The author Umm died in 1976. This book is also about the market he saw and heard before his death. It is really a book with a sense of the times. It's really obscure to read.

As the originator of the value investment theory, the author Graham has influenced three generations of Wall Street gold fund managers. At present, all managers who flaunt the value investment law on Wall Street are called followers of Graham, and Graham enjoys the reputation of the godfather of Wall Street.

Graham suggested that defensive investors should follow four principles: appropriately diversifying their investments; Ten to thirty stocks; Stock selection should choose large enterprises, outstanding enterprises and enterprises with conservative financing; The stock market has been issued for more than 2 years, and the price-earnings ratio is no more than 25 times. (This seems to mean index funds. )

See through all kinds of life and death events in the world, and finally boil down to a short sentence, and everything will pass. I feel confused in my work, life and other aspects, and I am in a tangled and lazy stage. My work and life, like the stock market, have ups and downs. I have to watch the whole trend, plan well, and accumulate for myself regularly, so that the wealth value of my life and work will continue to increase.

If you play poker for 3 minutes and don't know who the gullible fool is. Then you are the idiot. (I suddenly found out that I am that idiot, either really stupid or lazy, living in my own world, too lazy to analyze and speculate on others, and I need to make changes from now on, and look around more)

Buffett's creed: fear when others are greedy, and greed when others are afraid. To sum up, in one sentence, if you want to invest successfully: 1. Wisdom, 2. Emotional intelligence. IQ is not smart, but the right thinking frame. EQ is not to beat others, but to beat yourself. A correct and reasonable thinking frame enables you to make the right investment decision. Graham is good at keeping his ideas free from any preaching or arrogance. Although his ideas are powerful, their expressions are undoubtedly mild. (preaching-the weakness of human nature, how much people love preaching, let others say. Others say he preaches, but I must restrain myself from preaching him. )

Graham's extensive thinking is amazing, and he can reuse this knowledge for seemingly irrelevant things. All this is his way of thinking and will be loved by people in any field. (I think Graham is a genius. ) graduated with the second place in the class. He was only twenty years old when three departments (English philosophy and mathematics) invited him to teach in the last semester after graduating from college. Graham is really a genius. It suddenly occurred to him that sometimes a genius can be neglected. If his family were not so poor, would he work so hard? So sometimes the environment forces a person to grow up, and we have to push ourselves. )

Smart investors are realists. They sell stocks like optimists and buy stocks from pessimists. The future value of each investment is related to the current price. The higher the price you pay, the less your return will be. (Interesting, keep your mind set. It's just a numbers game. In a bear market, by cultivating your own restraint and courage, you won't let other people's emotional fluctuations influence your investment. In the final analysis, the investment method is far less important than your behavior. This is a process of self-cultivation. Isn't it the same as doing things fairly and dealing with others? I just trust others too easily. Easy to be influenced by others)

People who forget the past will make the same mistakes again. No matter what the market is, the principle of buying high-quality stocks regularly every month is very convincing, and this scheme becomes the dollar cost average method, also known as the regular fixed investment method. This book has no objection to short-term investors.

There is a widespread view that a successful investment skill lies in finding out the industries that are most likely to grow in the future, and then finding out the most promising companies, such as smart investors or smart consultants, who will find out the whole computer industry very early. The obvious business growth prospect of an industry. It does not necessarily bring obvious profits to investors. Only experts have no reliable way to select the most promising companies in promising industries and invest a lot of money in the stock. Ordinary investors only need to make little efforts and have little ability to achieve a reliable, even if it is not spectacular. However, it takes a lot of effort and great wisdom for him to improve this light and easy achievement. If you only want to pay a little extra knowledge and wisdom for your investment plan to achieve far more than ordinary investment results, you are likely to find yourself in a worse economy. The present in this book refers to. Late 1971 or early 1972.

the investment operation is to ensure the safety of the principal and get an appropriate return based on in-depth analysis, and the operation that fails to meet these requirements is speculation. In most periods, investors must realize that the common stock they hold often contains some speculative elements, and their task is to control the speculative elements in a small range and prepare financially and psychologically for short-term or long-term adverse consequences.

you know, the increase in the past years has been considerable, which means that the stock price is too high now, so it may fall later. (extremes meet, everything has a cycle of profit and loss. ) the stock price is too high, which will eventually lead to the possibility of a sharp drop in the price, and the same may happen to the price of high-grade bonds. The fluctuation range of bonds is almost always much lower than that of stocks, and generally speaking, investors do not have to worry about the change of market price when buying high-quality bonds with any term, but there are exceptions to this rule. < P > Stock trading is not an operation that can ensure the safety of principal and obtain satisfactory returns after thorough analysis. As for those stock investors who try to find the most promising prospects, no matter whether they focus on the short-term or long-term, they will face two obstacles. First, people will always make mistakes. Secondly, people's competitiveness is limited, and they may make a wrong prediction about the future, even if their judgment is correct, the market price of that year may have fully reflected his prediction. If investors can make correct predictions when there is a mistake on Wall Street as a whole, they will certainly make a lot of money, and estimating the long-term profits in the future is also a favorite game of professional analysts. In order to get the opportunity of better than average performance continuously and reasonably, investors must follow the following two strategies, which are inherently robust and promising-strategies that are not popular on Wall Street. Come on, it's hard to make a decision that the public doesn't make, and make a decision that they don't like. ) It usually takes a long wait and patience to make money by buying a neglected and undervalued stock. A large number of traded securities will certainly contain a considerable number of undervalued securities. On the whole, the returns of these stocks will be more satisfactory than those of the Dow Jones index or other representative stocks. We believe that unless investors can get a pre-tax income of more than 5% higher than the average, it is not worth the trouble. The good times of enterprises and inflation appear at the same time. Moderate inflation is meaningful to corporate profits.

buy and hold gold. It will not get much capital gains, but it will pay a certain maintenance fee for gold every year. Gold has almost completely failed in preventing the depreciation of the purchasing power of the US dollar. The market price of many valuable items has risen sharply, such as diamond rings, famous paintings, front-page books, rare stamps and coins. In most cases, their quotations are often artificial, unreliable or even untrue. Direct ownership of real estate has always been regarded as a long-term investment, and it has the function of maintaining the value of inflation. Unfortunately, the price of real estate is also quite unstable. Buyers may make serious mistakes in paying the price in geographical location, sellers may mislead them, and they may make mistakes in using it. Finally, for investors with not much funds, it is difficult to diversify real estate investment. Unless you invest in various partnerships with others, it will involve some special troubles brought by new fundraising. There is not much difference between stock ownership and stock ownership, and this is not our field of expertise. We can only give the following advice to investors, and we must first determine whether we are familiar with this field before we intervene. (Gold, antiques and real estate are not good investments, but they are consumables. This statement is the same as that in The Road to Financial Freedom. Unless you are rich enough to buy multiple properties for reselling, don't consider buying a house at first, because if you buy a house for living, it is only a consumable, but if you buy a house for reselling, it is an investment.)

Exactly. Investors can't put all their funds in one basket, neither in the bond basket nor in the stock basket, although inflation is expected to continue. Defensive investors have to allocate a considerable number of stocks in their portfolios. Summary: In order to better cope with inflation, we need a reasonable combination of stocks and bonds.

investors should have some historical knowledge of the stock market. In particular, there are major fluctuations in prices. Knowledge of the relationship between the overall level of stock price and stock profit and stock market. On this basis, it can draw some valuable judgments on the attractiveness and crisis of stock prices in different periods. (The author repeatedly said in the book that buying hot stocks needs to be cautious. To sum up, investment should be diversified, and then its rise and fall will be a phenomenon of extremes meet, rising for a long time will fall, falling for a long time will rise.

the portfolio strategy of a defensive investor, who should diversify his funds into high-grade bonds and high-grade common stocks. The funds invested in stocks are between 25% and 75%. The bond investment ratio is 75% to 25%. The standard allocation ratio between investment means should be 5% and 5% respectively. When investors think that the market price has risen to a dangerous height, the proportion of stock investment should be reduced to 5%. This rule, which divides the two kinds of investments into two halves, requires investors to maintain equal investment in bonds and stocks in their operations. As a substitute for bonds, savings deposit investors can get the same income as a short-term high-grade bond from commercial banks' savings deposits or bank time deposit certificates. The interest rate of bank savings accounts may drop in the future, but it is still a good substitute for individuals to invest in short-term bonds from time to time. (Because this book was published in 1977, it was a little long. At that time, the interest rate of the bank was still relatively high, but now the interest rate of the bank in 218 is very low, so the reserve funds can be deposited in the bank.)

From a practical point of view, we suggest that investors of long-term bonds would rather have a lower interest rate, and also ensure that the bonds they buy cannot be recovered in a short time, and their recovery should be after 2 to 25 years of bond issuance. Preferred stock holders have neither the legal requirements of bondholders or creditors, nor the legal right of claim, nor can they share the profits of the company like ordinary shareholders or partners. Only because of the temporary crisis, the price of preferred stock is so low that it is unreasonable. At this time, they are only suitable for enterprising investors rather than conservative ones. These securities can be bought on cheap trading terms or not at all.

defensive investors are not suitable for investing in growth stocks.

according to the individual situation of investors, they are divided into three categories: one is a widow with $2, to support herself and her children, the other is a successful doctor in the middle of her career with $1,, and the third is a young man with a weekly salary of $2, that is, a China person with a monthly salary of 5, RMB. Save one thousand dollars a year, which is more than six thousand RMB. I belong to the third category. This kind of young man, because his capital is too small, is not worth receiving strict education and training for investment, so that he can become a qualified enterprising investor. It is very beneficial to start his own investment education and practice as early as possible. If he operates in the way of an enterprising investor, he will certainly make some mistakes and suffer some losses. Young people can bear these failures and benefit from them.

We advise beginners not to waste their energy and money trying to beat the market. They should study the value of securities and try to test their judgment on price and value with as little money as possible. What kind of securities investors should buy and how high the return on investment should be? It should not be based on the amount of personal funds, but on their own financial ability, including knowledge, experience and personality.

risk size: high-quality common stock > high-quality preferred stock > high-quality creditor's rights. (Many points mentioned in it can be solved in one sentence. Buy index funds. It also mentioned diversification many times)

I have learned a lot since I read the financial management book. In the past two days, I have been thinking about not only managing money, but also managing my life and work. Have your skills appreciated at work, what is your target value, and what is the profit you think you will get? I think that I have been working for more than a year. Whenever there is a problem, I ask our deputy section chief what to do. It is simply mindless. If there is a problem in the future, I have to find a way myself. Also, I found that young women really have a gender advantage in the workplace. In the past two days, I found that all the "old people" in our department love to boss new people (men) in my office, but when I came, I was bossed by leaders and some people who like to bully new people. This advantage of women is going to depreciate, so we should honestly appreciate our work ability and never abandon ourselves.