Everybody is good, I am Ling Peng, next we are told " safe limit " content of the 2nd part. My advocate wants to share whole book structural frame with everybody, each paragraphic and main the content that involves, and my experience to these content.
This book and before a lot of book that we introduce are different, this book is messier, he was not written according to a very rigid logistic system, it is OK that each chapter is taken form a link alone.
Gross cent is this book 3 parts.
The first part, the investor that basically introduced majority can fall where, namely the reason that a lot of investor lose, where can the problem appear in investing link.
The 2nd part, he explained the philosophy that value invests mainly, this is this book most the part of core, because value investment has very strong academic base and philosophical index, so he shares the core content that is whole book to what value invests philosophy.
The 3rd part, he explained the whole process that value invests, more it is him himself the result experience in executive investment process. After having philosophy when you that is to say, how philosophy gradually fulfil, change the mind finally into accrual next, present yield finally before everybody, so the 3rd part also is very crucial.
Invest catenary of market modes of life and relation to their environment
Can divide again inside the first part for 4 paragraphic.
In the first paragraphic there is what kind of distinction between the investor that he told successful investor and failure. Here face most the content of core was to distinguish two concepts, one is investment, a spec.
He had investment and seize a chance to seek private gain one is compared distinguish strictly, only those can produce prospective cash to shed the investment talent of accrual to be called investment, and the behavior that flows to wanting to acquire prospective cash reserve in a bank makes a seize a chance to seek private gain.
We need not too too it is right that kink distinguishs this wrong still, this idea that is him Saisi Kalaman. He has a specific definition, his own investment behavior that invests philosophy and him also is based on this, so we do not judge exposition and argumentation this definition is opposite after all still is wrong, but this divisional itself is very important.
Be in the first paragraphic the 2nd part inside, told " market gentleman " , and how should be we used " market gentleman " . To " market gentleman " (Mr. Market) this concept, discuss somewhat inside Geleiemu's book and the composing in Buffett, major value investor thinks " market gentleman " it is a moody existence, analysis " market gentleman " not be particularly important segment. Saisi Kalaman thinks " market gentleman " of the reason with existing stated, also can be used, this are more important.
The 2nd of the first part paragraphic the zoology catenary that is whole investment, because everybody knows financial system is very big an industry chain, in financial industry catenary, likelihood the investment of 2 class market is only among them very few one part, and the selling party that can involve so called Buy-side and Sell-side again inside the investment of 2 class market and buyer, still can involve the illicit collect fund that makes very income and opposite profit and fair collect fund inside Buy-side next, passivity invests and invest actively, afore-mentioned all respect is existence on each markets.
Saisi Kalaman is fund, fair to collect of bargainor, buyer, very income, relative gains, illicit collect fund is deeper discuss.
Although this book is written in the United States 1991, but be opposite actually the China today its drawing lessons from a meaning still is very big, myself is entered from 6 years since travel, till today, I whole the industrial catenary that 2 class market invests went entirely, I can discover whole industry catenary is that manner that describes like him really.
In the first the 2nd paragraphic part, he emphasizes the distinction that told bargainor and the buying party. The 3rd part is the property of the orgnaization, the relation of relative gains, very income and passive investment, active investment.
If you are to make opposite profit, likelihood more it is to should run win to travel together or run beat an index, and you make absolute profit, more it is to should gain absolute profit. Investment differred phyleticly to decide investment method is different, it is clear to should discuss this issue should discuss this issue so.
The first the 4th paragraphic part, he stresses the rubbish debt that negotiated 80 time United States, the Mi Erken of · of king Michael Er of rubbish bond created the investment of rubbish debt, rubbish debt invests fashionable near 10 years, but Kalaman thinks this investment is on germ is a mistake, it and value investment deviate from, so without giving thought to how flourishing, this breed is cannot be held quite some.
This is the first share that we see. What is the germ of the failure that he considers to of a rehash is major investor, but I think to be here what more seeing is to whole investment, especially of the zoology of the industrial catenary of the investment of 2 class market distributing those who became depth is analytic.
When you go seeing these zoology distributing, meeting understanding laughs, this process that China experiences currently actually the United States also is this appearance in those days. A it is exotic from beginning to end, so we should open a book is good, carry the case of the history that reads abroad and abroad to a lot of problems, the future to China can have a more thorough knowledge.
The philosophy that value invests
Arrived the 2nd part, he basically is the philosophy that said value investment.
The first paragraphic the target that he raised to invest, for what is investing after all namely? Here he condenses it those who be risk and accrual to deserve to compare, that is to say when you are making investment, what actually your core should measure is the potential profit that you may be not obtained, and you want for a this accrual place is implicit potential risk.
A viewpoint that he mentions must want to assure the security of capital namely, that is to say you must want to put the risk in the first, this is nodded should Ba Fei of compose a quarrel's special whole investment philosophy is very similar.
What are 3 when somebody asks Buffett investment main law? Buffett says the first law protects capital namely, the 2nd law protects capital namely, the 3rd law protects capital namely.
So value invests the investment target that raises a core, it is the security that must assure capital.
The feeling with the biggest myself is we are saying investment, but the industry that actually we are risk management, go down to assume reasonable risk in the condition that obtains reasonable risk get one's own back. This is not to say we want complete sluggish condition not before, make the profit of calm danger only, also not be to say we can take a risk ceaselessly, our true true attitude is we can bear correctly risk, is not to say blind goes bearing risk.
The 2nd part is he advanced a main idea, this concept also is perforative whole book from beginning to end, be called safe limit. This concept is the core content that value invests. The does not understand place that invests to value before me also depends on this.
A lot of people judge error to also depend on this to value investor, it is the company that a lot of people think to so-called value invests even if had been found and all the time hold, have a problem at this o'clock. Blocking Lamandi to give good company to be not represented is good share, bad company also is not represented is bad stock, because have a lot of good companies, because its appraise value is too expensive, it had been overdrawn, it is not to have safe limit substantially, but have a lot of very sodden companies even frequency faces the company that go bankrupt, it may have the value of connotation to be underestimated by deepness, so it can be a very good investment mark instead.
Core viewpoint of Ka Laman is us do any invest us to should have safe limit, because you had safe limit only you just are met remain invincible, you resist a kind of method with best risk is you buy the variety that has safe limit.
But if say a thing that does not have safe limit, or one exceeds expensive stuff, once appear negative news, it can be faced with bigger impact immediately. This namely when we see via regular meeting money signs up for season come, we can hit thunder, next the stock falls stop. This the mainest reason is the breed because of you, still be too expensive substantially.
You should keep patient, because not be the thing that says classics regular meeting buys safe limit, become especially when stock market is very prosperous, this is why he is in 8 years of the beginning of the year when, final it is hold the cash of 35% , because he discovers an investment method that adopts him himself at that time, a lot of variety that have safe limit cannot have been found on this market.
We also are via regular meeting in Buffett's annals see hold of Ba Fei spy big cash, he is very pained, because he looks for those who be less than very good investment mark, with respect to this truth, must want to keep patient with respect to you.
Value investment is an act with know easy travel difficult substantially, you must want to strictly observe discipline.
The 3rd part, it is the philosophical origin that he explained value to invest, this we had introduced somewhat in the book previously.
The 4th part, told the assessment of the enterprise, involve pair of a lot of main problems, regard calm danger as yield with what thing for example, how only cash reserve in a bank of future flows is evaluated? You are in when assessing company value, are you to which appraise use to be worth a method after all? Ka Laman did the analysis of deepness to the link of every detail.
. . . . . .
Information is read or 30 collect of Ling Peng read detailed account
Top A politic analyst, time of half an year, help you unscramble this 15-20 China and foreign countries deep classical investment books, xiu Lian invests politic knowledge system.
Market ten thousand changes in the twinkling of an eye, how to establish the politic framework that answers wave motion?
Grind the newspaper blots out the sky and cover up the earth, classical reader does not have time to look more, how the investment elite of efficient Get Great Masters?
Arrive from research actual combat, how to train study method like top and politic analyst?
We are invited or be can be competent most the politic analyst Ling Peng of person of this give a lecture, help you finish.
This column, shirt-sleeve Ling Peng from the college, to the bargainor, to buyer, from give lessons, to research, to actual combat, invest career ten years read detailed list, experience to accumulate, politic training method.
