J Paul Getty "Get-rich-quick schemes just don't work. If they did, then everyone on the face of the earth would be a millionaire. This holds as true for stock market dealings as it does for any other form of business activity"
Lao Tzu "Doing nothing is better than being busy doing nothing."
J.D Rockefeller
Here is an excerpt from a John D Rockefeller Biography, God's Gold:
Rockefeller planned in his mind. His mind was a living plan. He made everything show up for some use or else he rejected it. "It has always been my rule in business to make everything count," he told an old friend in Owego. "To make everything count something. I never go into an enterprise unless I feel sure it is coming out all right. For instance, a promising scheme may be proposed to me. It may not altogether satisfy and is rejected. My brother Will would probably go into it and make $10,000. Another equally promising scheme comes along. He goes into that and loses $10,000. The result is he hasn't made any advancement in these two ventures and is actually losing time. Meantime in some surer enterprise I have made, say, $5,000 in the same time the other fellow has lost twice as much. But mine counts and his doesn't. I believe the only way to succeed is to keep getting ahead all the time."
Charlie Munger
"If you want a single formula(for successful investing), you should go back to graduate school. They'll give you lots of formulas that won't work."
Lao Tzu
"To know that you do not know is the best.
To think you know when you do not is a disease.
Recognizing this disease as a disease is to be free of it."
Li Lu:"Finding an edge really only comes from a right frame of mind and years of continuous study. But when you find those insights along the road of study, you need to have the guts and courage to back up the truck and ignore the opinions of everyone else. To be a better investor, you have to stand on your own. You just can't copy other people's insights. Sooner or later, the position turns against you. If you don't have any insights into the business, when it goes from $100 to $50 you aren't going to know if it will back to $100 or $200. So this is really difficult, but on the other hand, the rewards are huge. Warren says that if you only come up with 10 good investments in your 40 year career, you will be extraordinarily rich. That's really what it is. This shows how different value investing is than any other subject. So how do you really understand and gain that great insight? Pick one business. Any business. And truly understand it. I tell my interns to work through this exercise - imagine a distant relative passes away and you find out that you have inherited 100% of a business they owned. What are you going to do about it? That is the mentality to take when looking at any business. I strongly encourage you to start and understand 1 business, inside out. That is better than any training possible. It does not have to be a great business, it could be any business. You need to be able to get a feel for how you would do as a 100% owner. If you can do that, you will have a tremendous leg up against the competition. Most people don't take that first concept correctly and it is quite sad. People view it as a piece of paper and just trade because it is easy to trade. But if it was a business you inherited, you would not be trading. You would really seek out knowledge on how it should be run, how it works. If you start with that, you will eventually know how much that business is worth."
Andrew Carnegie "Concentrate all your thought and energy upon the performance of your duties. Put all your eggs into one basket and then watch that basket, do not scatter your shot. The man who is director in a half dozen railroads and three or four manufacturing companies, or who tries at one and the same time to work a farm, a factory, a line of street cars, a political party and a store, rarely amounts to much. He may be concerned in the management of more than one business enterprise, but they should all be of the one kind, which he understands. The great successes of life are made by concentration."
联系:jeff@allcvr.com
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