投资入门基础篇精选
Selected Quotes on Investment Fundamentals
💡 Core Golden Quotes
- “Buying stocks means buying the company—just understand the business, and if you don’t understand it, don’t touch it”
- “Investing is an interesting field where some amateurs have the opportunity to outperform some professionals”
- “The most important investment in life is investing in education”
- “How much math does investing require? Addition, subtraction, multiplication, division, and understanding compound interest are enough”
- “Much better mindset—no fear of missing opportunities; the most important thing is not making big mistakes”
❓ Selected Q&A
Q: What’s your basic understanding of investing?
A: My basic understanding of investing:
- Buying stocks means buying the company. So at the same price, there’s no difference whether the company you buy is listed or not—being listed just provides a convenient exit.
- A company’s discounted future cash flow is its intrinsic value. Stocks should be bought when their price is below intrinsic value.
- Discounted future cash flow isn’t an algorithm—it’s a way of thinking; don’t try to calculate it with a calculator.
- Don’t touch what you don’t understand (circle of competence) is a necessary prerequisite for judging a company’s intrinsic value.
- “Moat” is an important tool for judging a company’s intrinsic value.
- Corporate culture is an important part of the “moat.” (2010-05-25)
Q: How much math does investing require?
A: Being able to add, subtract, multiply, divide, and understanding what compound interest means is enough. I don’t know who else needs anything more. (2010-04-15)
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 all played huge roles in running my businesses and my current investments. (2010-03-25)
Q: Which is harder: investing or golf?
A: Personally I find golf much harder. The gap between amateur and professional golf is worlds apart—not necessarily so with investing. Investing may be the only field where amateurs can sometimes outperform professionals, but overall professionals should still be better. Don’t forget that Buffett counts as a professional too. (2013-01-31)
Q: As investment experience increases, where do you improve?
A: Hehe, much better mindset—no fear of missing opportunities; the most important thing is not making big mistakes. (2010-03-18)
Q: Is investing a good way to live longer?
A: At their meeting in Omaha, 80-year-old Buffett and 86-year-old Charlie Munger spoke for nearly 6 hours (including Q&A), and they seemed very healthy. I suddenly felt value investing might be a good way to live longer. (2010-11-10)
Q: What’s the biggest difference between investing and being an athlete?
A: The biggest difference between investing and being an athlete is that physical impact is small—you can still do it in your 80s. (2010-11-10)
Q: What if someone doesn’t understand enterprises or investing?
A: For people who don’t understand either enterprises or investing, buying index funds when S&P500 is low is also a very good investment method. (2010-03-25)
Q: What are the risks of investing?
A: The most important thing when investing in areas you understand is being able to see where the risks are. It’s normal for different people to invest in different targets because they understand different things—there’s no better or worse distinction. (2010-03-25)
Q: How should we understand “my understanding of investing seems this simple”?
A: My understanding of investing seems this simple. But this “simplicity” isn’t actually simple—in fact, this simplicity is extremely difficult. (2010-05-25)
Q: How should we understand that investing is an interesting industry?
A: Investing is an interesting field where some amateurs have the opportunity to outperform some professionals. This situation is hard to find in other industries—in sports it’s basically impossible, except for soccer. (2010-04-27)
Q: What books should beginners read on investing?
A: If beginners find Buffett’s materials difficult to grasp at first, they can read “Rich Dad Poor Dad.” (2010-03-25)
🔗 Related Notes
Related Concepts Buying Stocks Means Buying Companies · Discounted Future Cash Flow · Compound Interest · Circle of Competence · Moat Related People Duan Yongping · Warren Buffett · Charlie Munger Related Topics Duan Yongping’s Value Investing System · Investment Advice for Young People
投资入门基础篇精选
💡 核心金句
- “买股票就是买公司，搞懂公司生意就好了，搞不懂就别碰”
- “投资是个很有趣的行业，有些业余的有机会比有些职业的做得好”
- “人生最重要的投资是投资在教育上”
- “投资需要懂多少数学？会加减乘除，懂什么叫复利就够了”
- “心态好很多，不怕失去机会，最重要是不犯大错”
❓ 精选问答
问：对投资的基本理解是什么？
答：我对投资的基本理解：
- 买股票就是买公司。所以同样价钱下买的公司是不是上市公司并没有区别，上市只是给出了个退出的方便而已。
- 公司未来现金流折现就是公司的内在价值。买股票应该在公司股价低于其内在价值时买。
- 未来现金流的折现不是算法，是思维方式，不要企图拿计算器去算出来。
- 不懂不做（能力圈）是一个人判断公司内在价值的必要前提。
- “护城河”是用来判断公司内在价值的一个重要手段。
- 企业文化是”护城河”的重要部分。（2010-05-25）
问：投资需要懂多少数学？
答：会加减乘除，懂什么叫复利就够了。其余的我不知道对谁有用。（2010-04-15）
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：投资和高尔夫哪个难？
答：我个人觉得golf难很多。golf的业余和职业是有天壤之别的，投资确未必。投资大概是唯一的能看到业余比职业表现好的地方，但整体而言，应该还是职业好。别忘了，巴菲特也算职业的。（2013-01-31）
问：随着投资经验的增加，进步在哪些方面？
答：呵呵，心态好很多，不怕失去机会，最重要是不犯大错。（2010-03-18）
问：投资是个可以让人长寿的好办法吗？
答：（Omaha）80岁的巴菲特和86岁的芒格在会上一讲（包括回答问题）就是近6个小时，好像身体好的很。我突然觉得价值投资可能是个可以让人长寿的好办法。（2010-11-10）
问：投资和当运动员最大的不同是什么？
答：投资和当运动员最大的不同是受体力的影响小，80多岁还可以干。（2010-11-10）
问：如果对企业和投资都不了解，怎么办？
答：如果对企业和投资都不了解的人，当S&P500低的时候买指数也是个很好的投资办法。（2010-03-25）
问：投资的风险是什么？
答：在自己懂的东西上投资最重要的就是能看到风险在哪。不同的人由于懂的东西不一样而投资在不同的投资标的上是很正常的，没有孰优孰劣之分。（2010-03-25）
问：好像我对投资的理解就是这么简单，这句话怎么理解？
答：好像我对投资的理解就是这么简单。但这个”简单”其实并不是太简单，事实上这个简单实际上非常难。（2010-05-25）
问：投资是个很有趣的行业，这句话怎么理解？
答：投资是个很有趣的行业，有些业余的有机会比有些职业的做得好，别的行业很难见到这种情况，体育里基本不太可能，除了足球。（2010-04-27）
问：初学投资看什么书？
答：初学投资的人如果觉得巴菲特的东西一时不好懂，可以看看《穷爸爸和富爸爸》。（2010-03-25）
🔗 相关笔记
相关概念 买股票就是买公司 · 未来现金流折现 · 复利 · 能力圈 · 护城河 相关人物 段永平 · 巴菲特 · 芒格 相关主题 段永平的价值投资体系 · 给年轻人的投资建议