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Lam Shan-muk】 【take take advantage of people make money out of my way to
mediocrity (Choi (2009-09-27 13:17:47)

U.S. financial writer Charles. Maurice Chevalier's "three wise
men" (formerly on the 21st so see column), short and pithy, the text is only
180, the author who was a journalist, gathering of information in abundance, to pen
Xilian smooth, readable; book points four chapters, in addition to Soros, Bi Africa and
Germany (Buffett), and V Park each chapter, there are a chapter, "The
economics and marketing and the reality>, useful and constructive,
particularly recommended to you.
The three halls of the rank of the financial sector the "Dwell" is
known to the investment community is also well-known in Hong Kong; their common
characteristic is the firm conviction, consistency and dedication, it was Maurice
Chevalier as "noble End people. "

Hong Kong readers are most interested in, is believed to be complete Africa and
Germany, so we begin with his "investment history,"
Let's start. The completion of Africa and Germany in particular will be
aware of and practicing year-old to make money and really spoils the
"childhood story", including of course the local media over the
years this newspaper has made a very detailed report, in're not going to
Bi Africa and Germany is the genius to make money, high school graduation has
amassed 5,000 yuan (U.S. dollars. The same below), about today's 53,000
yuan (university graduates have wealth 20,000 yuan); After graduation he was
admitted to the University of Pennsylvania Business School, Walton (then not yet
upgraded to the Institute), one week later he would be silent recitation of textbooks
written by a professor of business, so often pointed out that the error quoted his
writings, Professor; have bachelor's degree, he could test into Harvard,
Columbia, Business School, the Graham's class, Graham is the father of the
famous Security Analysis Benjamin Graham (1894 ﹝ was born in London ﹞
Bi Africa and Germany familiar with Graham ─ Tuk Tak (David Dodd, 1895-1988)
co-wrote that the classic "Security Analysis" (Security Analysis,
early in 1934 Edition; plus 10 famous comment on the sixth revised edition ○ 八年
publishing; today there are still many institutions adopted as textbooks), on which the
case of well known, so favored by Graham. Bi Africa and Germany is the only one of
the Department of History of the Securities Division of students get A plus!
Bi Africa and Germany's father was a stockbroker (later when the fourth
Congress), after graduation he worked in his father brokers, but he has no good
opinion brokers to stock brokers will know very little about their own drum, such as
spring Tongue best selling shares to customers because of income and trading
frequency link, called a purchase so called brokers sell B, in between buying and
selling commission earned; he is not interested in this career, but brokers for about
one year, he established a good customer base, during the night in the E Maha
University investment courses, he questions the students about individual stocks,
Insider and fluent, the situation pretty close to today's TV and radio
Financial Answers actors, but they have a computer to check and then complete Africa
and Germany depends familiar with nearly ten thousand pages of Moody's
(Moody's) security analysis of information; period and Naishi Graham
maintained his correspondence with each other on the investment demonstrate their.

1954, Graham's securities companies to give him "a
job", he immediately accepted and married two years ago, again together
with his pregnant wife and about a year old baby to go to New York. In the first two
months, complete Africa and Germany in the reference room read the
company's total investment in the file, shortly after Graham was assigned
to participate in negotiating a purchase; complete Africa and Germany satisfied with
the work that Graham, the company made a lot of money, he bought myself some
stock, when the acquisition was announced, the stock price soaring two and half times,
complete with non-Deli "insider information" ─ ─ then not
legislate against earning a huge amount ... .... When Graham retired in 1956, the
completion of Africa and Germany 20-year-old, he decided to return home and
development, purchasing power is equal to the time he had a million net worth now.
Bi Africa and Germany determined to flex its muscles in the stock market to live it
that he learned from Graham's investment knowledge, investment capital is
not raised out of their pocket but to friends and relatives. He will soon be outside the
parent (E Maha University of Business Studies Director) of the Pension 25,000 yuan,
as well as aunt, Walton Cardiff so old school and Mo have joined, they became his
partners (at home office , in 2060 became a partner in the company completed the
Africa and Germany and rental office), complete Africa and Germany's
legendary wealth was started by the investment process.

And general investment organizations, the completion of Africa and Germany since
the rules is that he does not charge management fees, profit return the original 4%
noted a partner to share (to ensure that their income and bank interest was about), that
future profits, complete non- Germany and its shareholders (partners) all-win and a
half; the most important and unique is that, if a loss, take a quarter of graduates Africa
and Germany, which is the first and so far the investment community may still be
"only this one." As we all know, fund managers are
"bad loser", and this arrangement means that when the complete
loss of Africa and Germany have a personal interest, so it will make investment
decisions more carefully, the investment has more than its share of losses not
responsible for the use of OPM's more robust investment managers.
Shareholders of the "price" is not to say in his investment
details, he will not disclose investment details of the statement, only explained in
detail in the report; the shareholders only in the year-end of the period of time to cash
in (to sell the stock at current market value Back to the completion of Africa and
Germany or the new partner). Bi Africa and Germany in this partner's
investment is only 100 yuan, the whole of his own funds for fixed income investment
objective is for years into the 12 thousand yuan to support their families!

Bi Africa and Germany's investment performance has become history, no
small table. Summarized its success "secrets" are nothing more
than the following two.

First, people give up I get (Be Fearful when others are Greedy and Greedy when
others are Fearful), of course, "taking" the primary concern
should be to do a lot of research work, or "take" was the most
likely garbage. In-depth study, the investment before completion of Africa and
Germany and the company will try to meet people (good solid business meetings,
gossip is harmless); The responsible person familiar with the operation of the
company and confidence in the industry, his company is the long-term investment
Second, take advantage of. When a company encountering difficulties, as long as the
health of the industry and have first-class management, they may wish to hunting and.
Bi Africa and Germany in the American Express employees suspected of wrongdoing
have breached the non-fined large sums of money stock plummet (The coincidence of
the assassination of President Kennedy panic the market plunge), the interest in the
company because he fancy his " traveler's checks, "a
lot of business to absorb. Watergate order "Walton Post" fame,
but in the practical business aspects of decadent weakness for the Republicans
boycotted the stock price when the shares ... ...; become a "Washington
Post" the majority shareholder for the completion of Africa and Germany
not only bring significant financial benefits, in The publisher Graham Mrs. (Mrs.
Katharine Graham; nothing to do with B. Graham) had introduced, complete Africa
and Germany opened up the Washington-connected, so he was clearly in Washington,
"behind the scenes operation of the" ins and outs to make it
even more powerful investment career!
Bi Africa and Germany is Graham value investing followers have to carry forward his
theory and added that he regarded as a model to this principle, firmly; his success, not
from intercourse broad, well-informed, but refinements of the information . Bi Africa
and Germany EQ is not high, poor interpersonal relationships, a young man obsessed
with Moody's stock information and even "bastard"
(Nerdy) the alias; However, the writer of this name was, and how many related to his
excessive frugality He kind of individuality, on the one hand he grew up in the Great
Depression of habit, on the one hand was in high school when they know how to
compound interest (Componud Interest) the cumulative function of magic,
"severe", applied to daily life, he it is extremely thrifty, he saved
money from the added value of enjoyment compound than "immediate
consumption" to enjoy the high, their "miserly" is a
big reason.

Financial sector to the wise. One of the three

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