When watching this documentary, I felt like I was watching "Poor Charlie's Book", but it didn't tell us the principles of investing. On the contrary, the kind of values and wealth concept are very contagious. In the past, people regarded Buffett as a symbol of wealth, but they never thought that he also started from scratch and developed Berkshire Hathaway entirely by the power of compound interest.
Investment strategy is rarely mentioned in the documentary, but Buffett said this sentence, it is time to create wealth accumulation. Waiting is far more effective than frequent transactions. This is what value investing has been emphasizing. Many people say that value investing does not work in China. Then I have doubts. How old are these people who say it does not work? Buffett has spent more than 50 years, but China's stock market is only a few years old. Most of the investors in China are those with floating funds. These funds are not investment institutions, but people who are ready to invest in places where the return will be the greatest in the short term. The most shocking part of the film is Berkshire's shareholders meeting. Tens of thousands of people believe in Buffett, so they invest in Berkshire. Such long-term persistence is a good and healthy investment relationship. Reputation builds up over a lifetime, but it can be destroyed in a short period of time. Charlie Munger and Buffett can be good friends because their investment philosophy is based on the consideration of shareholders rather than personal business interests. Professional ethics are the premise of investment.
Buffett firmly believes that he is a genius, and the people around him always think he is a genius, but the genius here should refer to some of Buffett's innate talents about mathematics and business sensitivity. Isn't Buffett also rejected by Harvard Business School, so Buffett's real strength lies in his daily reading and accumulation and regular life and rest. Although he can't take care of his own life, at least he has a deep understanding of the business world. He laughed at himself.
In the end, I think Buffett's success lies in his understanding of himself and the depth of what he is good at, which is the so-called focus in the film, a word that Bill Gates and Buffett wrote together. Grab what you are good at, invest in the field you know, don't make risky unknown attempts, and most importantly, don't lose money, and more importantly, don't lose money.
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