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学习和投资心得：
什么样的公司值得投资？
最近疫苗案让人们再次关注起与人息息相关的看病吃药话题。生处漩涡之中的疫苗上市公司的股价连续十五个跌停板，不得不让投资人再次思考一个问题：什么样的公司值得投资？出事前上市公司情景好，增长快，利润率高，股价持续上涨，为投资人带来了不错的回报；转眼之间，公司被查，高管被控，股价暴跌，令投资人损失惨重。公司是一个人造组织，完全靠信用运转，一旦公司失去信用，公司难以生存。可见，值得投资的公司是可以长久生存，利润能够持续增长，有较好的投资回报率，有优秀的管理者更好，哪怕糟糕的管理者仍能正常运转。这样的公司如珍宝般稀有，大部分公司在面对行业变化，竞争加剧，高管更迭时都面临好几年的转型期，转的好能重放异彩，转的不好则一蹶不振，直至消亡。股票代表着一家公司的部分所有权；股票价格短期由受欢迎程度决定，长期由这家公司价值决定；公司价值取决于公司利润的可持续增长；如果你能以远低于公司价值的价格购买，然后再接近或高于公司价值的价格卖出，你就能获取稳健的收益。值得投资的公司具备哪些特征呢？首先，一家公司如果具有某种竞争优势，那么这家公司的投入资金的回报率必定要大于获取这笔资金的成本，才能产生源源不断的现金流入，继续扩大原有事业或投资新的事业，从而保持这家公司持续的增长，增长，再增长。其次，这家公司的财务状况稳健，内部产生的现金流入足以支撑公司的后续发展，而不需要外部资金的借款维持运转。即使遇到外部环境的紧缩局面，仍保留有足够的资金保证公司的正常运营和未来发展。这家公司提供的产品和服务具有市场定价权，即使产品持续提价也不会大量流失原有的客户群体，这样公司可以从容的应对原材料价格上涨以及人员薪酬上涨带来的成本压力。表现的特征是产品的毛利率持续的保持在一个较高的水平。最后，任何一家公司都有生命周期，短的3-5年，长的过百年，在漫长的岁月中，哪怕是伟大的公司也会经历一段挫折和晦暗的时光，或遇到糟糕的管理者，或驶离了固有的航道，或技术变革的侵蚀。那么，投资者需要持续观察和定期回顾，判断这家公司的长期发展是否仍然足以信任。成功的案例和经验总让人心旷神怡，失败的案例和经验总让人刻骨铭心，投资如同兵家，胜败乃常事，胜不骄，败不馁。

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兆易创新纪要
https://xueqiu.com/9231373161/111393937

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今天文献阅读5篇<br>
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挑战第一百伍拾六天   读6页书，完成当日目标
七月份目标完成，8月份继续报名！加油！

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Books: negotiating rationality & Getting past No
Chapter : chapter 1 rational thinking in negotiation & chapter 1 getting ready: overview: breaking through barrier to cooperation & prologue: prepare prepare and prepare
Abstract:
        Rational thinking in negotiation
What is rational negotiation? Negotiation rationally means making the best decision to maximum your interest and knowing how to reach the best agreement, not just any agreement
What are the biases that blind executives to opportunities?
1.        Irrationally escalate your commitment to an initial course of action, even when it is no longer the most beneficial choice;
2.        Assuming your gain must come at expense of the other parties; and missing opportunities for trade-offs that benefit both sides;
3.        Anchoring your judgement upon irrelevant information such as an initial offer;
4.        Being overly affected by the way information is presented to you;
5.        Replying to consider what you can learn by focusing on the other side’s perspective;
6.        Being overconfident attaining outcome that favor you.
An example displayed to testify what is bad negotiation is business fliers, which could earn miles for travel award. Because this lead to an additional estimated 1.5 to 3 billion USD expense. How to get rid of this mess of billion spend? However, Customer loyalty shall take consideration on as well. Personally I would assume if the value of customer loyalty is over than the billion expense, then that is worthy, however if not, no valuable.
        Negotiation, broadly defined, is the process of back-and-forth communication aimed at reaching with others when some of your interests are shared and some are opposed.
        Joint problem solving is a combination of the following two: which is soft on the people and hard on the problem.  There are real-world barriers that get in the way of cooperation. The five common ones are your reaction, their emotion, their position, their dissatisfaction, their power.  The corresponding breakthrough strategy is
step 1. Go to the balcony: Regain your mental balance and stay focused on achieving what you want. A useful image for getting perspective on this situation is to imagine yourself standing on a balcony looking down on your negotiation.
Step 2. Step to their side. Take their side by listening to them, acknowledging their points and their feelings, agreeing with them and showing them respect.
Step 3. Reframe. Accept what they say and reframe it as an attempt to deal with the problem,
Step 4. Building them a golden bridge. Bridge the gap between their interests and yours.  Help them save face and make the outcome look like a victory for them.
Step 5. Use power to educe.

Learning:
Pervasive biases shall recognize firstly and then the corresponding actions shall execute to eliminate these risks or biases.  How to handle other parties’s emotion and attitude, as class learned from booth. It is better to identify what is the common interest instead of your own interest and leverage that to maximize the benefit for both parties.

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