人生与投资哲学篇精选
Selected Quotes on Life & Investment Philosophy
💡 Core Golden Quotes
- “The most important investment in life is investing in education”
- “Investing is a joyful endeavor; speculation is an exciting game”
- “Not using margin makes it much easier to fall asleep”
- “There’s a term in finance called sunk cost—if you truly understand it, you can answer your question”
- “Ordinary people can become extraordinary by persistently doing the right things”
❓ Selected Q&A
Q: What’s the most important investment in life?
A: Regardless, I think the most important investment in life is investing in education. Parental education, childhood experiences and hardships, and what I learned in elementary school, middle school, college, and graduate school have all played a huge role in running my businesses and my current investments. (2010-03-25)
Q: Is trading stocks actually enjoyable? I’m often unhappy, confused, and anxious. How can one invest joyfully?
A: You might need to ask people who trade stocks about this. I’m actually quite curious what stock traders are really doing. (2013-05-24)
Q: What does it mean if you’re constantly worried?
A: If you’re constantly worried, it means you don’t know what you bought—or you’re speculating. Of course, I know some people enjoy that feeling of constant worry—that’s why Macau’s casinos do so well business-wise. At least 85% of people are not suited for investing. Suddenly discovering you’re not suited for it isn’t anything to be ashamed of—as long as you “turn back now,” your “not investing” performance will at least beat 85% of people. (2013-04-24)
Q: How can I fall asleep quickly?
A: For some people, not using margin makes falling asleep much easier. (2015-07-04)
Q: When you realize that due to a momentary carelessness, you’ve been on the wrong track for years—suffering huge losses and missing out on many of life’s joys—what mindset do you use to face it?
A: There’s a term in finance called sunk cost (or sunk costs). If you truly understand it, you can answer your question. I believe over 95% of people won’t be able to let go in most situations. (2013-12-28)
Q: How should we understand “Investing is a joyful endeavor”?
A: Investing is a joyful endeavor. Investors can slowly enjoy the process. (2010-05-20)
Q: Why does Buffett have good health?
A: Buffett has good health because he doesn’t trade short-term and maintains a good mood. (2010-07-22)
Q: How should we understand “Ordinary people can become extraordinary by persistently doing the right things”?
A: Ordinary people can become extraordinary by persistently doing the right things. (2019-05-08)
Q: You said you never considered your Netease investment as contrarian investing—what did you mean?
A: I never considered my Netease investment as contrarian investing. My Apple or Moutai investments aren’t for seeking stability either. My investment criteria are very simple: within my circle of competence, find companies with high long-term returns and hold them. (2019-03-16)
Q: When you have little money, you should speculate even more! Otherwise there’s even less hope.
A: It could also be because of speculation that you have little money. Who didn’t start with little money? (2010-03-18)
Q: What’s the essential difference between investing and speculating?
A: Investing and speculating are actually very different games, but they look very similar. It’s like in Macau: the casino owner is the investor, while gamblers are speculators. The reason casinos always have a steady stream of customers is that some gamblers always win money, and winners tend to be more vocal. Speculation is a zero-sum game; investing is betting on profits brought by enterprises. (2010-02-04)
Q: If you find my writings helpful, what’s the next step?
A: If you find my writings helpful, you can thoroughly study Old Buffett’s materials. I recommend reading them several times—once isn’t enough. (2012-09-20)
Q: Does value investing require long-term holding?
A: I always feel that saying value investing requires long-term holding is a misunderstanding of value investing. The misunderstanding lies here: the core of value investing is buying stocks means buying the company, not “long-term holding.” If you bought wrong, you should sell immediately—no matter the cost, it will usually be the smallest cost. (Investment Logic Chapter)
Q: Does investing require high IQ?
A: Investing doesn’t require high IQ, but it requires understanding the underlying principles and believing in them firmly. Charlie Munger thinks rationality is most important; we think ordinary mindset (Pingchangxin) is most important—they seem to be the same thing. (2010-05-30)
Q: Some say A-shares aren’t suitable for value investing. What’s your view?
A: People who’ve been heavily invested in Moutai all along don’t think so. (2019-06-16)
Q: What’s the key to successful investing?
A: Using my approach to invest for a lifetime may mean missing countless opportunities, but the chances of making big mistakes are also rare (though mistakes still can’t be avoided). I often hear people tell stories about which stocks made several times returns, but they never mention their overall performance—you know what I mean. (2012-04-06)
Q: You said “if someone can truly understand just once in their lifetime, they’ll likely perform better than 95% of people”—what does that mean?
A: Actually it’s very simple: if someone can truly understand just one opportunity in their lifetime, they can likely perform better than 95% of people; even if they can’t understand any single opportunity, they can still outperform 80% of people. (2012-04-05)
🔗 Related Notes
Related Concepts Ordinary Mindset (Pingchangxin) · Benfen (Doing What’s Right) · Faith in Investing · Long-termism · Stop Doing List Related People Duan Yongping · Warren Buffett · Charlie Munger Related Topics Investment Advice for Young People · How to View Market Volatility
人生与投资哲学篇精选
💡 核心金句
- “人生最重要的投资是投资在教育上”
- “投资是个快乐的事情，投机是刺激的游戏”
- “不用margin会容易入睡很多”
- “财务上有个名词叫沉入成本，如果你真懂了，你就能解答你的问题”
- “普通人通过坚持做对的事情可以变得很不普通”
❓ 精选问答
问：人生最重要的投资是什么？
答：无论如何，我觉得人生最重要的投资是投资在教育上。父母的教育，小时候的经历和苦难，小学，中学，大学，研究生学到的东西对我经营企业和现在的投资都起到了很大的作用。（2010-03-25）
问：炒股时的感觉到底是不是快乐的？我很多时候就不快乐，困惑，焦虑。怎么样才能快乐投资呢？
答：这个问题你可能需要去问炒股的人们吧？我其实也很好奇炒股的人们到底是在干什么。（2013-05-24）
问：如果你提心吊胆，表示什么？
答：如果你提心吊胆就表示你不知道自己买了什么，或者叫在投机。当然，我知道有人喜欢提心吊胆的感觉，所以澳门的生意才那么好。有至少85%的人是不适合投资的，突然发现自己不适合也不是什么不好意思的事情，只要现在”回头是岸”，你的”不投资”表现至少可以比85%的人好哈。（2013-04-24）
问：如何能快速入睡？
答：对有些人而言，不用margin会容易入睡很多哈。（2015-07-04）
问：当您意识到由于一时疏忽若干年都上错了车，蒙受巨大损失也错过了人生很多快乐时，您是以一个什么心态面对它？
答：财务上有个名词叫沉入成本，也有叫沉没成本的，如果你真懂了，你就能解答你的问题。我认为95%以上的人大多数情况下会想不开的。（2013-12-28）
问：投资是个快乐的事情，这句话怎么理解？
答：投资是个快乐的事情，投资人可以慢慢享受其过程。（2010-05-20）
问：巴菲特身体好是因为什么？
答：巴菲特身体好是因为不做短线，心情好。（2010-07-22）
问：普通人通过坚持做对的事情可以变得很不普通，这句话怎么理解？
答：普通人通过坚持做对的事情可以变得很不普通。（2019-05-08）
问：我从来没认为我投网易是逆向投资，这是什么意思？
答：我从来没认为我投网易是逆向投资，我投苹果或茅台也不是为求稳。我投资的标准非常简单，就是在我自己能理解的范围内找长期回报较高的公司去持有。（2019-03-16）
问：钱少的时候更要投机！不然更没有希望了。
答：也可能是因为投机而钱少啊。谁不是从钱少过来的呢？（2010-03-18）
问：投资和投机的本质区别是什么？
答：投资和投机其实是很不同的游戏，但看起来又非常像。就像在澳门，开赌场的就是投资者，而赌客就是投机者一样。赌场之所以总有源源不断的客源的原因，是因为总有赌客能赢钱，而赢钱的总是比较大声些。投机投的是零和游戏，投资投的是企业带来的利润。（2010-02-04）
问：如果你觉得看我的东西有收获的话，下一步该怎么做？
答：如果你觉得看我的东西有收获的话，你就可以好好看看老巴的东西了。建议你看多几遍，一遍是不够的。（2012-09-20）
问：价值投资是不是要长期持有？
答：我总觉得价值投资就应该长期持有的说法是对价值投资的误解。误解在于：价值投资的核心是买股票就是买公司，而不是”长期持有”。如果买错了，应该立刻卖出，不管多大的代价往往都是最小的代价。（投资逻辑篇）
问：投资需要高智商吗？
答：投资不需要高智商，但需要明白内在的道理并坚信之。芒格认为理性最重要，我们认为平常心最重要，好像这俩是一个东西。（2010-05-30）
问：有人说A股不适合价值投资，你怎么看？
答：一直重仓拿着茅台的人们可不这么认为。（2019-06-16）
问：投资成功的关键是什么？
答：用我这个办法投资一生可能会失去无数机会，但犯大错的机会也很少（但依然没办法避免犯错）。我经常听见有人在讲哪只哪只股票赚了几倍的故事，可他们就是不说总的成绩，你懂的。（2012-04-06）
问：如果一个人一辈子能看懂一次就可能表现比95%的人好，这是什么意思？
答：其实很简单。如果一个人一辈子能看懂一次就可能表现比95%的人好，如果一个都看不懂也可以表现比80%的人好。（2012-04-05）
🔗 相关笔记
相关概念 平常心 · 本分 · 投资的信仰 · 长期主义 · Stop Doing List 相关人物 段永平 · 巴菲特 · 芒格 相关主题 给年轻人的投资建议 · 如何看待市场波动