The risk, market need to be cautious of non-independent capacity
those who do not enter. The other, non-recommended long-term investors do not look at my blog, here you need not get any information.
This is purely a milli no vision and little real ability of the ignorance of retail insights for discussion purposes only.
Reference article: line to the H share stocks Although the relevant Fisher liked the concept, but until now have not seriously read the writings of Fisher, the majority get some understanding from the occasional few words. I think you may find time to go back read, only write the above article to this effect some book review, shallow view that everyone laughed. because Fisher did not complete reading the whole book, nor did he seriously studied all the public investment philosophy, it is likely there are some prejudices and misunderstandings, please understand. < br> hh [body] hh
Ai Wei: I think, for investment, however, methods and ideas, of course, worthy of serious study and the successful experience of others, but I think more important is to establish a . Fisher) is a highly respected and respected Wall Street investment house. He graduated from Stanford University in 1928, Business School, soon to enter the National Security Anglo National Bank of San Francisco investment banking division as securities analysts, began his investment career. in the U.S. stock market after the 1931 crash, he was only 23 at the age of the company founded Fisher (Fisher & Co.), is principally engaged in investment advisory business, and has since embarked on a road to the legendary investment guru. In the following decades investment career, he successfully discover and long-term holders of Motorola, Texas Instruments and other large super-growth stocks, not only was a great personal wealth, but also for his professional circle inside Xuan He won reputation. in his investment career, the most successful and most praiseworthy is the descendants of 1955, Motorola was a nameless small company when he bought the shares outright, and a large number of long-term holding, in the next 20 years, Motorola rapid growth of the global leading companies, the stock also rose more than 20 times.
Ai Wei: First of all known cases on behalf of his success is Fisher's investment philosophy as a prerequisite. Now I think this will continue to talk about the personal views of the different types of growth for the mining companies, and the pursuit of different forms of long-term investment, I would like to have a different thinking. Accordingly to find a suitable investment philosophy, I think, more than anything else. each in different ways to make money, Rogers Rogers, they understand there are things he can rely on this to make money, the case of Peter Lynch, Warren Buffett and if so, each Successful long-term investors almost have their own completely different from other people's unique so that investors in general are not known; but in 1959 his famous lists of the first investment book; Fisher is now considered one of the pioneers of modern investment theory, search for > Ai Wei: investment not most people have the ability to identify these companies, do what is better, of course continuous efforts in this direction. For example, value. investment and low growth, low PE stocks are not necessarily bad, if beyond the scope of their ability to pursue growth stocks deliberately, then it may need to take risks beyond their ability. For example, I think the initial investors can select Lee conducted a number of important issues such as comprehensive and detailed exposition.
mm what is a growth stock?
Fisher is usually conducted on the economic trends predict little hope, he said investors should focus on options to themselves with minimal costs and risks to get the maximum benefit of the company, which is called points, the value of investments with a relatively high, it can be called Capacity: The company's turnover substantially within a few years can grow? have superior distribution channels? answer these two questions is to determine whether a company is worth studying the basic conditions.
turnover growth prospects First, demand depends on the situation, the company's management must also be maintained at a high level. In addition, capacity for analysis of business sales are often ignored, the vast majority of people just be satisfied to rely on a rough indicator of business ability to sell. Fisher that these ratios are too careless, did not constitute a basis to judge the investment value, to understand the ability of a company marketing a real, must be where its competitors and customers to do difficult and painstaking investigation. < br> Ai Wei: This is the basic agreement. But I think for the external medium and small investors have a greater practical difficulties. I want to sell their ability to understand, it is better to understand the reputation, the threshold for a class). Peter Lynch, some of the points on a number of small investors may be more effective, is to find good companies around, or is to invest in a hundred years old can operate a good company and a fool.
second the company's R & D level: the efficiency of R & D activities of the company how? In order to further improve the overall level of sales, find new products, growth, management of R & D activities to promote how determined?
Fisher believes that a company's financial soundness The most fundamental guarantee is that it can continue to develop new, to ensure that a considerable amount of the profit line, which is directly dependent on the level of R & D activities, R & D activities observed for two of the most important point: First, how the economic benefits of R & D activities ; Furthermore, is senior research and development activities for the attitude, whether we can recognize the limits to growth and current market rainy day.
Ai Wei: I think this and my opening as described in relation to, that is because investment in Fisher case Motorola and Texas Instruments, it may be more concerned about these issues, such as product lines and research and development and other issues. For small investors, the first investment in their own familiar area first, followed, as did the views of Warren Buffett insists investment level of? profit at what level, what has not taken effective measures to maintain or improve the level of profit? have no long-term earnings prospects?
Fisher extremely fancy their long-term profitability, he has been in pursuit of Those higher than the industry average net profit margin of companies continued; He clearly pointed out: weak, weak anti-strike capability, most likely in a recession the first fall.
Ai Wei: This is totally convinced. gross margin, the profit margin, asset structure, from the point of looking for those company, not just because of the economic boom has benefited the company.
fourth and most important point is that the company's management level: the company's human relations, management, how the relationship within the team? company management depth enough? in the foreseeable future, this company will continue to issue equity financing, whether the interests of existing shareholders due to the substantial growth expected damage? attitude is no doubt that the integrity of management?
Fisher that Good human relations (especially a good atmosphere within the team management) and management of sufficient depth to ensure that enterprises can ensure the efficient development of the basic one; and the financing capacity of the company, he pointed out that clear-cut: if the company would be issued within a few years IPO financing, and the existing earnings per share increased only slightly, we can have only one conclusion, that is, determine the capacity of financial management rather poor, so the company is not worth the investment.
determine whether the company is worth at all investment standards, Fisher's credit standing of the company management as the last one, but also as the most important points raised. Back in 1959, he writes categorically: evaluation, if the management without a strong sense of responsibility to shareholders, investors never seriously consider investing in this company. ) history of the company long enough, you can see from history now (2) fool can operate a good company, it is difficult fraud, if fraud can easily be found. for external financing that one, huh, huh, in fact, special (Oh, personal views and practices are absolutely not involved in the refinancing of Vanke. buy time to re-finance basically in the middle of the two time periods.).
mm How do I find it?
on these points gains a following, and how thousands of companies selected from a number of home meets the above criteria it? In this regard, Fisher's experience is the first resort of experienced investment professionals, but experts are still only a clue to the whole original information, and from which a number of homes quickly filter out companies worthy of further study, mainly by the experience of the.
Ai Wei: each have their own practice it. For example, I tend to read the statements of all listed companies, of course, some people like After reading the report the feeling of 100 and 1,000 copies of the report after reading the feeling different, good company has a unique gene, to see much more, it will naturally form a habit.
came up with the approximate range of the selected object after Fisher began what he called competitors, suppliers and customers, universities and government scientists, industry associations, and the Company and other former employees.
Fisher insist that only from the side learned about a company at least 50% of the message, can visit the target company's management, otherwise, it is an extremely dangerous condition: the target company because the investor is not enough to understand, very easy to be misled by the company's management staff; In addition, there is no way to determine the most basic one of the points mm executives own abilities.
Ai Wei: For small investors, direct access to management there are certain difficulties. As mentioned above, as selected and any fool can have a history business, or is the company around, there is very familiar with the financial statements if so, by logical reasoning to prove a number of issues.
mm when trading?
Fisher core investment philosophy is to find now market ignored, but the next few years will be substantially earnings per share growth of a small number of stocks; further, want to get the maximum benefits that may be obtained, you should carefully consider the timing.
Fisher has a unique perspective on this , the traditional economy based on research and predictions for the future to determine whether the practice of buying and selling stocks, he held a negative attitude. He clearly pointed out: too much trust in the reliability of economic forecasting is tantamount to taking all his savings to take risks. < br> Ai Wei: this recognition. I just do not care about increase the prospects have not pushed the company's stock price, Shares fell sharply due to quality stocks is a good time to buy.
Ai Wei: The very familiar with their company, surrounding the company, or is the periodic cyclical company and its nuances, good luck is still possible to run into. For selling shares, that can only be based on Fisher three reasons: First, the original a mistake when buying; followed by companies with significant problems, management of any deterioration, or depletion of growth potential, difficult to with outstanding performance. The third reason is that investors also found that the ratio of stock held by the hands of better varieties. Fisher is very rare that the last case, and ready to replace the combination of the risk of holding a great deal. < br> Ai Wei: As discussed earlier, similar to Fisher may pursue a mind the company's future is zero growth. growth potential, while depletion, decline in growth potential if the management or the enterprise itself is not from the excellent characteristics of a shift, it may often mean , then I think these companies still have investment value. Fisher said the third reason, the convertible is really difficult things, but it is not feasible. I myself have often convertible, of course, I said , and if that is a high probability event, then it should be convertible.
mm investors should not do?
in Fisher's eyes, the investment process is full of a variety of traps, and he It is constantly making mistakes in the process of gradually growing up, for which he dedicated summarize some investors should try to avoid things:
mm do not diversify. Fisher said: a person's energy is always limited, fragmentation of many and forced investors to buy shares of companies do not fully understand, and this may be too concentrated more dangerous than investing. He gives according to their own experience of a minimum diversification of investment priorities: A. carefully selected well-established large-cap growth stocks, and at least should have five or more, but most of its product lines overlap only slightly; B. less to invest in stocks and those that are somewhere between the high risk of young growth companies in the stock; C . the last to be considered a higher risk of young growth stocks.
Ai Wei: Fisher's (A), probably because he prefers investment in industrial sector the conclusions, in fact, if the investment in other types of such as consumer stocks, then there is no and as individual investors, not the impact of outside pressure, then the volatility of the market value is not much bigger issue (if able to withstand greater than the average level of volatility, then). For (B), funds for small-scale small and medium retail, I think medium-sized companies more easily meet the appetite. Buffett is more miserable, and limitations of capital size, the range of choice is much less than we are. For (C), this is a matter of personal preference of the . For example I have the perspective of risk, tend to Buffett's philosophy, first of all to protect from loss, so very young figure mainly refers to a stock's price list in previous years, earnings per share of the general investment conditions, and so people talked about the data. Fisher is an important principle is: . ; language level company, as he does in this area has a different ability of our circle, so he can do that. but I think I can not do that, my primary task is to Everyone can see their own preferences, and there is no right or wrong for their own like. for the and is good enough, as the market's future, given more to get some more, give less to get less, I do not want to pursue At this point, I think Fisher will also have their own set of careful consideration.)
mm buy really good growth stocks, in addition to price, but also not overlook the time factor. Sometimes, you will has been really successful in finding a potential growth stock, but most likely the situation you face is: its price is now at an unreasonable high prices. Fisher recommended a method, namely: research this company past success of the business plan, business plan you can find these at some point in the development stage, will inevitably be reflected in share prices, and buy around this time, it is very likely a place near the lowest price the stock has the potential to be great.
Ai Wei: At this point there are some deviations. I think that the think through the business plan to determine a future stage of development can happen, a little less tricky, at least beyond my abilities. Of course, if indeed there, I could find, but before the appearance of I not forecast. I think at this point, when things shift, can a to seize the opportunity, in addition to a few cases, almost could bring , Fisher can be described as sharply criticized this: as a hope that with the growth of the stock within a few years to obtain high returns for investors, in order to give up a little trading price difference is definitely worth the candle.
Ai Wei: This I agree. for the into the time I can not afford to master. For another type of 7 dollars to buy a lot of difference there; but for a handful of growth companies, I may be 5-12 bucks a larger context of continuing to buy, if I think 12 dollars is very cheap If the price.
mm Do not ignore the price-earnings ratio analysis. PE is a very important concept, but many people do not realize that only with the earnings link company characteristics, it can really reflect the price of Fisher thought that if a company can continue to develop new revenue sources, and where the sector is also expected to have similar growth engine, its 5m10 years after the price-earnings ratio will certainly be much higher than the general stock, even if its current price has been considerable, but it is still well worth the investment.
Ai Wei: grasp the true profitability and sustainability of this profitability (such as a franchise) is a prerequisite.
hh [end] hh < br> Also, seen with a ZT of the more interesting articles. (a slight increase in personal view)
7 7 reasons joke (laugh then please think about) the original address:
1, Architect
a wife to call the architect, said that whenever a train passed, her bed would shake. What my wife's bed? Some words are false, but it is beyond doubt.
Ai Wei: If I say walked into the restaurant, ordered a soup, waiter soon brought him up. attendants had just left, Mike would yell out: He said: Are You hh The result is a mistake.
Ai Wei: The man is wearing a coat. That I am not mistaken, I was him, and you wear his coat. , but it is fierce as a bull, for example, some stock analysts the black mouth!
Ai Wei: If you understand from another perspective, perhaps this is the see a large number of innocent victims will always feel a little sad. friends, but forgot his address, then sent a telegram to my father: If there is no Sarajevo, what happens behind the development process? I would like to visit old friends, or better with a good address.
5, sad story
three people to New York vacation. they in a 45th floor high-rise hotel booked a suite. One night, the building elevator failure, the waiter arranged for them to spend the night in the hall. They conferred and decided on foot back to the room, and decided to take turns telling jokes, singing and storytelling in order to reduce the fatigue CASTLE. joke told , songs sung, and finally climbed to the 34th floor, we all feel exhausted. inconsolable: I forgot the key to the room in the hall. heard another story, a woman had two sons, one to sell umbrellas, a sell umbrellas, so the old woman regardless of sun or rain will be very sad because there is always a son can not sell umbrellas. I would like to share ups and downs The same is true, however, to see how to treat this problem, at least I think no matter what ups and downs are very happy, or simply do not care about the most of the time. up to be outrageous, and then book some wealth into cash, or outrageous, and then carrying cash into wealth, if has been rational, then sit safely earn money business, of course, in most cases the money earned is the business, if given some extra bonus, then accept it, how to investments are a very happy thing, not to mention there are so many wonderful reports can be read.
6, a famous writer
sell books to bookstores to visit. bookstore owner by surprise, and quickly put all the books removed, replaced with authors to all. writer came to the bookstore, the heart is very happy, asked: economists.
Ai Wei: market itself is so, pointing layman layman, but since very happy, that just do not care.
7. see people
read this article You just about to put down the newspaper away to big brother caught by the police. Police Discipline: Ah you do not write the article after reading such good reviews gradually getting points, off 10 years out again ......< br > Epiphany】 【make money in the stock market should know Thanksgiving, or the consequences ...... ...... I do not know how Oh!
Ai Wei: Do not forget Replies, otherwise hhhhhh
there are a few:
. The judge is probably wrong. hh text from period of time I wish every investor can find a 2010, three years of investment opportunities
