Some fans and friends asked: "Please explain Mr. Meng, the difference and connection between rolling high and low buying and long-term investment in half a position, thank you!" ”
What is a long-term investment? The essence of long-term investment is to invest in the real economy, to be the boss of a listed company, and to obtain dividends from the development of the industry is the goal of long-term investment. As such, its focus is on fundamentals. Long-term value investing is based on fundamental changes as the core of the market.
For example, more than 10 years ago, Buffett bought BYD's ** for 8 yuan, and a few years later, BYD's ** rose more than nine times, and Buffett did not sell it. Later, the stock price fell sharply, falling to near Buffett's cost. After a few more years, there was an opportunity to make 7 times or 5 times, but Buffett did not sell it, and in the end, without exception, the stock price fell sharply again.
In these more than ten years, Buffett has at least sat down.
Three or four times the roller coaster, last year he began to earn more than 30 times the income of BYD to reduce about half of the position.
Warren Buffett has multiple opportunities to make a profit of 9 times, 7 times, 5 times, why doesn't he sell it? Because he thinks about the fundamentals of the company at the core. At that timeIn his eyes, BYD's fundamentals are still in a period of rapid growth, just like a teenager, there is still a lot of room for development. So he chose to keep holding.
In the past two years, Warren Buffett believes that BYD's fundamentals have entered a youth period, and the performance growth rate will slow down in the future. So, Warren Buffett sold half of it. Leave half a position to continue to observe the fundamental changes behind BYD, and then make plans.
Warren Buffett is in himThe core of BYD's buying and selling decisions is the company's future fundamentals, not the best trend. It doesn't matter if it was a bull market or a bear market at the time. He mainly sells according to the stage of the fundamental development of BYD. Equivalent to being a piglet** and starting to sell when an adult pig.
If BYD uses the half-position rolling operation method, it should sell half a position when BYD has 9 times, 7 times, and 5 times, and then pick it up at the low level, and will not take the roller coaster at all. The core of the half-position rolling operation is not the fundamentals, but the trend. Although BYD's fundamentals have not changed much when BYD ** 9 times, 7 times, and 5 times, the half-position rolling operation has been operated several times.
ObviouslyThe essence of the half-position rolling operation is speculation, which is focused on fluctuations and centered on market games. The buying and selling operation is directly related to whether it is a bull market, a bear market, or whether the return is doubled.
The connection between long-term value investing and half-position rollover operations:
1 Generally, it is necessary to buy and sell through the secondary market.
In the above example, Warren Buffett's ** is from the primary market, not from the secondary market of Hong Kong stocks. But his sale is through the secondary market. The secondary market gives long-term value investors a more convenient way to sell and sell.
2 Sometimes the ** point and the sell point of the two coincide.
If the rolling operation is relatively large, it is big enough to take advantage of people's fear in a bear market, and take advantage of people's madness in a bull market and throw. At this time, it may coincide with part of the operation of long-term value investing. In a bear market, undervalued opportunities are highly likely, triggering long-term value investors**. In a bull market, it is possible that listed companies are overvalued or the industry is overheated, causing long-term value investors to reduce their positions.
In short,Long-term value investors are more concerned with the operation of the entity, and they are like the owners of chicken factoriesMost of the energy and decision-making are on the operation and development of the chicken factory. For raw chicken and chicken, they will also pay attention, but this is not their focus.
Half-bin rolling operators are more concerned with the **of**, they are more like raw chicken and chicken sellers, most of the energy and ** is put on the *** of chicken and raw chicken. They also pay attention to the breeding and rearing of raw chickens, but this is not their main direction.
One is a chicken farmer and the other is a chicken seller. That's how they differ and connect.
Yesterday, some friends said that they couldn't find my ** real market, and today I will repeat the announcement here:
I have set up a ** real market in Tencent Wealth Management, although the scale of this newly built ** real investment is small, but although the sparrow is small, it has all kinds of organs。You can see my investment ideas and daily dynamic changes through this **real market.
This is the beginning of this year I just established the first real market, now just invested more than 10,000 yuan, ready to increase the ** to about 100,000 yuan in the future. Friends are welcome to come to **my** real anytime and anywhere.