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What is the coolest bullet of Buffett?

What is the coolest bullet of Buffett?

Copied from tencent.com, authorized by Jinjia(金甲),  translated by Alex,ccjk.com
Main point: The very bullet for the very wolf, in right size, this is what we can learn from the 20 years’ old Chinese stock market. You take an entire up and down as a cycle other than aimless couple of months or years, otherwise you are gambling. Unluckily most of us are gambling nowadays, years before I once met a guy who would like to make a half-month “investment”. Everyone is trying to “win a lottery and lead a carefree life".This is a way to hell. Even if you were lucky enough to avoid a slaughter, you may also lose everything you got. - A bull knocked into the tree dizzily right after the inpatient farmer turned away, who had found a big hare which had run in the same tree and died.(- Chinese fable <守株待兔>) What is the coolest bullet of Buffett? Patience. Patience of holding the stock. Patience of holding the money. Patience of holding stock is known to all, however few would notice the latter. If he had no patience of holding money, he would impossibly keep buying 1 dollar stock for 4 dimes. And that’s the super ability, has a better eye for valuation and margin of safety as well as waiting for the opportunity, also he earned the name “Oracle of Omaha” for this. We can say that there are more stocks valued 1 dollar and quoted 4 dimes in China than in American. Because new market changes radically every couple of years. These opportunities mean nothing if you do not hold cash. And these opportunities are black swans, which may appear after a long-time wait. The Chinese market remains how it was in western world several hundred years ago, individual investors who are so eager to gain profit make up the major power of the market, people around them even more urgent. Flippancy everywhere and people become reckless gamblers.Price waves randomly on the screen applying to the situation. - The very bullet for the very wolf, in right size, this is what we can learn from the 20 years’ old Chinese stock market. - You take an entire up and down as a cycle other than aimless couple of months or years, otherwise you are gambling. Unluckily most of us are gambling nowadays, years before I once met a guy who would like to make a half-month “investment”. Everyone is trying to “win a lottery and lead a carefree life". This is a way to hell. Even if you were lucky enough to avoid a slaughter, you may also lose everything you got and do the “inpatient farmer” thing. - A bull knocked into the tree dizzily right after the inpatient farmer turned away, who had found a big hare which had run in the same tree and died. The present stock market is staying at the starting bottom of an incoming super bull market, I can assure you even if you are trapped for your buying, you stocks still in the valuable zone. But bottom area has levels, the fresh may not figure it out so easily. Most of the investors, long-term or short-term, got involved with nearly the same money during last November. Extreme moderates bought those stocks of largest amount at lowest price, no terrible  drawdown, but a coin has heads and tail, they will hold the minimum increase in the coming bull market.Compared with 10-times or 20-times increased dark horses in the bull market, these stocks move like elephants. Because many public and privately-offered funds quitted the game despondently during April and May, the market restarted a new section of “magic circle”. People who hold money seesaw: am I supposed to get in if it goes on increasing? People hold shares wonder: get out if it rebounds? According to personal experience the sectional rebound will keep on for some time, and surely vibrates, because bull and bear both still alive and fight hardly. But do remember the advice from your friend, Jinjia: bottom area has levels. 以下为原文:
巴菲特的最大优点是什么? 转自腾讯网 金甲
中心思想: 多大的机会就用多大的资金,这是中国股市20年沉浮史告诉我们的真谛。 我们要以一轮牛熊为投资周期,而不是无目标的几个月或几年,不然等于是碰运气。 然而我们的现状恰恰是这样,前几年我甚至遇到过只想投资半个月的,“捞一把就走”的赌徒心态十分典型。这样的投资思路凶多吉少,就算运气好不被市场斩一刀,也可能是个农民。 ——那个等在曾经撞死过一只大肥兔的树下的农民,在他失去耐心转身离开之后,一头野牛撞晕在树下。 巴菲特的最大优点是什么? 是耐力。 一是持股的耐力; 二是持币的耐力。 巴菲特持股的耐力众所周知,但是持币的耐力被人忽略。 如果巴菲特不善于持币,是不可能总能以4毛钱买到1块钱的股票的。 而这才是巴菲特的独特能力,比别人更善于估量价值和安全边际,更善于等待机遇,他也因此而被称为“奥马哈先知”。 应该说中国的股市“以4毛钱买一块钱的股票”这种机会比美国多。 因为新兴市场每隔几年就会大起大落一次。 如果手里没有现金,给你这样的机会也没用。 这样的机会非常难得,而这种机会是等出来的。 我国的股市尚处于欧美百年前散户为主体的时代,各自为战急功近利,而且就算你不急,你的伙伴你的家人也会急。 整个中国股市的上空弥漫着一股浮躁之气,个个像杀红眼的赌徒。与此相映成辉的是屏幕上上蹿下跳的股价。 ——多大的机会就用多大的资金,这是中国股市20年沉浮史告诉我们的真谛。 ——我们要以一轮牛熊为投资周期,而不是无目标的几个月或几年,不然等于是碰运气。 然而我们的现状恰恰是这样,前几年我甚至遇到过只想投资半个月的,“捞一把就走”的赌徒心态十分典型。 这样的投资思路凶多吉少,就算运气好不被市场斩一刀,也可能成为那个农民。 ——那个等在曾经撞死过一只大肥兔的树下的农民,在他失去耐心转身离开之后,一头野牛撞晕在树下。 目前的股市正处于超级大牛市的大底部区域,我确信有些股票现在买入就算被套也是套在价值区里; 但是,即便是底部区域,也是有好几层的,新来的你可能还不太清楚。 去年11月至今,绝大多数那时介入的投资者,无论长线还是短线,持仓成本都相差无几; 而寻求最稳健的投资者,买到那些最大盘最低价的股票,虽然跌幅相对较小,但是有利必有弊,未来的牛市这些巨无霸也是涨幅最小的。比起那些牛市中10倍20倍的超级黑马,它们的动作和身姿更像大象。 近期因为许多公私募基金在4、5月被迫割肉出局,市场再次进入一个新的“围城”阶段。 出来的在考虑:再涨我进不进? 里面的在琢磨:反弹我出不出? 按照金甲的经验,这种阶段反弹还会有所延续,震荡争夺也在所难免,因为无论是空头还是多头,都未死,也不想死。 但是,别忘记你的朋友金甲的忠告:底部区域,也是有好几层的。

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