[Reprint] Awn grid living, learning and decision-making methods _ decided life

Category: investment in the original address: mountain living, learning and decision-making methods author: chaosui excerpt from: the poor Cha Libao code chapter II to simple place for everything, seriously. --Chali��Mang though largely self-taught, Benjamin Franklin in the press, publishing, printing, charities and public services, scientific, diplomatic, and inventions have had incredible success in different areas. Franklin's success owes much of his personality--especially his diligent work harder, with his insatiable desire to learn and easy way. In addition, he has a clever mind, willing to accept new things, so whenever you select a new field of study, he will be able to adapt quickly. Franklin Chali��Mang be considered the greatest Idol is not surprising, as the mount is also mainly rely on self-study materials, but also have a lot of the unique character of Franklin. Like Franklin, Charlie himself is a rainy day, full of patience, Super master sets rigorous and impartial. He take full advantage of these features, on business and personal life--especially in the area of investment--was a huge success. Charlie, successful investments his carefully planned, focused way of by-products. Warren &Bull; Warren Buffet once said: "Charlie than any living person is faster and more accurate analysis of transactions of any kind. He was able to find convincing weaknesses within 60 seconds. He is a perfect partner. "Why would Buffett gave him such high evaluation of? the answer is to mount the creative living, learning and decision-making methods--this is the topic of this chapter. Before the start of this chapter, please allow us to make some simple introduction: considering Charlie method is complex, we have no intention of following content into the "what to do" courses for reference by aspiring investors, but rather "how he appears to do," an overview. Our goal here is to demonstrate basic outline of the Charlie, allowing you to better understand the remaining chapters of this book a lot of detail. If you're eager to understand the details of the method "of Mount: Charlie impromptu conversations" and "Charlie 11 lectures"--chapter two contains a large text from Charlie's own SB. ' s own handwriting or painting �� a variety of areas "do" of specific proposals. In this chapter, can render Charlie in considering the investment using the thought process, and then briefly indicate his investment guidelines, we were very satisfied. (Box) as an ecosystem of business world if we try to understand the seemingly independent things, we will find it and everything else in the universe are related. --John Muir "I found the free market economy �C or parts of the market economy �C as a kind of eco-system is a useful way of thinking. Animals in the right place to breed, and likewise, who found that pertain exclusively to its place in the community can also be done very successfully. "Unfortunately, not many people think so, since as long ago as since the time of Darwin, industry Tycoon that people would take it that the fittest principle proves that they really have great capabilities. But in reality, the economy really like ecosystems, there are many similarities between them. "In the business world, we often find, win system is minimized or maximized on one or several variables come to close to ridiculous extremes �� say, Costco warehouse supermarket. "Business analysis and assessment of Mount" multiple models of thinking "," you must know the important subject of critical theory, and often use them �C in full use, instead of several. Most people only use a mental model of the discipline of science, such as economics, trying to use a way to solve all the problems. You know how the proverb says: ' in person with a hammer in his hand, the world is like a nail. ' This is a stupid way to deal with problems. "Charlie's investment methodology used in the majority of investors and more humble system is completely different. Charlie not a little independent evaluation of the financial information of the company, but he is going to have to invest in the company's internal management, greater the overall "ecosystem" conducted a comprehensive analysis. He he used to make such an assessment tool called the "multiple models of thinking". In several speeches he (especially the second, third and fourth) were discussed in detail in these models, which is a collection and processing of information, and in accordance with the information framework for action. They borrow and perfectly blend a lot from a variety of traditional disciplines, analytical tools, methods and formulas, these disciplines including history, psychology, Physiology, biology, physics, chemistry, mathematics, engineering, statistics, economics, and so on. Charlie "ecological" investment analysis is an airtight: almost every system under the influence of various factors, therefore, to understand the system, it must be skilled use of pluralistic thought patterns from different disciplines. As John Muir said when referring to the phenomenon of interconnected nature of all things: "if we try to understand the seemingly independent things, we will find linked to it and everything else in the universe. "Charlie tried to found associated with each of his projects universe, his approach is firmly in control �� or at least most of all �� candidate for internal and external environmental factors related to the investment company. As long as the proper collection and organization, his diverse mental model (according to his estimates, there are about 100) will be able to provide a background or frame, so that he has read the nature and objectives of the extraordinary life insight. We would like to point out in this chapter is that he provides analysis of the structure of the model so that he is able to simplify complex investment issues into some essential elements. These models in the most important examples of redundant backups including engineering models, mathematics of compounding models, physics and chemistry, the tipping point, overturning moment, self-catalytic model modern Darwinian synthesis of biological models, models of misjudgment, and cognitive psychology. This broad spectrum analysis to enable people to better understand the many factors relating to the investment company and candidate is how interaction and contact each other. Sometimes, this understanding will reveal more secluded situation, which will produce "wave effect" or "spillovers". At other times, these factors together may create or good or bad great "Lollapalooza effect ". Through the application of this framework, Charlie got and the vast majority of investors with different investment methods. He accepted the investment very complex nature of reality, he tirelessly for scientific discussion on investment issues, rather than the traditional "surveys", he is fully prepared for them and a wide range of studies. Charlie adopt when investing in assessment of the "important subjects important theory" method must be unique in the business world, because it was his original creation. Charlie off-the-shelf ways to tackle this task could not be found, so he had difficulty creating derived mostly through self-learning system. Said he was "learning" is not exaggerated remarks, he once said, "until today, I have never in any place on any course in chemistry, economics, psychology, or business. "Yet those subjects--particularly the psychology �� has formed the basis for his system which based on. It is this through the amazing talent, patience, and decades of experience in support of this landmark, value business model makes Charlie award-Warren Buffett recognized masters. He is like a chess Grandmaster, by logic, instinct and intuition to decide the most promising investment "move", and give people an illusion, it seems that his insight is easily obtained. But please don't be mistaken: this "simple" but at the end of the long journey of understanding is reached--rather than a starting point--will come. His unique vision of easy: it was his lifelong study of human behavioral patterns, business systems, and many other scientific disciplines. (Box) wrongful death attorneys floridal �� O�� L�� L�� A�� P�� A�� L�� O�� O�� Z�� A effect of course, Mount for those who are mutually reinforcing and greatly amplifying effect of factors with each other and invented the phrase was "Lollapalooza effect". --Hengli��aimosheng, the outstanding investor Digest is the most important thing to remember, 100 kinds of large models tend to bring the power of. When several models together, you get a Lollapalooza effect; this is two, three, or four forces acting in the same direction, and you are usually just a few of strength. It was like inside the physics of critical mass, and when you reach a certain level of quality, you'll be able to raise nuclear explosive devices �C and if you do not reach that quality, you will be denied. Sometimes simply added together, sometimes they will be at the tipping point or on the basis of a critical mass together. A more common scenario is that these 100 models brought about by all means, to some extent is conflicting. So you will face a fish and have it both ways and situations. If you do not understand the truth in care, and if you think you can have your cake and eat it, then you would be silly. For activities that require advanced thinking, your mind is not clear for others, it becomes a risk. You have to identify relationships between these things. You must be aware of biologist zhulian��he Huxley that sentence is true--he said: "life is nothing more than link one by one. "So you have to have all kinds of models, you have to figure out various models to each other, as well as their effects. --The outstanding investors Digest, December 29, 1997, Charlie's opinion a rainy day, full of patience, regulate their conduct rigorous and unbiased guidance is the most basic principles. No matter what the people around thought, no matter what their emotional swings, he will never depart from those principles, although many people think that "being a you want to know how to adapt". These principles if steadfast observance, we can produce one of the most famous mount features: not very frequent trading. And Buffett are the same, AWN believes that as long as a few decide we can create a successful career. So when Charlie like a company when he bets placed will be very large, and typically holds shares of the company for a long time. Charlie called "wait for the investment code", and how you benefit of this approach: "you pay the trader cost less, hear less nonsense, if this effect, every year the tax system will give you the extra return-1%. "In his view, as long as the purchase of shares of the three companies is sufficient. So, Charlie is willing to large proportion of the investment funds to individual "concern" opportunities. No one on Wall Street which open bodies, financial advisor or the Fund Manager will make such a declaration! now that Charlie has been a success, but also by Warren Buffett praise, and why other people to use his investment in skills and there are no more? maybe the answer is this: for most people, Charlie's interdisciplinary approach is really too hard. In addition, very few investors can do, as Charlie did, preferring to look stupid, rather than with the "flow". Charlie adhering to the impartial and objective manner, he was able to calmly counter points of sail up, retail investors rarely possess such qualities. While this behavior will seem stubborn or rebellious, but Charlie was never like this. Charlie believes that his own judgment, even if the views at odds with the majority. Very few people see Charlie the "lone wolf" personality is the reason he achieve outstanding performance in the investment community. In practice, mainly natural, if a person does not have this character, then no matter how hard he, no matter how clever and rich in experience, may not be able to become a great investors like Chali��Mang. We will see in other chapters in this book, innate personality Charlie's one of the decisive factors of success. (Box), discipline and patience Taide��weilianmusi 77 hitting the character's talent can get cash sitting there doing nothing. Can I have today, by virtue of her chances of not chasing mediocrity. --Chali��Mang at the time of investment, I've always believed that when you see something you really like something, you must follow the disciplinary action. In order to explain this philosophy, Buffett or mount likes to play baseball analogy, I feel particularly inspired, even though I am hardly a baseball expert. Taide��weilianmusi for the last 70 years, but one by one individual make 400 times playing baseball player of the season. In the batting in science, he described his skills. His Division is divided into 7 hits7 baseball so much plaid. Only when the ball fell on his "best" when the grid, he will not swing, even if he has the potential to strike out as a result, because swing to play the "worst" lattice will greatly reduce his success rate. As a stock investor, you can observe a variety of enterprise security price, treat them like a lattice. Most of the time, you don't have to do anything, as long as it would be nice. From time to time, you will see a slow, lines and straight, and falls in the middle of your favorite lattice "strikes", then you made full efforts to attack. Such a situation, no matter how much your gift, you can greatly improve your On-base percentage. Many common problems is that they swing too frequently. Both personal investors, is also subject to "body iron rule of conduct" driven by professional investors, they all have this tendency to this "body iron rule of conduct" a variant of my reasons for leaving both long-term and short-term investment in hedge funds. However, another swing opposite question too frequently are equally detrimental to the long-term results: you found a "strike", but you cannot use all capitals to attack. --Louis Li,LL investment partnership in 2004, Berkshire �� Hathaway annual meeting, shareholders ask Buffett what a young can succeed in life. After Buffett shared his idea, Charlie chipped says: "don't take drugs. Don't cross the street. To avoid contracting HIV/AIDS. "A lot of people thought he was answering just a joke of this ridicule (this sentence is indeed very funny), but in fact it faithfully reflects in Charlie's life to avoid trouble, the widespread view and his investment in a special way to avoid mistakes. Charlie would generally pay attention to what should be avoided, that is to say, to be clear what should be done before we will consider the next action to be taken. "I just want to know where I will die in the future, so that I can never go there. "This is Charlie is like a punch line. Whether it be in life, is also on the business, Charlie avoids "Checkerboard" on the useless parts of profitable spend more time and effort in the area, which has been a big benefit. Charlie's efforts to simplify complex as some of the most fundamental and most objective factors. However, in the pursuit of a rational and simple when Charlie was careful to avoid what he said "Physics envy" is human complex systems (for example, economic system) to simplify several tendencies of Newton's universal formulas. He firmly supported Albert Einstein benjieming��gelahanmu effects of caveat: "scientific theory should be as simple as possible, but not too simple. "Charlie himself said:" my main objection iHelp Desk Tracking Softwares overconfident, too sure, think you know your a action outweigh the disadvantages. You have to deal with the highly complex system, in which everything other things interact. "Another-Benjamin Graham, not Franklin �� Charlie also has important implications for the formation of investment ideas. The smart investors, Graham is one of the most viable ideas "market". Under normal circumstances, the market is a mild, tempered mind common sense guy, but sometimes he is driven by an irrational fear or greed. Graham reminded investors, stock value, you want to go to make an objective judgement, you cannot rely on common manic-depressive behaviour of financial markets. Similarly, Charlie's opinion, even if it is the most capable and motivated people, their decisions are not always rational. It is for this reason, his judgment of some psychological factors as humans make errors can be used to judge the mental model of investment opportunities in one of the most important: "from a personal standpoint, I've developed a habit of using dual-track analysis. First, a rational look at, and what factors really control the interest and, secondly, while the brain is subconscious, what subconscious brain automatically in a variety of ways to form conclusions though useful but often failure? former approach was rational analysis method-method used is when you're playing bridge, look real interests, find a real opportunity, and so on. The latter approach is to assess the conclusion is wrong �C the majority of those responsible for subconscious--mental factors. "(On this issue, discussed in more detail please refer to the 11th speech, Charlie in a script using psychological model illustrates humanity's thinking wrong judgment 25 common incentive. ) It is clear that describes various methods that have been impossible to date in the college classroom or learned on Wall Street. They are Charles thin air in order to meet the requirements of his own unique creation. If you give them a common name, it would look like this: "promptly destroy things not to do, then the thing to do skilled, multidisciplinary attack, and then, when a suitable opportunity comes--and only--when a suitable opportunity comes to take decisive action. "Efforts to develop and adhere to this worth it? Charlie was thinking:" If you train yourself more objective, and has more disciplines of knowledge, so when you consider things, will be able to go beyond those who is much smarter than you are, I think it is great fun. Furthermore, earn lots of money, I was living proof. "Mount investment evaluation process" is the most important concepts as corporate ownership of stock, and in accordance with its competitive advantages to judge the value of the enterprise. If future discounted cash flows of the business that you're buying the stock price is higher, then this business with investment value. When you take advantage before taking any action, which is very basic. You have to know the odds, to train yourself, and only if the odds in favour of your bet. We just dropped, use its best efforts to deal with the wind and headwind, removal of results every few years. "As we have seen, Charlie investment project is not much. Perhaps IBM, founder of laotuomasi��wosen best summarizes the Charlie's method. Thomas Watson said, "I am not a genius. I have several clever, I just stay in the several ones. "Charles clearly his" points ": he was careful to wipe his abilities. In order to remain in these circles, First of all, he had the basic and full range of filters, limitations in his areas of investment "options are simple and easy to understand project". As he said: "on the investment, we have three options: you can invest, no investment, too difficult to understand. "In order to determine the" investment "of potential projects, Charlie selects one easy to understand, there is space for development, the mainstream industry can survive in any market environment. Is not difficult to understand, and will pass it the first company at the road crossing is very small. For example, many investors prefer the pharmaceutical industry and high tech industries are directly owned by Charlie "was too difficult to understand" project, those with great fanfare propaganda "transactions" are classified as immediately and initial public offering "no investment" of the project. Companies that can pass the first hurdle you must also accept the Cha Lisi dimensional modeling method of filtering. The fittest process is laborious, but is also very effective. Charles hate "to extract the essentials from a mass of material", which is a little big pile of sand washing a few grains of gold. He wanted to "important subjects important theory" approach, to find someone else has not yet been found, and sometimes lies can see at a glance on the level of gold. Throughout the detailed assessment process, Charlie is not data slave: he take into account all relevant factors, including internal and external factors and the industries in which it, even when these factors are hard to identify, measure, or of some number. However, Charlie's careful and did not let him forget his whole "eco-system": sometimes the maximize or minimize a certain factors (his favorite Costco warehouse supermarket for example) can make that single factor is not commensurate with its importance. Deal with the financial reporting and accounting of their work, Charlie is always unique in Central and Western skepticism. They are up to correctly calculate the true starting point of the value of enterprise, not a destination. There appears to be infinitely many of the factors he wanted extra checking, including the system of the present and future climate, workforce, supplier and customer relationships, and the potential impact of technological change, competitive advantages and disadvantages, and pricing power, environmental issues, there is a significant potential risk becomes a real possibility (Charlie knew that there was no such thing as risk-free investments, and he is looking for projects that risk is very small, and easy to understand). Him according to his own understanding of the realities and readjust all the numbers on the financial statements, including the actual cash or "owner" of cash, inventory and other business capital assets, fixed assets, as well as usually overvaluation of intangible assets such as brand reputation. He will also assess the stock options, pension plan and retirement health care benefits for current and future real impact. He will be the same strict review of the balance sheet in the liabilities section. For example, in appropriate circumstances, he might think that like many insurance float-a-year premium revenues--without having to pay out such liability should be regarded as assets. His special assessments will be conducted on the company's management, that is not a traditional numeric operations that can be included--specifically that he would assess their "capable, reliable, and consideration for shareholders" level. For example, how they allocate cash? they are standing on the shareholder's perspective do you assign it the smart way? or remuneration paid to them too much? or blindly pursuing in order to increase growth? (box), Warren and checking theories "moat" Warren Buffet: "so, let the width of the moat, keeping it and keep it from being primary standards of the span as a great business. We tell our Manager, we want to moat widen each year. It does not mean that this year's profits will be higher than last year 's, because sometimes it is not possible. However, if the moat wider every year, corporate management will be very good. When we saw was a very narrow moat--it's too dangerous. We do not know how to assess the case and, therefore, we do not consider it. We believe that all of our business--or most businesses--have dug a deep moat. We think the Manager widen them. Charlie don't you think? "the mount:" can you speak better than this? "Warren Buffet:" of course. Please give this some peanut brittle. "Sub-Wei, in addition to the annual meeting--recorded since 2000 bokexier��HA, he is still trying to get everything--including product, marketing, branding, employee, distribution channels, social trends, and so on �C to assess and understand Enterprise competitive advantages and the persistence of this advantage. Charlie believes that a company's competitive advantage is the company's "moat", is to protect the enterprise from the invasion of intangible gouhao. Good company with a deep moat, moat, ever-widening, provide long-term protection for the company. Holding such a unique perspective of Charlie cautiously weigh those long siege of most companies "competitive destruction". Mount and Buffett are extremely concerned about this issue: on a long business career, they understand that sometimes are painfully aware, after several generations without failure of very small enterprises. Therefore, their efforts to identify and purchase only those who have a good chance of beating the besieging forces of enterprise. Finally, Charlie will calculate the true value of the whole enterprise, and taking into account future equity dilution cases, compared to determine its price and the market, is about how much of the value per share. Behind this comparison is the goal of the entire process--a comparative value (what you get) and price (you pay). In this regard, he has a famous: "(purchase) great enterprises of the stocks fair ratio (purchase) price super low general business is good. "Buffett often says that was Charlie makes him even more firmly believe that the wisdom of this approach:" Charlie knows this very early, I was not aware until later. "Duo helped Buffett, Charlie out of pure benjieming��gelahanmu-type investments, instead looking at great companies, such as the Washington Post, Government employees insurance company (GEIGO), Coca Cola, Gillette, etc. Charlie is extremely careful, but not as others do, sometimes by the victim of irrelevant details and distractions. Charlie will exclude some investment step by step in the analysis process variable, just as he ruled out other variables. Wait until the analysis at the end of his candidate investment projects has been simplified to some of the most significant factor, also fully confident to decide what to not to invest in it.Assessment of value assessment to finally become a philosophy, rather than a mathematical measure. And Charlie lifetime accumulation of experiences and the analysis itself under the skills of a cognitive model of interaction, he finally got an investment "feel". At this time, the rest is certainly a very good candidate for investment companies. But Charlie does not immediately rushed out to buy the stock. He knew that after a correct assessment of the stock value, you must buy at the right time, so he will conduct more granular filtering that is "before you pull the trigger" tests. When you need to complete the evaluation within a short period of time (which he calls "emergency") when this method is especially useful. Items on the checklist are as follows: what is the current price and volume? trading market? operating when the disclosure of the annual report? the existence of other sensitive factor? exists at any time to exit the investment strategy? money used to buy stocks now or in the future more applications? do you have enough liquidity on hand? or have to borrow? how much is the opportunity cost of the money? and so on. (Box) margin of safety margin of safety always depends on the price paid. It at a price much, in other price is small, and prices higher, it will cease to exist. --Benjieming��gelahanmu (on the margin of safety, Charlie is often said that investors to move from engineering "redundant mental model" benefit. Engineers when designing bridges, will give it a fallback support systems as well as additional protective forces to prevent collapse--investment strategy it should do so. Charlie such a detailed screening process takes a strong self-control and will result in a long time there is no obvious "actions". But, as Charles said: "for the present and improve the investment policy or implementation of such policies, and hard work are essential. "Charlie and the Warren, and hard work has been carried out, regardless of whether they decided to invest in �C usually do not. They spend time on the learning and thinking, more than the time spend in action, this habit is not accidental. Each industry is truly the masters who manifested by mixture of discipline and patience: Erin Brockovich "playing well in the hands of" resolution. Like a world-class bridge master lichade��sakehaose, Charlie cares not whether he can win, but playing well in hand. While in the mount and Buffett's world, the worst result was acceptable (because some of the results were not in their hands), but the lack of preparation and a hasty decision is inexcusable, and because of these factors can be controlled. in the rare "golden opportunity", if all the conditions are just right, Charlie decided to invest in, he is likely to resolve a lot of bets. He would never on small scale, or "small speculative investments." Such acts contain uncertainties, Charlie, however there are very few investments are not uncertain. As he said, his behavior "combines extreme patience and determination". Charlie a source of confidence was not who or how many people agree, or oppose his point of view, but to perceive and measure their abilities. This kind of self-awareness that he measured his actual knowledge, experiences and thoughts upon the correctness of, to have a rare kind of objectivity. Here, once again, we see that personality qualities--good self-discipline, patience, calm, independent �C has played an important role. Without these qualities, Charlie, I'm afraid it is impossible to achieve such an outstanding investment performance. Charlie such a great business model is how to do? we can from his recommended reading list (see appendix) to see some clues. The guns, germs, and steel, the selfish gene and the ice age of the Darwin's blind spot has a common theme: concerns previously mentioned "competitive destruction" problem, explore why some things that can adapt, survive, even after a long period of time after dominance. When the theme is applied to investment selection, the mount preferred enterprise appeared: some of them are by elimination of competitors and achieve prosperity of enterprise (just like the depiction of the selfish gene), and some are thriving enterprises through cooperation (the blind spots of Darwin). We again see, Charlie can skilled to application many disciplines of knowledge: has number investors can like Charlie often do of as, considering to so of more, and so of complex of factors does? summary lift several examples, he often thinking of factors including "conversion"--such as thermal learn of law with economics of law has what similar of Department (such as paper and oil how becomes a copies posted to door of newspaper), psychological tendencies and incentive factors (especially they created of extreme behavior pressure, regardless of is good of pressure also is bad of pressure), and basic of long-term sustainable development sexual (such as "moat" like of positive factors and competitive destruction of damage Zhijian continues constantly and often very fatal of mutual effect). Charlie is extremely skilled in mastering a variety of different disciplines, so that can be taken into account in investment to many ordinary people do not take into account factors, in this regard, perhaps no one can compete with him. (Box) is the price you pay, value is what you get value investors tend to result in someone else's will doubt that United States several times smarter land purchase is the case. In 1803, Thomas Jefferson Administration spent $ 15 million and Napoleon's France reached Louisiana government transactions, averaging 2.9 cents per acre of land prices. In 1867, the United States Government with $ 7.2 million worth of gold to Russia bought Alaska region, price is about 2.5 cents per acre of land, which was known as the "xiwade stupid deal". In contrast, in 2006, the Alaska exchange involving land price equal to $ 1.67 trillion, according to United States be measured by the value of petroleum, mineral resources and strategic advantages, the deal is cerapplication business card credittainly not stupid. Investment principles checklist and we now have an understanding of the Charlie's total investment in ways of thinking and his way of thinking. In order to continue to focus on "How did he", we will use his respected "Checklist" test to once again show his methods (to learn more about Charles IStatement about the value and importance of checklists, see the fifth chapter fourth peace No. 320 pages). However, it is important to note, Charlie will certainly not in accordance with the order of application of these principles one by one on the list, those principles have nothing to do with their importance. Each principle must be considered part of the investment analysis of the entire complex process, just like the whole mosaic patterns of each individual in small pieces. We now have an understanding of Charlie's overall investment in ways of thinking and his way of thinking. In order to continue to focus on "How did he", we will use his respected "Checklist" test to once again show his methods (to learn more about Charlie, my argument about the value and importance of checklists, see the fifth chapter fourth peace No. 320 pages). However, it is important to note, Charlie will certainly not in accordance with the order of application of these principles one by one on the list, those principles have nothing to do with their importance. Each principle must be considered part of the investment analysis of the entire complex process, just like the whole mosaic patterns of each individual in small pieces. ���ա�������Ͷ������Ӧ�ôӲ������գ����������õķ��գ���ʼ������ʵİ�ȫ�߼���wbr>����͵���Ʒ����������˽��ס�wbr>���ΪԤ���ķ���Ҫ����ʵIJ�����wbr>��Զ��סͨ�����ͺ����ʵķ��ա�wbr>���ⷸ�´������ʱ���������u>����������Ω����ͯ���У��ʵ۲Żᱻ��֪�Լ�û���·�����wbr>�͹ۺ����Ե�̬����Ҫ����˼����wbr>��ס�����Ƕ��Ǵ����ȡ���ڱ���ͬ���㻹�Ƿ����㡪��Ωһ��Ҫ������ķ������ж��Ƿ���ȷ��wbr>�����ֻ��������ƽ��ֵ����ֻ�ܻ���еȵ�ҵ������wbr>׼��������Ωһ�Ļ�ʤ�����ǹ�������������������������ϣ��ӵ��һ�㶴������ ����wbr>ͨ��㷺���Ķ����Լ������һ��������ѧ�ߣ���������ģ�ÿ��Ŭ��ʹ�Լ�����һ����wbr>����ʤ����Ը����Ҫ��������׼������Ը��wbr>���������ո���ѧ�Ƶ�˼άģ�͡�wbr>�������Ҫ��ô���������벻ͣ��׷�ʵ������ǡ�Ϊʲô��Ϊʲô��Ϊʲô��ǫ�顪�������Լ�����֪���ǻ۵Ŀ�����wbr>ֻ���Լ���ȷ�綨������Ȧ�����¡�wbr>���Ϻͺ˲���Ե�֤�ݡ�wbr>����׷����ٵľ�ȷ�ʹ����ȷ���Ե�����wbr>����Ҫ���ǣ�����Ū���Լ�������Ҫ��ס�����������ױ��Լ���Ū�����ϸ��������ʹ�ÿ�ѧ��������Ч�ļ���嵥�ܹ�����޶ȵؼ��ٴ�������u>��wbr>��ּ�ֵ�ͼ۸񡢹�̺��ж����Ƹ��͹�ģ��wbr>��סdz�Եĺù�������µġ�wbr>��Ϊһ����ҵ�����ң������г�����۾��û���֤ȯ�����ҡ�wbr>wbr>��������ķ��պ�Ч�棬��Զ��עDZ�ڵĶ���ЧӦ�͸�߲�ε�Ӱ���wbr>Ҫ��ǰ�롢����롪���������룬���Ƿ�������u>���ġ����������������ж���ƫ����wbr>������������ڰ˴��漣��������˹̹����������Ҫ��ʱ�򣬱�ȥ�����wbr>�������Ľ���˰��Ħ���ɱ�����Զ��Ϊ���ж����ж���wbr>��������ʱҪ����ͷ�����ѡ�wbr>���ܽ��Ҳ���ܹ�̣���Ϊ����ڹ�̵������ġ��������ʵ�ʱ�����ʱ��Ҫ����ز�ȡ�ж���wbr>������̰��ʱ��Ҫ���£������˺���ʱ��Ҫ̰����wbr>������ٵĴ���࣬���Ե�������ʱ��ץס��wbr>���ֻ�����׼�����ˣ�Ͷ�ʾ����������Ϸ�ı䡪���������Ҫѧ��ı�ͽ����޷����ĸ�������wbr>��ʶ����Ӧ����ߵ��������ʵ���ʣ���ָ��������Ӧ���wbr>���ϵ���ս�������������㡰��Ĺ����wbr>������ʵ����ʹ�㲢��ϲ�������䵱�㲻ϲ�����ʱ��u>רע�����������㸴�ӣ���ס��ԭ��Ҫ�����¡�wbr>��ס����������ֱ�������м�ֵ�IJƲ������ܹ���˲�仯Ϊ���С�wbr>������������������ĵ�������wbr>����Ϊ��ȹ���ϸ�ڶ�������Զ��׼�Ķ�����wbr>ǧ��Ҫ�ų���Ҫ����Ϣ����ǧ��֮�̣�������Ѩ����wbr>ֱ����Ĵ����⣬������Dz������Դ����࿪ʼͶ�����������Ǿ�һֱ��Ѱ���ܹ������¸������湫ʽ���߽ݾ��� As you can see, Charlie's superior performance does not come from a magical formula or some business schools teach system, Charlie says it came from the "pursuit of constantly looking for better ways of thinking", through meticulous preparations "prepaid" will, and his extraordinary consequences of interdisciplinary research mode. All in all, it comes from Charles the most basic codes of conduct, the fundamental philosophy of life: ready, discipline, patience and determination. Each factor is irrelevant, but they add up into a powerful critical substances, effect of catalyst that is famous for Mount of Lollapalooza. Finally, a simple overview of this mans investment philosophies article is extremely concerned about the "what" and very little concern "when to sell" reasons. Mount in person to answer this question, this passage is well below provides an overview of highly concentrated focused "mount" the school's investment philosophy: "we prefer to put a lot of money in places we don't have to be to make a decision. If you purchased something of value to be underestimated it, then when its price rises to the level you expect, you have to consider it sold. It is very difficult. However, if you can buy some great company, then you can sit down. It is a good thing. "Like his idols like Benjamin Franklin, Chali��Mang training and perfecting his unique life and methods of doing business. Through these methods, as well as life-long training and maintenance of a good habit, he was a remarkable success. (Box), Charlie's summary of "why some people are smarter than others do? some of this is innate character. Some characters are not suitable for investment. They cannot hold back, or always worried. However, if you have a good personality, where mainly refers to the very patient, and you know the linesMoving aggressively so you can learn through practice and get to know this game. Obviously, the more sources that you learn a wide range, not just learn from the bad experiences of your own, you will be able to get better. "I haven't found anyone to do it soon. As an investor, Warren Buffett is better than when I first met him so much, I did. If at some point we come to a halt, meet already has knowledge, our performance will be much worse than now. So the trick is to keep learning, and I do not think that those who do not enjoy the learning process to continually learn. "honesty is the best strategy because by the home (United States Midwest) of cultural influences, Chali��Mang has always been synonymous with honesty and integrity. As Charles once said: "do the right thing to a person's character and bring great benefits. "How much Charlie honesty and integrity, his daughter Wendy are best qualified to speak. Wendy said, after the Watergate scandal, she sympathized with Richard Nixon's daughter, because everyone knew their father conduct a disservice. "I have every confidence that my father will not let us into the same situation. I can't tell you how that makes me feel good. "We used to find the legendary bond investment experts bier��geluosi (Pacific investment management company), and asked him how Charlie's honest. His answer is this: "If both the East Coast and West Coast was submerged by the sea, whether it is due to the storms, earthquakes or moral turpitude, elongated in Omaha will still exist. Satellite transmissions to Charlie ethical standards should be used all over the world financial center, in order to prevent future recurrence of scandals such as Enron or stone. "Charlie and Warren are excellent role models and teachers, especially for young people. Aerbote��shiwei strategy, says: ' example in teaching is not the main thing--it is the only thing. ' Life-long business ' race ', Charles and Warren leads not only, but also never along shortcut. "People not in the financial sector to identify more examples than Warren Buffett and Chali��Mang significance of honest people. Their annual report is like a legend, not only about the real investment wisdom, and in case of need also afraid to blame. "Ruike��gelun is Charlie's old friend and business partner, he added:" I have paid twice to see Charlie business transactions require the amount to be paid more money than he. First time was when we acquired a company, there were two old women holding bonds issued by the company, we could have easily distal to less than the nominal value of the price to buy these bonds �� but Charlie was according to the nominal value for their money. The second is that I need some cash to an investment of time. At that time, I wanted to put our joint-venture company set up to sell half of his, he said, you have a price--I said $ 130,000, he said no, US $ 230,000, he gave me so much money. Charlie got the opportunity to say a word he liked her lines: ' I'm right, you are intelligent, sooner or later you will see that I was right. ' Course, he says--he, at which point the price given is more accurate, but I finally did get it. "Take advantage of cheap stocks on the stock exchange is one thing, but take advantage of partner or the old lady is another matter--Charlie absolutely won't do a thing. "look up theory of honest: speech at the 2004 annual josico" sits today, I used to sit on the Chair is luyisi��wensendi, he used to say: ' If you tell the truth, you don't have to remember your lie. ' We don't want to get too complex, so always tell the truth. As have so many for a long time does not leave not to abandon the shareholders, we do not need to worry about which quarter of the increase or decrease in profit--at least we don't have to care about their impact caused to shareholders. We would obviously like to profit more than like losses, but we do not control any thing to get some results for the quarter was better, then the difference is too far away and our ethical standards. "Looking at the past situation, I think this place is more than the vast majority of local efforts to fight for rationality. And I think it's harder to win than most places do have moral--that means telling the truth, no fooling around. Now Berkshire �� Hathaway 175,000 employees, about so many people, I'm sitting here, I bet, at least one of them is doing makes me feel very frustrating thing. However, while some of us will make trouble, our company over the past decades rarely have any lawsuits or scandal that sort of thing. People have noticed this. "In our view, there are some things you can do, and will not be subject to legal sanctions, or will not cause loss, you should not do it. You should have a bottom line. You should have a compass. So there's a lot of things you're not going to do, even if they are legitimate. That's the way we try to do business. "I think we should not get too much praise, because we have long known that, this mode of operation allow us to make more money. And because we know about this, I'm not sure whether we are eligible to be considered a moral person. "Of course, it is difficult to understand their motives are. But I'm willing to believe that, even if such operations do not bring many economic benefits to us, we will be in a position to do. And at regular intervals of time, we'll have a chance to prove it. But more often, we earn more money because of the ' moral. In our opinion, Benjamin Franklin was right. He did not say that honesty is the best moral qualities, he said that honesty is the best policy. "" I have nothing to add "first post sometimes, Charlie asks his listeners raise a difficult question to answer, or being asked questions difficult to answer, ignored. He said that he personally do this in order to encourage the audience to "find" answers to better understand and master the information they find. Charlie says his father often use this technique to him, let him into the endless useful today. In order to fulfil by the book to show commitment to wisdom and wit of Charlie, we feel that we have the responsibility and obligation to answer Charles longLeave since we went to "find" answers, however we are unable to completely master the mysteries and problems. We start at the Harvard Faculty Club on October 6, 1994, Charlie was published entitled "the psychology of human misjudgment" speech one of the problems started: asks: you mentioned that Warren Buffett deal with open auctions--"don't go". Then you say: "we do not participate in the closed bid auction (tender), but that is for another reason, a sakehaose will understand why. "Sakehaose-he is a professor at Harvard, is also a bridge player. Problem of closed bid auction is different from public auction, winning the auction is often the person who committed a technical error, shell flower buy belridge oil twice times the price of this is the case. In an open bid auction, the price you pay is unlikely that you defeat opponents twice times. You do not experience this problem, you may run into other problems. Closed bid auction to make it easy to make yours for wrong price blunder. (You can find more chapters of the book "I have nothing to add" moments. ��