The book that Ba-Fei-Te likes

1950, in cloth La-Si-Jia state university studies in Ba-Fei-Te of the level of 3 years have read book, shelf thunder E Mu " clever investor". This book advocates people to do " valuable investment" - - investigation one takes off when the people on stock market are low for which company's appraisement, that is said, the intrinsic value that has a look of the company of which gives it actually than stock market the value decided , will be big and many. A valuable investor when genuine business circles is always in order to be lower than the very business the price of value - - also is its intrinsic value - - purchase stock. He always wants to purchase those can with the large below company's stock that " interaction value " throw.

At the same time, shelf thunder E Mu still think

For shelf thunder E Mu, low profit and the property

" clever investor" this book has offered one for Ba-Fei-Te most important go into business theory, " have only is under the condition that does not get feelings factor influence , the investment that goes on is just the most sensible investment. " that is said, investment should not get the influence of feelings , has no to show the great expectations of profit , have not also worried about that is uneasy as losing , do not follow more to flow , seeing others purchase is purchased by oneself blindly at the same time.

Shelf thunder E Mu the birth of 1894 years in London a Jew family that is engaged in little antique business. He the intrinsic value that encourages investor to pay attention to business - - also is a sensible businessman wants the thing of payment. Shelf thunder E Mu have said: " the oldest enemy of investor possibility is his. "

Investor should still remember this principle " the limit of safe investment" to affirm that the value of stock that you purchase is far larger than your investment done in stock market. Only it is just really important matter to purchase the value of stock as well as the price of stock. Ba-Fei-Te says afterwards: " the limit of safe investment" is some most important words in investment.

Before making investment , there are many factors that will be considered , for example, the reason of image tube whether perfect , stock price, compete the persistence of ability as well as the right of administration of special permission. But on price problem, it is this, shelf thunder E Mu these words for Ba-Fei-Te simply as if maxim:

When our utilization" the limit of safe investment" this principle comes to guide us make investment in the aspect of estimating low-priced bond and the bond with low value , its importance becomes apparently. Basis definition, we should possess the very stock price and on the other hand the instruction price of stock or the favorable discrepancy between assessed value. This kind of discrepancy is the limit of safe investment. Absorption this kind of calculation the wrong influence of very bad luck is may with a view to use. It may resist the investment ability of unfavourable development if the buyer special notice of low-priced bond is this kind of. Because under the condition majority, they are not to be interested really in the future of company. If company the very terrible words of definite future, so no matter the price of stock is cheap, investor will not be willing to draw out money to purchase this kind of bond. But estimating value the low this publishing field of bond gets the influence of various interests - - possible majority shareholder - - future looks is not especially bright, will not also look especially remote. Purchase with especially low price if these stocks are , even if the ability of making money reduce a little will not also prevent to make investment to show that make satisfactory result. The limit of such safe investment this principle has reached its genuine purpose.

Ba-Fei-Te will become world

For Ba-Fei-Te, reading this book make him have got the sudden realization for thing true essence. " is for me , this book for me as if go Damascus meet disciple Paul on the road is the same, " Ba-Fei-Te for " Ao Ma Ha world pioneer person newspaper " reporter Luo Bo special, Du Er says.

Ba-Fei-Te has said: " early when this book of 1950 years first publication I have read this book , at that time, I am 19 years old. Then I think that this is the best book in the aspect of all investment. Now, I so think still. "

Shelf thunder E Mu " clever investor" is " bond analysis" this from shelf thunder E Mu David of and Colombian university, many virtues the popular edition of the first-rate monograph joined to compose. Many virtues this very appreciation sentence words: " world goes up no what new times, only it is new and wrong. "

" I do not hope to sound as being fanatical religious member

May 2000, the daughter of many virtues, live in American San Francisco Ba Ba pull , many virtues, An De Sen have that book that her father annotates in own handwriting is the first edition of to have given Ba-Fei-Te. The presentation ceremony of this book is carried out by the business college in Colombian university. Ba-Fei-Te each separate two years to want when this does one speech, he recalls to say , when he studies in here, is lifelong professor of this many virtue Colombian business colleges help he enters really to this commercial field.

To explain that this book is for the huge influence on his thought , Ba-Fei-Te recollections says that there is once, when use the company of machine for American international business turn over trust incident to testify , American international business says with the lawyer of machine company that a certain paragraph in book and the viewpoint of Ba-Fei-Te has contradiction. Ba-Fei-Te retorts to say that that book that that lawyer quotes is the 3th edition that other persons let draft, Ba-Fei-Te recites that not when this book in the first edition of in, the first edition of includes shelf thunder E Mu the article of and many virtues.

Ba-Fei-Te always " clever investor" this book, as any book of a success that investor will read , recommendation gives them. He has said, the 8th of book Zhang speak is investor for change multiterminal , the attitude of stock market that cannot foresee. Second 10 Zhang speak is the skill about how to purchase stock cheaply, it is also " the skill of safe investment". This two Zhang is most important and two in all suggestion of investing in aspect - one genuine investor should learn to use stock price , no matter when share price is highest, or when being minimum, he can buy in with the lower price relative to genuine commercial value.

8th Zhang say , when begining to consider to enter stock market, you should imagine to get , you are doing business with "market" , but you will observe it constantly, because it can bring you to have no the wealth let , can also make you fall into the abyss of debt. When in this Zhang, author still writes road, " basically, the fluctuation of price has only a really important meaning for genuine investor. The fluctuation of price offers one to him, is low to enter the opportunity of throwing high. Is in additionally some occasions , if the words of the operation result that he can forget stock market and pays attention to the profit that parts and the company of self, he meeting do have to be better. "

Second 10 Zhang content include two aspects, on the one hand, it is the favorable discrepancy on stock price, on the other hand is the instruction of stock or estimate price value between, this discrepancy is safe investment limit. So, safe investment limit depends on the price that you pay.

The stock market that good price comes from very in depression. As if is fund manager Kerry this, David this like say so: " is in low state in market to make money. At that time, condition is not this appearance seemingly. "

Ba-Fei-Te has at the same time still introduced