Charlie Munger: Daily Journal Annual Meeting 2019
原文链接
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I had a grandfather who was very useful to me, my mother’s grandfather, and he was a pioneer. He came out to Iowa with no money but yout...
1、持有一家公司的股票和买入一家公司股票的逻辑相同。
2、持有一家公司的股票和买入一家公司股票的成本相同。案:持有的成本是机会成本。浮盈浮亏都化作本金。成本永远是向前看的。
3、新解:To buy is to hold(买了就要持有)。
二、持有非买入
买入是一种...
Charlie Munger: Daily Journal Annual Meeting 2019
原文链接
........
I had a grandfather who was very useful to me, my mother’s grandfather, and he was a pioneer. He came out to Iowa with no money but yout...
Charlie Munger: 2020 Daily Journal Annual Meeting Transcript
原文链接
Charlie Munger: This is a very important thing that everyone in this room should understand.
We have no simple way of just counting up ours and sending little invoices to the governmen...
Warren Buffett: CNBC Interview Full Transcript
http://www.publicnow.com/view/E74707943C9EDA298C4123FF95EEA3D8D1ED7654?2020-02-24-18:30:24+00:00-xxx424
1974年,标普500市盈率6.9,沃尔玛市盈率12.9。
从1974年到2014年,在红利再投资的前提下,标普500上涨90倍,沃尔玛上涨4500倍。
投资回报源于企业长期的业绩增长,市盈率短期的高低并不重要。四十年后再回首,沃尔玛的估值太低而非太高。
沃尔玛600倍市盈率也不过分,柯达2倍市盈率也...
熊市读书。
2700点左右大举买入。安全边际相当高,正是贪婪而非恐惧之时。
The Superinvestors of Graham-and-Doddsville
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“Superinvestor” Warren E. Buffett, who got an A+ from Ben Graham at Columbia in 1951, never stopped making the grade. He made his fortune using the principles of Graham and Dodd's Security Analy...
格雷厄姆与多德追求“价值远超过价格的安全保障”,这种证券分析方法是否已经过时?目前许多撰写教科书的教授认为如此。他们认为,股票市场是有效率的市场;换言之,股票价格已经充分反应了公司一切己知的事实以及整体经济情况:这些理论家认为,市场上没有价格偏低的股票,因为聪明的证券分析师将...
$民生银行(SH600016)$ 一家丑闻频出的公司。