向股神學習 (1)

AN EXPANDING CIRCLE OF COMPETENCE

"Draw a circle around the business you understand and then eliminate those that fail to qualify on the basis of value, good management, and limited exposure to hard times."

"I would take one industry at a time and develop some expertise in half a dozen.  I would not take the conventional wisdom now about any industries as meaning a damn thing.  I would try to think it through.

"If I were looking at an insurance company or a paper company, I would put myself in the frame of mind that I had just inherited that company and it was the only asset my family was ever going to own.

"What would I do with it? What am I thinking about? What am I worried about? Who are my competitors? Who are my customers? Go out and talk to them.  Find out the strengths and weaknesses of this particular company versus other ones."

"If you have done that, you may understand the business better than the management."

"Anybody who tells you they can value, you know, all the stocks in Value Live and on the board must have a very inflated (誇張的) idea of their own ability because it's not that easy.  But if you spend your time focusing on some industries, you'll learn a lot about valuation."

信人不如信自己，學到嘢係自己嘅，而且將來都可以用，點都好個人云亦云，永遠都處於被動。當然，由明白別人嘅想法和邏輯，到獨立思考唔係一朝一夕嘅事，但都唔係難到做唔到嘅。

直到現在都係覺得保險，銀行，地產最熟悉。至於要財務自由，有一間自己可以住過世嘅樓和一切資產都變廢紙時仍然有價嘅黃金都好重要嫁！