 20% from a low hit in mid-June, ending the longest bear market since 2008.</p><p>But Bury again cautioned investors not to get too excited about the recent rally in U.S. stocks, which will see many temporary rallies before bottoming out.</p><p>\"This happened seven times after 2000, when the Nasdaq fell 78% to the 2002 low,\" he noted.</p><p>He tweeted,<b>The \"stupid\" feeling that caused the huge bubble that appeared on the market in 1929, 1968, 2000 has disappeared.</b></p><p><b>But the \"stupid\" feelings like those before Enron, 9/11 and WorldCom have resurfaced.</b>The WorldCom incident refers to the accounting scandal of WorldCom before the dot-com bubble burst, reflecting the agitation of the telecom industry at that time.<img src=\"https://static.tigerbbs.com/9ead54935d433798b965b488cf677c31\" tg-width=\"586\" tg-height=\"749\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The \"Big Short\" is cleared! 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What signal?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-08-16 09:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>After releasing the crash talk in the second quarter, Michael Burry, the prototype of The Big Short, followed his words and deeds, and immediately cleared almost all his shares. Now, amid the unprecedented rebound in U.S. stocks, he again cautioned investors not to be too excited about the recent rally in U.S. stocks. Michael Burry, the prototype of the film The Big Short, nearly pulled out of the stock market, holding just one stock by the end of the second quarter.</p><p>Michael Bury, known for shorting the US housing market before the 2008 financial crisis, has been issuing pessimistic forecasts in recent years. In late May this year, Michael Bury tweeted warning that a crisis like that of 2008 could repeat itself and that a massive market crash was imminent.</p><p>At the time of \"cloudy\" U.S. stocks, the aggressive rate hike of the Federal Reserve and fears of recession fueled nerves among investors, who began to seek guidance from Mr. Bury's tweets about recession forecasts, and Mr. Bury got \"<b>recession man</b>\"The title, after a lapse of 14 years, turned red again.</p><p><b>After releasing the crash comments, Bury followed his words and deeds, and immediately cleared almost all of his holdings.</b></p><p>On Monday, a filing disclosed by the Securities and Exchange Commission (SEC) showed that,<b>As of June 30, Bury's hedge fund Scion Asset owned shares in just one company – private prison operator GEO Group (GEO).</b></p><p>GEO's shares rose 11% on the news. The announcement revealed that Scion held 3.3 million shares of the company's stock at the end of the second quarter.</p><p>Previous announcements showed that as of the end of March,<b>Scion holds more than $165 million worth of shares, including Alphabet</b>(GOOGL)<b>Booking Holdings</b>(BKNG)<b>Meta Platforms</b>(META)<b>And Bristol-Myers Squibb</b>(Bristol Myers-Squibb, BMY).<img src=\"https://static.tigerbbs.com/b3438164acab843b23dea547ba4b495f\" tg-width=\"780\" tg-height=\"513\" referrerpolicy=\"no-referrer\"/>The rally in U.S. stocks reached another milestone last week, with the Nasdaq rising more than 20% from a low hit in mid-June, ending the longest bear market since 2008.</p><p>But Bury again cautioned investors not to get too excited about the recent rally in U.S. stocks, which will see many temporary rallies before bottoming out.</p><p>\"This happened seven times after 2000, when the Nasdaq fell 78% to the 2002 low,\" he noted.</p><p>He tweeted,<b>The \"stupid\" feeling that caused the huge bubble that appeared on the market in 1929, 1968, 2000 has disappeared.</b></p><p><b>But the \"stupid\" feelings like those before Enron, 9/11 and WorldCom have resurfaced.</b>The WorldCom incident refers to the accounting scandal of WorldCom before the dot-com bubble burst, reflecting the agitation of the telecom industry at that time.<img src=\"https://static.tigerbbs.com/9ead54935d433798b965b488cf677c31\" tg-width=\"586\" tg-height=\"749\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3667789\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/997ee3b8a077e123f2a230d24cf88db4","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3667789","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1166587707","content_text":"在二季度发布崩盘的言论后，《大空头》原型迈克尔•伯里言行一致，随即就几乎悉数出清了所持股票。如今在美股空前反弹之际，他再次告诫投资者，不要对最近的美股反弹太过兴奋。电影《大空头》的原型迈克尔•伯里(Michael Burry)几乎撤离了股市，至第二季度末仅持有一只股票。迈克尔•伯里因在2008年金融危机前做空美国房市而闻名，近几年他一直在陆续发布悲观的预测，今年5月下旬，迈克尔•伯里发布推文警告类似2008年那样的危机可能重演，一场大规模的市场崩盘即将到来。当时正值美股“阴云密布”，美联储激进加息以及对衰退的担忧，加剧了投资者的紧张情绪，他们开始从伯里那些关于衰退预测的推文中寻求指引，伯里也因此获得了“recession man”的称号，时隔14年重新翻红。在发布崩盘的言论后，伯里言行一致，随即就几乎悉数出清了所持股票。周一，美国证券交易委员会(SEC)披露的一份文件显示，截至6月30日，伯里掌管的对冲基金公司Scion Asset旗下只持有一家公司的股票——私人监狱运营商GEO Group (GEO)。GEO的股价闻讯上涨了11%。该公告显示，截至第二季度末，Scion持有330万股该公司的股票。之前的公告显示，截至3月底，Scion持有价值超过1.65亿美元的股票，包括Alphabet(GOOGL)、Booking Holdings(BKNG)、Meta Platforms(META)和百时美施贵宝(Bristol Myers-Squibb, BMY)。上周，美股的反弹达到了又一个里程碑，纳指较6月中旬触及的低点上涨超过20%，结束了自2008年以来持续时间最长的一轮熊市。但伯里再次告诫投资者，不要对最近的美股反弹太过兴奋，因为股市在触底之前都会出现很多次暂时性的反弹。他指出：“2000年之后，纳斯达克指数在累计下跌78%至2002年低点的过程中，曾七次出现这种的情形。”他发推文称，在1929年、1968年、2000年市场上出现过的导致巨大泡沫的“愚蠢”感觉，已经消失了。但类似安然公司事件、911事件、世通事件前的那种“愚蠢”感觉却死灰复燃。世通事件指的是互联网泡沫破灭前，世通公司的会计丑闻，反映出当时电信行业的躁动。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2893,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9060256524,"gmtCreate":1651157314175,"gmtModify":1676534860749,"author":{"id":"3586771609683476","authorId":"3586771609683476","name":"JackJiang","avatar":"https://static.tigerbbs.com/21d7e0d2a9c7ff66594d11d8cc825e95","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586771609683476","idStr":"3586771609683476"},"themes":[],"htmlText":"Ok👍","listText":"Ok👍","text":"Ok👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9060256524","repostId":"1130065805","repostType":4,"isVote":1,"tweetType":1,"viewCount":2872,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9011853311,"gmtCreate":1648857111338,"gmtModify":1676534410426,"author":{"id":"3586771609683476","authorId":"3586771609683476","name":"JackJiang","avatar":"https://static.tigerbbs.com/21d7e0d2a9c7ff66594d11d8cc825e95","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586771609683476","idStr":"3586771609683476"},"themes":[],"htmlText":"Ok&nbsp;","listText":"Ok&nbsp;","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9011853311","repostId":"1130356803","repostType":4,"repost":{"id":"1130356803","kind":"news","pubTimestamp":1648821026,"share":"https://ttm.financial/m/news/1130356803?lang=en_US&edition=fundamental","pubTime":"2022-04-01 21:50","market":"sh","language":"zh","title":"Wang Chuanfu: At present, the skyrocketing price of raw materials is a challenge that the industry needs to overcome","url":"https://stock-news.laohu8.com/highlight/detail?id=1130356803","media":"上海证券报","summary":"建议全面梳理碳酸锂资源布局和产能，增加国内开采量和国外进口量。","content":"<p><div>Shanghai Securities News China Securities Network News (Reporter Qiu Dekun) On the afternoon of April 1st, the online briefing of BYD's 2021 annual report was held. Wang Chuanfu, chairman of BYD, said: \"The current skyrocketing raw material price is a challenge that the industry needs to overcome. It is suggested to comprehensively sort out the layout and production capacity of lithium carbonate resources, increase domestic mining volume and foreign import volume, maintain market supply and demand, stabilize price expectations, and promote the healthy and safe development of the industry.\" Wang Chuanfu introduced that from a global perspective, it is a global consensus to achieve carbon peak and carbon neutrality goals in response to climate change, but behind the explosive growth of the new energy vehicle market, the industry is facing the epidemic, raw materials...</p><p><a href=\"https://news.cnstock.com/news,bwkx-202204-4856332.htm\">Web link</a></div></p>","source":"shzqb","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wang Chuanfu: At present, the skyrocketing price of raw materials is a challenge that the industry needs to overcome</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWang Chuanfu: At present, the skyrocketing price of raw materials is a challenge that the industry needs to overcome\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">上海证券报</strong><span class=\"h-time small\">2022-04-01 21:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Shanghai Securities News China Securities Network News (Reporter Qiu Dekun) On the afternoon of April 1st, the online briefing of BYD's 2021 annual report was held. Wang Chuanfu, chairman of BYD, said: \"The current skyrocketing raw material price is a challenge that the industry needs to overcome. It is suggested to comprehensively sort out the layout and production capacity of lithium carbonate resources, increase domestic mining volume and foreign import volume, maintain market supply and demand, stabilize price expectations, and promote the healthy and safe development of the industry.\" Wang Chuanfu introduced that from a global perspective, it is a global consensus to achieve carbon peak and carbon neutrality goals in response to climate change, but behind the explosive growth of the new energy vehicle market, the industry is facing the epidemic, raw materials...</p><p><a href=\"https://news.cnstock.com/news,bwkx-202204-4856332.htm\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://news.cnstock.com/news,bwkx-202204-4856332.htm\">上海证券报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/321df3e7f5d871ff7f9e8782901189ee","relate_stocks":{"002594":"比亚迪","00285":"比亚迪电子","01211":"比亚迪股份"},"source_url":"https://news.cnstock.com/news,bwkx-202204-4856332.htm","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130356803","content_text":"上证报中国证券网讯（记者 邱德坤）4月1日下午，比亚迪2021年年度报告网上说明会召开。比亚迪董事长王传福表示：“眼下的原材料价格暴涨是行业需要克服的挑战，建议全面梳理碳酸锂资源布局和产能，增加国内开采量和国外进口量，维护市场供需，稳定价格预期，促进行业健康安全发展。”王传福介绍，从全球范围来看，应对气候变化实现碳达峰、碳中和目标是全球共识，但新能源汽车市场爆发式增长的背后，行业面临疫情、原材料价格暴涨、供应链不稳定等严峻挑战。“安全是新能源汽车发展的基石，成本是必须要面对的一项重要指标”。王传福认为，有些东西刚开始做可能贵一点，但是只要规模化以后会把成本降下来。当新能源汽车的性能迈过一定门槛后，对于动力电池能量密度的重要性在降低，取而代之的最重要指标是安全、成本、循环寿命等。王传福表示，中国不可能从燃油车时代被石油卡脖子，变成电动车时代被钴、镍等金属卡脖子。磷酸铁锂不含稀有金属，更加匹配社会资源承受度。","news_type":1,"symbols_score_info":{"00285":0.9,"01211":0.9,"002594":0.9}},"isVote":1,"tweetType":1,"viewCount":2923,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9011859872,"gmtCreate":1648857076646,"gmtModify":1676534410391,"author":{"id":"3586771609683476","authorId":"3586771609683476","name":"JackJiang","avatar":"https://static.tigerbbs.com/21d7e0d2a9c7ff66594d11d8cc825e95","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586771609683476","idStr":"3586771609683476"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9011859872","repostId":"1106667215","repostType":4,"repost":{"id":"1106667215","kind":"news","pubTimestamp":1648828221,"share":"https://ttm.financial/m/news/1106667215?lang=en_US&edition=fundamental","pubTime":"2022-04-01 23:50","market":"sh","language":"zh","title":"Meng Wanzhou as Huawei's rotating chairman","url":"https://stock-news.laohu8.com/highlight/detail?id=1106667215","media":"新浪科技","summary":"4月1日晚间消息，华为官网最新信息显示，华为CFO孟晚舟担任华为副董事长、轮值董事长。","content":"<p><html><head></head><body>On the evening of April 1st, the latest information of Huawei's official website showed that Meng Wanzhou, CFO of Huawei, served as the vice chairman and rotating chairman of Huawei.</p><p><img src=\"https://static.tigerbbs.com/d136391ef7e8cf16433d8f2af0b10fc3\" tg-width=\"630\" tg-height=\"968\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p></body></html></p>","source":"lsy1635144614083","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Meng Wanzhou as Huawei's rotating chairman</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMeng Wanzhou as Huawei's rotating chairman\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪科技</strong><span class=\"h-time small\">2022-04-01 23:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On the evening of April 1st, the latest information of Huawei's official website showed that Meng Wanzhou, CFO of Huawei, served as the vice chairman and rotating chairman of Huawei.</p><p><img src=\"https://static.tigerbbs.com/d136391ef7e8cf16433d8f2af0b10fc3\" tg-width=\"630\" tg-height=\"968\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/tech/2022-04-01/doc-imcwiwss9459519.shtml\">新浪科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a15bffc99387ca14cc717ab1f1c37fcd","relate_stocks":{},"source_url":"https://finance.sina.com.cn/tech/2022-04-01/doc-imcwiwss9459519.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106667215","content_text":"4月1日晚间消息，华为官网最新信息显示，华为CFO孟晚舟担任华为副董事长、轮值董事长。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2703,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9095828707,"gmtCreate":1644884039503,"gmtModify":1676533971310,"author":{"id":"3586771609683476","authorId":"3586771609683476","name":"JackJiang","avatar":"https://static.tigerbbs.com/21d7e0d2a9c7ff66594d11d8cc825e95","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586771609683476","idStr":"3586771609683476"},"themes":[],"htmlText":"Good👍","listText":"Good👍","text":"Good👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9095828707","repostId":"1143952641","repostType":4,"repost":{"id":"1143952641","kind":"news","pubTimestamp":1644830183,"share":"https://ttm.financial/m/news/1143952641?lang=en_US&edition=fundamental","pubTime":"2022-02-14 17:16","market":"us","language":"zh","title":"The \"lover\" of the stock god: After six years together, where did Buffett fall in love with Apple?","url":"https://stock-news.laohu8.com/highlight/detail?id=1143952641","media":"36氪财经","summary":"入股苹果，巴菲特大赚1341亿美元。","content":"<p><html><head></head><body>Author | Lin Yulian</p><p>For decades, Buffett has long doted on the consumer and financial sectors and is not keen on investing in tech stocks. However, since January 2016,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The world's leading technology company has become Buffett's \"favorite\" and now occupies Buffett's companies<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>42.73% position in the portfolio. From sneering at technology stocks to now spending the largest position to buy Apple and \"holding hands\" for six years, where did Buffett fall in love with Apple?</p><p>Buffett is optimistic that most companies have moat characteristics and excellent management. In addition to product strength and management, Apple's unique feature is that it has strong consumption attributes as a technology stock, and its return on net assets has performed well for many consecutive years. As Apple's stock price kept rising, Buffett made a lot of money, and the $134.1 billion investment income in Apple helped Berkshire withstand the negative impact of the pandemic.</p><p>At present, Berkshire's market value has exceeded 700 billion dollars. Against the background that the Fed's rate hike is expected to envelop the market, will this world's top insurance group, which has long operated in the \"investment + insurance\" mode, become the fifth trillion-dollar company?</p><p><b>Investing in Apple: Berkshire's third-largest business</b></p><p>In February 2020, Buffett admitted in a CNBC interview that Apple may be the best business in the world. It is not only a stock, but also Berkshire's third business. At the beginning of this year, Apple's share price once rose to a record high of $182.94/share, becoming the first giant company in the world to enter a market value of $3 trillion, which attracted market attention.</p><p>As of February 11th, Apple closed at $168.64, with a total market value of $2.75 trillion, exceeding the total GDP of the UK in 2020 of $2.71 trillion, equivalent to 7.5 Maotai.</p><p><img src=\"https://static.tigerbbs.com/fc05273ee76ab1ecf41ca6859e0ddcd7\" tg-width=\"550\" tg-height=\"339\" referrerpolicy=\"no-referrer\"/></p><p>Among the many investors in review, Buffett is undoubtedly the biggest winner. Buffett's purchase of Apple goes back to 2016, when his potential successors, investment managers Todd Combs and Ted Weisler, guided his fund to buy 9.81 million Apple shares. After getting Buffett's approval, Berkshire began to heavily position itself in Apple.</p><p>Since taking a position, Berkshire has also sold some Apple shares. In 2020, Apple's stock price cut in half, and Buffett reduced his position slightly in the third quarter, earning $11 billion in revenue. As of January 3, 2022, Berkshire held a total of 908 million Apple shares, with a shareholding ratio of 5.56%. Based on the stock price of that day, the shareholding value was 165.3 billion USD, minus the cumulative investment of 31.089 billion USD in 2020, making a huge profit of more than 134.1 billion USD, which aroused the envy of the market.</p><p><img src=\"https://static.tigerbbs.com/2b6123aa7605eb1074af7e2a93fafeb9\" tg-width=\"550\" tg-height=\"240\" referrerpolicy=\"no-referrer\"/>Data source: CNBC<img src=\"https://static.tigerbbs.com/236f8ead633b3024a9f008d243b983b1\" tg-width=\"550\" tg-height=\"84\" referrerpolicy=\"no-referrer\"/>Source: Corporate earnings report;<a href=\"https://laohu8.com/S/KRKR\">36 Krypton</a>charting</p><p>Investing in Apple helped Berkshire's two pillar businesses, insurance and railroads, take a huge hit due to the pandemic, and the company weathered the Covid shock. Apple's share price soared 33% in just one year in 2021, and to this day, Apple is the highest owned company in Berkshire's portfolio, with a position of over 40%. In 2021, Berkshire Hathaway shares rose 30%, slightly more than the S&P 500's 27% gain.</p><p><img src=\"https://static.tigerbbs.com/acd8a53bdd5ff0b54b22563a8a3a4de9\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\"/>Apple's cumulative total returns in the past five years have outperformed the S&P 500 and NasdaqSource: Apple Earnings</p><p>Why is Buffett, who has always scoffed at technology stocks, willing to hold Apple for a long time? At the shareholders' meeting in May 2021, Buffett revealed the core reason why he is optimistic about Apple. \"Apple is an extraordinary company. They have excellent management, and their products have loyal fans all over the world. Apple's brands and products are very outstanding, and their profit margins are also very high. At the same time, mobile phones are an essential must-have in the lives of all young people.\"</p><p>In addition, an enterprise whose ROE (return on net assets) is 20%-30% for a long time can be regarded as an excellent enterprise, while only enterprises whose ROE is not less than 20% and can grow steadily can enter Buffett's investment range. A careful look at Apple's financial indicators shows that Apple's ROE performance is equally amazing, exceeding 30% for five consecutive years and continuing to grow. For Buffett, who attaches great importance to ROE in stock selection, this undoubtedly greatly increases his bargaining chips.</p><p><img src=\"https://static.tigerbbs.com/8a29f13184edf57b9af5676e5d5dc18b\" tg-width=\"550\" tg-height=\"331\" referrerpolicy=\"no-referrer\"/>Data Source:<a href=\"https://laohu8.com/S/300033\">Flush</a>； 36 Krypton mapping</p><p><b>Buffett's Investment Strategy: Firmly Believe in Value Investing</b></p><p>Since the 1950s, Buffett's name has resounded throughout the investment circle and become a legendary myth. In 2021, Buffett reached No. 6 on the Forbes list with a net worth of $96 billion.</p><p>Buffett has always advocated the concept of value investment. After the collapse of the US stock market in 1929, value investment was first proposed by Graham, the godfather of Wall Street, in Securities Analysis, that is, the so-called \"cigarette butt picking\": the remaining cigarette butts were yellow and moldy, but if they could take a free sip, they would be of supreme value. The kernel of value investment is that the margin of safety is high enough, and on this basis, long-term holding can obtain safe and stable income.</p><p>Buffett was attracted to his book \"The Smart Investor\" at the age of 19, and then went to Columbia University to become a student of Graham. He was influenced by Graham's investment philosophy throughout his life. Buffett's investment logic is also very clear: discover valuable but undervalued companies, and then take a stake in that company for a long time. \"If you're not prepared to hold a stock for ten years, don't hold that stock for even ten minutes\".</p><p>Buffett's position directly verifies the above statement. At the end of 2019, Berkshire owned seven stocks that had been held for more than 15 years, namely<a href=\"https://laohu8.com/S/WPO\">The Washington Post</a>、<a href=\"https://laohu8.com/S/KO\">Coca Cola</a>、<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>Procter & Gamble,<a href=\"https://laohu8.com/S/AXP\">American Express</a>Company,<a href=\"https://laohu8.com/S/MCO\">Moody's</a>Company, GEICO Insurance. Among them, the holding period for the Washington Post is up to 41 years, and the holding period for GEICO Insurance is up to 44 years.</p><p>In terms of industry selection, Buffett prefers traditional industries with stable competition pattern such as finance, consumption and public utilities; At the company level, Buffett values whether the enterprise has a moat and excellent management, and whether it has advantages in brand, product characteristics, and business model cost control. The so-called moat characteristics are embodied in large scale, sustained profit, high ROE, low debt and simple business.</p><p>In its third quarter position report (13F) as of September 30, 2021, Berkshire's top five holdings were Apple,<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>American Express, Coca-Cola,<a href=\"https://laohu8.com/S/KHC\">Kraft Heinz</a>, accounting for 42.78%, 14.61%, 8.65%, 7.15% and 4.09% of the investment portfolio, respectively.</p><p><b>Berkshire: The Next Trillion Dollar Company?</b></p><p>As the world's top insurance group, Berkshire's predecessor can be traced back to Valley Falls Company founded in Valley Falls, Rhode Island in 1939. Valley Falls merged with other companies over and over again during the years of development, and eventually became a textile mill with 15 factories and more than 12,000 workers. It was the early Berkshire Hathaway. By the end of the twentieth century, Berkshire was on the verge of collapse following a series of factory closures and layoffs.</p><p>In 1965, Buffett began to take the helm of Berkshire, began to invest in secondary market stocks and participate in real enterprises, and continued to outperform the US stock market. Its subsidiaries involved insurance, railway, energy, manufacturing and other industries.</p><p>In 2021, Berkshire ranked 11th on the Fortune World 500 with $245.51 billion in operating income and $42.52 billion in profit. As of the close of trading on February 11th, Berkshire reported $479,400 per share, with a market value of $713.745 billion. Since this year, it has risen by 6.37%, outperforming the S&P 500 (-7.29%).</p><p>Since the beginning of the year, the market has been wailing. Under the expectation of tightening monetary policy in the United States, technology stocks are under pressure, and value stocks may benefit. Under this background, Berkshire, which has always insisted on value investment, is expected to follow Apple,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>、<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>、<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>After that, it became the next trillion-dollar market cap company.</p><p>For this slightly radical judgment, Berkshire Insurance + Investment operation mode has huge advantages. For many years, the public's attention to Buffett has mostly focused on the investment side, but not much mention of its debt side. In fact, the close cooperation between the two established Buffett's unique investment style.</p><p>On the liability side, first of all, Berkshire's source of funds is mainly non-life insurance premiums. Many of its insurance companies can not only get sustained premium income, but also have a much lower comprehensive cost ratio than their peers, and even get some zero-cost or even negative-cost funds.</p><p>Secondly, Berkshire, as an insurance group mainly engaged in non-life insurance, has a duration of many of its non-life insurance products within one year, and then superimposes the capital occupation for compensation. Berkshire needs to keep a large number of cash positions to cope with the above situation. Moreover, the asset management strategy of maintaining high liquidity will directly affect the decision-making on the investment side.</p><p><img src=\"https://static.tigerbbs.com/48cd1d3a0fe094c6d543c05865cf0abb\" tg-width=\"550\" tg-height=\"347\" referrerpolicy=\"no-referrer\"/>Data source: Flush; 36 Krypton mapping</p><p>Due to the consideration of premium safety, Berkshire's investment style is more stable. In addition to high requirements for asset-liability matching and risk-return, it also strictly controls financial leverage, and its leverage ratio is far lower than that of the whole industry level of American property insurance and life insurance.</p><p>In terms of investment style, based on the characteristics of its own debt side, Berkshire always adheres to the value investment principles such as moat and margin of safety, and avoids technology stocks with higher valuation.</p><p>On the other hand, the macro background may have little impact on Berkshire. At the beginning of the year, as the Federal Reserve hinted that it would rate hike in March, the obviously hawkish statement and the soaring yield of U.S. bonds, the market sold off highly valued stocks and turned to value defensive stocks for hedging. Berkshire, which is known for its steady style, was popular with the market against the trend.</p><p>Take examples as evidence. Since the beginning of this year, Cathie Wood, a wooden sister who is optimistic about technology stocks and is known as the \"female version of Buffett\", has encountered Waterloo. In the turmoil at the beginning of the year, Buffett still sits firmly in Diaoyutai. Previously, Sister Wood owned six<a href=\"https://laohu8.com/S/C76.SI\">Innovation and Technology</a>Funds once far outperformed the broader market, and ARKK has also performed well since the pandemic. However, as macro liquidity has changed, the performance gap between Berkshire and Ark Innovation ETF has narrowed to only 8 percentage points.</p><p><img src=\"https://static.tigerbbs.com/f26e36f3ba79a62693b4917318f8eb90\" tg-width=\"550\" tg-height=\"335\" referrerpolicy=\"no-referrer\"/>Data Source : Financial Times</p><p>Whether Berkshire becomes the next trillion-dollar company at its current valuation level will take time. On Jan. 25, Berkshire claimed it expected to host and webcast its 2022 AGM live on April 30. Affected by the pandemic, Berkshire has completed two consecutive shareholder meetings online. The meeting will disclose the relevant contents of the 2021 annual report, which will be released on February 26th.</p><p></body></html></p>","source":"36k","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The \"lover\" of the stock god: After six years together, where did Buffett fall in love with Apple?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe \"lover\" of the stock god: After six years together, where did Buffett fall in love with Apple?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪财经</strong><span class=\"h-time small\">2022-02-14 17:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Author | Lin Yulian</p><p>For decades, Buffett has long doted on the consumer and financial sectors and is not keen on investing in tech stocks. However, since January 2016,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The world's leading technology company has become Buffett's \"favorite\" and now occupies Buffett's companies<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>42.73% position in the portfolio. From sneering at technology stocks to now spending the largest position to buy Apple and \"holding hands\" for six years, where did Buffett fall in love with Apple?</p><p>Buffett is optimistic that most companies have moat characteristics and excellent management. In addition to product strength and management, Apple's unique feature is that it has strong consumption attributes as a technology stock, and its return on net assets has performed well for many consecutive years. As Apple's stock price kept rising, Buffett made a lot of money, and the $134.1 billion investment income in Apple helped Berkshire withstand the negative impact of the pandemic.</p><p>At present, Berkshire's market value has exceeded 700 billion dollars. Against the background that the Fed's rate hike is expected to envelop the market, will this world's top insurance group, which has long operated in the \"investment + insurance\" mode, become the fifth trillion-dollar company?</p><p><b>Investing in Apple: Berkshire's third-largest business</b></p><p>In February 2020, Buffett admitted in a CNBC interview that Apple may be the best business in the world. It is not only a stock, but also Berkshire's third business. At the beginning of this year, Apple's share price once rose to a record high of $182.94/share, becoming the first giant company in the world to enter a market value of $3 trillion, which attracted market attention.</p><p>As of February 11th, Apple closed at $168.64, with a total market value of $2.75 trillion, exceeding the total GDP of the UK in 2020 of $2.71 trillion, equivalent to 7.5 Maotai.</p><p><img src=\"https://static.tigerbbs.com/fc05273ee76ab1ecf41ca6859e0ddcd7\" tg-width=\"550\" tg-height=\"339\" referrerpolicy=\"no-referrer\"/></p><p>Among the many investors in review, Buffett is undoubtedly the biggest winner. Buffett's purchase of Apple goes back to 2016, when his potential successors, investment managers Todd Combs and Ted Weisler, guided his fund to buy 9.81 million Apple shares. After getting Buffett's approval, Berkshire began to heavily position itself in Apple.</p><p>Since taking a position, Berkshire has also sold some Apple shares. In 2020, Apple's stock price cut in half, and Buffett reduced his position slightly in the third quarter, earning $11 billion in revenue. As of January 3, 2022, Berkshire held a total of 908 million Apple shares, with a shareholding ratio of 5.56%. Based on the stock price of that day, the shareholding value was 165.3 billion USD, minus the cumulative investment of 31.089 billion USD in 2020, making a huge profit of more than 134.1 billion USD, which aroused the envy of the market.</p><p><img src=\"https://static.tigerbbs.com/2b6123aa7605eb1074af7e2a93fafeb9\" tg-width=\"550\" tg-height=\"240\" referrerpolicy=\"no-referrer\"/>Data source: CNBC<img src=\"https://static.tigerbbs.com/236f8ead633b3024a9f008d243b983b1\" tg-width=\"550\" tg-height=\"84\" referrerpolicy=\"no-referrer\"/>Source: Corporate earnings report;<a href=\"https://laohu8.com/S/KRKR\">36 Krypton</a>charting</p><p>Investing in Apple helped Berkshire's two pillar businesses, insurance and railroads, take a huge hit due to the pandemic, and the company weathered the Covid shock. Apple's share price soared 33% in just one year in 2021, and to this day, Apple is the highest owned company in Berkshire's portfolio, with a position of over 40%. In 2021, Berkshire Hathaway shares rose 30%, slightly more than the S&P 500's 27% gain.</p><p><img src=\"https://static.tigerbbs.com/acd8a53bdd5ff0b54b22563a8a3a4de9\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\"/>Apple's cumulative total returns in the past five years have outperformed the S&P 500 and NasdaqSource: Apple Earnings</p><p>Why is Buffett, who has always scoffed at technology stocks, willing to hold Apple for a long time? At the shareholders' meeting in May 2021, Buffett revealed the core reason why he is optimistic about Apple. \"Apple is an extraordinary company. They have excellent management, and their products have loyal fans all over the world. Apple's brands and products are very outstanding, and their profit margins are also very high. At the same time, mobile phones are an essential must-have in the lives of all young people.\"</p><p>In addition, an enterprise whose ROE (return on net assets) is 20%-30% for a long time can be regarded as an excellent enterprise, while only enterprises whose ROE is not less than 20% and can grow steadily can enter Buffett's investment range. A careful look at Apple's financial indicators shows that Apple's ROE performance is equally amazing, exceeding 30% for five consecutive years and continuing to grow. For Buffett, who attaches great importance to ROE in stock selection, this undoubtedly greatly increases his bargaining chips.</p><p><img src=\"https://static.tigerbbs.com/8a29f13184edf57b9af5676e5d5dc18b\" tg-width=\"550\" tg-height=\"331\" referrerpolicy=\"no-referrer\"/>Data Source:<a href=\"https://laohu8.com/S/300033\">Flush</a>； 36 Krypton mapping</p><p><b>Buffett's Investment Strategy: Firmly Believe in Value Investing</b></p><p>Since the 1950s, Buffett's name has resounded throughout the investment circle and become a legendary myth. In 2021, Buffett reached No. 6 on the Forbes list with a net worth of $96 billion.</p><p>Buffett has always advocated the concept of value investment. After the collapse of the US stock market in 1929, value investment was first proposed by Graham, the godfather of Wall Street, in Securities Analysis, that is, the so-called \"cigarette butt picking\": the remaining cigarette butts were yellow and moldy, but if they could take a free sip, they would be of supreme value. The kernel of value investment is that the margin of safety is high enough, and on this basis, long-term holding can obtain safe and stable income.</p><p>Buffett was attracted to his book \"The Smart Investor\" at the age of 19, and then went to Columbia University to become a student of Graham. He was influenced by Graham's investment philosophy throughout his life. Buffett's investment logic is also very clear: discover valuable but undervalued companies, and then take a stake in that company for a long time. \"If you're not prepared to hold a stock for ten years, don't hold that stock for even ten minutes\".</p><p>Buffett's position directly verifies the above statement. At the end of 2019, Berkshire owned seven stocks that had been held for more than 15 years, namely<a href=\"https://laohu8.com/S/WPO\">The Washington Post</a>、<a href=\"https://laohu8.com/S/KO\">Coca Cola</a>、<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>Procter & Gamble,<a href=\"https://laohu8.com/S/AXP\">American Express</a>Company,<a href=\"https://laohu8.com/S/MCO\">Moody's</a>Company, GEICO Insurance. Among them, the holding period for the Washington Post is up to 41 years, and the holding period for GEICO Insurance is up to 44 years.</p><p>In terms of industry selection, Buffett prefers traditional industries with stable competition pattern such as finance, consumption and public utilities; At the company level, Buffett values whether the enterprise has a moat and excellent management, and whether it has advantages in brand, product characteristics, and business model cost control. The so-called moat characteristics are embodied in large scale, sustained profit, high ROE, low debt and simple business.</p><p>In its third quarter position report (13F) as of September 30, 2021, Berkshire's top five holdings were Apple,<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>American Express, Coca-Cola,<a href=\"https://laohu8.com/S/KHC\">Kraft Heinz</a>, accounting for 42.78%, 14.61%, 8.65%, 7.15% and 4.09% of the investment portfolio, respectively.</p><p><b>Berkshire: The Next Trillion Dollar Company?</b></p><p>As the world's top insurance group, Berkshire's predecessor can be traced back to Valley Falls Company founded in Valley Falls, Rhode Island in 1939. Valley Falls merged with other companies over and over again during the years of development, and eventually became a textile mill with 15 factories and more than 12,000 workers. It was the early Berkshire Hathaway. By the end of the twentieth century, Berkshire was on the verge of collapse following a series of factory closures and layoffs.</p><p>In 1965, Buffett began to take the helm of Berkshire, began to invest in secondary market stocks and participate in real enterprises, and continued to outperform the US stock market. Its subsidiaries involved insurance, railway, energy, manufacturing and other industries.</p><p>In 2021, Berkshire ranked 11th on the Fortune World 500 with $245.51 billion in operating income and $42.52 billion in profit. As of the close of trading on February 11th, Berkshire reported $479,400 per share, with a market value of $713.745 billion. Since this year, it has risen by 6.37%, outperforming the S&P 500 (-7.29%).</p><p>Since the beginning of the year, the market has been wailing. Under the expectation of tightening monetary policy in the United States, technology stocks are under pressure, and value stocks may benefit. Under this background, Berkshire, which has always insisted on value investment, is expected to follow Apple,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>、<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>、<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>After that, it became the next trillion-dollar market cap company.</p><p>For this slightly radical judgment, Berkshire Insurance + Investment operation mode has huge advantages. For many years, the public's attention to Buffett has mostly focused on the investment side, but not much mention of its debt side. In fact, the close cooperation between the two established Buffett's unique investment style.</p><p>On the liability side, first of all, Berkshire's source of funds is mainly non-life insurance premiums. Many of its insurance companies can not only get sustained premium income, but also have a much lower comprehensive cost ratio than their peers, and even get some zero-cost or even negative-cost funds.</p><p>Secondly, Berkshire, as an insurance group mainly engaged in non-life insurance, has a duration of many of its non-life insurance products within one year, and then superimposes the capital occupation for compensation. Berkshire needs to keep a large number of cash positions to cope with the above situation. Moreover, the asset management strategy of maintaining high liquidity will directly affect the decision-making on the investment side.</p><p><img src=\"https://static.tigerbbs.com/48cd1d3a0fe094c6d543c05865cf0abb\" tg-width=\"550\" tg-height=\"347\" referrerpolicy=\"no-referrer\"/>Data source: Flush; 36 Krypton mapping</p><p>Due to the consideration of premium safety, Berkshire's investment style is more stable. In addition to high requirements for asset-liability matching and risk-return, it also strictly controls financial leverage, and its leverage ratio is far lower than that of the whole industry level of American property insurance and life insurance.</p><p>In terms of investment style, based on the characteristics of its own debt side, Berkshire always adheres to the value investment principles such as moat and margin of safety, and avoids technology stocks with higher valuation.</p><p>On the other hand, the macro background may have little impact on Berkshire. At the beginning of the year, as the Federal Reserve hinted that it would rate hike in March, the obviously hawkish statement and the soaring yield of U.S. bonds, the market sold off highly valued stocks and turned to value defensive stocks for hedging. Berkshire, which is known for its steady style, was popular with the market against the trend.</p><p>Take examples as evidence. Since the beginning of this year, Cathie Wood, a wooden sister who is optimistic about technology stocks and is known as the \"female version of Buffett\", has encountered Waterloo. In the turmoil at the beginning of the year, Buffett still sits firmly in Diaoyutai. Previously, Sister Wood owned six<a href=\"https://laohu8.com/S/C76.SI\">Innovation and Technology</a>Funds once far outperformed the broader market, and ARKK has also performed well since the pandemic. However, as macro liquidity has changed, the performance gap between Berkshire and Ark Innovation ETF has narrowed to only 8 percentage points.</p><p><img src=\"https://static.tigerbbs.com/f26e36f3ba79a62693b4917318f8eb90\" tg-width=\"550\" tg-height=\"335\" referrerpolicy=\"no-referrer\"/>Data Source : Financial Times</p><p>Whether Berkshire becomes the next trillion-dollar company at its current valuation level will take time. On Jan. 25, Berkshire claimed it expected to host and webcast its 2022 AGM live on April 30. Affected by the pandemic, Berkshire has completed two consecutive shareholder meetings online. The meeting will disclose the relevant contents of the 2021 annual report, which will be released on February 26th.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/td4Tf0RDcVBGqfZO5CP2qQ\">36氪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9beffeecb928009bf6287e307899ffe3","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔","AAPL":"苹果"},"source_url":"https://mp.weixin.qq.com/s/td4Tf0RDcVBGqfZO5CP2qQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143952641","content_text":"作者 | 林玉莲几十年来，巴菲特长期宠爱消费和金融行业，并不热衷于投资科技股。然而自2016年1月以来，苹果这一全球头部科技公司成为巴菲特的“心头好”，目前已占据巴菲特旗下公司伯克希尔投资组合42.73%的仓位。从对科技股嗤之以鼻，到现在花最大仓位买入苹果，“执手”六年，巴菲特到底爱上了苹果哪里？巴菲特看好企业大都具有护城河特征，以及拥有卓越的管理层。除开产品力、管理层，苹果的独特之处在于作为科技股却有着浓厚的消费属性，以及净资产收益率连续多年表现卓越。随着苹果股价一路走高，巴菲特赚得盆满钵地，1341亿美元对苹果的投资收益帮助伯克希尔扛住了来自疫情的负面影响。当下，伯克希尔的市值已经超过7000亿美元，在美联储加息预期笼罩市场的背景下，这家长期以“投资+保险”模式运作的世界顶级保险集团会成为第五个万亿美元公司吗？投资苹果：伯克希尔第三大业务2020年2月，巴菲特曾在CNBC采访中坦言，苹果可能是世界上最好的企业，它不仅是一只股票，更是伯克希尔的第三项业务。今年年初，苹果股价一度涨至历史新高182.94美元/股，成为全球首家迈入三万亿美元市值的巨头公司，引发市场关注。截至2月11日，苹果报收168.64美元，总市值2.75万亿美元，超过英国2020年GDP总值2.71万亿美元，相当于个7.5个茅台。复盘重仓苹果的众多投资人，巴菲特无疑是最大赢家。巴菲特买入苹果的历程还要回溯到2016年，其潜在接班人投资经理托德·库姆斯和泰德·韦斯勒，指导旗下基金买入了981万股苹果股票。在得到巴菲特批准后，伯克希尔开始大举重仓苹果。持仓以来，伯克希尔也曾出售部分苹果的股票。2020年，苹果股价腰斩，巴菲特在第三季度略微减仓，获得了110亿美元的收入。截至2022年1月3日，伯克希尔累计持有9.08亿苹果股票，持股比例5.56%，按当日股价计算，持股价值1653亿美元，减去2020年累计投入310.89亿美元，大赚1341亿美元有余，惹得市场羡艳。数据来源：CNBC数据来源：公司财报；36氪制图由于疫情的影响，伯克希尔两项支柱业务——保险和铁路均受到了巨大的打击，投资苹果帮助该公司顺利度过了新冠冲击。在2021年仅仅一年的时间内，苹果股价飙升33%，时至今日，苹果是伯克希尔投资组合中持股比例最高的公司，其仓位超40%。2021年，伯克希尔哈撒韦股价上涨30%，略高于标普500指数27%的涨幅。苹果近五年累计总回报跑赢标普500和纳斯达克指数 　　数据来源：苹果财报一向对科技股嗤之以鼻的巴菲特为何愿意长期持有苹果？在2021年5月的股东大会上，巴菲特透露了看好苹果的核心原因，“苹果是一个非凡的公司，他们有优秀的管理层，他们的产品在全球范围也有忠实的粉丝，苹果的品牌和产品都非常杰出，利润率也非常高。同时手机在所有年轻人生活中都是必不可少的必备品。”此外，一家企业ROE（净资产收益率）较长时间处于20%-30%可算作优秀企业，而ROE不低于20%且能够稳定增长的企业才能进入巴菲特的投资范围。仔细查看苹果财务指标可以发现，苹果的ROE表现同样惊人，连续五年都超过了30%且持续增长，对选股极其看重ROE的巴菲特而言，这无疑是大大加重了筹码。数据来源：同花顺；36氪制图巴菲特投资策略：坚信价值投资自上世纪50年代以来，巴菲特的名号就响彻了投资圈，成为具有传奇色彩的神话。2021年，巴菲特凭借960亿美元的身价登上福布斯排行榜第6位。一直以来，巴菲特倡导价值投资理念。1929年美股大崩溃后，价值投资由华尔街教父格雷厄姆在《证券分析》中被首次提出，即所谓的“捡烟蒂”：被人抽剩下的烟蒂泛黄又发霉，但若是能抽上免费的一口，便有无上的价值。价值投资的内核是安全边际足够高，在此基础上长期持有才能获得安全而稳定的收益。巴菲特在19岁时被其著作《聪明的投资者》吸引，之后前往哥伦比亚大学成为格雷厄姆的学生，一生受到格雷厄姆投资理念的影响。巴菲特的投资逻辑也非常清楚：发现有价值但被低估的公司，然后长期持有该公司的股份。“如果你没有持有一种股票十年的准备，那么连十分钟都不要持有这种股票”。巴菲特的持仓直接验证了以上说法。截至2019年底，伯克希尔拥有7只持有时间超过15年的股票，分别为华盛顿邮报、可口可乐、富国银行、宝洁公司、美国运通公司、穆迪公司、 GEICO保险。其中对华盛顿邮报的持有时间长达41年，对GEICO保险持有时间长达44年。在行业选择上，巴菲特倾偏好金融、消费、公用事业等竞争格局稳定的传统行业；在公司层面，巴菲特看重企业是否具有护城河和出色的管理层，是否在品牌、产品特性、商业模式成本控制等方面具有优势。所谓护城河特征，具体表现在规模大、持续盈利、ROE高且负债少、业务简单。截至2021年9月30日的第三季度持仓报告(13F)，伯克希尔前五大重仓股分别为苹果、美国银行、美国通运、可口可乐、卡夫亨氏，分别占去投资组合的42.78%、14.61%、8.65%、7.15%、4.09%。伯克希尔：下一个万亿级美元公司？伯克希尔作为世界顶级的保险集团，其前身可追溯到1939年在罗德岛谷瀑布市成立的谷瀑布公司，谷瀑布在多年的发展中和其他公司一次次合并，最终成为一家有着15家工厂和超过12000名工人的纺织厂，它就是早期的伯克希尔·哈撒韦。到二十世纪末，伴随着旗下工厂接连关闭和裁员风波，伯克希尔濒临倒闭。1965年，巴菲特开始掌舵伯克希尔，开始进行二级市场股票投资并参股实体企业，持续跑赢美股大盘，旗下子公司涉及保险、铁路、能源、制造业等多个行业。2021年，伯克希尔以2455.1亿美元的营业收入和425.2亿美元的利润位列《财富》世界500强第11位。截至2月11日收盘，伯克希尔报47.94万美元/股，市值达7137.45亿美元，年内以来累计上涨6.37%，跑赢标普500（-7.29%）。年初以来，市场一片哀嚎，在美国收紧货币政策预期下，科技股承压，价值股或将受益。在这样的时代背景下，一直坚持价值投资的伯克希尔有望继苹果、微软、亚马逊、特斯拉之后，成为下一个万亿级美元市值公司。对于这个略显激进的判断，伯克希尔保险+投资运作模式优势巨大。多年以来，大众关注巴菲特大都着眼于投资端，而对其负债端却没有太多提及。实际上，二者之间的紧密配合才确立了巴菲特独到的投资风格。在负债端，首先伯克希尔的资金来源主要是非寿险保费，旗下多家保险公司不仅能获得持续的保费收入，而且综合成本率也远低于同行，甚至还能获得部分零成本乃至负成本的资金。其次，伯克希尔作为一家主营非寿险的保险集团，其不少非寿险产品的久期都在一年内，再叠加用于赔付的资金占用，伯克希尔需要保留大量的现金头寸来应对上述局面。而且，保持高流动性的资产管理策略也会直接影响到投资端的决策。数据来源：同花顺；36氪制图出于对保费安全的考量，伯克希尔的投资风格更偏稳健，除了对资产负债匹配、风险收益有较高要求外，还严格控制财务杠杆，其杠杆倍数远低于美国财险、寿险的全行业水平。在投资风格方面，伯克希尔基于自身负债端的特点，始终坚守护城河与安全边际、回避估值较高的科技股等价值投资原则。另一方面，宏观大背景或许对伯克希尔的影响不大。随着年初美联储暗示3月将加息，明显偏鹰的表态加上美债收益率飙升，市场纷纷抛售高估值股票，转向价值防御型股票避险，以稳健风格著称的伯克希尔则逆势受到市场热捧。以实例为证，今年以来，看好科技股、有着“女版巴菲特”之称的木头姐凯西·伍德(Cathie Wood)遭遇滑铁卢，在年初的动荡中，巴菲特依然稳坐钓鱼台。此前木头姐旗下六只创新科技型基金一度远超大盘，ARKK自疫情以来也表现卓越，但随着宏观流动性发生变化，伯克希尔公司与方舟创新ETF之间的业绩差距缩小至仅8个百分点。数据来源：Financial Times以目前的估值水平，伯克希尔是否会成为下一个万亿美元公司尚需时日。1月25日，伯克希尔声称预计于4月30日现场举办2022年度股东大会并进行网络直播。受疫情的影响，伯克希尔已经连续两届股东大会都在线上完成。此次会议将透露2021年度报告相关内容，此报告将于2月26日发布。","news_type":1,"symbols_score_info":{"BRK.A":0.9,"AAPL":0.9,"BRK.B":0.9}},"isVote":1,"tweetType":1,"viewCount":2793,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}