Buffett's stock selection pro-Chuan 10 strokes -

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Buffett said the key is in the investment in a reasonable price to buy a really good stock, and then forget about it, has been held for a long long time. September 2008, Berkshire's MidAmerican Energy through to 231 million acquisition of approximately 10% stake in BYD. That was when the collapse of Lehman Brothers a week, then turned BYD shares up nearly 7 times, only one year, Buffett earned 1.3 billion big. General meeting, Sokol, chairman of MidAmerican Energy, said Berkshire's investments are long-term investment BYD. Buffett said: \

Buffett has been on investment in US companies over the past, but with the economic globalization, he began to invest overseas, he was very concerned about China. A Chinese student asked Buffett what is learned from China,[link widoczny dla zalogowanych], Buffett joked that he favored a bunch of BYD Company has a very unusual guy. He also said that China is a shocking economy, China has enormous growth potential, and now this potential has begun to appear. He said it would visit China in September this year, to India in March next year. \
3 strokes: stock picking, such as election Wife
Buffett said, there will always be the opportunity to beat the market, because people always repeat the same mistake. Maybe you should hand the cash for a long time, but the opportunity will come sooner or later, you have to be ready to seize them.
Buffett explained this change of shareholders, mainly Berkshire? Hathaway has become very large. Low capital requirements, high returns are generally small companies, can not give the company a large enough rate of return. \ special focus on investment in only larger companies, although the lower rate of return, but had to be so.
\ Think about it, most people picking election badly, but the election was very good wife were elected. Why? Because the child from the father, mother and other people's marital experiences and lessons learned, and always scrupulously selected, and finally select the ideal companion of happiness. But these people are picking on the small to large have not received any education and training, in picking the time and energy spent on far less than the choice of life partner. Buffett on why the stock selection so good ? He often said: If elected wife of stock picking. In fact, he stock selection more stringent than the careful selection wife.
was asked how the valuation on the company to do more good?
9 trick: focus on investment
Buffett explained: I'm not sure sure Harley's stock worth, but I am very sure that, that is Harley-Davidson can not be closed down, 15% of the fixed rate of return is very attractive. Harley bonds in the investment I know enough, but the stock on the Harley is not enough I know.
2 strokes: Safety First
6 strokes: first-class management
Buffett that investment is the investment, he attached great importance to whether the company has first-class management. Buffett's shareholder meeting, defending, said Goldman Sachs CEO Blankfein of Goldman Sachs \ When asked who can replace Blankfein,Bored learn Korean is also good, beginner Korean, Buffett joked: If he has a twin brother, I recruited to replace him, Buffett said that he is worth even before the female phase promises people.
recent years, Buffett bought a row of some capital-intensive businesses, such as energy and industrials. Burlington acquired last year, the company that Warren Buffett acquired the largest amount in history. This is a big change, Buffett's investment capital demand generally small superstar high return on investment companies, very few invest in such public utility company.
80-year-old Buffett, hale and hearty, he told investors in a great possibility of serious inflation, not just the United States, the world is true. Concluded that \
secret of happiness is to lower expectations. In terms of investment, we must keep in mind safety first, not money first, to lower your expectations, prepare for the worst, only a safe investment safe, and never blindly risky investments. My iron law: first, do not lose money; second, do not forget the first.
Buffett said the financial crisis will happen again and again, because humans will always make a crazy move, and change our habits is impossible. So at a young age by a good investment and financial education is essential to develop good habits. In the primary school to understand a bit of knowledge, learning hundreds of thousands more than a postgraduate student in the book.
was asked, under which company Berkshire has the best return on investment? Which company owns the world's best return on investment?
Buffett attaches great importance to the company's performance is excellent, he is measured by return on equity investment in particular, he loves those who do not need to spend too much capital will be able to achieve sustained growth of the super-star companies .
Buffett has always been stressed that he is a business looking for a strong sustainable competitive advantage of outstanding companies. The shareholder meeting, he asked Munger, if you only have a company, which one would you choose?
10 strokes: long-term investments
Buffett said, you do not become experts in all types of companies. You do not need to become experts on everything, but you have to invest in your company really understand. Circle the size of your ability is not important,[link widoczny dla zalogowanych], but know that your ability to circle the boundary is very important. You do not need highly intelligent, so long as to avoid committing a major error, it will do quite well.
was asked, if they exist within the company unethical or illegal behavior, you will have a direct intervention? Buffett said: \ In fact,[link widoczny dla zalogowanych], listening to the grapevine for internal transactions are ill-gotten gains, you may temporarily make the most money, but this hidden time bomb that will make you anxious inner life, so why bother?
Buffett said the next 20 years or more he would prefer to hold stocks rather than holding bonds or cash. If we listen to Warren Buffett, then how picking it? In fact, Buffett's half-hour question and answer 5, the shares that God has given you support a 10 bills:
Munger added, if you want to master a lot of things we should think, a lot of practice. Go to bed every morning to get up than when the progress is always a little bit, so despite the slow, but you definitely go a long great progress. From a very young age you will began to ask myself, what practices worked and what practice is invalid? \
know everything that do not understand anything, a fresh recruit to eat around days. First understand their own strengths, then play to their strengths and master a certain type of company would have the Great. As Sun Tzu said, know ourselves, know yourself. Ability to ring is not fixed, you have to expand your ability to keep learning circle.
5 strokes: first-class business
was asked, how do you compare the latest buying opportunity with the history of other buying opportunities?
1 strokes: a mind free stock
was asked, how to prevent another financial crisis?
Buffett said, I know nothing about the beginning of the valuation, and later my mentor taught me Graham on the valuation of certain special types of companies, but almost all of these companies subsequently disappeared, and then later Munger led me to turn to sustainable competitive advantage with an excellent company. Investment objective is to find those with the next 20 years on a sustainable competitive advantage and the price the company has an excellent margin of safety. If I can not be valued based on fundamental analysis of companies, will not focus on the company, which for being a good investor is critical.
2009 年 2 months, Buffett has invested 300 million US dollars to buy Harley-Davidson's preferred shares, dividend rate of 15%. Harley preferred more like bonds than stocks, but more than a year, Harley's stock has doubled. Therefore, Buffett was asked why did not purchase the common stock Harley-Davidson?
\ The basic principles of Buffett's value investing is always the same, but his approach to investing is always changing with the times, we learned about the principles of Buffett's investment in science right, not the dead move rigidly applied, mechanical imitation.
4 strokes: Know thyself
Munger said that the two of us have worked hard over the past few decades to do is to find the best companies, with strong pricing power, has a monopoly position.
vast majority of people concerned about the stock market, concerned about what other people in what to buy to sell, and thought of all stock movements in the past to the future will be, and how Buffett's value is only concerned about the fundamentals of geometry, He advised investors: you buy a stock but the company is not, as long as the company's continued growth in earnings, stock price sooner or later rose.
was asked to become more value investor, will not lead to investment opportunities become less?
8 strokes: Valuation
Buffett said, very few cases it is clear that the stock market underestimated or over-estimated, but 90% of the time the stock market between the two blurred. If you follow the fear of fear in others, you can not do investment.
Buffett said that, like Coca-Cola invested capital can not operate very well, and some companies even negative input cost is still operating well, such as magazines, subscribers receive a subscription fee in advance, and later sent to magazines. The number of business critical need to invest capital, those companies that invested capital is negative, the better. Many consumer companies have a good return on investment, but too many people want to buy such companies, it is difficult to buy good price.
7 strokes: first results

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