Buffett’s lifelong advice to his children is as follows:

The first advice is to live the way you want

There is no need to pay too much attention to external things. Wandering around, the most important thing is to live according to your own ideals, will, likes and dislikes. In short, this is your own life, why let others take charge? After all, no one is a fool.

The second piece of advice is that the greatest personal success is achieved through one’s own efforts

Success and billions of dollars in wealth will not bring much ability and growth to people, but will consume people’s passion and ideals. . In a certain sense, money is just a bunch of meaningless numbers. Only an optimistic, confident, brave, and diligent thinking character can gain happiness and enrich life.

The third piece of advice is that thinking is always at the forefront of action

There is no harm in thinking. Before any action (except emergencies) is carried out, preliminary preparation and analysis must be carried out first. , which is very beneficial for seeking better results. Don't underestimate this thinking. Most successful people never act blindly. Without careful planning and reasonable arrangements, they will not do anything based on temporary enthusiasm.

The fourth piece of advice is to only do things you are sure of

If you are not sure that you can measure the value of a company more clearly than Mr. Market, you'd better not play such a game with him. , just like playing cards, if you can't tell who is the fool within 30 minutes, then that fool is probably you!

Advice No. 5: Work for fun

I love my job, but I never do, whether I'm negotiating a big contract or when I'm only making $1,000. I hope you love your job too. If you keep changing jobs and doing jobs you don’t like just to look good on your resume, I think your brain must be in trouble.

The sixth piece of advice is not to complicate simple things

Buffett: "There is always some bad element in human nature, and it likes to complicate simple things."

The seventh piece of advice is to do your best to choose your hero

Buffett warned the world: "In life, if you choose your hero correctly, you are lucky. I suggest everyone try your best to pick out a few heroes."

Take reading as a job

Buffett said: "I learned this when I was 10 years old. I read every investment book I could find at the Omaha Public Library, many of which I read twice. You have to put the ideas in your head and over time discern which ones. It makes sense. Once you do that, it’s time to get in the water (and try it)… The sooner you start reading, the better. I read a book when I was 19 years old that formed my basic investment thinking.”

The ninth piece of advice is that work requires passion

Buffett’s interest in the investment field is unimaginable. It was this passion that allowed him to lay a solid foundation for his career at a young age. His investment skills were so great that he never tired of his subsequent investment career.

The 10th piece of advice is that studying failure is more valuable than studying success

“Past successes are our wealth, and past failures are also our wealth.” In fact, failure itself is not It’s not wealth. Whether failure can become wealth depends on whether you can reflect on failure.

The 11th piece of advice is that without investigation, you have no right to speak

Don’t believe in any stock reviews, be free from interference from external information, and don’t be superstitious in theories, because in Buffett’s view, any stock operation has no right to speak. No theory can be perfect, and there must be shortcomings behind its advantages. An important point for a successful investor is to have a deep understanding of "market intelligence".

The 12th piece of advice is to resist the attack of temptation

Take breakfast cereal as an example. Its return on assets is double that of the auto insurance industry. Cereal companies are often adjusting The selling price of the product, even if the production cost has not changed, consumers still have no complaints. If an insurance company were to adjust the price even slightly to reflect the cost, insured customers would become angry. But if you're wise, you'd be better off selling high-priced cereal than low-priced car insurance.

The 13th piece of advice: Rationality is the guarantee of stability

“I act rationally.

In the investment market, the power of emotion is often more powerful than the power of rationality. You must be able to control yourself and not let your emotions control your rationality. "Buffett once said that there are many people with higher IQs than him, and many people work longer hours and have harder working attitudes than him. But in the investment industry, Buffett is undoubtedly the best because he faces the investment market. More rational.

The 14th advice: the biggest profit in life is credibility

If the profit generated by the company's use of assets is higher than the market average rate of return, its value will usually also pass through the net assets. Value. The capitalized value of these excess surpluses is goodwill.

The 15th advice is to be an honest person.

Integrity, diligence, and vitality, if you do not possess the first quality. , the other two will destroy you. You should think deeply about this, this is absolutely true

The 16th advice is not to go into debt easily

There is another advantage to having a low debt ratio. , that is, interest expenses are also low. Interest expenses refer to the interest paid by the company for the current period. Since it is not directly related to the company's production and sales process, it is called a financial cost rather than an operating cost. It usually reflects the amount of debt a company has. The more debt a company has, the higher its interest expense.

The 17th tip is not to blindly follow the trend

I can rationally expect to invest in Coca-Cola Company. Cash flow, but who can accurately predict the cash flow of the top 10 Internet companies in the next 25 years? We know that we don’t know much about the Internet. Once we don’t understand it, we won’t invest casually.

Advice No. 18 The difference between price and value is the source of profit

In the long run, although there is a difference between price and value, there is a perfect correspondence between the two in the end.

No. 19: Vaguely correct is better than precise wrong

Investors do not need to accurately assess value, as long as they can roughly. Accurately evaluate the intrinsic value of the company, and investing in this fuzzy value range is risk-free.

The 20th piece of advice: Sufficient patience is essential for success.

If. When you buy a stock today in the hope of selling it tomorrow, you are entering into a risky trade. Predicting the probability that the stock price will rise or fall in the short term is like predicting the probability of heads or tails of a flipped coin. You will lose half the chance. If you extend your investment time to a few years, the possibility of your transaction turning into a risky transaction will be greatly reduced.

Tip 21: Trust your intuition, it can. Help you make optimal choices

A person's intuition is often very accurate, which is especially important for stock investment. One's own intuition is the first feeling about the stocks and companies that are about to be purchased.

The 22nd piece of advice: Being bold and careful is the "magic weapon" for accomplishing everything.

Being bold and careful is the magic weapon for accomplishing everything. Of course, we should not think about it in investment. To predict or control the results of investment.

The 23rd advice is to act quickly and close quickly.

Holding a stock for a long time is a wise choice, but it is not a wise choice. This does not mean that you should hold it for a long time unconditionally. For example, when there are changes in the company's internal business methods or there are major changes in the development prospects of the industry in which the company is located, you can change your shareholding strategy and sell your shares decisively. stock.

The 24th piece of advice is to have more advantages if chips are concentrated together

Since most investors choose a diversified investment strategy based on modern portfolio theory, the sustained value strategy of concentrated investment has the advantage certain competitive advantage. As Buffett said: "We would rather get a fluctuating 15% return than a steady 12% return."

The 25th piece of advice: Wealth only loves dedicated people

"Wealth only loves those who pursue it persistently." It is impossible for people to cover everything. As long as they focus on the areas they are familiar with and strive for excellence, this will be enough to lead to success.

Advice No. 26: Assume that you only have one opportunity

The best time to invest is often when a company with sustained competitive advantages encounters temporary major problems.

Although this type of enterprise encounters major problems, it will not have a devastating blow to the company's competitiveness. This is just a test of its strength and ability to cope with unexpected events. Therefore, if investors prove that a certain company has the characteristics of good operation or exclusive consumption, or even both, they can expect that the company will be able to survive in the economic downturn. Once this period is passed, its future operating performance will be better. It must be better than in the past.

The 27th advice strategy changes due to the actual situation

If I find that Coca-Cola has not actively developed its white water beverages, I will write a letter to the Coca-Cola Company headquarters, hoping to make such reforms. If this suggestion is not accepted in the next few years, and the world's population gradually drinks mineral water instead of Coca-Cola, even the century-old Coca-Cola stock should be sold.

Tip 28: Avoid falling into the swamp of analysis

“Technical analysis is as popular as it is wrong.”

Buffett does not trust any stock market forecasting experts. , he does not read the various stock picking materials produced by stock analysts at all, nor does he install a stock terminal on his computer to check stock prices every day, nor does he want to waste time analyzing stock price trends. In Buffett's view, no one and no method can accurately predict the rise or fall of stock prices.

Advice No. 29: Emotional quotient is more important than IQ.

Investment is not an intellectual game. A person with an IQ of 160 may not be able to defeat a person with an IQ of 130. If you want to invest successfully throughout your life, you don't need a genius IQ, extraordinary business vision or inside information. What you really need is a sound knowledge structure for you to make decisions, and at the same time, you must have the ability to prevent your emotions from destroying this structure. ability.

The 30th piece of advice is to be determined to win

To a large extent, only by overcoming many temptations and setbacks can you achieve success. Without a firm attitude towards the pursuit of success, it is easy to be defeated. Surrounded by external objects, one may indulge in sounds and colors, or may be caught in suffering. Only with the determination to achieve success can we approach success step by step.

Tips 31: Invest more in yourself

The power of habits is amazing. In the face of habits, reason is often vulnerable. Habits have a huge impact on people. Because it is consistent and unknowingly affects people's behavior year after year, thereby affecting work efficiency and determining ultimate success or failure.

“Happiness is the most important thing in life. Billions of wealth will not give people ability and growth, but will kill your passion and ideals. In a certain sense, money is just a bunch of meaningless numbers. Only with an optimistic, confident, courageous, and thoughtful character can you gain a happy and rich life.”

As an investor, Buffett is successful; and as a father, he is outstanding. Although Buffett's three sons and daughters did not inherit Buffett's legacy and become trendsetters in the financial world, they have all achieved satisfactory results in their industries. The eldest daughter, Susie, has become a fund manager and housewife, and is enthusiastic about education; the eldest son, Howard, is working hard to solve the problem of global hunger; the younger son, Peter, has become an Emmy Award-winning musician.

"The Complete Collection of Lifetime Advice from Buffett to His Children" takes Buffett's family education as the entry point, and uses Buffett's advice to his children as the theme to interpret how Buffett integrates his wisdom and father's love to teach his children Teach students the attitude towards life and learning in the face of challenges, and ultimately create a beautiful life of their own. At the same time, you can also learn how to respect and love a person, how to develop your own strengths and make up for your own shortcomings from "The Complete Collection of Lifetime Advice from Buffett to His Children (Super Value Platinum Edition)". You will find that success is not a tribute from above, but a fruit that you can pick.