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Invest Like a Guru – How to generate higher returns at reduced risk with value investing 2017(Charlie Tian)
https://bbs.pinggu.org/thread-6755810-1-1.html (Page 60-83)
Buy on Good Companies part 1

阅读到的有价值的内容段落摘录
These words should forever remain in the minds of investors: “It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”

To me it is like going into a factory where you have all these assets in there, but they are not functioning. What a steal if I am paying twenty cents on a dollar; but, on the other hand, if I go into another factory and it is just humming . . . . To me the value is in the cash flow, not in the assets. It is the cash generated by the assets where the real value is coming in.

A good company is one that can continuously grow value through its operations. It will be worth more tomorrow than it is today. As opposed to mediocre businesses that erode value over time, a good business can grow its value and do so consistently, as in Yacktman’s analogy. The value of the company rises higher and higher and time is its friend. The relationship between the value and price of good companies is “the value of the business is growing; over time, the stock price will follow the value and also move higher. Because the value of the business is growing—much like love in a marriage—many problems cease to exist.”

Unlike buying mediocre businesses, where investors are forced to sell if the price is getting close to the value and they need to sell before the value erosion hurts the stock price, you only need to buy the stock at a reasonable price, and you don’t have to worry about selling. You can indeed hold the stock forever because its value keeps going up. Of course, stock prices fluctuate, but they always follow the direction of value over the course of time.
Investors can learn a tremendous amount about the quality of the business by simply looking at its historical financial statements. But looking at the financial statements from one year isn’t enough. We should look at the financial statements of companies for at least one business cycle to see how the business has done during good times and bad. You can find the historical financial data of every company that is traded in the United States and in other countries on GuruFocus.com. We compile the historical financial data specifically for this purpose.
The companies are in businesses that, on balance, seem rather mundane. Most sell non-sexy products or services in much the same manner as they did ten years ago (though in larger quantities now, or at higher prices, or both). Berkshire’s experience has been similar. Our managers have produced extraordinary results by doing rather ordinary things—but doing them exceptionally well.
Management can make a difference to the operations of the business. But it is even better if the business is immune to the quality of the management and an idiot can run it. These are the businesses that have the economic moat to protect themselves from mistakes or are relatively inert to management decisions. Think Moody’s or McDonald’s. The success of a business is much more dependent on the nature of the business than on who runs it. Those that require the best managers are usually not there for the long term “because sooner or later any idiot probably is going to be running it.”
An individual investor and minor shareholder rarely has the resources to intimately know the management of a company. The results of operations are mostly decided by the nature of the business rather than management. Buffett likened a poor business to a leaking boat, or a broken car, or a lame horse. It will not do well no matter who rows it, drives it, or rides it.
阅读到的有价值信息的自我思考点评感想
Robust financial strength is essential for a company’s long-term survivability. Investors may incur permanent loss of capital with those that have weak financial strength. A consistently profitable company with high returns usually generates a lot more cash flow than it needs to grow and doesn’t need to borrow money. Naturally it has great financial strength.
Valuation is extremely important to the overall investment return of investors. The portion overpaid for the stock directly reduces your return by the same amount. But buying a consistently profitable and high-return company and holding it for the long term is more forgiving to your initial valuation. An initial overpay of 20 percent is translated to 1.8 percent a year in underperformance if the holding time is ten years, and 6.2 percent a year if the holding time is three years.
A consistently profitable and high-return company also deserves a higher valuation than others because it can grow its intrinsic value faster. The difference between a good business and a bad business is that good businesses throw up one easy decision after another. The bad businesses throw up painful decisions time after time. Good businesses offer investors the opportunity to make easier decisions and also fewer decisions. All things considered, buying good businesses that are consistently profitable, generating high returns, and growing is paramount. With good companies, other circumstances will take care of themselves. So, we should only invest in good companies and devote our time to strengthen the skills in finding good companies.

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Keep reading "Designing Data-Intensive Applications" part 2 - distributed data which is focus on the distributed part.
Reading Grokking Algorithm to refresh my algorithm knowledge.

1. Reading: 60 minutes - O
2. Side Project(s): 120 minutes - X
3. Code Practices: 60 minutes - O
4. Exercises: 30 minutes - O

昨日阅读1小时，2019年累计阅读36小时。今天继续分享《薛兆丰经济学讲义》：
稀缺、选择、区别对待和歧视这四个概念，其实是一体的，只要有一个就意味着同时有其他三个。也就是说，我们不可能回避歧视，而只能直面歧视，并进一步讨论人在什么情况下会歧视，歧视的条件又是什么，谁来歧视，以及歧视的后果是什么，等等。
我们永远不能避免歧视。例如，资源有限，一块木材，拿来造铅笔，就不能拿来盖房子；时间有限，今晚去看电影，就不能留在家里看电视；金钱有限，买了王菲的唱片，就不能买别人的唱片了。
当我们购买王菲的唱片时，其他歌手在我们这里就被歧视了。如果不喜欢说这是歧视，那换个词，叫区别对待，其实是同一个意思。
我跟太太结婚，也是做了选择。我娶了她，就歧视了世界上其他的女人，也歧视了世界上所有的男人，因为现在有些国家同性也可以结婚了。虽然我想平等对待所有的人，但是法律不允许我这样做。
所以说，只要稀缺不可避免，选择就不可避免，区别对待就不可避免，歧视也就不可避免。
我的感受：
1、稀缺与选择是一体的。人都是理性的动物，精力有限，时间有限，必须做出选择；
2、当我们有选择的时候，就意味着没有被选择的就遭受了歧视；
3、选择在大部分场景中都会出现，我们在选择的时候，会存在机会成本。

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