巴菲特核心投资原则(Buffett core investment principles)

巴菲特核心投资原则（Buffett core investment principles）Buffett core investment principles
Chen Li, August 30, 2005, blogbuffett original
Buffett's investment philosophy is incredibly simple and unassailable. Simplicity works because it conforms to human nature and common sense.
Some experts put the investment method of Buffett sums up ten principles or 5+12+8+2, namely 5 investment logic, 12 investment points, 8 stock standard and 2 investment, although it is true, but the focus is not prominent, for ordinary investors is too complex, inconvenient to master and memory.
Buffett's investment methods can actually be expressed in one sentence: the mentality of the business owners, select a few (with a sustained competitive advantage) outstanding corporate stock, buy at a low price, long-term holders.
This sentence can be broken down into five basic investment principles:
1, enterprise owners principle.
That is, to invest in the company's mind, as investment, as operating enterprises, this is a true investment mentality, in line with the nature of investment. Most people only regard stock as the material of the transaction and the chips of the game, which is contrary to the original intention and nature of the investment, and is a kind of alienation.
"The smartest way to invest is to see yourself as the boss of the Holding Company," Graham said". Buffett believes that "this is the history of investment in financial management of the most important words."." Buffett also said, "when we invest, we see ourselves as business analysts - not market analysts, nor macroeconomic analysts, not even securities analysts."." "When I'm investing, I look at the whole picture of a company, and most investors focus on its share price."."
Buffett has a different perspective on investment, so his investment performance is different. This requires the spirit of independent thinking, maverick personality and courage. If you always follow the crowd, and do the same thing with most people, investment performance will inevitably become mediocre.
2, good corporate principles.
Select an excellent company with a sustainable competitive advantage and invest in the interests of its shareholders. This strategy is based on common sense: if an enterprise has obvious advantages, and this advantage is sustainable, and managers are honest and competent, then its intrinsic value will be reflected in the stock price sooner or later. To surpass the average, the choice of top-notch is undoubtedly the best choice. It's also common sense. If you pick a basketball player to help you make money, you'll definitely choose a superstar like Jordan or Yao Ming instead of a two or three player.
So, Buffett said, "looking for superstars gives us the only
chance of success."." "A second rate enterprise is most likely to remain a second rate enterprise, and investors can be second rate."."
When you are with the winner, you will be the winner.
3, the principle of centralized investment.
Chairman Mao said, "it is better to break off ten fingers than to break one finger." we should concentrate our superior forces and fight the war of annihilation. Talking about the principle of centralized investment. It can be said that less is more". Is to concentrate funds in a few familiar, understandable, "ability circle" within the outstanding enterprise stock.
"Diversity is the umbrella of ignorance," Buffett said." "If you know the investment and can understand the business situation, then choose 5-10 reasonable price and long-term competitive advantage of the company. The traditional diversification of investment (a broad range of active securities investments) makes no sense to you."
"As time goes on, I'm increasingly convinced that the right way to invest is to invest a lot of money in an enterprise where he thinks he knows and he trusts managers," Keynes says. It is entirely wrong to think that one can limit the risk by dispersing money among a large number of firms that he knows nothing or has no confidence in...... A person's knowledge and experience is absolutely limited, so at any given time, there are few more than two or three enterprises, and I think I am qualified to put all my confidence in them."
4, the margin of safety principle.
That is, bargain buying and buying prices below the greater intrinsic value of the firm, so that there is room for security. Even the best companies, the purchase price should be reasonable.
If you're eight kilometers away from the cliff, then you won't fall off the cliff. That's the cornerstone of successful investment - the margin of safety principle. It shows you the simple truth: buying 1 yuan for 5 cents is safe and profitable. Investors ignore the margin of safety, like you overeat every day, and eventually hurt your stomach; or you walk on the edge of the cliff, and one day you'll stumble and fall.
Buffett said: "when you build a bridge, you hold the weight of 30 thousand pounds, but you only allow 10 thousand pounds of trucks to shuttle between them.". The same principle applies to investment." Buffett's teacher Graham stressed the principle of investment: first, do not lose money; second, do not forget the first article. And to achieve "do not lose money", the most important thing is to have "security margin" protection.
5, the long line is the golden rule.
Ignore the daily stock price changes, not worry about changes in the overall economic situation, to buy a company's mentality, long-term stock holders, compound interest progressive, share the fruits of enterprise growth. Long term investments are the
smartest and natural choice. Since you are to the owner of the investment mentality, you hold and is one of a handful of outstanding stock enterprises, the price you buy and secure a great room for you, in addition to the long-term hold firm have a better choice?
Buffett once explained: "this is a smart strategy to halt the troops and wait. We do not, most other companies are not due to small changes in the discount rate of the Federal Reserve, or as an authority on Wall Street has changed the view of the market is crazy selling branch enterprises very profitable. Why do we change tactics when we take stock of the best companies owned by a small minority of people?" "The way we hold it shows that we think the market is the center of change, where money flows from active investors to patient investors.". (we can self review said, several recent market events shows that the "malicious" and "idle" millionaire has become the focus of public attention to patient: they maintain or increase their wealth, and many "energetic" Millionaire - aggressive real estate operators the company, buyers, oil drilling and drilling business -- have seen their wealth away.)"
He has a strong aversion to short-term speculation, saying that short-term speculation is equal to gambling about what is going to happen. If you are using a large amount of funds for short-term speculation, is likely to lose everything." He even hit the nail on the head: "you don't change your house, your kids and your wife every year.". Why sell a company (stock)?"
The above principles are the cornerstone of Buffett's investment. It looks very simple, but it is not easy to carry
out, but it is not easy to follow through. But Buffett did it, and persist in the end, this One principle runs through it all., is he, the prosperous world.
The United States Wall Street investment guru Buffett investment money money collection and 5 winner Code: + 12 + 8 + 2 bar type methods can be roughly divided into 5 investment logic, 12 investment points, 8 stock standard and 2 investment.
5 investment logic
1., because I regard myself as a business operator, so I become
a good investor; because I regard myself as an investor, so I become a good business operator.
2. good companies are more important than good prices.
3., the pursuit of consumer monopoly enterprises.
4., the final decision is the company's stock price of the company's real value.
5., there is no time to sell out the best companies
12 investment points
1. make a regular investment with the stupidity of the market.
The 2. decision to return the purchase price level, even long-term investment.
4., do not care about how much a company will make next year, and only intend to earn more than 5 to 10 years.
5. firms with high certainty of future earnings.
6. inflation is the biggest enemy of investors.
7., the value type and the growth type investment idea are interlinked; the value is a investment future cash flow discount value; but the growth is only uses to decide the value the forecast process.
8., investors' financial success is directly proportional to his understanding of investment firms.
9., the margin of security assists you in two areas: first, you can cushion the possible price risk; secondly, you can get a relatively high rate of return on equity.
10. it is foolish to own a stock and expect it to rise next week.
11., even if the Fed chairman secretly told me that the next two years of monetary policy, I will not change any of my actions.
12., ignore the ups and downs of the stock market, do not worry about changes in the economic situation, do not believe any prediction, do not accept any insider information, only pay attention to two points: A. buy what stock; B. buy price
8 stock selection criteria
1., it must be a consumer monopoly enterprise.
2. products simple, easy to understand and promising.
3., a stable operating history.
4., managers are rational, loyal and always take the interests of shareholders first.
5. financial stability.
6., high efficiency and good returns.
Seven
Capital expenditure is small, free cash flow is abundant.
8. reasonable price.
2 investment methods
1. cards, holes, lifetime holders, annual inspection of the following figures: A. initial equity return; B. operating margin; C. debt level; D. capital expenditure; E. cash flow.
2., when the market is too overvalued to hold the stock price, you can also consider short-term arbitrage.
In a sense, card holes and lifetime ownership constitute the most unique part of the BA method. It's also the most
fascinating part.。