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The business of value investing – Six essential elements to buying companies like Warren Buffett- Charlie Tian 2009
https://bbs.pinggu.org/thread-695143-1-1.html (Page 180-188)
Ignorance Can Be Bliss, Ups and Downs of Market Liquidity

阅读到的有价值的内容段落摘录
Our daily lives are comprised of a series of decisions. What we do with those decisions and the choices we make shape the life we lead. As a toddler, your parents forced you to do things you hated, like eating your vegetables. The vegetables taste bad, but your parents love you and know that you must eat your vegetables to get your vitamins. At the same time, your parents will refrain from giving you candy and soda, even though they know how much you would enjoy the joy gained from the sugary sensation. They know that sometimes the things that seem good for you actually aren’t and those things that seem bad for you can actually be beneficial. Investors would be well advised to take this dose of wisdom along with them during their investing careers.
What are often perceived as stock market advantages can turn out to be the root cause of many investment mistakes for those individuals who fail to realize it. The market’s dangers are firmly rooted in human nature — specifically, our ability to feel the pain of loss more acutely than the pleasure of gain. Too many bad losses can rob us of our investing discipline. Eager to recoup losses in the shortest amount of time, many investors begin to accelerate the investment making process, often at the expense of sound analytical judgment. When we make bad decisions, we have no one to blame but ourselves. The ease and speed with which investors can trade stocks, and the barrage of market data now available to us, certainly don’t help. The ability to get in and out of investments at the click of a button feeds the speculative urges of market participants. Many of the market’s beneficial attributes often can be the source of the most detriment to the investor. Let’s examine some of those attributes now.
The same liquidity that provides many of the stock market’s advantages can also produce the most severe consequences. I’d argue that less liquid investments are better for investors’ well - being, providing fewer opportunities for them to make impulsive and costly buy or sell decisions. Liquidity is a very important function of our equity markets. Faced with unexpected financial needs, the ability to easily turn your securities into cash is a comforting option. Then again, given the unpredictable short - term volatility of stocks, a fair assumption is made that prior to investing in stocks, you have allocated away some funds for emergency purposes in the bank. This assumption further eliminates the need to engage in short - term oriented speculative activities in order to make money. One of the basic tenets of prudent capital allocation is that money allocated for the participation in equity investments should have a multiyear horizon, ideally at least 10 years. Yet many investors plunge into the stock market with unrealistic, if not foolish, expectations of overnight wealth creation. The technology mania of the late 1990s solidified this false belief that stocks could make you rich overnight. For a lucky few, they did become rich overnight. Tragically, investors saw this market as the new era of investing. You couldn’t afford not to be in the stock market, not when the auto mechanic was earning triple - digit returns on the side. Value investing has nothing to do with such anomalies. When stock prices are overvalued, as was clearly the case during the height of the Internet boom of the 1990s, the rational decision is to be on the side-lines analyzing the securities. Value investing is an investment framework that focuses on the process, not the outcome. With the right process, the outcome usually will be satisfactory investment returns.

阅读到的有价值信息的自我思考点评感想
Market liquidity has its place, however. Aside from enabling investors to access capital in times of need, liquid markets can serve investors by letting them sell that which is cheap to buy something cheaper. Realize that this is just the value investing process at work: scouring the market for the best available bargains. But when you are selling a 50 - cent dollar to buy a 30 - cent dollar, you are utilizing the markets for what they are: arenas to acquire ownership stakes in businesses at the cheapest possible price. Once you make an investment, the stock price will change daily based on the whims of investors on any given day. If your analysis was sound, then any short - term decline in price is merely price volatility. Before rushing to sell a stock that ’ s declined 25 percent weeks after a purchase, ask this question: What has happened to the long - term fundamentals of the businesses over the past two weeks to make the entire business worth 25 percent less? For good businesses acquired at sensible prices, the answer is nothing at all. Occasionally, you may come to discover that you neglected some important information that, when incorporated back into your analysis, leads you to reduce your estimate of intrinsic value. In such instances, you will have to determine the appropriate course of action. Selling out is tempting, and the liquid markets make it easy to do so. But by doing so, you turn volatility into a permanent loss of capital. For an effective comparison, consider today’s real estate market. In 2007 and 2008, home values were declining across the board, reaching double - digit percentages in California and Florida. But whether they realize it or not, homeowners actually benefit from houses ’ inability to be sold as quickly as stocks, given that the same measures of safety and prudence have been applied as if one were making an investment in stocks. If the home was (a) bought at a sensible price, (b) purchased with a long - term ownership orientation and not a short - term speculative purpose, and (c) paid for using money for that stated purpose, then homeowners won’t be subject to accepting Mr. Market ’ s offered prices. Unlike stocks, homeowners aren’t seeing quoted prices flash by the minute across their computer or television screens. But even if they did, no rational homeowner would rush to sell a home because the “quoted” price was 10 percent less in the afternoon than it was in the morning. With stocks, a quick call to your broker or click of a mouse is all it takes to unload your shares. Selling homes requires more time. But if houses were bought and sold as quickly as shares of stock, most homeowners and real estate investors would likely sell at the first sign of trouble — and thus sell too low. Indeed, there are meaningful differences between home ownership versus stock ownership. Even if your home is worth less, it still provides you shelter whereas a declining stock price only serves to reduce the value of your portfolio. Nonetheless, the general thought process behind the buying and selling of either asset is of great value when thinking about stocks. The litmus test question, again, is to ask yourself whether the true worth of the underlying business has equivalently changed by the same amount as the stock has in the six and a half hours that make up each trading day. Unfortunately, investors have their work cut out for them in utilizing their patience to the greatest advantage. Nothing in the field of investment today serves to promote a patient approach. Mutual fund managers are only as good as their most recent year’s investment performance. Brokers don’t get paid to tell you to do nothing; they earn a living by promoting activity. Analysts pump out information on the performance of a company based on the next quarter or two of operating results. From all angles, investors are given data in meaningless forms. The financial media breaks down the performance of stocks by the hour, as if investment results were determined at the end of the day. If the market were open only a few times a year, I believe many more investors would enjoy far better performance.

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Read Dynamic Programming to improve coding skills
Read system design documents - How to design Twitter, How to Design TinyURL and How to Design Caching System.
Spent 2 hours on HackerRank to do more code challenges.

1. Reading: 60 minutes - O
2. Side Project(s): 120 minutes - X
3. Code Practices: 120 minutes - O
4. Exercises: 30 minutes - O
5. Watching Tech Video - 30 minutes - O

昨天阅读1小时，累计阅读638小时。

昨日阅读1小时，累计阅读99小时

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昨日阅读4小时，累计阅读4小时，新人一枚。

2019.3.7
昨日阅读4小时，累计阅读1246.5小时。
《极简幸福》 [罗马尼亚]卢米尼塔·D.萨维克

第十三章
放下给别人留下深刻印象的需要
就像狮子不需要得到羊的认可一样，一个真正强大的人不需要得到他人的认可。——霍华德·沃侬（Vernon How ard）
做你自己。不要为了取悦、顺应或不冒犯他人而失去自我，否则你独一无二的力量、热情、自由和快乐也将一并失去。当你做自己的时候爱，自己要容易得多。——丹·科珀斯米斯（Dan Coppersmith）
，在我的一生中，我总是认为自己永远不够好、不够聪明、不够漂亮、不够有价值，等等。我认为除了我自己，我身边的每个人都是有价值的。因此，我非常努力地去模仿别人的行为，认为他们懂得更多，希望通过这样做，我也会变得像他们一样有价值。
直到我开始明白，我的价值来自我内心的感受，而不是来自外界对我的赞美，我才终于开始放下给别人留下深刻印象的想法，转而专注于爱并打动真实的自我。讽刺的是，当我不再费力地给周围的人留下深刻的印象，从而得到他们的认可时，我似乎得到了更多的爱和认可。
戴夫· 拉姆齐（Dave Ramsey）所观察到的一样：“太多的人花费他们尚未挣到的钱购买自己不需要的东西，只为给他们并不喜欢的人留下深刻的印象。
如果你还是认为自己需要得到他人的爱和认可，那你将会成为他人的俘虏。
1.你唯一需要打动的人应该是你自己
你觉得古老的故事中所讲述的那些人为什么会为打动神明而踏上伟大的旅程？因为并不值得花费时间和精力去打动他人。——亨利·罗林斯（Henry Rollins）

你是你生命中最重要的人，在你努力想让每个人都爱你并认可你之前，你需要确保你爱你自己，认可你自己。你需要确保喜欢自己的生活方式，以及你对待自己和他人的方式。
在你的生活中，永远不要把其他的人和事看得比自己还重要。永远不要认为自己不够好，不要为了得到别人的爱和认可而让自己假装成另外的模样。用你应得的爱和尊重来对待自己。
让你和自己的关系成为你生活中最重要的关系，要永远尊重自己，即使这不会让你太受他人的欢迎。永远记住，你要打动的不是这个世界，而是你自己。你的心、你的灵魂、你的内在神性，这些才是你应该打动的，因为它们比别人更清楚什么是最适合你的。
2.你自己是最重要的
最大的困难是，人们不充分考虑自己，不考虑当他们跟风或迎合当权人物时，他们会失去什么。——拉尔夫·瓦尔多·爱默生（Ralph Waldo Emerson）
信不信由你，爱和认可并不是你必须追求的东西，也不是你能从周围的人那里乞求得来的。只要你勇敢做自己、尊重自己、诚实地生活，你就可以轻松地获得爱和认可。
所有你需要和渴望得到的快乐、爱及认可，都不会在你试图打动你周围的人的时候出现。
它们只有在你关注自己的内心时，意识到自己的重要，意识到自己是完整的，意识到自己不需要任何人或事来证明这些时才会出现。
你生而完美，真正的你一直完整且完美。你真的不需要为了让自己感觉到这一点而去给生活增添额外的负担，不需要他人的爱和认可来证明这一点。你已经足够好了。

你已经足够好了。
3.这叫作自我价值，而不是他人的价值
让世界了解真实的你，而不是你认为自己应该成为的样子，因为长久的伪装会让你忘了自己是在伪装，那么真正的你又在何方？
——范妮·布莱斯（Fanny Brice）
你的价值不是来自你有多少东西，它有多闪亮，或者你花了多少钱；不是来自有多少人喜欢你；不是来自你赚了多少钱或者你的房子有多大；也不是由其他外部因素决定的。
你真正的价值是，你生来就是独特珍贵和充满爱意的存在。你出生在这个物质世界，在这个美丽的星球上生活和呼吸，你真正的价值来源于此。
你是一个有价值的人，不是因为你的外在生活如何，而是因为内在的你。
永远不要从自身之外去获得你的价值感。永远不要陷入这样的陷阱：认为自己是谁不重要，需要别人的认可、爱和肯定，才能让你觉得自己是有价值的。永远不要让外在的事物、身份、人们和环境来决定你的价值。这是自我价值，而不是他人的价值。
4.原作比复制品更有价值
你生得独一无二，可别死得千篇一律。——约翰·梅森（John Mason）
我们都知道原作比复制品更有价值。当你诚实地生活，做真实的自己，专注于成为你自己最好的版本，让世界上其他的人了解真实的你时，那就是你开始发光的时候，那时人们很容易被你吸引。
你不是生来就要去融入人群，向你周围的人隐藏你真正的美丽、力量和完美。你肯定不是生来就要去模仿周围人的行为，希望由此让他们对你印象深刻。所以请始终努力做真实的自己。
你不是生来就要去融入人群。
用心生活，永远忠于你的人生道路和你的价值观。接受真实的自己。接受自己的独一无二。
不要再为让别人喜欢你而做非真实的自己，请开始做真实的自己。因为当你不再费力去伪装自己时，当你摘下所有的面具时，当你接受并拥抱真实的自己时，你会发现人们很容易被你吸引。
第十四章　放下贴标签
当你不再用字句和标签来遮盖这个世界的时候，那种久已失去的奇迹般的感受就会重回你的生活之中。当初会失去那种奇迹感，是因为人类不但不能使用他们的思想，反而被他们的思想所占有。——埃克哈特·托利（Eckhart Tolle）
企者不立，跨者不行，自见者不明，自是者不彰，自伐者无功，自矜者不长。其在道也，曰余食赘
行。物或恶之，故有道者不处。
——老子
1.你的位置不在“盒子”里
我们相信自己有一个独立的、特殊的、个别的身份，但如果我们敢于检查，就会发现这个身份是由
一连串永无止境的元素支撑起来的：我们的姓名，我们的传记，我们的伙伴、家人、房子、工作、朋友
信用卡……我们的安全感就建立在这些脆弱而短暂的支持之上。当这些都被拿走的时候，我们还知道自
己到底是谁吗？
如果没有这些我们所熟悉的支撑，我们所面对的将只是赤裸裸的自己，一个我们不认识的人，一个
令我们心烦意乱的陌生人，我们一直和他生活在一起，却从来不曾真正面对他。我们总是以无聊或琐碎
的喧闹和活动来填满每一个时刻，以保证我们不会单独面对这位陌生人。
——索甲仁波切（Sogyal Rinpoche）
人、地方和经历都不应该被贴上标签、被评判，它们应该是被爱和欣赏的，因为在内心
深处，我们共有的天性就是爱、光明和幸福。
2.标签让你无法了解自己的真实本性
一旦你给我贴上标签，你便否定了我。
——索伦·阿拜·克尔凯戈尔（S?ren Kierkegaard）

3.专注于深度而不是表面
不要总是停留在事物的表面，也不要轻易被事物的外表所迷惑，要在时间和环境允许的情况下，深入了解事物。——以撒·华滋（Isaac Watts）
不要再贴标签，要敢于去观察事物的深层含义。透过表面看本质。深入了解人们的心灵，深入了解自己的灵魂。
专注于深度，而不是表面；专注于我们每个人身上隐藏的美丽和光明，而不是黑暗。
试着去理解为什么事情是这样的，为什么人们会这样做，为什么你会经历正在经历的事情。保持开放的心态，试着去理解生活的全部，而不仅仅是其中的一小部分。

4.我们是一个整体
没有谁是一座孤岛，在大海里独踞；每个人都像一块小小的泥土，连接成整个陆地。如果有一块泥土被海水冲刷，欧洲就会失去一角，这如同一座山岬，也如同一座庄园，无论是你的还是你朋友的。无论谁死了，都是我的一部分在死去，因为我包含在人类这个概念里。
因此，不要问丧钟为谁而鸣，丧钟为你而鸣。——约翰·多恩（John Donne）

我们都同样有价值，同样重要。尽管我们中的一些人可能比其他人更有见识，即使有些人可能比其他人过得更好、更富有，但这并不意味着这些人更重要、更优秀或更有价值。这只意味着不同的生活环境塑造了不同的人。

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今日阅读一小时，Nudge: Improving Decisions About Health, Wealth, and Happiness，62%->64%,累积阅读时间47小时。

看一本不爱看的书，真是艰难。

昨日阅读3小时，累积阅读350小时。<br>
复习单词<br>
literature<br>
suffer<br>
impede <br>
deduce <br>
doctorate <br>
absolute

昨日阅读1小时，累计阅读4小时。昨天读了薛兆丰和王煜全的《全球风口:积木式创新和中国发展新机遇》，中国过去30年的发展是和世界上先进生产力结合的结果，未来30年仍然要贯彻这个思路。在互联网深水区的大背景下，协同能力大大提升，中小企业已取代跨国企业成为先进生产力的代表。积木式创新要求我们采取以企业家为核心的运作模式，打造以核心企业家为盟主形成联盟化的协作生态系统，积极通过资本在内的方式拥抱高科技中小企业。积木式创新的核心是协作，以先进科技为基础，创新企业通过开放协作的形式迅速具备大企业所需要的所有能力和完善的生态体系，从而获得成功。
创新的背后是文化，互联网以去中心化的平等结构和新技术融合东西方文化，把人类带入了一个新时代。在这个时代，世界的变局正在来临，全球风口已经成型。美国正在迎来利用高校科技形成的创新浪潮，中国要在第一时间积极参与，立足自身优势，开放大规模的制造能力，包括庞大的市场，以应用层的拓展为主对接世界级的先进科技，形成“美国科技，中国制造，全球市场”的积木式创新时代的新格局，在全球的创新生态中扮演重要的角色。
背单词-√
健身-√
英语听力-√
论文-O

昨天阅读1小时，累计阅读8小时

昨日阅读1小时，累计阅读99小时

昨日阅读1小时，累计阅读336小时.
雅与美都有某种标准，标准就是一种联系，是我们的天性——无论它本来是刚强的还是软弱的—— 和美好事物之间的联系。
你想让别人相信你的善良吗？ 那就不要说这件事。
人必须认识自己。如果这无法帮助你发现真理，那么至少可以作为一种生活准则，没有比这更 好的了。

帕斯卡. 人是一根会思考的芦苇

昨日阅读1小时，累计阅读99小时

昨日阅读1小时，2019年累计阅读67小时。继续分享《现场改善》
现场的成本降低
在本文中，“成本”一词不是指削减成本，而是指成本管理。成本管理一方面要监管研发、制造、销售及服务这些环节的质量，另一方面还要争取将这些环节的成本降低或维持在目标水平。现场的成本降低，应当由管理者采取各式各样的措施来实现。不幸的是，很多管理者试图仅用走捷径的方式来削减成本，典型的措施包括：裁员、重组以及向供应商压价。这样的成本削减措施，总是以降低工艺质量为代价，必定会导致产品质量的下降。但如今客户的要求已经变得越来越苛刻，他们不仅希望以较低的价格获得更高质量的产品，还要求货物可以快速交付。当我们仅仅借由降低生产成本来响应客户对低价格的要求时，就会发现质量和快速交付就无法得到保障
我的感受：
1、成本不仅仅是钱，更多的含义有时间、材料、人员等。尤其是时间。
2、成本更多的事前管理，不是事后算。管理要提前规划，才能有节省成本的情况。
3、节省时间节省空间，也是节省成本。

今天阅读1小时，持续每天阅读累计146小时。

昨天阅读2个小时，累积阅读50个小时。

his brings us to the question at hand: does the nature of a country’s political regime influence the accuracy of its reported statistics? It is easy to think of ways in which corrupt governments can falsify data. First, to make it seem that a country is growing, leaders may simply direct those computing the numbers to inflate them. They may even use draconian methods to enforce such instructions, as was the case when the Soviet government executed the officials responsible for the 1937 census; or when the Greek government tried and convicted—for making statements that undermined the ‘national interest’—the chief statistician (a former IMF official) engaged in 2010 to clean up the country’s data collection and reporting process.

But, the problem is a broader one that arises from the incentives to misrepresent wherever statistical independence and proper oversight are lacking. For example, even in the absence of outright punishment, data producers and reporters in autocratic regimes (especially those involved in industrial production) may seek to curry favor with the government by inflating their reports.

To examine the extent of misreporting, Martínez turns to information on night-time light. In theory, governments could simply put up lights to make their country look prosperous, but the example of North Korea suggests that this is not a common practice. Absent such purposeful distortions, we can look to see whether the relationship between night-time light and GDP is the same across political regimes.

To do this, we need three types of data: GDP, night-time illumination, and a quantitative representation of the nature of a country’s political regime. While the first is readily available, the second is extremely difficult to compute. Fortunately, HSW have posted their data here. As for the third, since the 1970s, Freedom House has constructed the annual Freedom World Index (FWI) for a broad cross-section of countries. Using the FWI, Martínez divides countries into three categories: “Free”, “Partially Free” and “Not Free”. He then comes to the following stark conclusion: over the period from 1992 to 2008, night-time light grew on average by five percent per year in all three groups (see Table 1 on page 39). But, comparing the “Free” and the “Not Free”, average annual GDP growth differed by nearly a full percentage point (3.57% versus 4.46%), resulting in a very large 26 percentage-point gap over the full 16-year period.

今天学习和阅读约5小时，累计阅读约1835小时。
学习和投资心得：
投资体系的三个层级：第三层级：金融工具的使用。三、分级基金A：接下来我们介绍分级基金A类。先简单介绍一下，分级基金就是把一个普通的基金强行拆分成A类和B类。A类基金享受固定收益，B类基金享受浮动收益。相当于B类管A类借钱投资，支付给A类固定的利息。当B类跌幅过大，就会被强制清盘，以确保A类的本金和收益不受损失。简单地说，A类基金的安全性，跟国债是差不多的，但A类基金的波动往往非常巨大，这种绝对安全的品种，有时候会因为市场的波动，出现7-8%的年化收益率。当它的年化收益率高于8%的时候，就是绝佳的投资机会。要知道，当你买入收益率8%的A类基金，你的收益绝对不是每年8%，因为当8%的利率收敛到5%的时候，你的涨幅是60%。为了展示分级基金A类的威力，这里给大家看一张双禧A的历史走势图，作为一个安全性和国债相似的产品，它在过去几年中的波动，绝对可以用触目惊心来形容。看到这里，可能很多朋友会觉得奇怪，为什么分级基金A类，会有这么巨大的波动呢？有三个原因会导致分级基金A类的价格变化，1是基础利率的变化，这点跟债券是一样的、2是分级基金B类的波动，会跟引发A类的跷跷板效应，这一点比较复杂，今天就不涉及了。3是有些刚入市的新股民，根本分不清双喜A和万科A的区别。他们会把分级A当成股票去炒做，这也加剧了A类基金的波动。这里顺便说一下，当新股民大量入市的时候，我们一定要加倍关注各类金融产品。因为市场中的新股民一多，什么事情都可能发生。到时候可能会有非常多的捡钱的机会。四、可转债：接下来我们讲可转债。可转债这个工具，是我见过的所有金融工具中，性价比最高的一个。简单的说，可转这这种东西，它涨的时候像股票，跌的时候像债券，最好的结果上不封顶，最坏的结果是少赚钱。可转债的原理比较复杂，这里只讲最重要的两个指标：溢价率和税后收益。我们先来看溢价率。刚才说到，可转债涨的时候像股票，跌的时候像债券，那它的代价是什么呢？代价就是，涨的时候，会比股票少涨一点。至于少涨多少，就要看溢价率。以民生转债为例，溢价率是15%，那么，如果股票上涨50%，转债会少涨15%，也就是赚35%。下面我们看另一个指标，税后收益。溢价率这个指标，在股票上涨时起作用。而税后收益这个指标，是在股票下跌时起作用。如果未来民生的股票一路下跌，那我们的转债不仅不会亏钱，还可以赚一点钱，至于赚多少，就要看税后收益这个指标。这里显示税后收益是4.2%，那么我们就知道，持有民生转债，只要公司不破产的话，我们最坏的结果，就是每年赚4.2%。可转债和股票，还有另一个巨大的不同，就是转债的持有人，和大股东的利益高度一致。由于转债的赔付优先级先于股东，所以，只要转债的投资者亏了一分钱，那么必然意味着大股东赔的倾家荡产。这种条件下，大股东会千方百计去保护转债的持有者，绝不敢像坑散户一样坑你。所以呢，如果你是非常保守的投资者，完全可以将可转债作为投资的核心。