Check these three points every day:
1. Physical health=healthy food+ exercises + good sleep
2. Mental abundance=recall+check+reading
3. Inner peace=avoid anxiety + positive thinking
+ Don't worry
干电池plus快乐水
读万卷书 行万里路
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他的全部讨论
Intelligence is overrated in the stock market
“Whatever methods you use to pick stocks, your success will depend on your ability to ignore the worries of the world to allow your stocks to succeed. It isn't your intelligence but your stomach that will determine your f...
3.抱牢股票，直到：a、公司性质发生根本变化；b、公司成长到不再能够高于整体经济。除了两个因素外，除非有非常确凿的证据，否则绝不轻易卖出。
4.投资者对股利不应持有太高的兴趣，那些发放股利比例最高的公司中，难以找到理想的投资对象。
你紧张兮兮的想着今天买入，明天就卖出，这是最为糟糕的情况。这是一种“小赢”的策略倾向。如果你是真正的长期投资者(这种人可真不多)，那么你的收益实际上会大得多。我曾经的一个早期客户说，“没有人会因为收获盈利而破产”，这句话是对的，但同时也非常的不现实。
你收获盈利的确是不会破...
![[涨]](http://assets.imedao.com/ugc/images/face/emoji_56_increase.png?v=1 "[涨]"){kind=small}
//“Management,” he said, “must have a viable policy for attaining these ends with all the willingness to subordinate immediate profits for the greater long-range gains that this concept requires.”11 Subordinating immediate profits, he explained, should not be confused with ...
少有公司的产品能够持续盈利10-20年,這家公司能盈利20年嗎？
“Fisher was aware that superior companies not only possess above-average business characteristics but, equally important, are directed by people with above-average management capabilities. These managers are determ...
高利润率的公司内生长的能力更强，生存期更久。
“A company with high profit margins, explained Fisher, is better able to generate funds internally, and these funds can be used to sustain its growth without diluting shareholders’ ownership. In addition, a company that is ab...
过量的新增融资配股会将股东的盈利消耗殆尽。
“If the only way a company can grow is to sell shares, he said, the larger number of shares outstanding will cancel out any benefit that stockholders might realize from the company’s growth”
在没有融资增发配股的情况下 公司未来的盈利能力
“Fisher’s sensitivity about a company’s profitability was linked with another concern: a company’s ability to grow in the future without requiring equity financing.”
“To do so, he explained, a company must install adequate accounting controls and cost analysis. This cost information, Fisher noted, enables a company to direct its resources to those products or services with the highest economic potential. Furthermore, accounting controls ...
成本是对公司盈利进行分析的关键。
“No company, said Fisher, will be able to sustain its profitability unless it is able to break down the costs of doing business while simultaneously understanding the cost of each step in the manufacturing process.”
“However, market potential alone is insufficient. Fisher believed that a company, even one capable of producing above-average sales growth, was an inappropriate investment if it was unable to generate a profit for shareholders. “All the sales growth in the world won’t prod...
“However, market potential alone is insufficient. Fisher believed that a company, even one capable of producing above-average sales growth, was an inappropriate investment if it was unable to generate a profit for shareholders. “All the sales growth in the world won’t prod...
“However, market potential alone is insufficient. Fisher believed that a company, even one capable of producing above-average sales growth, was an inappropriate investment if it was unable to generate a profit for shareholders. “All the sales growth in the world won’t prod...
“A sales organization, he added, should also monitor its customers’ buying habits and be able to spot changes in customers’ needs. The sales organization, according to Fisher, becomes the invaluable link between the marketplace and the research and development unit.”
“Fisher was not so much concerned with consistent annual increases in sales. Rather, he judged a company’s success over a period of several years. He was aware that changes in the business cycle would have a material effect on sales and earnings. However, he believed that t...
公司最重要的就是它赚钱的能力。
“The characteristic of a company that most impressed Fisher was its ability to grow sales and profits over the years, at rates greater than the industry average.”
“From these experiences, Fisher came to believe that superior profits could be made by (1) investing in companies with above-average potential and (2) aligning oneself with the most capable management. To isolate these exceptional companies, Fisher developed a point system t...
市场情绪的波动提供了低价买入高价卖出的机会，统计学的均值回归给予投资者市场清晰总有一天会被纠正的信心。
“Graham’s conviction rested on certain assumptions. First, he believed that the market frequently mispriced stocks, usually because of the human emotions of fear and g...
内在价值是未来产生的现金流。
“Over the years, many other investors have searched for similar shortcuts for determining intrinsic value. And while Graham’s low price-to-earnings ratio approach is still generally favored, we have learned that making decisions based solely...