昨日阅读时间2小时，总阅读时间101小时。

昨天阅读5小时，累计阅读830小时

昨日阅读1小时，累计阅读600小时

新挑战第5天，昨天阅读1小时，累计阅读5小时。

2018.6.29
昨日阅读4小时  累计阅读409.5小时。

昨日阅读1小时，累积阅读182小时

昨日阅读2小时，累积阅读92小时

昨天阅读1小时，累计阅读51小时

昨日阅读1小时，累计阅读216小时

昨日阅读1小时，累积阅读399小时。

今天学习和阅读约5小时，累计阅读约565小时。
学习和投资心得：
投资风险：
可以分为两类：一是系统性风险，即大家都会遇到的危险，例如美国加息，全球逐利的资金开始回流美国，其他各国资金都很紧张；再比如遇到这样一跌再跌的熊市，市场全面杀跌，小盘跌完大盘跌，绝大多数行业和个股的估值都会显著下降。
二是非系统性风险，即企业或行业遇到的个性化危险，例如环保企业因经营模式问题，现金流紧张，面临借不到钱、还不了债等困难，引发行业股价持续暴跌；证券行业因质押业务面临巨额亏损而持续暴跌；部分企业因大股东缺钱抛售，股价持续暴跌……俗话说，与其预测风雨，不如打造诺亚方舟。对风险的防范主要在事前。中系统性风险的防范可以通过配置相关性较小的资产来化解，例如大类资产方面，同时配置股票，债券和货币基金，总有一种资产会上涨，可以降低组合的波动性。对于非系统风险，配置相关性较小的几个行，能够避免单一行业周期性波动的风险，对企业深入研究或者设置止损可以降低非系统风险的影响。其实，有种很简洁的工具可以帮我们有效降低上述风险。它就是被巴菲特数次推荐的指数基金。指数基金是复制指数的基金，例如天弘中证食品饮料指数A／C（代码001631/001632）就是跟踪中证食品饮料指数的基金，按照指数构成的比例买入对应的股票，走势与指数基本一致。指数则是由很多个股票或者债券等按照一定规则编制，代表这一类股票或债券平均价格涨跌及相对价格的数字。例如中证食品饮料（代码930653）就是在中全指的样本股中，选取属于饮料、包装食品与肉类等行业的上市公司构成指数，能反应上述行业整体的涨跌和相对。普通投资者选择这类指数基金，能够较大程度规避系统性风险和非系统性风险。系统性风险，说白了就是杀估值。对于同一个企业，行情好时，市场愿意按照每股收益的30倍甚至50倍（对应市盈率）买卖，而遇到熊市这类系统性风险时，市场可能只愿意按照每股收益的10-20倍买卖。对于每股收益增长缓慢或者受外部环境影响较大的企业或行业，价格的下跌会非常显著。典型的入证券行业，熊市时市场整体交易不活跃，收取的手续费少，融资、上市和理财收入也大幅减少，导致利润暴跌。此时股价会受到利润下降和估值下降的双重打击，又被称为“戴维斯双杀”。而业绩稳健且较快增长的企业或行业，由于日常估值波动不大，业绩持续上涨，能够较好抵御这类风险。例如2015年牛市结束后，食品饮料行业2016年利润增长14%，2017年增长27%，2018年一季度又增长37%，显著抵消了熊市的不利影响，目前指数已经创出新高。此外，美元加息、中美贸易战等事，对大家的吃肉、喝酒和喝奶基本没有影响，在今年黑天鹅不断的情况下，该行业受到的冲击也显著小于其他行业。

昨日阅读3小时，累计阅读83小时。

昨日阅读1小时，累积阅读59小时

昨日阅读2小时，累积阅读176小时

昨日阅读0小时累计阅读0.5小时

昨日阅读2小时，累积阅读168小时

今天学习和阅读约5小时，累计阅读约565小时。
学习和投资心得：
投资风险：
可以分为两类：一是系统性风险，即大家都会遇到的危险，例如美国加息，全球逐利的资金开始回流美国，其他各国资金都很紧张；再比如遇到这样一跌再跌的熊市，市场全面杀跌，小盘跌完大盘跌，绝大多数行业和个股的估值都会显著下降。
二是非系统性风险，即企业或行业遇到的个性化危险，例如环保企业因经营模式问题，现金流紧张，面临借不到钱、还不了债等困难，引发行业股价持续暴跌；证券行业因质押业务面临巨额亏损而持续暴跌；部分企业因大股东缺钱抛售，股价持续暴跌……俗话说，与其预测风雨，不如打造诺亚方舟。对风险的防范主要在事前。中系统性风险的防范可以通过配置相关性较小的资产来化解，例如大类资产方面，同时配置股票，债券和货币基金，总有一种资产会上涨，可以降低组合的波动性。对于非系统风险，配置相关性较小的几个行，能够避免单一行业周期性波动的风险，对企业深入研究或者设置止损可以降低非系统风险的影响。其实，有种很简洁的工具可以帮我们有效降低上述风险。它就是被巴菲特数次推荐的指数基金。指数基金是复制指数的基金，例如天弘中证食品饮料指数A／C（代码001631/001632）就是跟踪中证食品饮料指数的基金，按照指数构成的比例买入对应的股票，走势与指数基本一致。指数则是由很多个股票或者债券等按照一定规则编制，代表这一类股票或债券平均价格涨跌及相对价格的数字。例如中证食品饮料（代码930653）就是在中全指的样本股中，选取属于饮料、包装食品与肉类等行业的上市公司构成指数，能反应上述行业整体的涨跌和相对。普通投资者选择这类指数基金，能够较大程度规避系统性风险和非系统性风险。系统性风险，说白了就是杀估值。对于同一个企业，行情好时，市场愿意按照每股收益的30倍甚至50倍（对应市盈率）买卖，而遇到熊市这类系统性风险时，市场可能只愿意按照每股收益的10-20倍买卖。对于每股收益增长缓慢或者受外部环境影响较大的企业或行业，价格的下跌会非常显著。典型的入证券行业，熊市时市场整体交易不活跃，收取的手续费少，融资、上市和理财收入也大幅减少，导致利润暴跌。此时股价会受到利润下降和估值下降的双重打击，又被称为“戴维斯双杀”。而业绩稳健且较快增长的企业或行业，由于日常估值波动不大，业绩持续上涨，能够较好抵御这类风险。例如2015年牛市结束后，食品饮料行业2016年利润增长14%，2017年增长27%，2018年一季度又增长37%，显著抵消了熊市的不利影响，目前指数已经创出新高。此外，美元加息、中美贸易战等事，对大家的吃肉、喝酒和喝奶基本没有影响，在今年黑天鹅不断的情况下，该行业受到的冲击也显著小于其他行业。

昨日阅读时间1小时，累计阅读时间243小时。

昨日阅读1小时，累积阅读406小时

昨日阅读10小时，累计阅读124小时

昨日阅读1小时，累计阅读181小时。

昨日阅读2小时，累计阅读168小时

昨日阅读0.5小时，累计阅读165小时

昨日阅读3小时，累计阅读182小时。

昨日阅读1小时，累积阅读102小时

昨日阅读0.5小时，累计阅读254.5小时

昨日阅读1小时，累计阅读62小时。

昨日阅读2小时，累计阅读286时

昨日阅读3小时，累计阅读384小时      
挑战第一百二十三天   读12页书，完成当日目标

2018-06-29

昨日阅读1小时，累计阅读319小时

1. 今天阅读到的有价值的全文内容链接:
Digital Transformation — What It Takes
https://www.pmi.org/learning/tra ... rojectified-podcast

                               

2.今天阅读到的有价值的内容段落摘录:

AnandSwaminathan:

Theproblem is most digital natives, and what digital has taught us is,it's... there are no boundaries, there are no longer these lines andsilos, and organizations that continue to operate in silos thatthey're not willing to create a link or interface across... theyreally, really struggle, in terms of adopting and, and creating andarriving at the new destination with digital.

whatdigital teaches you and what digital enables is this cross-disciplineteam mindset.Such as, createcross-functional cross-disciplined teams that are all stacked againstsolving a new set of customer problems or a new set of corporateemployee problems'

theharder and harder it is to actually break down a silo, so what youneed to create is this effective bridge.

Let'screate that interface, and this... the glue between each of ourbusiness units, and that was a massive culture shift that they wentthrough in order to create the next set of outcomes for them andwhere GE digital and GE now is today.

theway this is really happening and the way it's necessary tofundamentally changes, what are the ways in which we are serving ourcustomers? How are we thinking about serving our customers? What ishappening with our employees? I think grounding ourselves that theculture change is happening, when we think about that customermindset, when we think about the employee mindset, that's when thechange Stephen happens very effectively, but it is something thatis... it is mandatory.

Doyou break down the silos or do you create a bridge? myanswer to that question by the way is, in most organizations you haveto figure out how to create an extremely effective bridge; breakingthem down is possible, and trying to create the silos down but thelarger and larger the organization is, the harder and harder it is toactually break down a silo, so what you need to create is thiseffective bridge. These new rules of chief data officer, chief datascientist, chief digital officer, these are the roles to drive thosebridges, and to create the bridges, because what these individualsdo, is in many cases they are digital natives or they are people witha steeped background in change and technology and culture management.So what these folks come and do is they say 'how can I build thatbridge very effectively, very fast, how do I do that, how do I makethat happen.

digitalagain is evolving at such an incredibly fast pace that digital isindeed something that is always evolutionary, and what's interestingis how should we think about our, ourselves, the roles inorganization, everything else it will be temporary, it'll keep onevolving, and I think this is gonna happen more and more and more,because we're gonna find that digital is just ever-changing, customerexpectations are ever-changing, employee expectations areever-changing, because of that we're gonna have to have organizationsthat are quite amoeba-like and can keep changing shape, keep changingroles, and you bring in these temporary, you know solutions ortemporary roles, to give yourself the right momentum, point yourselfin the right direction, but be ready to abandon those once that is nolonger needed and go to the next stage.

oneof the things that we all need to be doing right now is learningabout everything that's happening within our industry. So if we havea specific industry that we're working in, we need to know what'sgoing on, what's happening in our industry, what the disruptionreally is across our industry; it is a must right now. So I actuallyStephen read about 50 articles a day,  and the reason I do that isjust to try to keep up. I read a number of publications, and you knowinstead of just reading books I try to read these articles becauseInk Magazine will tell you about that founder who's inventing a brandnew way of doing payroll processing, and you're going 'oh my gosh'you know? 'If I were ADP I'd watch out', or 'if I was a benefitsadministrator I'd watch out', because you've got ZenPayrolls,Zenefits and five other companies coming out, rebuilding an industrythat is so historic, that is so you know basic, and has been thereforever, so reading is one way that I, I really find it prepares mefor what's going on. The second element of it is actually going ontours, um, and so what I mean by that is, going on virtual tours orphysical tours of what does good with digital actually look like?reading and seeing what GE Digital is doing, reading or seeing theinterviews with ING, so I go on these virtual tours of theseorganizations where these companies talk about what have they gonethrough, what have they been through, what does that change journeylook like, and really understanding how that's happening, becausethat helps me understand 'okay, what do I need to do in myorganization, what do I need to do in my role'. And the third thing Ido is I fundamentally try to educate myself on what is the role oftechnology in my business, so how can digital and other capabilitiesin my business actually change the way I work and I live today, andadopting, not being afraid to adopt it when Apple Pay as an examplecame out, I immediately went down the street that morning that ApplePay was available, to pay with your you know Apple watch, or to paywith your iPhone, I rushed down to the Whole Foods because they wereone of the places that accepted Apple Pay and I immediately boughtsome groceries and I said 'great, let me test it out'. I then wentdown to Radio Shack and then bought a device from there because Isaid 'great, they accept Apple Pay'. It was for me, 'how do I quicklylearn about these new capabilities, how do I embrace myself in that',because that allows me to be a more effective communicator and a moreeffective manager, in my organization. So these are some of the waysStephen I think it's important to be able to stay ahead.

froma soft skills perspective, it's, it's mindset. Quite frankly it'sabout you know things like far more listening, less talking, thesedays, it's just trying to understand and listen much more because,others fundamentally note that, that 18 year old kid or 16 year oldkid who's inventing the next way in which we might communicate ortalk tomorrow, knows more about it than I ever will and so listening,being open-minded. Other part of it is actually being completelyflexible and ready for change. It's not being bound by 'well, whattitle do I have, what role do I have, what career path and trajectorydo I have', instead, 'how am I going to have the opportunity to learnthe most that I can, and how can I be very flexible in my workingstyle and my working environment ready to work with any kinds offolks who come in, how do I rethink that', and I think it's thatmindset again, it's culture, it's an individual culture change thathappens with digital because it's a new way that we need to operatein your own environments.

3.今天阅读的自我思考点评感想

(1)two elements of culture to check for digital transformation: one ishow must the culture be different in the future in order for this tosucceed? Another is looking at the current culture and saying what isit about this current culture that will be good at or not good atexecuting this transformation.

(2)New Digital world: thereare no boundaries, there are no longer theprevious linesand silos. what digital teaches you and what digital enables is thecross-discipline team mindset.

(3)In mostorganizations you haveto createan extremely effective bridge; breaking silosdown is possible, buthard for larger organization,so what you need to create is this effective bridge.

(4)To prepare yourself better for digital transformation:  learneverything that's happening within our industry.  read about 50articles a day:  publications, books,  virtual tours of theorganizations,  educate yourelf on what is the role of technology inyour business.

(5) soft skills perspective:  mindset.  Listening and being open-minded: how am I going to have the opportunity to learn the most that I can,and how can I be very flexible in my working style and my workingenvironment ready to work with any kinds of folks who come in, um,how do I rethink that?