This book is well worth reading and rereading. The word "value" well explains the author Zhang Lei's thinking about investment. Zhang Lei has overseas study experience and graduated from Yale University. When I was studying, I came into contact with the work of Yale University Foundation and formed an indissoluble bond with the investment work. After graduation, I founded an investment company named Gaoling Capital Group, which is taken from the meaning of strategically located buildings. After more than ten years of development, Gaoling has now become one of the largest investment funds in Asia.

I am an investment layman, and I have only read books on investment ideas such as Warren Buffett and Charlie Munger before. Therefore, investment is a sophisticated industry for me, but this does not prevent me from learning their investment philosophy. Because no matter how difficult the job is, there must be a simple and feasible Luo Ji behind it. We ordinary people may not reach the thinking height of these big coffees, but we can imitate their way of thinking. I believe this will definitely benefit us, which is the original intention of reading this book.

The author Zhang Lei is a value investor. He invested in good and promising companies and grew up with them, thus summing up a set of his own value investment ideas. I don't have the capital to invest in the company, but I can transfer his ideas and apply them to myself, how to invest in personal growth.

1. Become a long-term activist.

What is "long-term doctrine"? Invest your time and faith in things that can produce long-term value. This is an important definition of Zhang Lei's value investment. For us personally, investing in ourselves is the best investment, so how to invest in personal value?

First, whether what you do can become your future potential energy in time dimension. Time can produce compound interest, and so can the superposition you make. This is the power of repetition. The key is whether you simply repeat it every day or make a little progress every day, which makes a big difference. They are all repetitions, and the latter innovates in repetition. The former is like a day for ten years, and slowly tastes the gap between the two.

Second, being a long-term activist will lengthen the time dimension, not caring about winning or losing at a certain time, but knowing how to enjoy the process. We have to make many choices every day. Is the choice right or wrong? No, it's your subconscious now. When you find that the result is not what you want, will you regret your original choice? If you choose to reflect on yourself at this time, you can improve your methods next time, keep trying and making mistakes, and avoid big mistakes with small mistakes.

2. Have a good view of the pattern

This has always been my shortcoming, and I am ashamed. My vision has always been to pursue my own financial freedom, and I seldom think about what I can do for the world and society. Author Zhang Lei believes that there is only one criterion for real investment, that is, whether it creates real value and whether this value is conducive to the overall prosperity of society. Men with big patterns think about how to be altruistic, while ordinary people think about how to be selfish. The gap in thinking leads to different behavior styles, and the results of behavior styles are naturally different. To some extent, the ultimate altruism is egoism. Do you understand this?

3. Three investment philosophies

Zhang Lei has his own investment philosophy, which is composed of three ancient poems. I like them very much, because these three poems are applicable to any place, and I would like to share them with you.

First, protect the right and use the odd.

"Integrity" is reflected in people's character. We should adhere to the sense of moral honor, respect the rules and adapt to them. "Using blame" is reflected in how to think about decision-making, which should not only follow reasonable mechanisms and procedures, but also break the simple presentation of quite regular rules, so as to know both what it is and why it is. Only by combining "being positive" with "using strangeness" can we withstand all kinds of temptations, think and make decisions with strangeness, and find our own space.

? Second, the weak water is 3,000, but take a scoop.

"Weak water is 3,000, but take a ladle", which means that although weak water is long, it is enough to take only one ladle to drink. To apply it to yourself, you need strong self-discipline. You must restrain your strong desire not to miss anything beautiful, and at the same time find your own opportunities.

? Third, peaches and plums don't say anything, but go their own way.

"Peach and plum don't say anything. The original intention is that peach and plum trees don't take the initiative to recruit people, but people come to enjoy flowers and pick fruits and walk out of a path under the tree. For ourselves, we should not care about the social status and reputation created in the short term, but how much value we have created in the long term. Self-expansion can easily confuse people's minds. With more noise, the inner voice is easy to be ignored. It's important to keep your heart open.

4. Create value-follow the trend and embrace the 5G era.

If the starting point of value investment is to discover value, then its foothold should be to create value. Value investment has changed from simple static value discovery to two new stages: one is to discover dynamic value, and the other is to create value continuously.

With the advent of the 5G era, it has more or less influence on enterprises and individuals. How to transform and upgrade to keep up with the trend?

For traditional enterprises, if they want to be invincible in the market, they must actively reform and be brave in innovation. There is a formula: traditional industry upgrade = traditional industry+"ABC", "ABC" refers to artificial intelligence AI; Big data? Data; Cloud computing cloud. Do a good job in digital upgrading to adapt to the trend.

For individuals, the era of light entrepreneurship has arrived. The all-round development of the Internet is constantly enlarging personal characteristics, such as online celebrities, live broadcasts with goods, short videos and so on. These fresh terms can create hundreds of millions of profits in a short time. When we still can't see the truth clearly in the fog, those doers have begun to enjoy the dividend of this era. I'm not encouraging you to earn this money, but we need to understand the changes in this era and keep up with the pace of the times.

Innovation is not subversion, but changes on the original basis, and the accumulation of small changes becomes innovation.

Persist for a long time, be a friend of time, and have a big picture view. Between short-term and long-term, between risk and income, between doing something and not doing something, it is valuable to cultivate your own core and insist on doing the right thing.