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four pillars - the gist concept of compound amuse investment philosophy Road (2010.04 .13)
■ anniversary of the annual Pacific Ocean
text in the industry ought be long-term investment, These four aspects to
called four pillars of investment compounding Road.
1, positioning (brand, channel, technology) and appearance the brain and borrow
For companies, access to a location that is in the minds of consumers as synonymous with a certain category. or
who use the words of Warren Buffett, has positioned the company created in the minds of consumers most of the trench.
such as Coca Cola representatives, representatives of Microsoft operating system, on behalf of Google search engine positioning is the mind combat,
arrange in the minds of consumers in a jot, the first one to enter the minds of consumers brand's market share
they preoccupy the value of the second brand is routinely twice the third brand of treble businesses the upper hand once, others more laborious over
. has positioned The company, product sales will grow increasingly pile up customers will be greeted.
positioning of the companies have generally specialized companies, in a category where continuously strengthen their own situation, unless treatment out
a problem, otherwise, never self-righteous to leave their position to expand their blind.
have positioned the company is modest undertaking, the company is a morale of mash.
Just as people can only become a specific industry, the industry's top talent, what do people often have nobody.
company to do the same, and only focus on a decisive space of specialization in order to chance a great company company diversified
few companies can proceed the success, we know thatonly renowned companies as GE, but GE is also in the actual
in many industries with one of the best professional companies, which in his own field have positioned
Studies show that companies continue to establish value are highly condensed in the core business of specialized enterprises.
who like me like Gree (traditionally it classified as household utensils, in truth, it is quasi-consumer, because the trbring an end to ... universal warming trend
, human are basically unable to depart the air conditioning life) as the company,
Lacoste Prep CB Trainers, it demands only air-conditioning, and naturally
approximately the air conditioning to configure the capital and operating companies. has positioned the company to retain a stable income, the natural give us
send long-term settled investment income.
specific perspective, with positioning of the company has a structural competitive advantage will be penetrated in the emulating four areas: not
intangible assets (trademarks, patents, valid prerogative), switching costs, network effects (with increase in the number of users,
Lacoste Camden Trainers, enterprises
industry's products or services value to increase) and the cost advantage (the process advantages of location, a solitary resource advantages
potential scale avails), analyze the specific positioning of the enterprise, We can from the four in-depth and characteristic to distend its digital content set
.
in alter industries to make sure, although we strive apt study, numerous industries can be
industry professionals have more knowledge, but infinitely closer knowing of the globe is always a process, it is difficult fully to get the truth, accordingly, requires
To use outside forces to aid us make judgments on the investment targets. Our years of experience that, occasionally
can borrow free of dictate outside the brain. a situation is to borrow professional judgments as our judge, such as to sentence
off Gree frequency technology in the end what position , for those of us uninitiated, is impossible, whatever,
large gold Gree coupler venture gave us the basis to magistrate, Daikin namely the pioneer of the field frequency, even willing to use the full
money shares are not accounted for controlling position, and that figure is what it is, with technology shares Gree even get a controlling position,
this is only recognized Gree Daikin's technical capability in the inverter, which is vocational company to borrow decrees. Another situation
situation is that many large supermarkets such as Wal-Mart, Carrefour, China Resources, they enter the supermarket company's products have a certain
screening process, behind the test of entire aspects of their Finally, enter the supermarket company, its product quality is the clearance
, and into the outlet, its sales will have a assure as the purchaser companies, once entered the
channel, and its development can be expected of this is to borrow a large channel as our sense of prevalent sense, we do judge the
this path outside the brain called the lend.
2, ROE (return on equity / return on equity) and free cash flow and gross margin and
ROE (shareholders Return above equity, return on net assets of the servant cry) is our selection of qualified target industry companies
very important financial indicators,
Lacoste Running Trainers, the higher the ROE can increase net profit margin, asset turnover and increase the asset to improve
leverage to obtain service and this indicator in itself show the company's operations, investing and financing activities in three areas is the most
can show a company's competitiveness indicators, but also show an important indicator of the level of management. Some of our industry
more Bitter, net profit margin is very low, but because the company has the ability to do good luck and this ability is reflected in increased turnover and increased
Finance leverage and will not affect the company's operations, accordingly greatly enhancing the ROE.
to Gree Electric Appliances, for instance. in which the electrical industry because of its intense emulation, its net profit margin is cheap, although has been In
exertions to enhance, 10 annuals from 2% to 6% in the 3-fold, but the perfect digit is still very general, but the company is committed to provide
High turnover from 1.3 times in 2000 to 1.9 times in 2007, dropped to 1.5 times in 2008 deserving to industry-
quality, increase things turnover is very restricted so, Gree will use the financial leverage accustom on a quite restricted
,
Buy Lacoste Trainers, the lever has been higher, up to 4 times alternatively more, that debt ratio to 75% or 80% long-term such a high debt ratio seems
Hu Zhang risk for the company at any time, but its liabilities from Gonghuo seller's debts and advances, this does not
not only hazard factors,
Lacoste Trainers UK, a perfect reflection of the company's mighty competitive corner, a cash flow emergency if true, it's competing with readily obtainable
competitiveness bank loans.
positive cash fin the absnece of the company in the state, we ambition investment targets ROE upon 15%, gross profit margin at 40%
if more companies can be relaxed to more than 10% because the company can withstand the high gross margin shock of accidental events, an encounter unexpected environmental
once dwindled at 5 to 10 percent profit margins, the company can still earn a agreeable proceeds, The
not as gross margin of 8% or 10% of the company, once the face of this situation, we can only look at a detriment, crop failure.
we require a minimum gross profit margin of not less than 15% , preferably more than 30%.
we necessitate affirmative free cash flow, to maintain an annual growth of more than 10%, and even for the early stages of evolution of the retail latch
only in a very short duration to grant negate cash flow.
product positioning of the company if its management is excellent, it must be reflected in the ROE on the long-term
in more than 15% at the steady rise and, if a company has positioned its erratic or less than 15% ROE levels
, it must be poor management, or spoil their own company's identity reason.
3, the performance of the consumer market: market share, brand value, consumer surveys and media reports the consumers and the management quality and glory
the positioning of the front and ROE are considering and research data inquiry and research, are abstract logic, this solo not enough to give us some
provide sufficient message to make decisions. Kant said: so then just attempt to take advantage of this in accordance with the laws of logic and connection in a survey related with the
entire being, but the better it is only to be tested in consensus with the statutes of logic. The learn itself is and
qualitative and quantitative research as major as assignment.
experience to examine the company's products or services provided, to obtain first-hand experience as feasible to collect consumer evaluation of
and their consumption behavior by a friend of knowledge within the company's employees understand the company's operations in the details, visit
inquired by our customers and competitors, examine its position in the industry, but also to participate in general meetings of the company and the management membrane field
feelings.
good company executives are generally honest and competent people, in today's context of China's honesty, probity, we must
the first company executives questing quality, if it were not for honest competent and executives quality of our investment will bring the havoc of combat
order to determine whether executives honest and competent, individually from a spacious collection of weeklies and TV newspaper reports,
visit the company's clients and antagonists, the common appointment of shareholders to partake in the quality management field experience and the competence to do things is very important
homework.
; only we have determined that the management is honest and capable, we can be confident that the company's financial statements, only the Secretary of the company's substantial operations
have real experience and feel the real bargains and a tall level of service, we
further research in order to further make the decision whether to invest.
4, the stock market representation / Mr. Market: Top of the time window, popular time skylight, due to lack of knowledge reasoned by the prevalence of lead
fallacy.
Speaking in front of all the ideas and methods only solve the problem of what to buy, but more importantly, half of trading at what price
grid has not been studied below the stock market's performance on the opener response to what sale price of the publish.
but in answer to this question, we must solve the problems the company's intrinsic value, which is the valuation of the
problem, the problem is no solved, then the valuation We do not know stock is overvalued or undervalued.
We recognize 3 valuation methods (details omitted):
1, PE and book value
2, free cash flow discounted
3, the 15% rule
Buffett the company's valuation is very important process, but in the end make the money out, will have to wait
back to the intrinsic amount of stock, preferably a 2050% discount, so there is adequate security peripheral. good company always sought after by the market
, price is always overestimated, it is difficult to purchase the margin of safety there are opportunities, but maximum people favor
the mart short-term trading, the company's own lack of depth research, once the overall market's short-term alarm break or special
special difficulties arise, are constantly highly irrational sell-off to appear jumping big sale low price,
Lacoste Swerve Trainers, there buying opportunity
. In this regard, Buffett has many noble words:
rapacious when others alarm that in greedy when others are afraid.
most people are consciousness for everyone interest in the stock interest. No one interested in the stock the daytime, what you should be interested in while the stock
Popular shares is difficult to make money.
huge great investment opportunities from the company was unusual environmental nuisance, then the Secretary will guide the company's stock
be wrong to underestimate.
specifically Only when the target range of companies embodied investment market is expected to occur when the defect in ...vestment
can pluck the trigger so the opportunity to come from three aspects:
1, the overall market ebb led to many famous over the company's stock is too undervalued.
2, excellent company was temporarily trapped by the enormous problems caused by the market over its stock undervalued.
; 3, due to absence of perception led to the company's fashionable fallacy to underestimate the company's share amount.
(the company mentioned in the text only as a accustomed circumstance of point of view, does not mean that recommendation, This article does not do the same sale charge
any)
2010 年 4 月 13 日 零点 county in Hunan Chaling
[ Blog ] investment splendid 4 pillars - the c
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