In the twilight of the martyrs, the heart is full of strength - Cao Cao.
Hello everyone, I am a scholar and a scholar. On December 6, the Shanghai and Shenzhen markets traded 817 billion yuan throughout the day, and the market was weak.
In the afternoon, there was an abnormal upward movement in the ** plate, but due to the lack of funds to follow up, ** fell back. In contrast, the high-level stocks collectively dived in the afternoon, thrilling, and more worthy of attention.
Dongan Power has a limit in the morning and a direct limit in the afternoon. Huifa Food and Zhonggong Hi-Tech are all sky floors, and Zhongguang Tianzhi is approaching the fall limit. Today's gains are good for lithium mines, and the main logic is that the market believes that the industry cycle may have bottomed out.
Overall, today's weak reversal has decreased, but it cannot be said that it is certain that it has stood firm. Pay attention to the rhythm of style switching, the radical can choose the low-level hot spot variety to do **, and the conservative need to wait and see.
Warren Buffett's three classic battles
1975: 56% drop (the opportunity to invest has arrived).
Beginning in the 70s of the 20th century, the U.S. G** appeared sharply**, and Berkshire Hathaway's stock price fell from more than $90 per share in 1973 to about $40 per share in 1975, a decline of 56%.
In 1974, ** was already at a very low price, and almost all of the company's price-to-earnings ratios were in the single digits, which was a rare period on Wall Street. No one wants to continue to hold**, they are selling**.
Berkshire's own share price has also experienced a tragic **. In the face of darkness, Warren Buffett said in an interview with Forbes: I think the time has come to invest.
Warren Buffett's famous investment case in history, the Washington Post, happened during that time.
In 1973, Warren Buffett spent $10 million at a price of 5$63 to buy the Washington Post's **, in his opinion, this is an incredible **, less than a quarter of the embedded value.
In the following two years, the market continued to **, and the Washington Post stock price continued to decline, but Buffett didn't care, he said in the shareholder letter
From 1973 to 1974, the Washington Post's good performance continued to increase its intrinsic value, but despite this, our holdings in the company changed from the original cost of more than 10 million to 8 million dollars, which we thought was cheap enough, but a year later, the market adjusted it down by 20%.
At the time, Warren Buffett thought that the Washington Post was less than a quarter of its embedded value at the time, and it turned out that the investment was much more than a 4x increase.
2. Technology stock bubble: down more than 50% (completed 8 mergers and acquisitions).
At the end of the 90s of the 20th century, there was a technology bubble in the U.S. stock market, due to the market's enthusiasm for the concept of the new economy, those non-new economy companies were abandoned by the market, and Buffett insisted on not buying technology**, Berkshire Hathaway's stock price fell from more than $80,000 per share to about $40,000 per share, a decline of more than 50%.
In the summer of 1999, Time magazine openly humiliated Buffett on the cover: Warren, what went wrong?
It was also in this year that Warren Buffett delivered his famous Sun Valley speech. When it comes to investing, there are only two real questions:
One is how much you want to get in return.
The second is when you want to get a reward.
This is how people perceive **, and it's easy to believe that rumors are true.
Warren Buffett said that there is no new model at all. The final result of the market is only reflected in the output of the economy.
Despite Warren Buffett's classic speech, Mr. Market did not give face, and technology stocks continued to flourish, with the S&P 500** 21% and the Nasdaq rising 66% in 1999.
The corresponding Berkshire value per ** ** by nearly 20%, the second worst performance since 1990, made Buffett criticized by analysts and **.
But the reversal came quickly, and in March 2000, the dot-com bubble began to burst and collapse, until it fully subsided in 2001.
In a 2000 letter to shareholders, Warren Buffett said, "Last year, we completed eight mergers and acquisitions in one go. These amounted to a whopping $8 billion, all of which were entirely self-funded, without a penny of debt.
Financial crisis: 56% (I'm in the most beautiful country).
In the 2008 financial crisis, Berkshire Hathaway's stock price fell from $99,800 per share in December 2007 to $44,820 per share on July 15, 2009, a drop of 56%.
When the market was pessimistic, Warren Buffett published his famous article "I'm in a Beautiful Country" in the New York Times in October 2008.
In the text, he repeated the classic phrase "I am afraid when others are greedy, and I am greedy when others are fearful".
In the article, Warren Buffett directly concluded: In the next 10 years, the return on investment of holding ** will definitely be higher than that of holding cash, and it may be much higher.
I don't want to say anything about **, I want to emphasize again that I don't even know whether ** will rise or fall in the short term in the future. In the month before the publication of this article, Buffett made 6 shots, a large number of shares of many companies.
At that time, Warren Buffett emphasized: I can't *** the short-term direction. But one thing is for sure, there will be a big deal until the economy and market confidence really recover.
If you want to wait until the robin declares spring, then spring is almost over. Five months after the publication of this article, U.S. stocks bottomed out**, ushering in a bull market that lasted for more than a decade.
In the aftermath of the 2008 subprime mortgage crisis, people were surprised to find that Warren Buffett had earned more than $10 billion from the crisis, with a return of 40%.
I am a scholar, a person who has been focusing on ** for 15 years, if you like it, remember to like and (follow), give people roses with lingering fragrance, see you tomorrow, good night.
Author: Scholar Shares Compound Interest