投资中最简单的事

by 邱国鹭

Starting from years of investment experiences, the writer Qiu Guolu analyses simples but practical investment principles like Low price speaks for itself Pricing power is the core competence and Others discard, my gainupstream investment, and explains the concept thatFor the majority, only value investment can be the most learnable, practical and achievable, also sharing the investment methods easy to learn and operate.

Genres: Finance

217 pages, Paperback

Published October 1, 2014

Reviews

[Xinyu Wu · Rating 5 out of 5]

The author's investment philosophy can be summarized as "find the winners of some industries and invest when they have low valuation". The question can be further divided into "how to find winners" and "what are low valuations"? One of the most important answers to the first question is "monopoly/oligopoly". The answer to the second question is "P/E ratio" and liquidity in the market.

[Ethan J · Rating 5 out of 5]

挺实在的，作者所说的最简单的事，就是在优秀的行业里找赢家，最好是新兴的行业里的龙头企业，或者选择低估值的股票因为他们期望不高。

[Mr.Shore · Rating 4 out of 5]

并不是系统性的教学，可以看出是作者各个时期的一些文章的合集，但这本书依然有着很大的价值，我从中学到了很多

[Sheldoniscute]

印象很深，在投资理念方面，感觉算是国内最好的，读后醍醐灌顶之感特别强，当初是抱着希望在个人修为上能有所收获，果真不负所望，力荐！

[伊特阿卡迪亚 · Rating 4 out of 5]

看完之后不敢投资了

[Larry Hou · Rating 5 out of 5]

Another great book from Chinese value investor, very practical, full of insights.

[Mike Chan · Rating 5 out of 5]

The author, who worked at some value investing fund in US and came back to China and started his own asset management company, is a hardcore value investor. Hardcore value investors are quite rare in China(statistically, there should be many but I guess many of them just don't say it out loud). The author believes there are many ways to make money but he believes value investing is the easiest to handle for mere mortals. Of course some rocket scientists(etc, Renaissance) can figure out price patters and profit from recognizing them. But not many people can do that. So why not spend the time on a philosophy that puts so much weight on common sense? Ideas in the book are not new to me as I have read many books on value investing from the west over the years. However, I think this is one of the best books on VA written in Chinese and related to the Chinese equity market.

One idea in the book is particularly interesting. The author believes that cheap valuation is very important. Many people dream to be Warren Buffett to buy wonderful businesses at fair prices. That doesn't sound like a good strategy for many people because 1) you don't have the experience to tell what's a wonderful business and 2) you don't know what's a fair price, especially when you have the bias to act on things that you have put in so much effort in it already. The worst mistake one could make by following the wonderful business strategy is buying a crappy company at a high valuation. On the contrary, if you focus on cheap valuation, the worst that can happen to you is buying a crappy business at a cheap valuation. This argument shows that the author is an independent thinker.

[Karen Zhang · Rating 5 out of 5]

The author illustrated three key things about investment
- valuation is key because it's extremely hard for people to predict the future (growth), but valuation is a fact we know today.
- industry general trend is more important than individual company strategy. As a fund manager, his strength is to select industries that are severely undervalued. His pick on machinery stocks in 2010 is a very smart choice.
- invest in industry leaders rather than smaller players.

The other things I find quite interesting are his views on China and the economic competition.