【讀書三問】
閱讀內(nèi)容: Poor Charlie's Almanack-----Talk Two?
A Lesson on Elementary,?Worldly Wisdom as It?Relates to Investment?Management and Business
這部分內(nèi)容共有55頁，我差不多用兩天的空余時間才讀完，任務(wù)如山倒，讀完如抽絲~怎一個累字了得！不過好在是抱著濃厚的興趣去投入其中的，所以by and large，累并快樂著~
【1.印象最深刻的部分】內(nèi)容中你覺得印象最深刻的部分是什么?
And these advantages of scale are so great, for example, that?when Jack Welch came into General Electric, he just said, "To?hell with it. We're either going to be #l or #2 in every field we're?in or we're going to be out. I don't care how many people I have?to fire and what I have to sell. We're going to be #1 or #2 or out."
我們有句俗語也是差不多這個思想：寧做雞頭不做鳳尾，聯(lián)想到馬太效應(yīng)、二八原則，越來越感到這個世界社會的不平等會更加劇烈，擁有強(qiáng)者思維的人，會成為金字塔的頂層，從而占據(jù)擁有更多的資源。李笑來也說他從來都知道做第一的好處，甚至最終做到“遠(yuǎn)超第二的第一”。
【2.與現(xiàn)實的聯(lián)系】這本書與現(xiàn)實之間有哪些聯(lián)系?
經(jīng)濟(jì)學(xué)中的原理和工具，可以說博大精深。經(jīng)濟(jì)學(xué)不是陽春白雪，概念公式，紙上談兵，而是能夠?qū)崒嵲谠趲椭覀冏鰶Q定和解釋的工具。試著用經(jīng)濟(jì)學(xué)的眼睛去看待那些生活和工作上的是是非非，用經(jīng)濟(jì)學(xué)的思維武裝自己，只有這樣，經(jīng)濟(jì)學(xué)才對我們有意義。
【3.行動和改變】你可以做出哪些行動來改變你的現(xiàn)實生活?
相比智商和情商，財商教育也是非常重要和必要的。學(xué)會做金錢的主人而不是做金錢的奴隸，樹立正確的消費和金錢觀念。若不懂得理財，我們只能成為賺錢的機(jī)器，不懂得利用資本為我們錢生錢，我們就一刻也不能停止工作，就像“窮爸爸”那樣；如果我們懂得錢生錢的道理，買入會下蛋的“金鵝”，即使不工作也會有源源不斷的收入。
Summary
This talk was given on April 14,?1994 to Professor Guilford Babcock's?business class at the University of?Southern California.?
Charlie ranges from education systems?to psychology to the importance?of possessing both common and?uncommon sense. Dissecting business?management, he brilliantly describes?psychological impacts that can damage?or benefit a firm. He also presents?an outstanding set of principles for?investment, business management,?and most importantly from Charlie's?perspective-decision making in?everyday life.
Talk Two 內(nèi)容大致可分為兩大部分：
Worldly wisdom
Investment management and business?
我把第一部分內(nèi)容定義為雞湯，把第二部分內(nèi)容定義為干貨，雙劍合璧天下無敵啊~
What is elementary, worldly wisdom?
1. The fundamental truth--->multiple models--->mathematics--->（重點講了數(shù)學(xué)的重要性，學(xué)好數(shù)理化 走遍天下都不怕，此話不假）
(1) the elementary math of permutations and combinations
(2) decision tree theory
(3) accounting
2. The most reliable models--->?
(1) from hard science and engineering
(2) from biology/physiology
(3) from psychology--->two-track analysis （重點講了心理、大腦思維等對投資行為的影響和決策等關(guān)系）
3. another somewhat less reliable form of human wisdom----> microeconomics（微觀經(jīng)濟(jì)學(xué)這個概念我挺有興趣的，以后有時間要多讀這類的書）
(1) advantages of scale （這部分篇幅好長，我也沒怎么認(rèn)真看，不多說了）
(1) a circle of competence （能力圈，這個詞前段時間在若干公眾號文章頻頻看到，相必最早的出處就是在這里吧）
common stock picking
1, "What is the nature of the stock market?"
As I always say, the iron rule of life is that only twenty percent of?the people can be in the top fifth. That's just the way it is. So the answer is that it's?partly efficient and partly inefficient.
2, How do you get to be one of those who is a winner- in a relative sense-instead?of a loser?
It's not given to human beings to have such talent that?they can just know evervthing about everything all the time.?But it is given to human beings who work hard at it- who?look and sift the world for a mispriced bet- that they can?occasionally find one .
And the wise ones bet heavily when the world offers?them that opportunity. They bet big when they have the odds. And the rest of the?time, they don't. It's just that simple.
The way to win is to work, work, work, work,?and hope to have a few insights.
3, What style should the investor use as a picker of common stocks in order to try?to beat the market- in other words, to get an above average long-term result?
(1) A standard technique that appeals to a lot of people is called "sector rotation."
You just?kind of flit around being in the hot sector of the market making better choices than?other people.
(2) The second basic approach is the one that Ben Graham use. (大名鼎鼎的格雷厄姆出現(xiàn)了！有空要好好看下他寫的《聰明的投資者》）
As one factor, Graham had this concept of value to a private?owner-what the whole enterprise would sell for if it were available. And that was?calculable in many cases.
You had a huge margin of safety- as he put?it-by having this big excess value going for you.
The best part of it all was his concept of "Mr. Market." Instead of?thinking the market was efficient, Graham treated it as a manic-depressive who?comes by every day.
(3) Berhshire Hathaway's system
And it makes sense to load up on the very few good insights you have instead of pretending to know everything about everything at all times. You're much more likely to do well if you start out to do something feasible instead of something that?isn't feasible.
So the trick is getting into better businesses. And that involves all of these?advantages of scale that you could consider momentum effects.
4, How do you get into these great companies? （水晶蒼蠅拍在他的書中也提過，如果用一句話來描述對投資的理解，即是“好生意、好企業(yè)、好投資”）
(1) the method of finding them small- get'em when they're little.及早發(fā)現(xiàn)
(2) get into a great business which also has a great manager because management matters. 有偉大的管理者
(3) the effect of taxes 稅收效應(yīng)
Vocabulary
subdivision ??['s?bd?.v??(?)n] ??n.
1.?[u]?再分割；再分；細(xì)分 the act of dividing a part of sth into smaller parts
2.?[c]?進(jìn)一步分成的部分；分支；分部 one of the smaller parts into which a part of sth has been divided
3.?[c]?（分割成小塊的）建房土地 an area of land that has been divided up for building houses on
chiropractor? [?ka?r??pr?kt?r] ?n.
1.?捏積醫(yī)師；推拿師 a person whose job involves treating some diseases and physical problems by pressing and moving the bones in a person's spine or joints
permutation? [.p?rmj?'te??(?)n]? n.
1.?排列（方式）；組合（方式）；置換 any of the different ways in which a set of things can be ordered
asinine ['?s?.na?n] ?adj.
1.?愚蠢的；笨的 stupid or silly
bonkers? ['bɑ?k?rz]? adj.
1.?瘋狂；愚蠢透頂 completely crazy and silly
Again, that is a very, very?powerful idea. Every person?is going to have a circle of?competence. And it's going to be?very hard to enlarge that circle.?If I had to make my living as a?musician.... I can't even think of a?level low enough to describe where?I would be sorted out to if music?were the measuring standard of?the civilization.
So you have to figure out?what your own aptitudes are. If you?play games where other people have the aptitudes?and you don't, you're going to lose. And that's as close to certain as any?prediction that you can make. You have to figure out where you've got an edge. And?you've got to play within your own circle of competence.
