1.

I accidentally brushed a good article with great literary talent and depth in the circle of friends, but unfortunately it was quickly blocked by "infringement" because the article was sharp in writing.

This article comes from Dai Boss, the official account author of WeChat WeChat. I can't help reading it several times, because it is wonderful.

Although we can't share the original text, this paper starts with revealing the gambling style in China during the World Cup and traces it back to the gambling on the mahjong table in the Republic of China. Then, China is full of gambling-style housing market, stock market and currency circle in recent years. Wave after wave of "leek" lost everything, but went forward and was constantly "harvested", which made the author sigh:

"China people believe in a word over the years, called' one life, two luck, three feng shui, four virtues and five studies'. Since' life' is beyond your control, you have to rely on' luck' to turn yourself over and try. As for the two options of accumulating virtue and studying, we can only stand aside for the time being. When the chances of upward mobility of the class are getting smaller and smaller, it is the spiritual sustenance of the whole people to try your luck with all your eggs in one basket. "

This can't help but remind people of Hu Shi in the Republic of China. He witnessed the people rubbing hemp crazily and wrote a critical sentence in 1930 mahjong:

"We have traveled all over the world. Have we ever seen a progressive nation and a civilized country willing to waste time and night like this? "

2.

This gambling of China citizens is deeply reflected in the investment ideas of ordinary people, and it is also fulfilled in the stock market of China.

After the crazy stock market skyrocketing in 20 15, the stock market crash in June of 20 16 caused countless investors to lose their life savings, and also exposed the imperfection of the China stock market and the once seriously overvalued valuation.

The stock market is still depressed this year. Recently, the closing point of A shares was close to the lowest point in the stock market crash. No matter what the market is like, it is still the fertile ground with the largest number of retail investors, the highest turnover rate, the most speculation and the most lush leeks in the world.

As an ordinary investor, how should we get rid of the gambling mentality and make more rational investments?

In May this year, Red Weekly reported that the team went to Omaha, USA with similar questions and had a two-hour exclusive interview with Charles Munger, Buffett's partner.

In the interview, the reporter asked Munger how investors should be patient and how to establish a correct investment concept.

Munger replied that if investment is regarded as gambling in a casino, gambling can't be done well. Because you will be very concerned about the current results, and become impatient.

He advised investors in China to gamble less and invest more. Investment pursues a long-term result, not an immediate return like in a casino.

He said that some things are born, but some things can be cultivated, and patience is one of them.

Munger mentioned that there is a saying in the United States called "long attention span", that is, the duration of long attention depends on how long a person pays attention to one thing. This is a very desirable feature, because if you can think deeply and hard about a question for a long time, you will be more likely to get the correct answer.

The reporter also asked, how to cultivate and be rational for those impatient investors?

Munger repeatedly emphasized the importance of reason.

He said that being reasonable means seeking truth from facts. However, most people only see what they want to see when they look at the world. If this is like seeing the world through deformed glasses, no amount of knowledge and patience will be of no use. Because the world you see is out of touch, there is no rational attitude, and everything else is useless.

As for how ordinary people cultivate and acquire rationality, Munger suggested that one must be cautious, strive to be rational, and pay attention to and care about rationality. If a person doesn't care about himself, he won't try to be rational, and you may be irrational all your life, so you are bound to have bad results.

Munger said that it takes a lifetime of hard work and a lot of study, reading and practice to cultivate rationality.

3.

/kloc-Mark Twain, a great American writer in the 0 th and 9 th centuries, made a lot of money in his life, but few people really knew that his last life was poor.

His money was not squandered, but wasted by his reckless investment.

After becoming famous, Mark Twain started a publishing company, but due to poor management, he owed a lot of debts. In order to pay back the money, he decided to enter the stock market, trying to make a fortune in the stock market and bring it back to life. Unfortunately, he didn't make a fortune in the stock market, and many investments still failed.

He summed up a famous saying in his short story "Silly Wilson": "October is the most dangerous month for stock trading; Other dangerous months are July, 1 month, September, April, 1 1 month, may, March, June,1February, August and February. "

Mark Twain warned us in a humorous way that it is unreasonable to invest and enter the stock market "every day is dangerous".

There are many similar celebrities in history. For example, McClane, the inventor of the container, used to be one of the richest businessmen in the United States, but in the end he owed more than one billion dollars in debt because of his desperate investment in the oil industry, which led to the bankruptcy and decline of individuals and families.

There are not many such examples, and we must know that there are several people around us who used to be beautiful and lived a decent life, but fell into bankruptcy and poverty because of an investment failure or business failure.

In fact, it is not easy for a person to spend all his money as long as he does not gamble, take drugs or borrow usury, but if he invests too rashly, he may soon go bankrupt and lose all his money.

After bankruptcy, such people often lament that their lives are hard. In fact, the root of the problem is their knowledge and way of thinking.

It is precisely because there is no awareness of risk prevention that even if several investments are lucky enough to succeed, one will encounter waterloo, lose all the money earned before, and even owe huge debts because of improper use of leverage.

Risk awareness is the most basic quality of an investor. Many people only consider the benefits when doing things and investing, and completely ignore the risks, so they will simply and rudely adopt the strategy of maximizing the benefits. Such a strategy is often very dangerous for people with risk awareness.

And those who are risk-conscious often deliberately avoid such mistakes. They will be much safer when they make decisions, even if they earn less every time, the result will be much better in the long run.

Buffett once said a very philosophical sentence: a person's life is very long, and it is enough to have money once.

The implication is that we must be risk-conscious and avoid making mistakes that will ruin all our efforts, instead of desperately pursuing more wealth.

Interestingly, in many families in China, husbands complain that their wives spend too much money on clothes and cosmetics, but they waste a lot of money on investment and have to pay "tuition fees". They often don't realize this. They are not only stubborn, but also always look forward to turning over, returning to their roots and constantly smashing more money.

Such investment has deviated from the essence of investment: the growth of wealth. In order to increase wealth, it is not enough to work hard to make money, but also to learn how to hold on to wealth steadily.

4.

Munger once joked in a public interview: "In America, guess who lives longer? They are professors, judges and value investors. And who has the shortest life? It's people who run red lights, people who drink and smoke too much, and short-term traders. "

Munger didn't say it for nothing. In the United States, traders who operate short-term trading and gambling are often in poor physical and mental health. They are stressed and nervous, and they want to make money every minute, and most of them like to relieve their stress by smoking and drinking, so short-term traders "walk the fastest".

Although speculators may get excess returns in the short term, over time, value investment is the winner in the final market.

There are many masters of value investment in this world, but there has never been a long-term short-term investor.

In the eyes of value investors, the most important thing in the market is the test of time. With enough time, the value can be discovered by more and more people, and most people can only see the ups and downs of the stock market tomorrow and the immediate interests.

But his old partners, Buffett and Munger, have the same belief and have been persisting and practicing. Buffett began to write to shareholders from 1957, insisting on one letter a year, and has written 6 1 letter so far.

The contents of these letters, including how to choose managers, choose investment targets, evaluate companies, and make effective use of financial information, are regarded as investment bibles by investors.

In every carefully written letter, Buffett will repeatedly emphasize the importance of value investment and long-term investment to shareholders and believe in the power of time and compound interest.

Another entrepreneur who insists on writing to shareholders is Bezos, the richest man in the world and the founder of Amazon. He started writing letters to shareholders from 1997, and has updated 20 letters so far.

The biggest feature of his letter to shareholders is that at the end of each letter, a "personalized signature" should be marked: "Continue to pay attention to long-term value". This is also the trade secret that Amazon has gradually become the most powerful technology company in the world from an e-book merchant website selling books.

From them, we can learn a lot of common sense about investment. And those ideas that have been repeatedly verified and proved to be effective and universal need us to instill and practice them seriously, repeatedly and persistently.

Sometimes the simpler the truth, the more effective it is and the more eternal it is. It is no exaggeration to repeat this truth to yourself many times every day.

Do the right thing in the right way, and the result will definitely get better. If you persist in doing the right thing in the right way for a long time, your ability and knowledge will definitely make a qualitative leap.

5.

In the article "It's a pity that it can't be read by more people" by Dai Boss, there is such a wonderful description:

"In August, 1992,1200,000 people poured into Shenzhen with 3.7 million ID cards to snap up new share subscription cards; 1February, 1993, crazy speculators poured into Hainan to speculate in real estate. There are 20,000 real estate companies in Hainan Province with a population of more than 6 million. In August, 2007, people chasing the bull market lined up in front of the business department of securities firms. A few years later, they moved the team to the business department and the civil affairs bureau. The madness and despair of this scene spell out all the pictures nourished by China's gambling:

The bottom bet on life, the middle bet on wealth, and the rich bet on the country. All the ups and downs in China's speculative history are found in these twelve words. "

How many bankruptcies and family tragedies are rooted in "bottom gambling, middle gambling and rich gambling on the country"? These heavy twelve words. And these twelve words, in any case, are mistakes and lessons that we should deliberately avoid in the future.

When we completely delete the words "gambling", "speculation" and "getting rich" from the dictionary of life and replace them with "patience", "rationality", "value" and "growth", then the future will definitely become better, whether we are individuals and families, or society and country.

Someone once said: "Investment is a survival game with low threshold but high mortality."

But Buffett pointed out a direction for us: "We don't have to kill dragons, we can do well just by avoiding them." ? And this flying dragon is the lesson that each of us has learned from past gambling and speculation.

One's life is very long. We only need to get rich once through our own hands in the long river of time, and then it is enough to protect it well.