|
昨日阅读2小时。 总阅读时间122小时
The business of value investing – Six essential elements to buying companies like Warren Buffett- Charlie Tian 2009
https://bbs.pinggu.org/thread-695143-1-1.html (Page 63-70)
A mental lattice, Overview of the Six Elements
阅读到的有价值的内容段落摘录
Many value investors have come across the individual components of this process. Warren Buffett’s annual reports are littered with references to a sound investment philosophy, patience, and discipline. Buffett’s partner Charlie Munger often extols the virtues of patience. The key to this framework is viewing it as a series of building blocks, or — to borrow a term from Charlie Munger - a latticework within investing. It’s a latticework because you can’t have one without the other. It’s ineffective to develop a good search strategy without first having a sound approach and philosophy. Similarly, you won’t be able to make a big bet during moments of maximum pessimism if you don’t have patience or the ability to value a business. Successful investing is not a rigid science defined by one exact formula; it is a continuous, evolving process of constant learning. The framework can’t be learned in mere months or years but rather applied over and over again over decades. Warren Buffett has been developing a sound investment philosophy his entire life. The foundation of that philosophy began with Graham’s Intelligent Investor, but Buffett has been perfecting it for decades. Charlie Munger often has praised Buffett as one of the “greatest learning machines.” A rational approach to value investing will deliver the desired outcome over a meaningful period of time. All too often, investors begin searching for the next great investment without giving serious consideration to what it is they actually are trying to accomplish. Every investor’s goal is to buy a security at one price and sell it later at a much higher price. But this goal rarely happens in an orderly fashion, and if your mental approach is not defined by a sound investment philosophy, the odds of costly mistakes are greatly enhanced. The path between buying low and selling high is often littered with bumps, and a patient, business-like approach to investing makes a huge difference.
Next we shall dig deeper into this fundamental framework, beginning with the foundation of any investing approach: a sound investment philosophy. There can be no dispute that after nearly a century of practice, which began with Ben Graham in the 1920s and has been carried on by Buffett and many other value investors, a sound investment philosophy centers around the principles of value investing: thorough analysis, margin of safety, and satisfactory returns. In this book, the term “value investing” is used to describe this type of investment philosophy. With a sound investment philosophy, an effective and productive search strategy can begin (in coming Chapter). One of the most popular questions investors get asked is: So what’s the next great stock? Unfortunately, there is no one definitive answer and no easy formula; Warren Buffett went through 10,000 pages of a dry Moody’s stock manual searching for stocks. Finding investment opportunities will require work and there are no shortcuts, but knowing what to look for will make your search much more effective and productive. Next, you need to take the raw data from the search results and turn them into meaningful facts and fi gures through the process of valuation. Valuing a business is part art and part science; no two investors will ever value a business equally. Regardless, you have to understand the business to value it appropriately. Without coming up with a value, you won’t be able to decide whether to walk away, invest, or sit still. One chapter cannot teach you everything you need to know about valuing a business. Businesses are evolving creatures, and all valuations hinge on numerous assumptions. Understanding the limitations of those assumptions is a vital component of evaluating the worth of a business. The focus of Chapter 6 is not only on how to value a business but why the process of valuation is critical.
阅读到的有价值信息的自我思考点评感想
Once we have valued the business, the next critical step is to detach all emotion from businesses and make all buy - and - sell decisions on facts. The discipline to say no is as important as any quantitative skill that you may possess. Success in investing rests on more on discipline than simply a high IQ or razor - sharp mathematical skills. Without discipline to hold you back and resist the short – term temptation of market gyrations, the best analytical work still can lead to poor results. Maintaining the discipline to say no requires two abilities.
1. We have to separate any emotional attachment to stocks.
2. We have to always have a clear distinction between value and price.
For example if you notice a good listed restaurant group, the lines are deep, the restaurants are clean, the service is friendly, and the food is always tops. Without a doubt, it is a wonderful business with a fantastic future. Unfortunately, this success has not gone unnoticed: Shares price of a restaurant like the food quality, continue to command a premium valuation. As much as I would love to own a stake in this restaurant and ride the success of this company for many many years to come, I can’t let my love for the food cloud a rational business decision. For now I will have to continue enjoying the food and wait for a compelling opportunity. All businesses are undervalued at one price, fairly valued at another price, and overvalued at yet another price. Patience is arguably the hardest quality for many investors to develop. Wall Street, with its fixation on quarterly performance numbers, has defined patience as a period of months. Hedge funds, with their rapid - fi re trading programs, have made monthly returns the standard reporting metric. A business doesn’t succeed or fail based on the results of a single month or quarter. Stock prices, in the short term, typically behave in a way that may not resemble the underlying value of the business. A businessperson doesn’t buy or start a business with the intent of selling next month (unless offered a much higher price). As an investor in a business, your buy - and - sell decisions should also not hinge on monthly or quarterly expectations. I ’ ve been waiting for Chipotle for years; until I ’ m comfortable with the price, I ’ll have to continue to wait. A great business is not a great investment if the price is too high. Once you have found a compelling investment opportunity, act on it. Mr. Market hates bad news and uncertainty. An intelligent investor should use this knowledge to the maximum advantage. Many of the best bargains occur when businesses are experiencing a period of uncertainty or difficult operating environment. The underlying business remains sound, but the stock price continues to go down, causing the gap between market price and business value to widen. Having the conviction to make a big investment during the point of maximum pessimism requires the highest degree of independent thought and analysis. Very few investors do it, and very few investors reap the huge rewards that arise from betting big against the crowd.
|
发帖
雷达卡
京公网安备 11010802022788号
