Suggestion 1: Don't be prepared to hold stocks for 10 years, and don't buy them.

If you know the horsepower in the distance, you will see the benefits as time goes by.

The quality of stocks should be viewed in the long run.

The stock market should not be a barometer of the macro economy.

You earn more money when you take a nap than when you are awake.

Long-term investment can reduce friction costs.

Long-term investment is conducive to the implementation of the three noes.

Long-term investment can delay and reduce taxes.

Long-term investment helps to defeat the main force of the organization.

Regret not hugging Disney for a long time

Advice 2: buying stocks is investing in companies.

What kind of stock to buy is very important.

Buying stocks is part of buying a business.

Careful stock selection is the premise of long-term investment.

Once you see the target, you should concentrate your fire.

Excellent stocks are all the same.

There is no need to be biased against a certain type of stock.

It is best to keep the business stable for a long time.

Performance would rather be slow than stable.

Don't sacrifice long-term interests at the expense of short-term interests.

Advice 3: The management of the company must be excellent.

The most important thing in stock investment is actually people.

The management of the company affects the intrinsic value.

Capital allocation ability determines the life and death of a company.

Good management will be good at riding out the storm.

They will regard the enterprise as their own.

Buffett pays special attention to management in mergers and acquisitions.

Repurchase of shares can be regarded as a weather vane.

The emphasis is on management ability and personality quality.

Excellent management depends on performance.

Advice 4: the company's business operations should be easy to understand.

Business is more important than capital allocation.

Determine the boundary of one's ability circle

Business content should be easy to understand.

Too complicated a business can be dangerous.

New business should be easy to understand.

Pay special attention to different businesses.

See who will run these enterprises.

Personally, I don't think it is through hearsay.

There is no best, only better

Recommendation 5: The company should have an economic moat.

Economic moat is a competitive advantage.

The essence of economic moat is the margin of safety

Margin of safety is more important than price.

Learn how to check the economic moat.

Excessive cost is often a precursor to disaster.

Pay special attention to low-cost business models.

Don't be fooled by book profits.

Fame and advertising can't explain the problem.

The economic moat will change

Advice 6: The company's debt ratio must be low.

A really good enterprise does not need to be in debt.

Boxian Jewelry Company has no debts.

Excessive debt ratio will inevitably lead to failure.

Different industries have different debt ratios.

The debt ratio is related to accounting standards.

Some debts could have been recovered.

Zero coupon bond is a double-edged sword.

There are more investment opportunities when money is tight.

Standard of test management.

Recommendation 7: Free cash flow should be sustained and abundant.

A bird in the hand is worth two in the bush.

Only with Jin Gangzuan can we get porcelain.

Free cash flow represents real money.

Great companies must have ample cash flow.

Whether there is profit or not is different.

Fund allocation is the most important management behavior.

Cash flow can't just look at book figures

So is the government's free cash flow.

Free cash flow depends on good managers.

It is suggested that the ROE index should be high.

The best indicator to measure profitability

The return on equity is not isolated.

The return on net assets should be adjusted accordingly.

Dividend distribution is related to the return on investment.

Undistributed profits should be profitable.

Pay attention to whether the economic goodwill is high enough.

We should keep profits and not engage in bargaining competition.

See if there are clear operating principles.

Some industries have special stocks.

Advice 9: The stock trading price must be reasonable.

Buy stocks at a reasonable price.

Purchase price is more important than purchase time.

Don't covet the cigarette butt investment law

Choose stocks with large price difference between A shares and H shares.

God doesn't agree that the purchase price is too high

Study stocks rather than major trends

Measuring stock price with future cash flow

The more the stock market falls, the safer the investment.

Don't sell good stocks just because of the price.

Suggestion 10: treat stock price fluctuation as a good thing.

Real investors welcome stock price fluctuations.

Stock price fluctuation is not the source of risk.

A big bull market means it's time to leave.

A big bear market means you have to be extra calm.

Stock price fluctuation is closely related to the industry.

It is important to pay attention to individual stocks.

Read the annual financial report when the stock price fluctuates.

Don't dwell on past memories.

Firmly believe that the stock price will not deviate from the value for a long time.