Tell me about the value investment expert in my heart.

Before we start, explain. In a broad sense, the value investment I understand is a valuable investment, so as long as the strategy of "positive expectation after objective evaluation by managers" is implemented, it belongs to the category of value investment, while the quota deduction is actually a kind of value investment. But here refers to the narrow sense of value investment, that is, "an investment method based on the fundamentals of enterprises and implementing the buy-and-hold strategy".

There is no difference between good and bad investment methods. As long as you don't want to be the so-called Buffett Second and only take financial freedom as the ultimate goal (of course, everyone's standards are different, assuming it is based on 654.38 billion yuan), there are actually many ways to achieve it, such as quantitative investment, macro hedging, event-driven, and even experts in timing and charting (you should have some experience in hedge funds).

Having said that, in a word, there are many ways to realize financial freedom through investment. Just because I'm not good at it doesn't mean it won't work. I just choose what suits me best. What I'm talking about here is an investment expert in the investment path I recognize.

1, maotai 03

Brother Maotai's name must be well-known among slightly senior value investors. As the name implies, his classic battle came from Maotai. Needless to say, his long-term holding of Maotai has earned dozens of times. The most commendable thing is that at the end of 20 1 1, when the image of Maotai shares as a benchmark for value investment has been deeply rooted in the hearts of the people and the unbeaten Maotai has become a myth, he wrote an article "Cold Thinking about Maotai".

Maotai's understanding of investment is super strong, and its biggest feature lies in its depth and super logic. He is best at summarizing the true meaning of investment in refined language, and many of them have risen to the height of investment philosophy. Looking at his writing style, students who have just stepped into the threshold of value investment may feel a little foggy, but for investors with a little foundation, it is definitely a pleasure.

The investment fields of Maotai Brothers mainly focus on consumption and medicine. In recent years, it tends to expand into the fields of science and technology and commerce. Stock picking is his strong point, but recently he seems to have increased his research on timing. He is building his own market data tracking system, selecting undervalued industries through the designed program, and then optimizing individual stocks.

The Complete Works of Maotai Feng Liu 03

2. crystal fly swatter (real name: Li Jie)

Paige's investment thoughts should be the most detailed and complete among these people, because he sorted out his investment thoughts and compiled them into a book and published it, The Way to Advance the Stock Market: Self-cultivation of a Retail Investor. Speaking of this book, I must highly recommend it. In recent years, I have read at least dozens of books about value investment, including Margin of Safety, Investor's Future, Poor Charlie's Yearbook, Real Rules of Stock Market and Peter Lynch, but in terms of completeness, logicality and operability, it is the first time for me to shoot my brother's book. Because at present, most books are talking about what value investment is, why value investment, and few really answer how to value investment. Since it is an advanced method, this book can be applied to investors at all levels. The source of value and how to identify high-value enterprises in the book are very classic. When reading this book, I often feel "I have a sad feeling in my heart". He said a lot of things I wanted to say, but he summed it up more systematically, elaborated it more accurately and organized it more succinctly.

In practice, Pai Xiong seems to be an expert, bold and has a wider range of activities. More famous ones, such as Tasly and Golden Mantis, have made a lot of money.

3. Wind and water

Let's look at the records first. From 2004 to 20 13, the compound annual growth rate during 10 was 66.49%, and the asset appreciation was 163 times. Ordinary investors, seeing this report card, the first reaction is estimated to be disdain, and they are coming to God again. Unfortunately, I reacted the same way when I first heard about it. But when I spent more than half a month off and on, reading his investment blog one by one (since 2006), I was convinced that he was really a big cow.

Feng Ge has been insisting on investing in small and medium-sized growth stocks for ten years, and his main position only invests in the electronic information and pharmaceutical industries that he is familiar with. It is precisely because he insists on his own ability circle that he first ensures that he has not made too many mistakes, and then he can hold some carefully studied stocks. Coupled with the background of domestic macroeconomic transformation and the general premium of small and medium-sized stocks in the A-share market, he has achieved a proud record.

For Brother Feng, I certainly envy his investment record, but I recognize his attitude towards life. He said: The ultimate goal of being a professional investor is to get a better quality of life (both material and spiritual) and make yourself happier. If your investment model makes you suffer, even if you can get a better return, what's the point? Therefore, investment must not be the whole of life, nor can it be your only interest and hobby. Only by being calm and doing what you are happy with can you often get twice the result with half the effort. He said that his happiness basically consists of the following parts: music (40%), stocks (25%), friends (15%), travel photography (10%), movies (5%) and reading (5%). Reading his blog, we can know that apart from investing, he never spends less time and energy on traveling and collecting old vinyl records than investing.

4. Duan Yongping

Mr. Duan's experience is different from the above three people. He is an industrial entrepreneur. He was the founder of BBK, and now he is still a major shareholder, but he is no longer in charge of the business. After going to the United States, I will invest in the secondary market. Because he is an enterprise, he has a unique judgment on the value of the enterprise, but the most important premise is that he only cares about the industries he can understand, mainly consumer electronics and the Internet industry. Duan's famous work was to buy a large number of Netease shares when the internet stock bubble burst in 2000, and then quit after holding 100 times. Cases disclosed in the later period include Yahoo, Apple, Sony, etc. , all have good returns. Of course, Duan is best known for bidding for a sky-high lunch with the old bus.

Among the investors I know, the above four people have the best understanding of value investment, both in breadth and depth, the stability of the investment system and the verification effect. At the same time, because of the greater amount of information, I regard it as the general object of study in textbooks.

As far as I know, Maotai and Paixiong are natural investors, with solid basic skills, good at discovering and summarizing laws, and superior understanding, while Brother Feng and Teacher Duan belong to the simple road, with special emphasis on sticking to their own ability circle and never making big mistakes, but they will also have a meal when they catch a good opportunity. All four people have a good mentality, and in the end, all roads lead to the same goal, with remarkable achievements.

In fact, in addition to the above four, there are many other investors who I think are also excellent.

Of course, in addition to the above, there must be other secular experts on the Internet. They are unknown and make a lot of money. They have long been financially free or are rushing on the road of financial freedom, but I don't understand.

Generally speaking, I think domestic value investors pay more attention to the conclusion, but often ignore the premise, background and necessary conditions of this conclusion. I gave an example before, that is, the old bus became the richest man in the world by investment, yes, but only because it held so-called consumer stocks and pharmaceutical stocks for a long time? Ovarian lottery, the specific development stage of the United States, the continuous cheap funds under the special mode, personal knowledge, personality and Munger's assistance, etc. All these factors determine that there can only be one old bus and no one can copy it.

In addition, the bus also said that it never invests in technology stocks, because the advantages established by temporary technological leadership are often not easy to last, which is a fact in itself, but don't ignore a very important premise: that is long-term. But how long is the long term? The bus itself said that he took seven years as an assessment cycle. I wonder if people who see and recognize the public transport theory think and do the same? On the contrary, anyone who has read the book "The Future of Investors" knows that from the 50-year assessment cycle, bull stocks are mostly concentrated in consumer and pharmaceutical stocks. This conclusion is correct, but if you are a person who has never actively held shares for more than 3 years, I am afraid that the verification effect will disappoint you.

Brother Feng mentioned above, his specialty is to spend the best growth stage with carefully selected high-quality seeds in his own ability circle, and then resolutely abandon it when it is time. The cycle is almost 2-3 years, and the effect is amazing. Please note that the most important premise of this sentence is to choose in your ability circle (of course, what is the ability circle is another big topic), and only in this way can you * * increase the probability of finding high-quality seeds.

Finally, to paraphrase the most popular golden sentence "I understand a lot, but I still can't make a good investment", but I want to say "Are you sure you really understand?"

I have made a collection of investment ideas of Maotai 03, Feng Liu, crystal fly swatter and Duan Yongping, hoping to inspire you.

How to get it: forward it to the author's home page and send it: anthology.

You can get all the PDF files for free.