Benjamin Graham’s Investment Philosophy\x0d\ Benjamin Graham believed that real investors will take advantage of market mispricing and focus on the company’s dividends and performance to achieve success. "In general, price fluctuations have only one important meaning for the real investor: when prices fall sharply, the market offers him an opportunity to buy stocks intelligently. If he forgets about stock market price fluctuations and concentrates on his He will do better in terms of dividend returns and the company's operating performance. "Graham tells us here that real investors decide whether they buy or sell based on the value of the business behind a stock. \x0d\ In addition, he believes: "The most realistic difference between investors and speculators is their attitude towards stock market fluctuations. The main interest of speculators is to predict fluctuations and profit from market fluctuations. The main interest of investors is What the market movement actually means to him is that it always alternates between low and high price levels. When the price is low, he will buy wisely. When the price is high, he will definitely buy it. It may even be wise to sell if you don't buy. "\x0d\ The essence of Peter Lynch's investment strategy mainly includes: \x0d\ 1. Don't believe in various theories. Centuries ago, people heard the sun rise after a rooster crows, so they thought the sun rose because of the rooster's crow. Today, the rooster crows as before. But new arguments each day to explain why the stock market is rising and the impact on Wall Street are confusing. For example: a certain conference won the blackjack award, the Japanese were unhappy, a certain trend line was blocked, "Whenever I hear this kind of theory. I always think of the crowing rooster." \x0d\　2. Don’t trust expert opinions. Experts could not predict anything. Although there is indeed a subtle correlation between interest rates and the stock market, I don't believe that anyone can use financial laws to explain the direction of interest rate changes in advance. \x0d\　3. Don’t believe in mathematical analysis. "Stock investing is an art, not a science." The decision to choose stocks is not made through mathematics. All the mathematics you need to know the stock market is something you learned in fourth grade. \x0d\　4. Don’t believe in investment talent. There is no hereditary skill when it comes to stock selection. Although many people believe that others were born to be stock investors and blame their own failures on tragic birth defects. \x0d\　5. Your investment ability does not come from Wall Street experts, you have this ability yourself. If you use your talents and invest in companies or industries you are familiar with, you can outperform the experts. \x0d\　6. There is a company behind every stock. Understand what the company is doing! You have to understand what (stock) you own and why you own it. The statement "this stock must rise" is not reliable. \x0d\　7. Owning stocks is like raising children - don't raise too many and you can't manage them. Amateur stock pickers have about time to track 8-12 companies. When buying and selling stocks conditionally, the investment portfolio should not exceed 5 companies at the same time. \x0d\　8. When you cannot understand the financial situation of a certain company, do not invest. The biggest losses in the stock market come from investing in companies with poor balance sheets. Look at the balance sheet first to find out whether the company is solvent before you put money on the line. \x0d\　9. Avoid popular stocks in popular industries. Good companies in industries that are being left out and no longer growing will always be the big winners. \x0d\　10. For small companies, it is best to wait until they are profitable before investing. \x0d\　11. The success of a company's operations is often out of sync with the success of its stock for months or even years. In the long run, they are 100% correlated. This kind of inconsistency is the key to making money, and patience and owning a successful company will eventually pay off. \x0d\　12. If you invest $1,000 in a stock, you can lose up to $1,000, and if you are patient, you still have a chance to make $10,000. Ordinary people can concentrate their investments in a few good companies, but fund managers have to diversify their investments.

With too many stocks, you lose the advantage of concentration. A few big winners are enough to make an investing career worthwhile. \x0d\　13. In every industry and region across the country, carefully observing amateur investors can spot companies with growth prospects before professional investors do. \x0d\　14. The stock market decline is as common as a January snowstorm in Colorado. If you are prepared, it cannot hurt you. A dip is a good opportunity to pick up bargains left behind by investors who have fled the storm. \x0d\　15. Everyone has the brainpower to make money by trading stocks, but not everyone has the stomach for it. If you are prone to fleeing at every turn, don't touch stocks or buy stock funds. \x0d\　16. There are endless things to worry about. Avoid the weekend doom and gloom and ignore the bold latest predictions from stock analysts. You have to sell a stock because the company's fundamentals have deteriorated, not because the sky is falling. \x0d\　17. No one can predict the future direction of interest rates, the economy, or the stock market. Put aside such predictions and pay attention to what is happening in the companies you have invested in. \x0d\　18. When you own shares of a quality company, time is on your side. You can wait -- even if you don't buy Wal-Mart in the first five years, it's still going to be a great stock over the next five years. When you buy options, time is on the opposite side of you. \x0d\　19. If you have the stomach to buy stocks, but don’t have the time and don’t want to do your homework, just invest in securities mutual funds. Of course, this also requires diversification of investments. You should buy several different funds whose managers pursue different investing styles: value, small-cap, large-cap, etc. Investing in six funds of the same style is not called diversification. \x0d\　20. Capital gains tax punishes those who frequently change funds. When one or several funds you invest in perform well, don't abandon them at will. Hold on to them.