Investment, be an upright person is same, the investment outlook of one individual hold is its viewpoint of value, world outlook, philosophy.
One, core invests a system: Exceedingly meaning, good company, good value
Review whole investment group, those great investor, it is value investment, growing investment or trend investment no matter, what they succeed is similar, exception of these Wei people all without exception have: The analytic ability of macroscopical industry (exceedingly meaning) , of microcosmic enterprise analyse ability (good business) , the control ability to ego human nature, savvy to market sentiment, analysis ability to capital preference (good value) . So, the investment that looks successful in me is not complex, will pass 3 words: Exceedingly meaning, good company, good value. Among them, good value is average investor and great investor of the biggest distinction (namely the analysis of human nature, market, capital, the 2nd chapter spreads out) .
The essence of investment is to seek exceedingly meaning, good company, good value, want to make the investment with successful brushstroke so, "3 good " criterion is short of one cannot, should satisfy only " 3 good " condition, a company no matter it is in what market, what board piece, when, not be to appear on the market even the company did not concern. To this investor scarcely can hold bias, we should search the essence of investment, cannot lose in the market, want to although the pendulum of the market is swinging all the time,understand, but no matter how does pendulum swing, won't affect those true " 3 good " company, to outstanding investor, only the stand or fall of macroscopical industry, microcosmic company stand or fall, appraise is worth the cent of on any account. A lot of people do not have accurate investment system at all, did not understand the essence of investment, still be in however for blue chip and do poineering work bad of what of board what actor is vexed, the investment with good brushstroke of in the final analysis separates group far from.
In China this market makes investment, need sturdy volition to hold to more " 3 good " investment system, because present major viewpoint thinks: No matter use what method, should make money only even if be opposite, this is typical make money only theory, only outstanding achievement talking, embracing such viewpoint of value, not fathomless why the market is so mad, medicinal powder door invest in bogus for the most part, and fund only net value talking, embrace a group so, chase after tall, gamble. But apparent this is huge mistake thinking, see the market for a long time be returned to necessarily, because wrong way makes money to still be inferior to,have a deficit because of right kind money, investment is not calm way dash, however the marathon contest of perpendicular Pan Yan. Pannikin go up greatly and do not mean reasonable, likewise blue chip drop to also do not mean rubbish greatly, although the market often disables inside short time, but the viewpoint of value that we cannot change ourselves because of this.
There is too much bogus investor in the market, they are analysed is to flow at the surface, often stem from a certain subject matter or the concept values a company, however never pair of companies do detailed research, join a company even advocate battalion does not know, but the course is successive brainwashing of this unreasonable market of a few years of China (in the time that goes a few years, pannikin appraise cost is extremely high but continue to rise, and blue prepare an estimate the cost is very low but continue to drop) , in these " the money that earned the market " in person eye, value investment reduces the pronoun of deficit even.
But in fact, in the past those truly outstanding investor in a few years are to standing to still give money earned, for instance 13 years in June Qian Huang when, grail explore arrives 1850 a little bit lower part, although a few underestimate high grade what also be killed euqally is very miserable, but this also is best opportunity, imprinting a word: Worst when, just is best when, it is in whole market when angle is popular, an unexpected winner with low cost of good appraise of a few foreground with high grade low blue prepare, because nobody attention obtained big proportional convert into money. Clear investment is " the money that earns a company " , this bit is very important.
2, judgement exceedingly meaning, find good company, discover good value
1, exceedingly meaning
The decision criteria of exceedingly meaning is to do know two problems: 1. Industry present camp how (moat) ; 2. The foreground of the industry how (growing sex) .
Should do it is difficult to know these two problems to say not difficult also, advocate if the value of an industry mixes integration analysis,grow, for instance medical industry serves as typical good business, because preeminent medical company can be ceaseless,be new drug of research and development, patent application, this is moat, and the growing sex that huge market is future.
Good business of future or main concentration are in: Medicine, consumption, TMT3 in large trade. Why? No matter you are poor rich, economic crisis still is a war, the mankind metropolis birth, need to eat and drink pull scatter. Only so medicine and consumption can become hundred years company, grow bovine share. And medical consumption makes the mankind vivid come down, science and technology lets a person live weller. But the investment concept that consumes unlike medicine, industry of science and technology is to be not entered die, the tycoon of science and technology 20 years ago goes bankrupt all the same today, google, apple, Tecent does not progress not to innovate to also did not want to be washed out. Invest science and technology so core element is the tide that holds a period, live in instantly.
After defining large trade, be about fractionize goes down, medicine, consumption, TMT3 the industry is OK fractionize is diagnose outside dentist, ophthalmic, body for instance (China's huge market) , the fractionize industry of the fast consumable of special attribute, TMT is more. Of course, exceedingly meaning not medicine of bureau be confined to consumes TMT, no matter what fractionize industry, want to be able to have oneself moat only, can have good growing prospect, can define like for exceedingly meaning.
As a whole, the judgement that exceedingly meaning is change of macroscopical to future industry (the change that also includes macroscopical policy to go up) . If can foreknow,inevitable result appears after the industry changes, so we can the music that need not care to develop a process, without dread any short-term change.
2, good company
The point that seeks good company is at 3 o'clock: 1. Blame quantify index: Culture of administrative layer, company, business praise; 2. Quantify index: Financial forms for reporting statistics; 3. Core index is creating the capacity of value at judging a company: ROIC and ROE.
The judgement that 1. blame quantifies index needs to rely on pair of one home company to dog for a long time to just can conclude, frequent on-the-spot survey experiences company culture, understand company management layer, understand the administrative ability that runs a layer through dogging for long to what the enterprise runs.
The judgement of the financial index that 2. quantifies needs to have strong financial base, the newspaper that read money is simple not just see income, gain, more important is the thing that understands deep administrative levels, want the quality that reachs through analysing financial data the enterprise is managed, whether to put in the trap of cheat, whether to have the latent capacity of development.
The core that 3. judges good company is judgement the ability of value of creation of a company, index is ROE (net assets yield) with ROIC (investment return rate) .
Why be ROE and ROIC two index? Because appraise of pure EPS, PEG is worth a method,complete likelihood is a bogus proposition, for instance, a company earned 10 thousand last year, earned 100 thousand this year, decuple; B company earned 100 million last year, earned 200 million this year, double. Which is better? In actual life, everybody knows B company is good. But not be on capital market, because people always is very nearsightedness, look only add fast (special China market) . And the effect that the investment that ROIC and ROE reflected a company directly yields, he tells us a company is creation value or ruined value after all. Have competitive advantage, the Jing that outstanding achievement is transitory type is colourful, the quality that grow how.
Look from the angle of ROIC, major stock is having Chinese stock market value destruction. The ROIC value since company of quite a few is long-term can be maintained only in 6% the following, gain does not run to pass basic interest rate, more never mention it inflation. Cardinal number of profit of this kind of company is small, it is profit dash forward add severalfold, also no point. Generate real profit far from even, it is the riches and honour on paper, or it is the group fund with ceaseless support, or be used financial lever substantially, high income of the surface is corresponding management high risk. If the company did not come managing is ceaseless destruction value, so again cheap not be the argument that buys. On the angle that is in good company so, still do not separate group, it is to grow no matter still be value, low devoted high yield gives real good company, have outstanding administrative layer at the same time (unapt generation tall ROIC but the result of low ROE) , and with sustainable manage for ultimate goal.
3, good value
The method that discovers good value is the acknowledge that has development to human nature, market, capital and analytic ability.
To average investor, often have an error, after discovering good company namely, its buying price can be worth a model to decide with appraise, this is huge mistake. Because appraise is worth a model to decide long-term safe limit (still having partial investor of course is to use technical graph and index, this is absurder, because any index are of the history only,conclude) , and the stand or fall of uptodate transaction value is to need to pass analytic human nature and market to decide.
This is very good understand, look for a long time because of the market inevitable and effective, so model of need appraise value uses the safe limit with long-term estimation; But deal happens in instantly, and short-term look, the market often disables, far from main area drives share price short-term rises and drop, is the change that the estimate that the change of human mood and capital preference prompts is worth merely, because of this kind of invalid existence, so even if is you are accurate be worth model calculative through all sorts of appraise " safe limit " , what be hit possibly also by the market is worthless (although be below extreme circumstance,any appraise value systems are met crumble, but not interest is not main. Additional these index of ROE, ROIC the discretion of prices of more and rather than of stand or fall that are assessment industry, the attention is divisional) . So Great Masters admonish again and again we: Investment is one door art, is by no means rigorous science, what want faintness rather is correct, do not want mathematical error.
Also be so why although average investor is enough effort study, accumulate experience, also can become an outstanding investor only, but wanting to become a great investor is impossible almost. The great investor on the world is few number, because of great investor, the discovery of the price that they have and value ability, this is not to be able to pass what learn and accumulate generation acquiredly, the ability that discovers good value is inherent almost, to human nature mixing cannot duplicate to the understanding of the market.
Right " good value " judgement is " 3 good " the average investor and great investor are the biggest distinction in investing criterion.
Induce great investor finds " good value " two gist dot:
① . Judge market sentiment, judge human change namely: It is to show we want to accomplish converse investment (the investment that opposes human nature) , also be cling to the other people that often says is scared I am greedy, the main area of company of a lot of time did not change, of change is the mood of the market only, after the chance that gives inflection point of Great Bear city, black swan, outstanding achievement in judgement, should withstand the panicky pressure of the market, converse investment seizes an opportunity. If you are incontrollable oneself mood, then you can be affected. Greedy fear is the main reason that we fail, always wanting to buy it is a few cheaper to want, sell should a few more expensive, the unbalance of state of mind just is ace of very much main area fries a failure the biggest reason, those who kill you is heart demon. Investing the worst place is not the basic extent that knows a company, understand market human nature however and him conquer.
So how is this kind of converse investment quantified? Very regretful, cannot quantify, do not have law study even. The respecting in the speech of Le Erceng of mark · a place of strategic importance in Ha Fo why we cannot become next Buffett, he thinks the payoff of a successful investor is not intelligence quotient have many tall, have or how many experience is had in the profession henceforth. Knowledge can learn, but human nature cannot duplicate, the successful investor judgement to human nature and the control to ego human nature are inherent, and even if great majority Everyman tries hard again, also become Buffett impossibly absolutely such Great Master, do not have a person to be able to achieve the compound yield of 25% in whole profession career almost.
Talent from was born to be destined momently is a talent, only few number person can gain great success, this not only it is the stock market, be in no matter any industries, it is same (any industries are accorded with basically 7 deficient 2 make the same score 1 winning law) . Probably short-term look, everyman can be accomplished exceed what all be worth to get the better of rate, but look for a long time to all be worth sure regression. Countless facts tell me, great Master of personage of success of great scientist, business, artistic talent, investment, the great person of these transcendental achievement, have other almost the character at Everyman, exceeding conceit, arrogant, do not care about other view completely, insular, marble, the point of view that watchs an issue is different with the ordinary person.
Although cannot become a great investor, but the mood that as an outstanding investor we still should learn to control our. We should not pay close attention to the price too, and to value too ignore. Share price dropped, not interest firm is done very poorly, same, share price rose, also unexpectedly flavor company is done very well. The fact is, if you face up to a stock to be an enterprise really, your mood also won't the rise as share price or drop and fluctuated. Because this wants to learn value forever, value, still be value, is the price not just, strong value is had to feel in the heart only, the mood with ability scared resistance. This plays human nature meaning, never changed 100000, future also won't be changed forever (unless we became a robot) .
② . Judge the preference of capital, namely the direction that market fund flows: This can learn, also can quantify. Incorporate is trend and the change that estimate value.
Because,the wave motion of share price is of market fund fluctuant, because market fund formed the anticipation of consistency,the formation of the trend is, show directional consistency, namely share price is long-term short-term up or downward. Capture right now " good value " core idea is: Judge the anticipation of market fund consistency, seize the moment that fund gets lost. Specific and OK the change that estimates value through looking, be entered because of capital or leave to be able to leave clues, next, the behavior of long-term financing forms long-term trend, the behavior of short-term fund forms short-term trend.
Judge the preference of short-term market fund, can let us get finding good value better, this are very important, the investor that is what style no matter ten million cannot be ignored, praise oneself to invest not to need the person that the technology analyses for value especially, must not appear because of a company the circumstance that value underestimates is rushed buy, because market gentleman still meets what do you go bankrupt! Computational safety limit when why should hit fold? Hit the disposition that fold even if is considering market gentleman, but is this hit fold how much to hit? The theory that value invests won't tell you, the news that has dish of side only just can tell you. Be opposite the feeling of dish of face, the experience that is need year in year out to the flow direction of capital is accumulated, dish the nurturance of feeling also is not in one day.
4, summary
The 3 good concepts of exceedingly meaning, good company, good value are summed up simply even if analyse macroscopical industry, analyse microcosmic company, analyse the market and human nature, to me, moving way of macroscopical economy moving direction and stock market is important not at all, forecasting do not have any meanings, the development foreground that important is fractionize industry, development prospect of microcosmic enterprise is as good as buy a place.
When seeking 3 good companies so, want to often ask oneself 10 questions:
1, the product of the company locates how, located the future of the industry develops how;
2, whether does the company have competition ability in fractionize industry, where is moat;
3, whether is the profit pattern of the enterprise had but durative (mode searchs was opposite not) ;
4, forms for reporting statistics of historical finance affairs is healthy, endeavor to eliminate to create the possibility that the holiday colors;
5, company shareholder is administered how, it is con small shareholder perhaps is opposite small shareholder ignored;
6, transverse and fore-and-aft quite, where is the ceiling that finds a company;
7, whether is present price inside safe limit (model of the value that use estimate is calculated) ;
8, the mood of whole market how, what is the preference of short-term fund;
9, whether did asset undertake reasonable configuration (use trends to balance strategy to reduce investment risk) ;
10, the Xiu Lian that promotes ego the heart, accomplish do not be fond of with content not with personal Bei.
Say more finally, to seeking 3 good companies this ten million cannot doctrinairism. Can go after " 3 good " the company had better not pass, but a lot of moment, "3 good " very difficult complete, retreat and be being begged also is helpless next lift, not be so good business occasionally so, but the price is enough low also have appeal, not be so good value occasionally, but company industry is long-term and active to good, also be worth to be bought, mr Buffett old also has emphasized, buy preeminent company to want with average price far more commonplace than be being bought with underestimated value company comes well.
3, search " 3 good " the breeding ground of the company
Had understood through preamble " exceedingly meaning, good company, good value " it is successful investor search an ox necessary index, in what domain can you find in great quantities so contented " 3 good " conditional company?
To most person, think of an ox, hard to avoid can be searched, but review whole capital market, accepted Bai Ma although be the condition of company of become reconciled of contented exceedingly meaning, but the condition of not contented good value. So if observe global ox carefully the history, can amazed discovery is arrogant an unexpected winner that the place with an occurrence highest frequency is unmanned attention, they are invisible more champion or inflection point company. Logic is very plain, an unexpected winner of industries of these high grade fractionize have enough low price, have go up enoughly a space, main area is first-rate also at the same time. So I think: The breeding ground that 3 good companies are born is high grade an unexpected winner, high grade an unexpected winner basically be inflection point company and invisible champion (an unexpected winner investment also is Peter the divine marrow that Lynch invests) .
With coming down to sum up inflection point the company mixes invisible the feature of champion:
① . Inflection point company (predicament inverts) main feature:
1. surface sees one pile problem, a lot of defect, but have an advantage at the same time, it is resource gift;
2. looks from financial index, wool interest rate is very high but net profit is smaller;
3. is worth by PE appraise more expensive;
4. management layer appears fluctuant;
5. company is being counter-purchased or add hold a share.
The measure that seeks inflection point company is: 1. Whether does judgement enterprise have resource gift; 2. Whether to because some kind of reason fails to develop resource gift,come out; 3. Whether the market gave out a very low price; 4. The chance that whether can have occurrence inflection point (should look adjly to inflection point company, because faulty, it is cheap that share price just is met, it is deadly that the key wants to be able to hold defect, can improve) .
How to judge resource gift above all, cite a case: We often are heard say some appears on the market the company owns a land, if sell this land, the cash that it calls in is far the market prise that is more than a company, but this is not resource gift, investing this kind of company often is not an opportunity it is trap instead. True resource gift is to want to be able to bring cash to flow continuously to the company certainly, bring profit continuously, this resource gift ability is significant. Cent is two kinds here, 1, aeriform resource, include business praise (brand) , channel; 2, corporeal resource gift, for instance the property of the department store can bring cash shedding and profit continuously, for instance resource kind the resource of the company is waited a moment.
Want to judge resource gift why to come out without play then. 1. The biggest factor that resource gift cannot develop is the processing system of the company. For instance the company of gift of a lot of resource is in as a result of historical reason state-owend enterprise under one's name, as a result of system reason, potential comes out without play. 2. Black swan incident, for instance 3 get together cyanogen amine; 3. Policy changes; 4. The metabolic element of market demand, periodic kind of predicament company.
Want to search the chance of inflection point finally.
The first, company system is reformed (if equity drive, MBO, employee is held, introduce strategic investment to wait) , MBO of state-owend enterprise reform, equity is for instance incentive, introduce civilian battalion enterprise to make strategic investor wait (citing, for instance piece young Huang, the sale of the state-owend enterprise is no good basically, introduced China profit group to regard strategic investor as collaboration then, for instance Shanghai home is changed, the brand after introducing the strategy to invest this weighs model) .
The 2nd, the change that policy runs after managing a substitution, material change reflects in: Of rubbish asset come off (reduce diversity) , increase diversity to extend the market, tear apart high grade asset appear on the market etc, citing: Constant arranges acetic trade, 12 years June when, the president substitution of group company (this still is not to appear on the market the president substitution of the company) , the market gives out immediately reaction goes up greatly, after anticipating president substitution because of the market, meeting advocate the rubbish asset besides battalion comes off. Be in for instance again early the Lu city old cellar or pit for storing things before, also be after Xie Ming assumes office share price flies together with outstanding achievement, ancient well tribute, also be the president before after Cao Jie goes to take up office, become decuple, so a need pays close attention to substitution highly.
The 3rd, black swan incident, as a result of public opinion of short time market oriented, very easy appear the company price of black swan incident is hit worthlessly, but what the fact does not have us to expect is so serious, those final from the product that does not drive us to live meetings walk out of predicament, black swan also became first-rate to buy a place. For instance 8 years famous 3 get together cyanogen amine incident, inflection point of predicament of success of share of final Yi profit, become decuple, for instance incident of leak of nuclear power plant is waited a moment;
The 4th, policy occurrence change, the most typical case is nuclear report, water and electricity, natural gas these common causes.
The 5th, periodic the predicament of kind of company inverts, this depends on completely the change of the market and economy.
② . Invisible champion is to show a certain company is in the public is famous degree relatively inferior, the product suffers what the person becomes aware not easily to perhaps be lost sight of, it is consist in only among the production flow of final consumable, perhaps be the component of some kind of consumable or raw material only. Hermann Simon (Hermann Simon) it is Germany famous " invisible champion " the father, management Great Master that is world pole negative great reputation, be born in Germany, obtained Bonn college doctor's degree 1976. " invisible champion " one book author, "Invisible champion " notional initiate person.
1986, the Hermann Simon that dean of academy of European market sale holds the post of when in Dusaierduofu chance encounter breaths out Buddha business school to teach Xiduoer Liweite, latter asks him: "Had considered why the 1/4 that the economic gross of confederative Germany does not cross the United States, but world of exit forehead male crouch the first? What company is the biggest to this made contribution? " Simon begins to ponder over this one task seriously. He eliminated very quickly to resemble Xi Menzi, Daimule - run quickly the tycoon of and so on, because they are mixed,competitor photograph compares their international level and do not have the advantage with special what. So, the solution searchs only possibly among the medium and small businesses to Germany.
Wherefrom begins one year, pass pair of Germany the research of many 400 outstanding medium and small businesses, creativity ground puts forward Simon " invisible champion " (Hidden Champion) concept. The true foundation stone that he carries mass data and economy of factual proof Germany and international trade is not the big company with those illustrious reputation, however these fractionize markets in respective place are silent and cultivated and the medium and small businesses that becomes global industry leader. They are in benefit radical market (Niche) medium position is not had but shake, some held the whole world even the market share of 95% (for instance German cigarette machine produces business Hauni) ; Their technical innovation be far ahead at the person of the same trade, its average per capita has patent number to exceed Xi Menzi far even such world 500 strong companies; But the out-of-the-way of industry posture opposite that is engaged in because of place, add dedicated strategy and low-key style, they concealed body at popular eye shot besides.
In the research of one's early years, simon thinks " invisible champion " the phenomenon is confined to Germany, the handicraft industry tradition with long nation of volition of root Zhi Yude and proud to occupational. But further research discovery, invisible champion enterprise is in the United States, in south Africa, in New Zealand, exist generally in the Asia, they not only the role with be being acted very important in the economic system of respective place likewise, and with Germany invisible the successful law that champion enterprise is having striking resemblance. Simon discovers company of a few China has made a trade inside invisible champion, they are called the market gets the person that run. For example, shanghai has a company to make port crane technically, in this domain this company is the whole world is best; In Chongqing, the company that has a production container is already occupational this industry whole world the market of 17% ; 3 years two ago, the manufacturer of microphone of a production mobile phone also accomplished Shang Qiu inside the industry best. " economist " Rangximeng is very interested in a data, the exit of 68% comes from China to be less than the small company of 2000 people at employee, the special likeness of industrial structure of China and Germany.
Invisible the feature of industry champion company: Be in " invisible champion " in one book, hermann Simon once will invisible the successful experience end of champion at: Flaming great ambition, dedicated to cranky, oneself grasp close client, press close to prominent client, " blame technology " innovation, border most overmatch and take care of everything oneself. Invisible champion abounds in to go at a lot of ordinary fractionize course of study. The starting point of these domains is low, restrict without too much doorsill, but most the nothing is more... than of core a bit: Dedicated. No matter the company is first,those who be engaged in is the others disdain to do, special domain that cannot be done or did not think of, they were accomplished perserve, hold to after all, absolutely not small talk abandons, obtained finally cannot the market position of shake.
Invisible a few specific features of champion (consult the standard with Peter strange forest) :
1, the name of the company sounds as dry as a chip and drab, funny even (the company with very strange name often can be underestimated, because public understanding is inadequate, see its name do not know its industry. Special China is to come loose the market that householder guides) .
2, company business is as dry as a chip and drab let a person detest even.
3, the company is torn apart from the parent company come out (because of them a lot of have outstanding balance sheet) .
4, the orgnaization is held scarcely, the analyst is not tracked.
5, the company is surrounded by the rumor (black swan) .
6, the company may lie a trade that increases scarcely (face less competition) .
7, the company has a Leakey.
8, the company that people wants to buy its product ceaselessly.
9, the company is in increase the share that hold or counter-purchases.
Specific to A, having a lot of shares also is to accord with " invisible industry champion " standard, but the bibcock that these little known companies did not have very big probability to make fractionize trade, become great company.
4, philosophy, viewpoint of value, world outlook.
The heart road course that discusses oneself a few years this to come finally and investment are comprehended.
When city becoming a shareholder first, what I yearn for is the life of dynamic, the object that adores at that time is benefit article rub the character like Er, expecting from penniless can reach home of a few bodies, even if may go bankrupt finally penniless, but I also consider as worthiness, at least once brilliant over- . Know what value investment far from at that time so, it is trend investment, but I had not contacted a technology to analyse almost, come up to consider banker, how to follow a place of business, how take advantage of an opportunity. This also should be mixed the person that city becomes a shareholder at the beginning of the part is same.
In the harden oneself that experiences the market, after the harden oneself of ego state of mind, I understand eventually, suffer from to do not make the person on the road of the truth full be, the destiny lets always let most person lose way. Invest actually, be an upright person is same, the investment outlook of one individual hold is its viewpoint of value, world outlook, philosophy. For the heart that pursues a dream to, the most important is to insist to had done his, how does other think, how to do, have nothing to do with oneself, we want the standard according to oneself only, with respect to the life that can seek oneself, pursuit is ideal, earned money incidentally (standing to make money) , this ability is the most important (investment also is same, no matter how does the market change, insist to seek 3 good companies, this ability is the most important, be not affected by everything) .
I understand deeply, no matter be in what industry, successful all along won't plain sailing, the person that succeed is minority forever. Investing a bound is such more, think independently, be far from popular result is to suffer all sorts of doubt necessarily even fling abuses, what can insist to come down is very few, take no account of connate element, mix besides effort hold to, seek the 2nd way that is less than a success. I never beg what can get everybody to approbate, do not beg much even approbate, investment is a lone issue originally, zhang Xiaoxian has said: Alone not be inherent, fall in love with a person to begin momently then truly by you however.
I think: Alone not be inherent, understood investment to begin momently then truly by you however. I aux would rather the fool in making key point of a masses, the investment that I try hard to holding to my is watched (3 good companies) , I aux would rather do paranoiac alone start off, probably only paranoiac ability succeeds. The success is the sweat of 99% and the endowment of 1% , although 1% endowment decided whether you can become a great investor, but even if does not have endowment, at least we become an outstanding investor through effort, is not carefree tapping keyboard, look at the film, playing game.
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