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brief Introduction of the content
By introducing Buffett's investment and life story, this book sums up the secret of his successful investment, guides readers to integrate Buffett's investment skills into the subconscious by combining psychological knowledge, and puts forward the idea of choosing a high-quality company and holding it for a long time on the premise of ensuring a safe boundary. In terms of specific operation methods, the book also introduces how to analyze and evaluate the company's financial statements, how to arbitrage, how to find trading opportunities and so on. , and stressed the need to comprehensively use various methods and indicators to analyze the investment target, so as to fully understand the investment target, accurately evaluate the value of the investment target, and improve the investment success rate, which has strong operational guiding significance.
catalogue
Chapter 1 Buffett himself
Section 1 Introduction to Buffett
The second quarter Buffett's characteristics 1: frugality
Section 3 Buffett's trait 2: concentration
The fourth quarter Buffett's three characteristics: persistence in making money.
Section 5 Buffett's characteristics 4: sensitive to numbers
Section 6 Buffett's five characteristics: continuous learning and evolution
The second chapter makes Buffett's investment strategy go deep into the subconscious.
Section 1 Overview of Subconscious Consciousness
Section 2 Functions and Characteristics of Subconscious Mind
The third section makes Buffett's investment strategy go deep into the subconscious.
Section IV Setting Clear and Specific Investment Targets
Chapter III Priority Selection of Excellent Companies
The first part analyzes the basic situation of the company.
In the second quarter, priority will be given to companies with stable and excellent operating history.
In the third quarter, companies with sustainable competitive advantages will be given priority.
The fourth section gives priority to companies with differentiated competitive advantages.
The fifth section gives priority to companies with low-cost competitive advantages.
Chapter IV Investment Environment
Section 1 Mr. Market
Section 2 Correctly Treating Stock Price Fluctuation
Section 3 Stay away from efficient market theory
Section 4 Abandoning Market Forecast
Section 5: Select companies that are not easily affected by macroeconomic changes
Chapter V Margin of Safety
The lower the purchase price, the greater the margin of safety.
Section 2 The margin of safety of preferred stock is greater than that of common stock.
The more you know about the company, the greater the margin of safety.
Chapter VI Long-term Investment
The magic of compound interest growth
Section 2 Long-term investment in companies with sustainable competitive advantages
Section 3 Long-term investment can reduce costs and improve returns
Chapter VII Centralized Investment
The first part focuses on higher return on investment.
In the second quarter, the risk of concentrated investment was small.
Chapter VIII Arbitrage
Section 1 Overview of Arbitrage
Section 2 Silver Arbitrage
Section 3 M&A Arbitrage
Section 4 Arbitrage of Convertible Bonds
Chapter IX Main Financial Indicators
Section 1 Return on Net Assets
Gross profit margin in the second quarter
Section 3 Responsibility
Section 4 Cash
Section 5 Price-earnings ratio
Chapter X Company Valuation
Section 1 Valuation Method of Discounted Cash Flow Method
Section 2 Principles to be followed in forecasting cash flow
Section 3 Free Cash Flow
Section 4 discount rate
Section 5 Simplify the valuation method of discounted free cash flow method
Chapter 1 1 buying opportunities
Section 1 Buy when the price is much lower than the value
In the second quarter, buy in the big bear market.
In the third quarter, good companies encountered temporary difficulties and their share prices plummeted, so they bought them.
The fourth quarter is an important reference index for insiders to buy stocks in large quantities.
Chapter 12 Sales Opportunities
Section 1 Sell when the stock price far exceeds the value of the company.
In the second quarter, sell in the big bull market
The third section, selling the wrong company.
In the fourth quarter, it was sold when the company's fundamentals deteriorated.
conclusion
Main reference materials