People hope to find a great company, but in fact, a great company needs the same great investors to match it. Those who do not have deep thinking and foresight, those who are too smart and always want to take shortcuts, and those who are impetuous and sentimental and can not stand loneliness, even if they are given a great company, they cannot grasp it. The ceiling of investment is actually the limit of our own realm.

The logic here is very simple: it is precisely because any great or outstanding company is not achieved in one move, it is all going through ups and downs, and it was once shrouded in some kind of fog and not recognized by the public, That is why forward-looking and applicable methodology are so important (including the ability to judge that it is no longer worth waiting for, which is just two sides of a coin);

It is precisely because any great company often has large price fluctuations and fluctuations in operating performance during its growth, so "smart people" who like to play the precise band, pursue stage profit maximization and highest earning efficiency, and constantly do "addition" will always pick up the sesame and lose the watermelon;

Just because any great company will not always be favored by the market, the market will always have periodic hot spots and more exciting "dreams", and there will always be moments when its share price is low or even frustrating, so those who cannot bear loneliness and impetuosity will always fall before the dawn or stop tasting.

Insight and analytical methodology are issues of ability, and the pursuit of efficiency is the most important

Crystal:

This book is excellent. It is unique in interpreting the market, value and investment from the perspective of retail investors. Readers who are used to reading most of the value investment books found that the original value investment can be written so clearly! For this book, it is not too bad to call it "Every word is perfect".

For every investor who wants to improve himself, it is absolutely necessary to read it three or five times. Many small places need chewing to feel its mystery. For example, do you feel ecstatic when you fall by 20%? I used to swallow it hastily to understand that what should we do if we fall by 20%? The latter is mainly an investment strategy issue, while the former pays more attention to valuation issues, with a wide range of perspectives! Another example is "the ass commands the head". In the past, it was thought that this was the performance of the officer's will. But now, by contrast, it is clear that the position and interests determine that most people, including themselves, are easy to make this mistake!

Finally, I would like to discuss with Brother Crystal on a few tips:

1. The three levels of the margin of safety are well explained! However, here are three levels. I personally attach great importance to "avoiding value destruction objects", and I will not go where I know I will die. In commercial business, the most important thing is to select customers and eliminate dangerous customers. This belongs to pre prevention and has the best effect. The rest are precautions during and after the event, relatively second. It is placed on the third level in the book. The pyramid icon is identified as the top of the tower, but I think this is the first level of the first, and it should be the tower

Will today's release of this news make it a "love letter" dedicated to investment and destined friends? That's not bad.

I'm glad to release this news, because it marks the end of our long wait. Tonight, the Taobao store selling the signature version officially began to accept reservations (please read the reservation details in the Taobao store carefully. For my sake, only about 100 copies of the signature version will be prepared on a first come, first served basis. I suggest you choose the online bookstore channel with discount).

It is expected that the online bookstores such as Dangdang, Zhuoyue, Jingdong, Suning, etc. will officially go on sale next week (the links will be updated and announced on Weibo, etc.) and accept bookings. Printing will also be completed in the same period, after which the goods will be delivered and physical stores such as Xinhua Bookstore will also arrive in succession. That is to say, we can make a reservation from today to next week. If there is no accident, we can get the book in 2 weeks (we still have to wait, sweat).

The book cover, online channel purchase link and the final related instructions are announced as follows:

http://s6/bmiddle/001IIN1Fty6GAhILIW1e5&690

Countdown (III) was released near Christmas, and (II) was released near New Year's Day. How can the Spring Festival not be released (I)? http://www/uc/myshow/blog/misc/gif/E___6721EN00SIGG.gif

But first of all, I'm sorry that the expected launch before the Spring Festival had to be delayed because the logistics of the main line had stopped early before the festival and some details of the layout design had to be modified. I have to say sorry to my friends who waited. But there is also good news. For example, after the feedback of netizens on the title of this book last time, through the communication with the publishing house and the efforts of planning and editing, "the self-cultivation of a retail investor" will finally appear in the form of a subtitle. Half of the credit here is from enthusiastic netizens. Thank you.

In addition, according to the above holiday release law, smart netizens should have been able to speculate about the date of the official launch of this book. Of course, I don't want to postpone it to March 8 or April 2. For the purchase channel questions asked by friends, specific purchase links will be given at that time. In fact, it is the mainstream circulation channel. Dangdang Suning Amazon JD+Xinhua Bookstore and other physical stores can buy it. In addition, Taobao stores that provide a small number of signature versions are also available at the request of some netizens (I strongly recommend buying the discounted version of online bookstores. The content package is exactly the same, so only about 100 signed versions are prepared).

As the last phase before listing

Two things will be announced this time, the first is the title of the book, and the second is my preface in this book.

As far as the title of the book is concerned, I believe that many of my old friends here agree with me that "self cultivation of a retail investor" is the best choice. Unfortunately, this title has not been accepted by the publisher. The reason may be that it is too artistic. At a time when the financial professional publishing market is in a downturn, this title may be even more detrimental to the market. In fact, I don't agree with this view, but I also understand the publishing house. After all, after all, you can't let others lose if you work hard for a long time. Of course, I can't accept the overly explicit and exaggerated title of the book. Fortunately, I am satisfied with the title finally determined through mutual agreement.

The official title of this book is: The Way to Advance the Stock Market

This name is popular and easy to identify from the perspective of the publisher, and from my perspective, it really illustrates the basic connotation of "how to step by step from a novice in the stock market to a mature investor through self-cultivation". The following preface, I believe, can also help those who care about this book to further understand the basic idea and some characteristics of this book:

preface:

Although I have received suggestions from friends and invitations from some media, I haven't seriously considered this problem for two reasons: first, I am afraid. The more I make investment, the more I feel that it involves extensive and profound things, many of which I haven't fully figured out until today, and I dare not destroy people easily. The second reason is that my life habit is lazy. It really takes energy to write something seriously. For a professional retail investor, writing a book is a matter of great investment and little output. So I haven't written yet.

But there are some new ideas recently. This first comes from the touch of some things. For example, recently I saw some videos and articles about 2012 review, in which many people left meaningful footprints and achievements in the year. And I can't help but examine myself. In this year after year, besides focusing on making money, what else have I done? There seems to be none. Especially after the humble opening, people become more lazy. I used to write some articles to summarize, but now I'm more used to directly "brain filling" - I just don't bother to sort it out in my mind, and finally it's a pile of fragmented words. Although this is also an imprint of thought, it is still very incomplete and systematic. Maybe if we continue along this path, we may be too lazy to write even a few words one day, but that state is not what I expected. People still need to give themselves some pressure.

On the other hand, it is a feeling that has been constantly strengthened in the process of investment learning in recent years

(Special Author of Securities Market Weekly Li Jie/Wen)

  According to the National Bureau of Statistics,

(Special Author of Securities Market Weekly Li Jie/Wen)  

  The gross profit rate is as high as 65%, the net profit rate is close to 30%, and the revenue growth rate has maintained more than 40-50% since 2009... In a word, this is really a very attractive business. Coupled with the very imaginative label of "universal health care", Tomson Beijian (300146. SZ) has become a hot spot since its listing at the end of December 2010. However, common sense tells us that for a business with a very high profit margin and a good industry growth rate (according to the data disclosed by the company, the average annual growth rate of the industry in 2003-2007 reached 77.8%), what determines its value in the long run is whether the enterprise has built a strong competitive advantage - like a castle full of treasure, its security depends on whether there is a broad moat.

      So does Tomson Beijian have such a moat? Re open the prospectus of Tomson Beijian. The chapter "Core competitive advantages of the company" describes the most important competitive advantages. Let's analyze them one by one.

      According to the company's prospectus, one of the company's core competitive advantages is its channel development and management capabilities. The prospectus shows that,

Suning Appliance used to be a myth in China's capital market, but recently it is like an angel with broken wings falling rapidly from high places. Since this year, Suning Electric's biggest decline has exceeded 40% 。 After profit from 07