I think many people will face this problem, so I think translating it into Chinese can benefit many friends. There is a personal understanding deviation in translation, and I also release the original. If you are confused about understanding, you can also refer to the original.
I don't care if there are other Chinese versions, because it has a lot of benefits for me, and a little benefit for you would be great.
This release is not the beginning of the article, because there are many messy places in the first translation, and I will release it after revision.
Part II: My most basic principles of life.
My basic principles of life:
Time is like a never-ending river, which always makes you make a choice when facing the real experience. You can't stop the passage of time, and you can't avoid all kinds of opportunities in life. The only thing you can do is to deal with these encounters in the best way. This is the theme of this chapter.
Where I come from. Because we are all products of genes and environment, we approach the world with prejudice. I want to tell you something about my background and let you know where I come from. (This passage is poorly translated)
I was born in a middle-class family on Long Island. My father is a jazz musician and my mother is a housewife. I am an ordinary child. I like playing with hungry friends, but I don't like going to school, because the school's rote memorization left a bad impression on me. I hate it when people force me to learn knowledge without knowing it.
In order to live a more active life, I will not work according to other people's scripts, but according to my own ideas. In order to succeed, I need to find my own way to success, instead of following other people's advice and reciting some dogmas.
One thing I can't forget is to increase my pocket money. So I started delivering newspapers, mowing the grass, shoveling snow on the road, and washing dishes in restaurants. /kloc-Began to caddy at the age of 0/2.
During the period of 1960, the stock market was hot, and everyone was talking about the stock market, especially the customers who provided the ball-picking service. So, I started investing. The first stock I bought was a company called Northeast Airlines. The only reason I bought this company is that it is the only company I know whose share price is less than $5, because I can buy more shares, which I think is a good thing. When the company was about to close down, another company bought it, and the stock tripled.
The experience of making money this time was pure luck, but I didn't think so at the time. I think this money-making game is as simple as that. After all, there are hundreds of companies in front of you, and it is not easy to fish out one that can make money. Compared with other jobs, this way of making money is more interesting, simpler and more profitable. The good times didn't last long, and soon I lost money in the stock market. At this time, I discovered that it is not easy to make money in the stock market, and the stock market tuition is extremely expensive.
Even if you do a lot of preparation in the stock market, you may still be wrong. Therefore, it is difficult for me to build confidence in the stock market.
In the stock market, the wrong decision is very expensive. Many people have made many decisions, but these decisions will not cause too much economic loss. In the stock market, it is very different. No matter how hard you try, I still don't believe that I am right. This is why I am so cautious in the stock market.
Even those things that everyone is optimistic about are often wrong. I must be an independent thinker. If you want to make money, you must make the right decision when others make mistakes.
therefore ...
... 1) I work for what I want, not what others want me to do. For this reason, I never feel I have to do anything. Everything I do is to get what I want. Because I always have the privilege not to fight for what I want, I never feel compelled to do anything.
1) I work for my own ideas, not under pressure from others. For this reason, I have never been forced to do anything. All the work is planned by ourselves, and then the expected results are achieved. Of course, I have a high degree of autonomy to give up what I want to do. In any case, I have never been forced to do something.
2) If I want to have the ability of independent thinking in a certain field, I must become an expert in this field. For example, when I want to make money in the stock market, I must learn how to evaluate the stocks of companies I am interested in. At that time, Fortune magazine had a special sale. If you send them an email, you can get the annual report of any Fortune 500 company for free. So I subscribed to the annual reports of all companies and studied the companies I was interested in in in my way.
... 3) I let the smartest person I can find challenge my point of view and stress test my point of view, so that I can find out where I am wrong. I never care too much about other people's conclusions-I only care about the reasoning that leads to these conclusions. This reasoning makes sense to me. Through this process, I improved my chances of being right and learned a lot from many great people.
3) Test your ideas through stress tests. I try to find some elites and find out where I am wrong by questioning. I never care about other people's conclusions, but I care about the reasoning process of these conclusions These reasoning processes are of great significance to me. Through this process, I increased my accuracy and learned a lot from the elite.
4) Constantly guard against overconfidence. I realized how to face the unknown effectively. In the face of my unknown field, I will either collect information from various sources until I feel confident, or I will try my best to avoid exposing myself to various risks.
5) I constantly struggle with reality, get the desired results from my own decisions, and learn and improve from the process of constantly facing reality.
Through these things, I understand the importance of independent thinking, and independent thinking can also emancipate my mind.
In short, this is a road that I think is very effective for you, and it is also a high summary that I want to tell people who have done extraordinary things with me. I hope you can think independently, and then give them a stress test, be wary of overconfidence, always pay attention to the results of your own decisions, and finally keep improving. After graduating from high school, I tried to get into a local dream school. I like this school very much. It is different from high school because I can learn what I am interested in. I study what I like, instead of being forced to study.
At that time, the Beatles made a special trip to India to learn how to meditate, which aroused my interest. Therefore, I also began to learn how to meditate. Meditation helps me think more clearly and creatively. I am quite sure that he has improved my learning ability and thinking quality. At this point, I did well in college.
Of course, I also continue to be active in the trading market. During this period, I was deeply attracted by the futures market and everyone else was out. The attraction of the futures market is that I can make more money according to my judgment by paying a very low trading margin.
In the summer of 197 1, I was admitted to HBS. Before I went to work in HBS, I became an intern trader in new york Stock Exchange. That summer, the global money market fluctuated. This is a very funny economic event. I happened to be in the EPI Center, which aroused my curiosity. It was a crisis in the currency field, which affected everyone's market trading behavior, so I studied the currency market in depth. The money market had a profound influence on my later investment.
That autumn, I entered HBS, and I was proud that I could become a member of HBS elite. Although I anticipated many possibilities, I actually underestimated the charm of HBS. Because the course makes everyone think openly, we can argue with each other and collide with each other in order to get the best conclusion, instead of rote learning like a machine. I really like the atmosphere of studying hard.
In my second year at HBS, I persuaded Merrill Lynch, a futures market expert, to give me a much-desired assistant job. At that time, the futures market was still partial.
At 1972- 1973, the futures market has become a hot speculative market. Due to the collapse of 197 1 financial system, inflation spread and futures market prices soared. Finally, it led to the oil crisis of 1973. With the spread of inflation, the Federal Reserve implemented a tight monetary policy to fight inflation, so the stock market began the worst bear market after the Great Depression.
Therefore, the futures market is like fire, while the stock market is as dull as water. Naturally, those brokers who have no futures trading department want to establish such a department, and relatively few people really understand the futures market. In fact, no one knows the futures market like me and has the educational background of HBS school.
So I have the opportunity to be in charge of a medium-sized brokerage company and have experienced veterans to help me set up a department. The stock market is not good, the brokerage company closed down faster than I set up the futures department, and the company closed down. I went to a large brokerage company to take charge of administrative work. Because I couldn't integrate well into the company, I was finally fired for disobeying orders.
By 1975, after two years at Wall Street University, we started the operation of Qiaoshui Capital. Soon, I got married and started my own family.
During that time, until now, I have been following the same principles as when I was 12 years old, trying to beat the market.
1. Do what you want and never accept the task passively.
Think independently and try to get there.
3. Challenge the cattle and correct their ideas with stress tests.
4. Be wary of overconfidence.
5. Constantly polish your ideas through reality, summarize the sources of these ideas and how to improve them.
By the way, I still meditate, and I still find it very helpful.
By the way, I am still meditating, and it is still very effective.