Warren. Buffett once said that a number of investment guru to learn the wisdom and experience is the only way to investment success. In this regard, I believe that. These extraordinary rely on the wisdom of investment guru has created enormous wealth and rational, deductive a a legend to many people's investment career has brought enormous changes, and their name has become a symbol of wealth and success, so they could master the wisdom of these investments and experience regarded as a model and guide.
Benjamin. Gray Graham, Philip. Fisher, Buffett and Peter. Lynch would not have said that their investment wisdom and experience we are familiar with the great pioneer of value investing and practitioners, is the best example and model of learning .
John. Templeton, known as the 20th century, one of the world's top ten fund manager, a pioneer of value investing, Graham's most outstanding students. He has the world's highest performance general Frank Lin Tan Dayton Fund, since its inception in 1954, has been maintained up to 15% rate of return. Templeton is well-known contrarian, he will buying low in the Great Depression, the high point of selling. to find the value of investment products, value for money to buy things, and this species may not be research. Templeton does not believe in analysis tools, formulas, he held shares for about 5 years, and that the best time to sell is when you find another investment value of stocks held by a now higher than 50% of the time.
Mike. Price , the common shares of the Fund's assets have been in charge of 130 million, 2,600 times 20 years growth, the typical value investor. He believes that as long as do the three things, you can be successful value investing: 1, the share price lower than the asset value; 2 , the higher the better management of the Company shares; 3, a clean balance sheet, liabilities better. Price is best at humble stock because the company is more likely to be modest underestimated. He said, I like to spend the least money to buy the best stuff. and hot stocks are usually too expensive, the result is often popular when the stock bubble burst, Pleasant Sri Lanka started the fund has assets soared. But Price said, I do not want to be the first, I just want the case in the absence of risk continue to receive growth.
Mark. Mobius, managing more than 130 Templeman billion of assets in emerging markets funds. He is always possible outbreak of those political, social and economic unrest in countries looking for investment potential of the company. ; When you see a strong rally the stock market, I was not comfortable, low mood, because it means we may be difficult to find investment opportunities; and when the market goes down, I would rather spirits high. When you hear the natural disasters, depression or a revolution broke out these messages, it means our chances have come! Sri Lanka is, even if a stock's price-earnings ratio as high as 10 times, or even 20 times as long as it's next 5-year earnings outlook is good enough, it still has investment value. And once he found and bought a stock, it often will be in the list of investment Templeman for 5 years, which was Templeman average holding period of the Fund. M?bius cautioned, no matter under what circumstances, if not lower than 15% of the hands of the existing stock to buy more stock, it would never sell the stock in the hands.
Robbie. Burns, a reporter and editor earlier in the year 1999 he began investing in stocks. He profits from the stock on more than 19 million pounds. Burns's investment approach is very simple, one of the under any company or how much to buy as many to buy, and that he is still a rational investor is willing reasonable price mm, of course, cheaper is better if the object of concern mm buy. How to determine what is worth buying the company ? first look at the company's profitability, followed depends on its market value, as long as these shares at a profit, it will be rock solid, less likely to drop substantially. Although they are in the stock market is not so bright, but it the rise will be slow and firm, to create wealth for investors.
Philip. Kate Lei, Pioneer Fund in the management of 55 years, he has brought to shareholders for 13% compound annual rate of return. He chose are Some less popular stocks. like those of companies growing earnings, but said, excellent balance sheet, he collected a large number of annual reports, the general he will read it carefully. If he found the report very low or the current ratio of equity ratio is very low, it will not look any longer. He also did not want to see the wording of liabilities, and the current ratio of at least greater than 2. If this is a utility company, then there should be a reasonable financial ratios, favorable market environment and a favorable regulatory climate. He preferred that only a few hundred or thousands of shareholders and the market value 50 million more than companies. and Kate Lei like only 9.4%. He always believed the best investments are those who were the least favored stocks, the problems he faces is how to update his knowledge rather than starting from scratch. He should firmly stick to the stock market from those Welcome to the industry group, for those earnings ratio is very low and usually high yields and very interested in company stock. He described himself as a that he considered the fundamental nature of the company. He needs a good company with low stock prices. the husband insisted stock selection criteria: a healthy balance sheet, satisfactory cash flow, above-average stock returns, with good managers, the company can continue the good growth prospects and attractive products or services, and operating room for a strong market, this one is most interesting. because investors tend to spend money on high-growth companies, but stock does not continue to grow, this is not what the company itself operating out of the question, but the company's share price has no room for growth. So the husband to buy the stock growth rate is generally 8%.
Muniz. Pa Barry, a great attention to Buffett in exceptional cases of market operations were conducted, Pa Bali that this operation has great potential, but do not bother to consider. the simple method of buying and holding even mm Buy a company with a discount rate mm are in general worse than in exceptional circumstances, the operation strategy, especially when held for the long haul. When the or some dark clouds hovering over the company, it is to be wrong most of the pricing. But generally speaking, it is difficult to operate in this case, because when the market rises, the chance of a special case in the increasingly less, so this situation does not necessarily work unless the investment, only to let the chance to come to us. So we basically do not do anything as long as there reading and thinking on it. He needs to find and purchase those outstanding companies, Ideally, that is a big company is undervalued, so there is a good opportunity to be increased when it is in possession of intrinsic value, rather than wait until it is fully apparent when the value of. Pa Bali always looking for low risk, but high-yield opportunities: the company's first consultant in charge of the Pacific. He tries to buy stocks with low price-earnings ratio. If appropriate, he also often equal to or higher than the value of the assets to buy a very strong profitability of the company stock. Michaelis heavy losses as much as possible to avoid , and the rise in the stock market started to break, he would not mind performance was below average. Michaelis does not like debt management. He held the company's asset-liability ratio is generally about 15%, while the S & P 500 Index an average of 25%. profitable companies generally do not have too much debt, and these companies have debt levels of the company's debt also has a downward trend. So the safety of these companies have additional assurance. He always paid attention to about 300 companies, but only when a company's shares look particularly cheap, he would consider buying. When the stock price fell below the target price, he began to buy; prices fall more, the more he bought. He never pretend all or most are based on lowest price to buy stocks, because he may buy too early, but he expects the stock hit bottom when he still has money to buy. turning a blind eye in the five years and the steady appreciation of their confidence in the stock, which is the Michaelis life looking for the stock.
Water. Schloss, Warren Buffett member of the group is old Buffett friends. Schloss Graham left in 1955 - Newman, founded his own company, In 1984, Buffett at Columbia University published his famous speech, in the first example cited was his. Water. Schloss has no connections or access to useful information, almost no one on Wall Street knew him, so he did not provide any ideas. He only reference numbers in the manuals, and require companies to send annual reports to him, was the case. He does not like talking with management, relatively speaking, because the stock is more easy to deal with, it will not argue with you, do not have emotions, you do not need to put it firmly in hand. Schloss Graham learned from the strategy of buying cheap stocks, but for decades he has been unwaveringly insisted, never want to change it.
Meissen. Hawkins, Management with more than 14 billion U.S. dollars of assets account Southeastern Asset Management organization. Hawkins reasons for the success of their own without the slightest doubt, he said, to teach. competitive position advantage. He also looked for those who have the ability to shareholder-oriented and good at the manager of capital allocation. He calculated the present value of the company's future free cash flow to determine the company's intrinsic value. Hawkins the same as Graham , requires each purchase should have a margin of safety. His margin of safety is very specific: to buy the company must not exceed 60% of its intrinsic value prices. In each transaction, they are looking to find things with Buffett the same: to produce good economic returns of the good company, these companies managed by the smart managers and be able to buy cheaper.
Zeke. Ashton, Sheng Teer Capital's hedge fund managers. Ashton is very fascinated by the case studies, research on how a person is purely through rational allocation of assets to trickle, to a very small sum of money to develop and grow, be combined into 40-50 years, high-yield assets to value orientation to of the assets entrusted to him to invest, even though Ashton does not consider itself is completely conventional. Ashton want to pursue any possible value of the thing, try not to make themselves subject to any rules. But then, Ash Gordon found that all depends on an asset can be generated in its life cycle how much cash flow. So Ashton tried to simplify all the problems are as follows: we believe that today's price is a good price, is not there to provide us 15% of the annual earnings margin of safety. This is usually the minimum expected rate of return. So Ashton is looking for the smallest high-quality companies, their prices and free cash flow ratio is the single digits. and they have other aspects of the situation very good, such as good balance sheets, high-quality brand with a number of niche markets, such as good management.
Bill. Miller, who led by Legg Mason mutual funds have beaten 14 consecutive years, S & P 500 index, despite the recent criticism he suffered, but his approach is still worth studying. Miller, Graham and Buffett is elaborate theoretical methods, namely: the value of investments is the discounted value of future cash flows, The trick is to determine its value, so you can give a rational asset pricing, and then buy it at great discounts. He always put the value of the investment trust controlled at 30-40 between the object to his portfolio half of the assets invested in 10 companies. Miller and Warren. there are some similarities between Buffett, he used a very low turnover strategy, and that his investment portfolio, compared with other equity funds very concentrated. his method of valuation for the company and is very similar to Buffett, who is the company to cash flow as a measure of intrinsic value. Although the Bill. Miller's success due to follow the essence of Buffett's investment, but He is not to follow blindly without assertive, such as Warren Buffett never investing in technology companies because he believes they do not understand technology companies, but Bill in his own way, the use of Buffett's approach to new areas, as Buffett refining investment philosophy adds new knowledge and experience.
Wally. Weitz, holds more than 5 billion U.S. dollars of mutual fund people. Weitz that, in order to succeed in the investment field, you must be very understanding of the company. This company is how it works? What is the reason for its success? unsuccessful because what is it? greatest obstacle impeding the success of what is the nature? it has a number of legal privileges or special advantages? these are themselves must questions to ask. Vets in determining the value of the stock, the value of the company's profitability and its value, while striving to tap the company have a sustainable competitive advantage, for example, whether the company has a market share of some special or license rights. Wei Heights are looking for is the same variable: the predictability of cash flows and management capability. insist on investing in companies he can understand, often far greater than the operating cash flow, capital investment in the company removed from the list, select those with intelligent and honest management of the company. If the market the company has these advantages, and its price within safe limits, he will be very happy to be the masters of such companies. Vets like holding for several years. His company handled shares generally change hands to keep rates low.
Lou. Simpson, Buffett has added managers love, GEICO vice president, responsible investment sector operations. Simpson hopes to be independent action and independent thinking, so he devoured newspapers, magazines, journals and annual reports, he never accepted the recommendations of brokerage analysts. When Simpson saw a higher than average profitability of the maintenance company, he will find the company's managers interviewed to determine the priority in their mind is to achieve maximum shareholder value, or the expansion of the company's size. Simpson is a very patient investor, he is willing to wait until the business becomes attractive when the price to buy shares. Simpson that the most massive transaction is the price too high bad investment. Simpson, pay no attention to the stock market, and never predict short-term changes in the market, Simpson considered too broad and diverse portfolio, but will only lead to mediocre results, he acknowledged with Buffy particularly helpful to talk to him, made him the idea on this subject down to clarity. Simpson's approach is to focus on his holdings, as of cluster grenades, the power was great, as in 1991 GEICO8 billion portfolio contains only 8 stocks.
Roy. Neuberg, the father of the U.S. open-end fund, was born in 1903, 1929, went to Wall Street. He is also the only experienced in the 1929 Wall Street Depression and the stock market crash of 1987 people, but also successfully survived the Great Depression and the crash of the people, not only from the loss both times, and in a large stock market crash has made remarkable gains. Newberg can have a huge wealth, the attitude of his love life are closely linked. Neuberg not gone to college, it did not go to business school. but he can continue to learn, he warned us, be sure to read more books, reading not only to broaden my horizons and can help us to make real choices. He likes to see the kinds of people, and to see everyone from learn something. Neuberg great love books, but character is very rich, very sensitive, Newberg believes in the stock market to achieve excellent results, you have to look at things objectively, to be rational and pragmatic, and not see other people false hope. The market has its own laws of fluctuations, like the waves of the sea Like every few months there will be a change. Sometimes, a long-term investors can ignore the ups and downs.
Anthony. Bolton's most successful fund managers in Europe one. Bolton is very particular about investment strategies: Understanding a business is crucial, especially in ways to understand its profitability and competitiveness. identify the key influences a firm performance variables, especially those who can not control the currency, interest rate and tax rate changes and other factors, the understanding of a stock Growth momentum is crucial. If a company is very complex, it is difficult to see whether it has the franchise rights for sustainable development. Bolton would rather invest in a business by the common good corporate management, not to invest in the star manager bad business enterprises. Bolton able to identify the moment neglected, was able to benefit in the future to re-stock. He believes that the long-term vision to invest in stocks more, as long as a little farther than others can see advantage. to conduct different investments, to be a contrarian. When the stock price rises, to avoid overly bullish. when almost everyone is not optimistic about the future, the prospects might be getting better and better; when almost no one is worried about is that when the time for caution. Bolton be the most important investment in the success of a secret is hard work, hard work to research, analysis of hard work, and extra hard work to research and analysis is becoming an important factor in continued success.
Christopher. Brown, Graham studied under one of the best students, followed for up to 37 years consistently advocated by Graham tenets of value investing. Brown that when the stock price declines, investors should concentrate precisely, stare Big eyes, because at this time, they could've found to buy the stock at low prices. In fact, the risk more reflected in the price you pay, not the stock itself. Thus the rapid decline in stock prices is a golden opportunity, investors can buy much cheaper than the stocks before the crash. When others got wind of sell-off after hearing news reports of the time, that you find value for their investment opportunities. but here The important thing to realize: If an enterprise has a strong balance sheet solid and impressive earnings, stock price sooner or later it is to recover, only to rebound sooner or later only. Brown said the aim is to value investing Always maintain a reasonable margin of safety. as long as the stick to the principle of margin of safety, are more likely to increase the value of your portfolio to reduce the company of the opportunity and failure.
Bill. Gross, a very good asset managers. He believes that regardless of the table or in the market, must have long-term vision, not instant success. and investment should be a more long-term operation, is a marathon, not a sprint. He warned everyone that investors The most serious error is the over-pursuit of higher returns, not just focus on profits and forget should be alert to the crisis. So Gross operating principle is, braving the risk of moderate to obtain attractive benefits for customers, but this risk factor not too big, can not make them go bankrupt, even the farms are sold. in his portfolio, mainly in bonds based. bond investments less total income than 8%. and he only requires an annual basis than the primary bond market target by one percentage point on the line, because as long as each year more than 1% of total 10-15 years, the overall level of return will exceed 15% -20% of competitors. Gross value of the bond management of about 900 billion U.S. dollars, as long as he from his investment portfolio generated revenue of 1% per year is $ 900,000,000, which means that every year for investors to win billions of dollars in revenue. Gross said, that beat the market in the long term this is our secret mm! criterion, in the greatly reduced time to buy;
2, diligent study, independent thinking and not blind obedience;
3, full of intelligence, serious study before taking action;
4, followed by the industry leader, concerned barriers to entry or competitive advantage with the enterprise;;
5, will focus on some of the best investment stocks;
6, stick to their investment philosophy and not free to change;
7, bought the business, as the stock ownership of the company;
8, the long-term holding, the holding in this business a long time;
9, focus on corporate good managers, and never underestimate the importance of management; 10, when they select investments for the portfolio of projects, from the to repeatedly win the secret. James. O'Shaughnessy Well said, itself is very general), then you will be more than almost all investors are not consistent, they kept the market, the city, the middle of the process of change in the investment strategy, before a decision is always indecision. first a pragmatic manner Consider your own risk tolerance, determine your approach, and then stick to it. having a party, you may not much story, but in the long term, you will be one of the most successful investors. successful investment not alchemy, it is actually very simple, it is used consistently through the time-tested strategy, and then let it go to long play of magic.
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