What should we pay attention to when investigating listed companies?
You can't go to the company without knowing anything. In that case, when you go to a listed company, you can't classify, summarize and think about a large number of situations and phenomena, which greatly reduces the value of research. If you form a comprehensive judgment before going to a listed company, you will know what you need to know, what you need to investigate and what you need to pay attention to. The research is targeted, efficient and valuable. This is very similar to middle school students doing physics experiments. Students need to know the process, equipment and purpose of the experiment in advance before doing it. If they are not prepared in advance, the teacher will not let them into the laboratory. Second, after going to a listed company, don't just stare at the enterprise itself, but communicate with departments and companies associated with the enterprise. Any enterprise always has related raw material suppliers, product agents and other closely related enterprises. If you want to know the specific situation of this enterprise, it will be more credible and efficient to visit relevant enterprises through investigation. Some time ago, we went to Shanxi to investigate Fenjiu. In order to understand the operation of Fenjiu, we specially visited the related enterprises that produce packaging bottles for Fenjiu. The information we got from talking with workers is that the demand for packaging bottles in Fenjiu is stable and continuous, which makes us realize that the operation of Fenjiu is stable and normal. Visiting affiliated enterprises can improve the efficiency and quality of investigation. Third, after going to a listed company, on the one hand, we should contact the secretary of the board of directors and the securities affairs representative of the enterprise more, because these management know the enterprise better and can provide the necessary information. However, the information provided by management sometimes has problems that investors are good at. Therefore, after communicating with the management, we should spend a lot of time and energy on-the-spot investigation of all links and corners of the company, contact with workers, go to workshops and factories, feel the enterprise in extensive contact, and analyze the enterprise through some typical phenomena. Take Shanxi Fenjiu as an example. When we visited Shanxi Fenjiu Factory, we saw a construction site. Through the communication with the construction personnel, we learned that this is a newly-built science and technology center. We feel that Fenjiu has invested heavily in the long-term major strategy of the enterprise, which is conducive to the long-term development of the enterprise. 4. Record your visit in detail, including notes, photos, audio and video recordings. As a researcher from afar, the amount of information seen and heard in just a few days is complicated. If you don't make the necessary records, many things and details may be forgotten when you go back, which greatly reduces the amount of information you get from the survey. We must comprehensively analyze the survey results through a large number of records and form a final conclusion to prove which viewpoints are correct and which ones are incorrect, and what state the company is in, just like middle school students have to write an experimental report and hand it over to the teacher after finishing the experiment. In fact, going to a listed company is not the only way to inspect a listed company. You can investigate listed companies in supermarkets and on the street. Last year, I met Mr. Lin, an individual investor in Shenzhen, because I attended the shareholders' meeting of a listed company. Holding China Merchants Bank, Jiangxi-Guangdong Expressway and China Ping 'an for a long time, and obtaining huge returns. In the process of communication with Mr. Lin, he gave a simple explanation for his reasons for buying these stocks: my hometown is in Jiangxi and I live in Shenzhen. Every year, I have to travel between Jiangxi and Shenzhen by car through the Jiangxi-Guangdong Expressway. In the process of riding, I can feel the increasing traffic on the expressway every time, so I bought the Jiangxi-Guangdong Expressway. When I first came to Shenzhen from my hometown in Jiangxi, I was very surprised to see a bank selling credit cards on the road. In general, banks are always on top. How can they set up stalls on the road to issue credit cards? After a brief understanding, I found that the procedure for handling credit cards in this bank is very simple, just provide my ID card, so I opened my first credit card on the road. This bank is China Merchants Bank. After using the credit card of China Merchants Bank, I was familiar with China Merchants Bank, so I bought shares of China Merchants Bank. The reason for buying Ping An insurance is even simpler, because our family's insurance is bought by Ping An Company and is a Ping An customer, so we bought Ping An. The reason why Mr. Lin achieved such a high rate of return was that it was as simple as that, that is, after observing things that can be seen everywhere in life, he discovered the big bull stock. Observe life carefully and think properly, and you will find growth stocks. Observing life is the condition for finding growth stocks, and star stocks are actually around us.