1. Bernard Baruch

Died at the age of 94 (August 19, 1870 - June 20, 1965) ● A big investor who was able to accumulate tens of millions of dollars of wealth after experiencing the US stock market crash in 1929 A legendary venture capitalist, the most famous and admired figure who once conquered Wall Street and later conquered Washington. He started his venture capital business with $300 in 1897, accumulated a fortune of 3.2 million yuan at the age of 32, and was able to accumulate tens of millions of dollars of wealth after experiencing the Great Depression from 1929 to 1933. Baruch was one of the few "big speculators who made money and preserved the fruits of victory" in that era. It is estimated that the highest value of Baruch's property in 1929 may be between 22 million and 25 million US dollars. The property list in November 1931 showed that Baruch's total assets at that time were 16 million US dollars, including 8.7 million US dollars in cash, 3.69 million US dollars in stocks, 3.06 million US dollars in bonds, and 550,000 yuan in loans. The property left by Baruch is worth more than $14 million, and he donated nearly $20 million to various causes throughout his life. In Lessons from the Greatest Stock Traders of All Time, John Boik, McGraw-Hill, 2004, Baruch was listed as one of the five greatest stock traders. Roy Neuberger, the father of American mutual funds (also one of the 18 greatest investors I selected), said: "Baruch is the investor who can best grasp the timing. His philosophy is to do well but not be greedy. He never waits for the highest or lowest point. He buys in a strong market and sells in a weak market. He advocates buying and selling early." ● "The crowd is always wrong" is the first principle of Baruch's investment philosophy. A classic story about Baruch: One day, he was shining shoes on Wall Street, and the shoe shiner provided him with the secret of making money in stocks. As soon as Baruch returned to the office, he sold all his stocks. "The crowd is always wrong" is the first principle of Baruch's investment philosophy. Many of his insights into investing were derived from this basic principle. For example, Baruch advocated a very simple criterion for identifying when to buy low and sell high: when people are cheering for the stock market, you have to sell decisively, regardless of whether it will continue to rise;When stocks are so cheap that no one wants them, you should be brave enough to buy them, regardless of whether they will fall further. People are often amazed at Baruch's judgment and ability to seize fleeting opportunities. The classic book "Extraordinary Popular Delusions and the Madness of Crowds" explores the morbid psychological phenomena of the crowd. The author is Charles Mackay, and the first edition was written in 1841. This book is Baruch's favorite book. The book's current reputation is largely due to this famous financier. Baruch once encouraged and promoted the reprint of the book in 1932, and wrote a preface for it. Baruch praised the book for providing inspiration for studying the psychological phenomena of people in various economic activities. ● Baruch's Ten Rules for Investment The ten rules for investment proposed by Baruch seem plain, but they are very effective when applied steadily. In Baruch's autobiography, My Own Story, he said: "I am skeptical of all the rules of stock trading, so I am reluctant to talk about them. But based on my personal experience, the following points may help you to be self-disciplined: 1. Unless you can treat stock trading as a full-time job, don't take risks. 2. Be careful of anyone who gives you "inside information", whether it is a barber, a beautician or a restaurant waiter. 3. Before you buy a stock, find out all the information about the company, its management, its competitors, its profits and growth possibilities. 4. Don't try to buy stocks at the lowest point and sell them at the highest point. This is impossible unless you lie. 5. Learn to stop losses quickly and cleanly. Don't expect yourself to be right every time. If you make a mistake, the sooner the better. 6. Don't buy too many stocks. It's best to buy only a few stocks to ensure that you can observe them carefully. 7. Check your investments regularly and systematically to see if there are any new developments that may change your mind. 8. Study the tax situation and strive for the maximum tax benefit when selling stocks. 9. Always hold a portion of cash, don't put all your money into the stock market. 10. Don't try to be a know-it-all. Focus on the industry you know the most. ●Baruch's most classic quote I personally think the following quote from Baruch is his most classic.Baruch said: "If a speculator is right half the time, he is lucky. If a person realizes his mistakes and immediately gives up the losses, then he can make a fortune if he is right 3 or 4 times out of 10." In my opinion, this classic quote by Baruch actually reveals the essence of trading and the first rule of trading: cut losses and let profits run. Baruch set a stop loss point of 10%. ● Baruch's related works 1. "A Philosophy for Our Time" (1954) 2. "My Own Story" (1957, autobiography) 3. "Baruch: The Public Years" (1960, autobiography) 4. "Bernard M. Baruch: the Adventures of a Wall Street legend", first published in 1993 and reprinted in 1997, author James Grant. The Chinese translation is called "Wall Street Adventurer: Biography of Investment Master Baruch", published in 2007.

2. Jesse Livermore

Died at the age of 63 (July 26, 1877 - November 28, 1940) ●The greatest trader in the world Livermore started stock trading at the age of 15 and was considered the greatest trader in the world. His ups and downs in the US stock market, his thrilling battle history, and his amazing willpower and wisdom still make people admire him. "Lessons from the Greatest Stock Traders of All Time, John Boik, McGraw-Hill, 2004" (Chinese translation is "Supreme: Lessons from the Greatest Stock Traders"), Livermore was listed as one of the five greatest stock traders. On November 28, 1940, Livermore committed suicide due to severe depression. When he died, he left a note with a meaningful sentence: My life is a failure. ● "Reminiscences of a Stock Operator" is a classic investment book recognized by all parties. Both speculators and value investors believe that "Reminiscences of a Stock Operator", a book based on Livermore's life, is a classic investment book. This is very rare. Because what value investors think is a good book, speculators often disdain, and vice versa. If only 10 of the most classic investment books are selected, I believe that "Reminiscences of a Stock Operator" will definitely be selected. ● Jesse Livermore's trading strategy The revolutionary trading strategies of Livermore, a reclusive genius, are still used by people today. Livermore's trading strategy was gradually formed through his many years of stock trading experience. I summarize some of the most important strategies as follows: (1) Making big money does not rely on the fluctuations of individual stock prices, but on major fluctuations, that is, not on analyzing the market, but on evaluating the entire market and market trends. It is rare to find someone who can make the right judgment and stick to it at the same time. Livermore found that this is the most difficult thing to learn. But only when a stock trader truly understands this can he make big money. (2) The essence of Livermore's trading system is based on studying the market trend. You must wait until the market rises before you start buying, or wait until the market falls before you start selling. Livermore said that the strongest and most real friend in the world is the market trend.Livermore always stayed out when the market was hesitant or fluctuating. Livermore never spared any effort to repeat these principles: wishful thinking must be completely eliminated; if you do not miss every trading day and speculate every day, you will not be successful; there are only a few opportunities each year, perhaps only four or five times, and only at these times can you allow yourself to enter the market and open a position; in the gaps outside of the above opportunities, you should let the market gradually brew the next big move. (3) When operating, you must follow the leaders, and you don’t need to consider where other stocks are going. Your focus should be on those leading stocks in leading industries and strong industries. An important feature of leading stocks is that they break through resistance areas and are the first to create new high prices. Keep your mind flexible and remember that today’s leaders may not be the leaders two years later. Just as the fashions of women’s clothes, hats, and costume jewelry always change over time, the stock market continues to discard past leaders and new leaders replace the old ones. It makes sense that the leading stocks in the previous bull market are unlikely to become the leading stocks in the new bull market, because changes in economic and business conditions will create new trading opportunities with greater expected profits. (4) Firmly implement the stop-loss rule. Livermore kept his first loss within 10%. Livermore said that the only choice to ensure the continuation of speculation is to carefully guard your capital account and never allow losses to be large enough to threaten future operations. (5) Firmly implement the upward pyramid buying principle. Remember, stocks will never be too high to start buying or too low to start selling. But after the first trade, don't make a second trade unless the first one makes a profit. Livermore said that if your first trade is already in a losing state, never continue to follow the trend and never spread out the losing position. Be sure to engrave this idea deeply in your mind. Only when the stock price continues to rise, continue to buy more shares. If you are shorting downward, only increase your position when the stock price meets your expected downward trend.Livermore liked to short stocks that hit record lows. (6) Avoid buying low-priced stocks. Big profits are made in big price swings, not in low-priced stocks. ● Trade like Livermore Richard Smitten provides insight into Livermore's trading methods based on Livermore's private documents and interviews with his family. Richard Smitten summarizes Livermore's trading secrets. A successful trader should always learn three things: (1) market timing; (2) money management; (3) emotional control. In his book, Richard Smitten summarizes Livermore's market rules, timing rules, and money management rules, and clearly points out that the biggest problem a speculator must control is his emotions, and emotional control is the most important factor in the market. ● Jesse Livermore's classic quote on human nature Remember, the stock market is not driven by reason, logic, or pure economic factors, but by human nature, which never changes. It does not change because it is our nature. There is nothing new on Wall Street or in stock speculation. What happened in the past will happen again and again in the future. This is because human nature does not change, and it is the emotions based on human nature that make people stupid. I believe this. ●Related works by Jesse Livermore 1. "Reminiscences of a Stock Operator", first published in 1923, author Edwin Lefevre. There are already three Chinese translations, Hainan Publishing House (1999), Shanghai University of Finance and Economics Press (2006) are both named "Reminiscences of a Stock Operator", and Earthquake Publishing House (2007) is named "Reminiscences of a Stock Operator". 2. "How to Trade in Stocks", author Jesse Livermore (published in March 1940). The Chinese translation is called "Stock Operator's Trading Skills", translated by Ding Shengyuan, Enterprise Management Press in 2003. 3. "How to Trade in Stocks", original work by Jesse Livermore (published in March 1940), supplemented by Richard Smitten (published in 2001). The Chinese translation is called "The Greatest Trader in the World: The Trading Secrets of Jesse Livermore, a Stock Operator", published by Earthquake Publishing House (2007). 4. "Jesse Livermore: Speculator-King", by Paul Sarnoff (1967/1985). 5、《Trade Like Jesse Livermore》，Richard Smitten（2004年）。

3. Benjamin Graham

, died at the age of 82 (May 9, 1894 - September 21, 1976) ● Graham: The Father of Security Analysis As a master of his generation, Graham's financial analysis theory and ideas have caused a huge shock in the investment field, affecting almost three generations of important investors. Today, dozens of investment managers with hundreds of millions of dollars active on Wall Street call themselves Graham's followers, and he enjoys the reputation of "the Godfather of Wall Street". Graham is known as the "Dean of Wall Street" and the "Father of Security Analysis". As the most important thinker in the investment world, his greatest contribution to the investment world is to bring clear logic and rationality to micro-fundamental analysis, and he has become the enlightenment master of many successful investors such as Buffett. "Security Analysis" written by him and David Dodd has been one of the most classic and influential works in the investment world until now. In 1926, Graham joined hands with Jerome Newman to establish an investment company: Graham Newman Company, and returned to his alma mater Columbia University to teach until his retirement in 1956. Although Graham's personal assets suffered a heavy blow in the stock market crash of 1929, fortunately, Graham-Newman survived and began to grow. By the end of 1956, Graham-Newman's average annual return was 17%. The fund (GEICO) founded by Graham in 1948 grew more than 80 times in the 24 years to 1972, with an average annual compound growth of more than 20%. His achievements came from his innate ability and his lifelong belief in being kind to others. The New York Times (2006) selected the top ten fund managers in the world. Graham and David Dodd were called the "fathers of value investing" and ranked fourth. ● Graham's investment philosophy Graham's investment philosophy is to buy stocks when they are at a low price for a long time based on value analysis, and sell them when the price is right, "letting others make extra profits." Graham created the term "margin of safety" to explain his common sense stock selection rules, that is, to select stocks of companies whose stock prices have temporarily fallen but have solid fundamentals in the long run. The margin of safety of any investment arises from the gap between its purchase price and its intrinsic value. The greater the difference between the two (the purchase price is lower than the actual value), the more worthy the investment is, both from the perspective of safety and return.The investment community usually refers to these situations as stocks with low valuations (such as price-to-earnings ratio, price-to-book ratio, price-to-sales ratio) multiples. ● Graham's investment points People often remember what the stock god Buffett said: "First, don't lose your principal, and second, always remember the first point." In fact, this is the investment point summarized by Buffett's teacher Graham himself. The "margin of safety" created by Graham is the essence of value investment. The "margin of safety" provides a practical guarantee for Graham's investment points "first, don't lose your principal, and second, always remember the first point." ● Graham announced before his death that he no longer believed in fundamental analysis, which is worth serious consideration. Shortly before his death, Graham announced in an interview with the American "Financial Analyst" magazine that he no longer believed in fundamental analysis and finally believed in the "efficient market" theory. Graham probably didn't expect that the fundamental analysis theory he abandoned would be carried forward by some of his disciples (represented by Buffett). In the thirty or forty years after his death, the value investment theory became one of the most important schools in the investment community. Why did Graham announce that he would turn to believe in the "efficient market" theory before his death? The following analysis is purely personal opinion: I personally think that Graham may have realized in his later years that fundamentals are not the most important factor in stock price fluctuations. He should have realized that there are more important factors than fundamentals. Graham may not have had time to express his thoughts, or he could not clearly explain what the most important factor affecting stock price fluctuations is. Therefore, he turned to "agnosticism" and finally believed in the "efficient market" theory. In my opinion, the "efficient market" theory is actually a kind of "agnosticism", because advocating active investment is not as good as the unmanaged market index, so the "efficient market" theory is equivalent to saying that we don't know what the most important factor causing stock price fluctuations is. The research theory of behavioral finance, which was founded in 1985, nine years after Graham's death, believes that psychology is the most important factor in understanding stock price fluctuations. The price positioning of the stock market is not entirely determined by fundamentals. Behavioral finance believes that to understand the basis of stock price movements, we must turn to psychology.Graham's margin of safety is a creative concept, but no one can tell us how big the margin of safety is when we should start buying. Behavioral finance is trying to answer Graham's confusion in his later years. ● Graham's related works 1. "Security Analysis", first published in 1934, author Benjamin Graham, David Dodd. The Chinese translation is called "Securities Analysis". 2. "The Intelligent Investor", first published in 1949, author Benjamin Graham. The Chinese translation is called "Smart Investor" and "Graham Investment Guide". 3. "Benjamin Graham: The Memoirs Of The Dean Of Wall Street" by Benjamin Graham and Seymour Chatman (editor) (1996). The Chinese translation is called "Graham's Memoirs of the Godfather of Wall Street" (Shanghai Far East Publishing House, 2008) 4. "Benjamin Graham On Value Investing: Lessons From The Dean Of Wall Street", author Janet Lowe. The Chinese translation is titled "Benjamin Graham on Value Investing" (1999).

4. Ginzo Korekawa, aged 95 (1897-September 1992)

● Ginzo Korekawa: A person highly respected by Buffett and Soros? Ginzo Korekawa was born in Hyogo Prefecture, Japan in 1897. He is the only non-European and American among the 18 greatest investors I selected. In 1912, after graduating from elementary school, Ginzo Korekawa began to venture into the world and became a wealthy entrepreneur in his twenties. However, the financial crisis in Japan in 1927 caused him to fall from a wealthy man to poverty. For this reason, Ginzo Korekawa began to study hard for three years, reading various books and materials related to economics in the library and mastering the basic laws of economic changes. (Author's note: I deeply admire Ginzo Korekawa's hard work in learning, which is also one of the important reasons why I selected him as one of the 18 greatest investors. The first most important investment insight I personally summarized is "If you want to be the best, learn from the best first." Books contain golden houses and beautiful women. This sentence is a good summary. Many truths and knowledge have already been told to us in books by the best people in the past. History will not repeat itself simply, but it often repeats itself. Vision determines achievement, and process determines results. Extensive reading can expand your horizons. Repeated reading of investment classics is not only a process of learning from the best, but also the best shortcut to gain historical experience and lessons. I would like to especially thank the super bull market from 2005 to 2007. Because of the bull market, many classic investment books were reprinted and published. I had the opportunity to read many classic investment books. Compared with myself three years ago, my understanding of investment has made a qualitative leap. In 2006-2007, I read some classic investment books on bubbles and mass psychology, which helped me maintain a high degree of vigilance against stock market bubbles, effectively avoiding the massacre of the super bear market in 2008 and basically keeping the unexpected profits of the bull market. ) In 1931, when Ginzo Korekawa was 34 years old, he invested in stocks for the first time. He invested 70 yen raised by his wife and made a hundred times profit, becoming a legend in the Japanese stock market. Ginzo Korekawa made more than 30 billion yen in the stock market in his lifetime. In 1981, when Ginzo Korekawa was 84 years old, he discovered the investment opportunity in advance and quietly bought a large number of Sumitomo Metal Mining Company stocks, and then quickly took profits, making more than 20 billion yen.Relying solely on stock investment, Korekawa Ginzo ranked first in Japan's personal income rankings in 1982 and ranked second in 1983. However, Kokawa Ginzo soon discovered that all the money he earned was lost to taxes. Korekawa Ginzo, who only graduated from elementary school, established Korekawa Economic Research Institute in 1933 (at the age of 36) based on his amazing performance in the stock market, and even became a university professor. In his autobiography, Korekawa Ginzo said: I decided to write down my life with my own hands, so as to tell the world that it is almost impossible to get rich from stocks. This is my mission. Most people may think that I have overturned this "impossibility" and made a huge fortune by buying and selling stocks. However, this is absolutely not the case. In fact, I now have nothing and have accumulated no assets. Under Japan's tax system, although I made a lot of money from stocks, I couldn't keep it. According to the book "Stock God: Kokawa Ginzo", Kokawa Ginzo's judgment is perfect and his accuracy in predicting the economic situation and stock market trends is astonishing, so he is called the God of the stock market. The world's famous stock market investors Buffett, Soros, Qiu Yonghan, etc. all highly praise Korekawa Ginzo's investment methods. ●It is Sichuan Yinzang's three magic weapons for winning the stock market. According to the book "Stock God: Sichuan Yinzang", the three magic weapons for Sichuan Yinzang's success in the stock market are: (1) Eat only eight cents full, (2) Turtle three Principles, (3) Five principles of stock market investment. (1) Eat only eight cents full. Korikawa believes that investing in stocks is much more difficult to sell than to buy. No matter how accurate the timing of buying is, if you fail when selling, you still won’t make money. The reason why selling is difficult is that we generally don’t know what price the stock will rise to, so we are easily influenced by the people around us. If others are optimistic, we will also be optimistic. In the end, we always miss the opportunity to sell due to excessive greed. There is a saying in the Japanese stock market: "Buying should be leisurely, and selling should be quick." If you pour it out in one go, it will definitely cause the stock price to plummet. Therefore, you must be extra cautious and not let the outside world know that you are shipping. Moreover, he sometimes In order to sell the stock at a high price, it is necessary to buy it to raise the stock price. In this way, buying and selling alternate, gradually reducing the holdings.Following the principle of "buy low, sell high", when the market was booming, Shichuan did not forget the principle of "eating until you are 80% full, you will be healthy and worry-free", restrained his greed and took profits. (2) The Three Principles of the Tortoise Shichuan has accumulated years of experience and believes that investing in stocks is like a race between a tortoise and a rabbit. The rabbit is too confident and is overwhelmed by victory, which leads to failure. On the other hand, although the tortoise walks slowly, it is steady and cautious, and wins the final victory. Therefore, investors must have the same mentality as the tortoise, observe slowly, and buy and sell prudently. The so-called "Three Principles of the Tortoise" are: a. Choose stocks with great potential that have a bright future but have not yet been discovered by the world, and hold them for a long time. b. Keep an eye on the changes in the economy and stock market every day, and do your own research. c. Don't be too optimistic and don't think that the stock market will always rise. And you must operate with your own funds. (3) The Five Principles of Stock Market Investment Shichuan has two pieces of advice for stock market investors. The first piece of advice is: investing in stocks must be within the scope of your own funds. The second piece of advice is: Don't be fooled by the news in newspapers and magazines and invest money without thinking. Iskawa compiled his investment experience into "Five Principles of Investment" for investors to refer to. a. Don't rely on recommendations from others to choose stocks, but make your own research and choose; b. You should be able to predict economic changes in one or two years; c. Each stock has its appropriate price, and if the stock price exceeds its expected level, don't chase it high; d. The stock price is ultimately determined by its performance, and stocks that are hard to trade should never be touched; e. Unpredictable events may occur at any time, so you must remember that investing in stocks is always risky. My personal understanding is that Iskawa Ginzo's investment experience in winning the stock market does not seem to be very special, but Kawa Ginzo made a lot of money in the stock market. This fully illustrates that the great way is simple. The investment principles for making money in the stock market are actually very simple. The key lies in the heart of the executor (executive discipline). It also verifies the following sentence: There are only two types of people who make money in the stock market, one is the person who really knows the inside information, and the other is the person who sticks to his own operating principles. ●The classic quote from Kawa Ginzo I personally chose the classic quote from Kawa Ginzo as follows: Everyone will encounter two or three great opportunities in his life.Whether you can seize this golden opportunity in time depends on your daily efforts and physical and mental training. The integration of theory and practice, coupled with day and night thinking training, can increase the probability of success. In addition, when making major decisions, intuition is often required. This intuition does not come from talent, but from the experience accumulated in countless battles. My personal perception is that the so-called "once-in-a-century" global financial crisis occurred in 2008. The global stock market index MSCI has fallen by more than 40% in 2008, which means that there may also be a "once-in-a-century" opportunity to get rich in the stock market. , but only if they survive the 2008 super bear market. This may be a great opportunity that is rare in a person's life! ●Related works by Korekawa Ginzo 1. The autobiography "The God of the Stock Market: Korekawa Ginzo" was written by Korekawa Ginzo when he was 93 years old. It was published in Chinese by Taiwan Times Culture Publishing House in 1991 and 2005. 2. "Stock God: The Legend of Sichuan Yinzang" edited by Nogawa, 2001, China Archives Publishing House.

5. Gerald M. Loeb

Died at the age of 76 (1899-1975) ● Gerald M. Loeb, an investor who safely survived the 1929 stock market crash Gerald M. Loeb was born in San Francisco in 1899 and began investing in securities in 1921. He worked for E.F. Hutton for almost his entire life and eventually became the vice president of this brokerage firm. Loeb was an investor who safely survived the 1929 stock market crash. He discovered that the stock market actually reached its peak on September 3, 1929, almost two months earlier than the start of the crash. In 1935, Loeb published "The Battle for Investment Survival" which described it as follows: I foresaw the peak of the stock market in 1929 and sold the stocks in time. What I can recall is that at that time, not all stocks reached their highest prices at the same time. In that year, I not only kept changing the types of stocks I was trading, but also the number of stocks was decreasing. When the stocks in my hands began to "perform" poorly, I turned to other stocks that performed well. The ultimate result of this was that I completely withdrew from the stock market. In Lessons from the Greatest Stock Traders of All Time, John Boik, McGraw-Hill, 2004, Gerald M. Loeb was listed as one of the five greatest stock traders. ●The most important factor in the stock market is public psychology. Loeb's inclusion in the 18 greatest investors I selected may be related to my personal investment preferences and investment philosophy. I personally believe that the most important factor affecting stock price fluctuations is psychological factors. In his book Investment Survival Struggle published in 1935, Loeb clearly pointed out that the most important factor in the increasingly formed stock market is public psychology. Loeb said: "The only but very important factor that shapes the stock market is public psychology." Psychological conditions drive people to buy a stock at 40 times or more PE under certain conditions, but refuse to buy the same stock at 10 times or less PE under other conditions. Sometimes, the value of a stock is overestimated by the public for several years, and people have been giving a price much higher than the theoretical valuation. Similarly, theoretical underestimation of prices often lasts for many years.No matter what you think, it doesn't matter, because the market will draw its own conclusions on whether the stock value is overvalued or undervalued. My personal feeling: From the fundamental and technical perspectives, it is difficult to have a very reasonable explanation for the surge in A-shares from 2006 to 2007 and the plunge in 2008, and it is difficult to conclude that the stock market trend is normal. If we look at it from the perspective of public psychology, the market trend seems very normal. From 2006 to 2007, the number of new stock accounts increased sharply, and investors bought stocks frantically. If we only analyze based on fundamentals, the historical valuation model does not support excessively high prices, and investors will exit the market prematurely (Comrade Zhao Danyang basically exited the market at 3,000 points, which is a representative of such investors. Of course, I don't think there is anything wrong with Comrade Zhao's operation). After the downward trend in 2008, investors regarded stocks as drugs and sold stocks frantically. Funds withdrew from the stock market on a large scale and flowed back to banks (the growth rate of time deposits in each month of 2008 generally showed a continuous upward trend). As a result, when the market fell to the lowest price-earnings ratio in history, everyone seemed unwilling to enter the market, and it seemed that they still could not see where the final bottom of the market was. The real reason behind these phenomena is public psychology. ● Gerald M. Loeb's book "The Battle for Investment Survival" is listed among the top ten investment classics. Gerald M. Loeb published the book "The Battle for Investment Survival" in 1935, which soon became a bestseller, with more than 200,000 copies sold in the first edition. The book was published and released almost at the same time as the classic book on value investment "Security Analysis" (first edition in 1934, author Benjamin Graham, David Dodd). The Struggle for Investment Survival was reprinted in 1936, 1937, 1943, 1952, 1953, 1955, 1956, 1957, 1965 and 1996. The number of reprints is quite rare. The famous investment guru William J. O’Neil said in the preface of Reminiscences of a Stock Operator (Shanghai University of Finance and Economics Press): A few years ago, I bought more than a thousand books on the stock market and investment. However, based on my 45 years of experience, I found that only 10-12 books were really of certain practical value, and Reminiscences of a Stock Operator was one of them.In the preface to his book How To Make Money Selling Stocks Short, O'Neill recommended books such as The Battle for Investment Survival and Reminiscences of a Stock Operator. Therefore, I think that The Battle for Investment Survival should be on the list of 10-12 investment books that O'Neill believes are truly valuable. The ten most classic investment books selected by contrarian investment master James Fraser (listed below), Loeb's The Battle for Investment Survival is on par with many famous classic investment books. 1. Why You Win or Lose: The Psychology of Speculation, by Fred C.Kelly 2. The Crowd: A Study of Popular Mind, by Gustave Le Bon 3. The Battle for Investment Survival, by Gerald M. Loeb 4. Reminiscences of a Stock Operator, by Edwin Lefevre 5. Capital Ideas: The Improbable Origins of Modern Wall Street, by Peter L. Bernstein 6. Extraordinary Popular Delusions and the Madness of Crowds, by Charles Mackay 7. The Art of Contrary Thinking, by Humphrey B.neill 8. Popular Financial Delusions, by Robert Lincoln Smitley 9. The Intelligent Investor: A Book of Practical Investment Theory, by Robert Lincoln Smitley Counsel, by Benjamin Graham 10. Common Stocks and Uncommon Profits and Other Writings, by Philip A. Fisher (Note: 6 of these 10 books are included in the 29 classic investment books I selected. At that time, I had not read the book "Investment Survival Battle", otherwise, I might have included it in the list of 30 classic investment books I selected.) ● Gerald M. Loeb's most classic quotes The most classic quotes of Gerald M. Loeb that I personally selected: The most important thing I have learned on Wall Street in the past 40 years is to realize that everyone is so ignorant, and I am also so ignorant. My personal feeling: In the bull market of 2006-2007, many upstarts emerged, but most of them attributed the luck of the market to their own abilities and suffered serious losses in the super bear market in 2008. This is a typical ignorance.In the past three years, I have read many classic books repeatedly. As my reading scope has expanded, I feel that I have learned more and more investment knowledge that I didn’t know before. Classic investment books are like things placed in a circle. The more books you read, the larger the diameter of the circle, the larger the circumference of the circle, and the larger the unknown area outside the circle. I often share this view with my friends. The more investment books I read, the more ignorant I feel. I always remind myself: In the field of securities investment, what I know is far from what I think I know. ●Related works of Gerald M. Loeb 1. "The Battle for Investment Survival", first published in 1935, author Gerald M. Loeb, the Chinese translation is called "Investment Survival Battle". 2. "The Battle for Stock Market Profits", first published in 1971, author Gerald M. Loeb

6. Roy R. Neuberger

Died at the age of 96 (July 21, 1903 - 1999) ●The greatest profit record: 68 years of investment career, no year of loss Roy R. Neuberger, the father of American mutual funds, has never lost money in his 68 years of investment career. My personal feeling: This history is probably unprecedented and will never be broken. Buffett has also suffered losses in one year in his past 51 years of investment career. He was the founder of the American "Protector Mutual Fund Company", the pioneer of joint stock funds, and the father of American open-end funds. He started his career on Wall Street in 1929 and is the only investor in the United States who has experienced both the Great Depression of 1929 and the stock market crash of 1987 on Wall Street. He not only avoided losses twice, but also made impressive profits in the disasters. Neuberger has never been to college or business school, and is called the century's long-lived stock market winner by industry insiders. His success is not only in having huge wealth, but also in having a long life and a happy family. ● Roy Neuberger's Ten Principles of Successful Investment Neuberger has summarized the ten most important rules from hundreds of practical lessons. In nearly 70 years of investment and trading, he has always followed these ten rules, and these ten rules have benefited him a lot. 1. Understand yourself Neuberger said: I think my own qualities are suitable for working on Wall Street. When I was still a buyer of B. Altman, I converted all my stocks into cash and then converted cash into stocks. For me, trading is more instinctive, talented and decisive. It does not require patience like long-term investment. After analyzing various confusing and intertwined factors, if you can make a favorable decision, then you are the kind of person who is suitable for entering the market. Test your temperament and temper. Do you have a speculative mentality? Do you feel uneasy about risks? You have to answer yourself 100% honestly. You should be calm and composed when making judgments, and composure does not mean slowness. Sometimes an action is quite quick. Composure means making prudent judgments based on actual conditions. If you do a good job of preparation in advance, making decisions on the spot is not a problem. If you think you are wrong, get out quickly. The stock market is not like real estate, which requires a long time to go through the procedures before you can correct it.You can escape from it at any time. You need to have more energy, the ability to react quickly to numbers, and more importantly, common sense. You should be interested in what you do. Initially, I was interested in this market not for money, but because I didn't want to lose, I wanted to win. The success of investors is based on existing knowledge and experience. You'd better make professional investments in areas you are familiar with. If you know little about it, or don't analyze the company and details at all, you'd better stay away from it. The author's feeling: The biggest enemy in life is oneself. The stock market is designed according to the weaknesses of human nature, and the weaknesses of human nature are difficult to change. Only by overcoming one's own human weaknesses can you overcome yourself and become one of the 10% winners in the stock market. 2. Learn from successful investors Newberg said: Looking back at those successful investors, it is obvious that they are different and even contradictory, but their paths all lead to success. You can learn from the experience of successful investors, but don't follow them blindly. Because your personality and your needs are different from others. You can learn from the experience and lessons of success and failure, and choose what suits you and the surrounding environment. The first few successful investors recommended by Neuberger are: Warren Buffett, Benjamin Graham, Peter Lynch, George Soros and Jimmy Rogers. The author's insights: The first of my most important investment insights is "If you want to be the best, learn from the best first", and the third is "All roads lead to Rome, and all methods can make money". Other people's successful methods may not be suitable for you. The most important thing is to find a method that suits you. 3. "Sheep Market" Thinking Neuberger said: The influence of individual investors on a stock sometimes makes it fluctuate 10 percentage points, but that is only a moment, usually one day, and no more than a week. This kind of market is neither a bull market nor a bear market. I call this kind of market a "sheep market". Sometimes the sheep will be killed, and sometimes they will be sheared of their wool. Sometimes they can escape by luck and keep their wool. The "sheep market" is somewhat similar to the fashion industry. Fashion masters design new fashions, second-rate designers copy them, and thousands of people chase them, so skirts are sometimes short and sometimes long.Don't underestimate the role of psychology in stocks. Buyers are more nervous than sellers, and vice versa. In addition to economic statistics and securities analysis factors, many factors affect the judgment of buyers and sellers. A small thing like a headache can cause a wrong transaction. In a sheep market, people will try their best to think about what the majority will do. They believe that the majority will definitely overcome difficulties and find a favorable solution. It is dangerous to think like this, and you will miss opportunities if you do so. Imagine that most people are an institutional group, and sometimes they will drag each other down and become their own victims. The author's feeling: I think psychological factors are the most important factors affecting stock price fluctuations. Investors' psychological fluctuations create 90% of the market. 4. Adhere to long-term thinking Newberg said: Focusing on short-term investment is easy to ignore the importance of long-term investment. Enterprises often invest a lot of money for long-term investment, of course, there will be short-term effects at the same time. If the short-term effect dominates, it will harm the company's development and prospects. Profits should be based on long-term investment, effective management, and seizing opportunities. If these are arranged well, short-term investment will not occupy a dominant position. When a hot stock is analyzed from a small angle, it fails to complete its task in a quarter, and the panic of the market will cause the stock price to fall. The author's feeling: Since I have my own stable profit model, I no longer pay attention to the fluctuations of short-term market conditions, and I am eager to focus on the medium and long-term market conditions in months and years. 5. Timely entry and exit Newberg said: When is the right time to enter the market to buy stocks? When is it suitable to sell stocks and wait on the sidelines? Timing may not determine everything, but timing can determine many things. It may have been a good long-term investment, but if you buy it at the wrong time, the situation will be very bad. Sometimes, if you buy a highly speculative stock at the right time, you can also make money. Excellent securities analysts can do well without following the market trend, but if they move with the trend, it is easier to operate. When the stock falls, you should set the loss point at 10%. This rule has helped me many times: it is much better to put money in other places with higher returns than to stick to the wrong choice.The author's feeling: Many great trading masters have strict stop-loss principles. Cutting losses short and letting profits run is the essence and first rule of securities trading. 6. Carefully analyze the company's situation. Neuberg said: It is necessary to carefully study the company's management, leadership, company performance and company goals, especially the company's true asset status, including: equipment value and net assets per share. This concept was widely valued at the beginning of the century, but it has been almost forgotten since then. The company's dividends are also very important and need to be considered. I accept the price-earnings ratio of blue chip companies that exceeds 10 to 15 times the price-earnings ratio. And many of them have a price-earnings ratio of only 6 to 10 times, which is beneficial to both of us. The author's feeling: No matter what industry the company is in, it was the fundamentals that drove the stock price in the past, and it will still be the same in the future. In the end, it will always return to the fundamentals and value. The stock price follows the earnings. This is the truth that I will always follow now and in the future. If you want to make stable profits through long-term investment, then you should buy and hold when it is undervalued, and it is best not to buy and hold when it is obviously overvalued. 7. Don't fall in love. Neuberg said: In this adventurous world, because there are many possibilities, people will be obsessed with an idea, a person, or an ideal. The last thing that can make people obsessed is probably stocks. But it is just a piece of paper that proves your ownership of a company. It is just a symbol of money. It is right to love a stock, but when its stock price is high, it is better for others to love it. The author's feeling: Few companies can achieve 30-50 years of sustained and stable growth. The stock price of a good company can also rise too much. If there is a very obvious bubble, even a good company should be sold. 8. Diversify your investment, but don't do hedging. Neuberg said: Hedging is to go long on some stocks and short on others. The profit and risk factors are low compared with the current stock market. But believe me, the current stock market is quite risky. If you insist on hedging and are sure that experience can help you, remember to diversify it, look at the overall situation, and make sure your rules are correct.If you want to diversify your investments, you need to increase your income, such as funds. Diversification is an important part of the law of success. The author's insights: One of my current investment principles is portfolio investment, and the upper limit of the holding cost of a single product is 20%. When not investing in stocks, you can buy some bonds, bond funds and money market funds. 9. Observe the surrounding environment. Neuberg said: The environment I am talking about refers to the market trend and the overall world environment. You need to adapt the models I give you to the operation of the market you are in. Generally speaking, if short-term and long-term interest rates begin to rise, this is telling stock investors: the uptrend is coming. Stocks are not seasonal, and it is not necessary to invest according to the calendar. Remember, for investors, any time is risky. For those who enjoy life and enjoy the joy of investment, although the seasons are changing, there are opportunities at any time. The author's insights: Different operating strategies should be used in different environmental backgrounds. One of my most important investment insights is: You should have a trading system that adapts to different environments. We need to have at least two different types of trading systems to ensure that we can obtain stable returns every year. 10. Don't stick to the old ways. Neuberg said: It is necessary to change your way of thinking according to changes in the situation. My view is that you should take the initiative to change according to changes in economic and political factors. As for technology, sometimes we can control it, but sometimes it is beyond our control. I am good at bear market thinking, and I sing the opposite tune of optimists. However, if most people are pessimistic, I will do the opposite of bull market thinking; vice versa, I will do hedging transactions at the same time. The author's feeling: In the process of the trend, the masses are always right, but at the end of the trend, the masses are always wrong. The rational use of reverse thinking is one of the magic weapons for winning in the stock market. ● Roy Neuberger's related works Autobiography "So Far, So Good: The First 94 Years", the Chinese translation is called "Century Stock Winner" (China Standard Press), "Advice: From 94 Years of Investment Career" (Shanghai University of Finance and Economics Press). The Chinese translation of Kewen (Hong Kong) Publishing Co., Ltd. in 2003 is named "Money and Art: The Autobiography of Roy Neuberger, the Father of American Mutual Funds"

7. Andre Kostolany

Died at the age of 93 (1906 - September 14, 1999)

●Andre Kostolany: The investor I admire most

Among the greatest investors, Andre Kostolany is my favorite. I think my investment philosophy is closest to Kostolany's, or in other words, Kostolany's investment philosophy has the deepest impact on my current investment philosophy.

Kostolany is the most famous investment guru in Germany. His status in the German investment community is like that of Warren Buffett, the American stock god. Kostolany was sent to Paris by his father to learn stock investment skills when he was a teenager. He has been active in the stock market for more than 70 years and has achieved outstanding results. The wealth he gained through various financial investments allowed him to live a king-like retirement life at the age of 35. Kostolany is known as the "stock witness of the 20th century" and "one of the most successful investors in the financial history of this century."

Kostolany is a world-renowned speculator. Since he came into contact with the securities industry in his teens, he has had an indissoluble bond with speculation. He has been a speculator for 80 years and is very proud of it. He has published 13 international best-selling books in his lifetime. The Great Speculator is his last book, which embodies the advice of a lifelong speculator.

Andre Kostolany's investment philosophy

1、

Kostolany's view on the long-term trend

Kostolany believes that the stock market will continue to grow in the long run because the economy will continue to develop in the long run.

One of Kostolany's most famous investment advice is to ask investors to go to the pharmacy to buy sleeping pills, then buy various blue chip stocks, sleep for a few years, and then wake up from their sleep, and they will be pleasantly surprised in the end.

Kostolany is a recognized big speculator, but this suggestion also reflects his views on "investment". He believes that fundamentals are the key to the long-term performance of the stock market. Therefore, long-term holding of blue chip stocks with continuously improving fundamentals is a very good investment method.

2、

Kostolany's view on the medium-term trend

Kostolany believes that fundamentals are the key to the long-term performance of the stock market, and 90% of the short-term and medium-term rise and fall of the stock market are affected by psychological factors. The basic formula for the medium-term trend of the stock market is: trend = capital + psychology.

Kostolany believes that the factors that influence the stock market in the medium term include two components: capital and psychology. His credo is: capital + psychology = development trend. Capital refers to the liquid funds that can be invested in the stock market at any time. Kostolany's conclusion: if investors, big and small, are willing to buy and have the ability to buy, then the stock market will rise. They are willing to buy because they are optimistic about the financial and economic situation; they can buy because they have extra funds in their bags or bankbooks. This is the whole secret of the stock market rising, even if all the basic facts and reports on the economic situation at this time indicate that the stock market will fall.

3、

Kostolany's views on the market trend

Kostolany pays special attention to the general market trend. Kostolany believes that if the general market is bullish, then even the worst stockholder can make some money; but if the market is falling, even the best person cannot make a profit. So first consider the general market, and then choose stocks. Only those investors who have invested in stocks for at least 20 years can ignore the general market.

Kostolany believes that trading should not be done based on chart trends. He believes that in the long run, there is only one rule for chart analysis: people can win, but they will definitely lose.

However, Kostolany believes that there are two chart rules that are very interesting, namely the theory of consecutive rises and falls and the W, M rule. He believes that the theory of consecutive rises and falls and the W, M rule are the most meaningful signs that speculators can see based on experience.

According to my personal understanding, Kostolany's theory of continuous rises and falls and the W and M rules actually reflect the essence of technical analysis: go with the trend.

●Related books by Andre Kostolany

Kostolany has a total of 13 books, and I have seen that six of them have been published in Chinese translation.

1. The Great Speculator, another version is called The Money Game: Confessions of a Speculator

2. The Great Speculator 2: The Wisdom of a Speculator

3. The Great Speculator 3: Stock Training Class

4. The Big Speculator 4: The Best Money Story

5. The Big Speculator 5

6. The Securities Psychology of the Great Speculator

Parts of Kostolany's book are repetitive. In my personal opinion, you should read "The Great Speculator" and "The Great Speculator's Securities Psychology" first, and then "The Great Speculator 4: The Best Money Story" (which contains Kostolany's stock market test questions, which are very interesting. It tests whether you have a talent for stock trading. More than a year ago, my score was over 70 points, which made me an "improver." Kostolany's comment on "improvers" is: You understand the connection between things and can correctly judge events and trends, but you lack experience. You may have achieved great success, but you have not experienced enough failures so as not to lose your mind in surprise. Before becoming an expert, you must pass several tests and experience the pain of failure.

8. Philip A. Fisher

Died at the age of 96 (September 8, 1907 - March 11, 2004)

●Philip Fisher: The father of growth stock value investment strategy

Fisher graduated from Stanford University's Graduate School of Business in 1928 and was hired by San Francisco's Anglo-American National Bank in May of the same year as a securities statistician (later a securities analyst). On March 1, 1931, he founded Fisher Investment Management Consulting. In 1999, at the age of 91, he announced his retirement, but before that he had been personally managing the company's affairs.

Fisher achieved brilliant results in his 70-year investment career by investing in and holding high-quality, well-managed growth companies for a long time. For example, he bought Motorola shares in 1955 and did not sell them until his death in 2004. Fisher is known as one of the pioneers of modern investment theory and the father of growth stock value investment strategy.

●Philip Fisher: Warren Buffett’s teacher

Buffett began looking for the author of Fisher's 1958 book Common Stocks and Uncommon Profits. Buffett said, "When I met him, I was impressed by him and his ideas. He was very similar to Graham. He was humble and generous. He was a very special teacher." Buffett pointed out that Graham and Fisher had different investment methods, but the two methods "run parallel in the investment world."

In his 50 years of operation, Buffett has adhered to the long-term investment strategy of "buy and hold", which should be derived from Fisher's ideas, because Graham did not have such ideas. Buffett said in 1969: "I am a combination of 15% Fisher and 85% Graham." The essence of Graham's thought is "complete marginality", and the essence of Fisher's thought is to select a small number of growth company stocks and hold them for a long time.

Philip Fisher's investment philosophy

Fisher is a growth stock investor. His investment philosophy is to look for stocks of companies that can grow and grow again, and after buying them at a reasonable price, he almost never sells them.

Decades of long-term statistical laws have shown that the long-term increase in stock prices is basically close to the increase in company performance. Therefore, looking for growth stocks is the only way to obtain stable returns in the long term. Moreover, long-term statistical data show that the long-term stock price increase of truly outstanding companies is quite amazing. Holding the stocks of truly outstanding companies for a long time can experience market fluctuations and obtain good returns, which is much more profitable than the strategy of frequent buying and selling.

Fisher's "How to Select Growth Stocks" tells us that the key to successful investment lies in finding a few stocks whose earnings per share will increase significantly in the next few years, and tells us how to find those truly outstanding companies.

Fisher pointed out that if you want to find truly outstanding stocks, you don't need any insider information, you can find them through "chatting". Fisher believes that for truly outstanding companies, most of the information is very clear, and you don't need very professional investment experience. Many investors prefer to inquire about the company's insider information, of course they don't know that more than 70% of the information comes from public information.

"How to Select Growth Stocks" proposes 15 key points for finding excellent common stocks, and also elaborates on the investor's "Five No's" principle (actually the "Ten No's" principle) in two chapters.

The principles for selecting growth stocks that Fisher proposed 50 years ago are still applicable today.

Of course, different investors will deviate from these investment principles when applying them, and sometimes they need to experience their own major lessons (or lose money or make a lot less money) before they can have a truly profound understanding of these principles. The saying "The master leads you to the door, but the practice depends on the individual" is just this truth.

●Related books by Philip Fisher

Philip Fisher's book is "Common Stocks and Uncommon Profits and Other Writings", and both Chinese translations are titled "How to Select Growth Stocks".

This book actually consists of three works completed at different times:

"Common Stocks And Uncommon Profits" (How to Select Growth Stocks, 1958).

Conservative Investors Sleep Well (1975).

Developing An Investment Philosophy (1980).

9. Shelby Collum Davis

Died at the age of 85 (1909 - May 24, 1994)

The greatest family investor

The Davis family is one of the rare families in the United States with three generations of investment heritage. The first generation, Shelby Coulom Davis, was a famous American investor in the 1940s. The second generation, Shelby Davis, and the third generation, Chris Davis and Andrew Davis, are all well-known fund managers on Wall Street.

The first generation of Davis resigned from the Insurance Department of the New York State Department of Finance at the age of 38 in 1947 and invested $50,000 from his wife in stocks. When he died in 1994, his assets were close to $900 million. The annual return on investment of the first generation of Davis over the past 40 years was 23%. In the past 40 years, he was the only value investor who could match Buffett's investment performance (Buffett's compound return rate in the first 40 years was about 24%).

Second-generation investor Sullivan Davis beat the market in 22 of the 28 years he ran the Davis New York Venture Fund, which he started in 1969. Fighting the inflation of the 1970s was tricky, but he emerged unscathed.

Chris Davis of the third generation is introduced as an outstanding large fund manager in the book "Winners: Wall Street's Top Fund Managers".

According to Chapter 8 of John C. Bogle's "The Little Book Of Common Sense Investing" (Chinese version title: "Long-Win Investment"), among the 335 funds from 1970 to 2005, only three achieved an annual return that exceeded the market by more than 2 percentage points over the 35 years, one of which was the Davis Fund.

The Davis Fund was started by the second generation Sulpi Davis in 1969. In 1991, Chris Davis took over the leadership of the Davis Fund from his father Sulpi Davis.

The book "Davis Dynasty" describes the investment history of three generations of Davis.

From 1947 to 2008, the Davis Dynasty's 61-year highly successful investment history has verified the Davis Dynasty's proven value growth investment philosophy.

●The Davis Dynasty's value investment philosophy

The first generation of Davis used insurance stocks as the basic portfolio, and also invested in banks and other financial stocks, turning $50,000 into $900 million, with a 40-year compound investment return rate of 23%. Buffett's success is largely based on the success of insurance companies. The success of the first generation of Davis also proves that insurance stocks are a very good long-term investment variety, which is consistent with Lin Senchi's optimistic view on insurance stocks in "The Kingly Way of Investment". Some people believe that insurance stocks are a kind of compound interest machine.

The second generation, Sulpi Davis, founded the Davis New York Venture Capital Fund in 1969. Sulpi Davis's stock selection method has both "top-down" and "bottom-up" characteristics. Before investing, he will first look for a "theme". The theme of the 1970s was rampant inflation. Sulpi Davis's venture fund selected oil, gas, aluminum and other commodity companies. By the 1980s, there were signs that the Federal Reserve had successfully combated inflation. Sulpi Davis discovered a new theme: falling prices and falling interest rates. So he turned to buying financial assets: stocks of banks, securities and insurance companies. He invested 40% of the fund in financial stocks, just in time for the financial stocks to make great strides. Sulpi Davis's large-band operation method, which spanned more than ten years, almost completely coincided with Rogers' commodity bull market cycle, which is very interesting!

The third generation of Davis includes Andrew Davis and Chris Davis, both of whom became managers of different types of Davis investment funds. (According to "The Davis Dynasty", Chris Davis of the third generation joined the Communist Party, wore a Lenin badge, preached Karl Marx, and quoted Chairman Mao Zedong and Warren Buffett, calling his father a "running dog of capitalism.")

The Davis Dynasty finally introduces the Davis investment strategy - 10 basic investment principles that have been passed down through three generations:

(1) Don’t buy cheap stocks;

(2) Do not buy high-priced stocks unless the stock price is reasonable relative to its earnings;

(3) Buying moderately priced stocks of moderately growing companies;

(4) Wait patiently until the stock price returns to a reasonable level;

(5) Go with the flow;

(6) Thematic investment;

(7) Let blue chip stocks dominate the market;

(8) Trust in excellent management;

(9) Forget the past;

(10) Stay the course. In their letter to shareholders, they reiterated: We are running a marathon.

●Related Works

The author of the book "Davis Dynasty" is John Rothchild, who co-authored three best-selling books with Peter Lynch. Peter Lynch wrote the preface to the book.

ten,

John Templeton, 95 (November 29, 1912 – July 8, 2008)

●John Templeton: The Father of Global Investment

The New York Times (2006) ranked the top ten fund managers in the world. Templeton, known as the "Father of Global Investment", ranked third.

Sir John Templeton is the founder of the Templeton Group and has long been hailed as one of the world's most intelligent and respected investors. Forbes Capital magazine calls him "the father of global investing" and "one of the most successful fund managers in history."

Founder of Templeton Growth Fund, which achieved an average annual return of 13.8% from 1954 to 2004, far exceeding the 11.1% annual return of the S&P 500 Index.

● John Templeton: The most famous contrarian investor of the 20th century

Templeton's investment characteristics are to comb around the world and seek countries and industries that have hit bottom but have excellent prospects. His investment targets are companies that are ignored by the public. He often takes the low-buy-high-sell strategy to the extreme and invests at the "most pessimistic point".

As the most successful contrarian investor, Templeton's decades of investment experience can be summarized as follows: "Buy during the Great Depression, sell during the Internet bubble, and make several correct market judgments in between." In the mid-1980s, he was one of the first investors to withdraw before the Japanese bear market arrived. In 1992, Templeton predicted that "the next ten years will be the happiest period and the fastest progress period" and "the economy in the United States and Europe will rise rapidly." During the crazy period of the Internet bubble, he shorted some Internet companies whose senior managers were about to legally sell their stocks, and made another $80 million in a few weeks - he called this transaction "the easiest money."

In 1999, Fortune magazine commented that he was "arguably the greatest global stock investor of this century."

● John Templeton's famous quotes

“Reject technical analysis as an investment approach. You have to be a fundamental investor to be truly successful in this market.”

“Invest at the point of extreme pessimism.”

“If you want to do better than most, you have to act differently than most.”

“The market is always born in despair, grows in half-belief, matures in longing, and perishes in hope.”

●Related works by John Templeton

"Spiritual Investments: Wall Street Wisdom From The Career Of Sir John Templeton" by Gary D. Moore (1998)

"Golden Nuggets From Sir John Templeton" by John Templeton (1997), the Chinese translation is "Golden Nuggets From Sir John Templeton".

"21 Steps To Personal Success And Real Happiness" by John Marks Templeton and James Ellison (1992)

11. John Bogle

(May 8, 1929 -)

●John Bogle: Godfather of Index Funds

The New York Times (2006) ranked the top ten fund managers in the world. John Bogle, known as the "Godfather of Index Funds", ranked seventh.

John Bogle founded Vanguard Mutual Funds in 1974. After more than 30 years of development, it has become one of the largest and most respected fund management companies in the world. John Bogle pioneered the fund with no subscription and redemption fees and low-cost index investment strategy. In 1975, he launched the world's first index fund: Vanguard 500 Index Fund. In 1999, Fortune magazine named John Bogle one of the four investment giants of the 20th century.

● Index funds: the best choice for ordinary investors

Buffett, the "stock god", became the world's richest man through investment, but he believes that "index funds are the best choice for ordinary investors." Buffett has repeatedly recommended investing in index funds.

Professor Burton Malkiel highly praised index funds in his book A Random Walk Down Wall Street. Malkiel said that in the United States, the long-term performance of two-thirds of active funds is not as good as that of the S&P 500 index fund, and passive investment strategies are far better than active investment in markets like the United States.

John Bogle believes that the low cost and relatively low tax rate of index funds also ensure that investors can obtain greater market returns. John Bogle's research found that between 1942 and 1997, the S&P 500 index exceeded the average level of active mutual funds by about 1.3% almost every year. Between 1978 and 1999, 79% of mutual fund managers did not perform as well as index funds. In other words, in the long run, index funds can beat more than 70% of active funds.

According to Chapter 8 of John C. Bogle's The Little Book of Common Sense Investing (Chinese version titled "Long-term Investment"), of the 335 funds from 1970 to 2005, only three consistently outperformed the market by more than 2 percentage points in annual returns over the 35 years, accounting for only 0.8%

Author's note: There are two misunderstandings to avoid when investing in indexes. One is that investing in index funds in the super bear market of Japan since 1989 will not make any profit. The other is that investing in index funds in the long-term bear market of the 1970s and the early 2000s to 2008 will not make any profit. How to avoid these two misunderstandings is a long story, so I will not elaborate on it here.

●Related works by John Bogle

Among John Bogle's many works, it is recommended to read "Long-Term Investing" first.

John Bogle said that this is not just a book about index funds, it is destined to change our views and concepts about investment. I have only read a few chapters of this book and I feel it is good.

As mentioned in Chapter 2, the factors that determine stock prices are fundamentals in the long term and psychology in the short term. The price-earnings ratio is also a psychological indicator. It feels almost the same as my understanding of stocks. It’s just that John Bogle believes that he cannot observe the psychology of investors (John Bogle said: "After 55 years in this industry, I still don’t know how to predict the psychology of investors."), so he advocates investing in index funds. Of course, I have always been committed to studying the psychology of investors and often use reverse thinking to judge the trend of the market.

"The Little Book Of Common Sense Investing: The Only Way To Guarantee Your Fair Share Of Stock Market Returns" by John C. Bogle (2007), the Chinese translation is titled "Long-Term Winning Investing" (CITIC Press, published in May 2008).

"Bogle On Mutual Funds" by John C. Bogle (1994).

"Common Sense On Mutual Funds: New Imperatives For The Intelligent Investor" by John C. Bogle (1999)。

"John Bogle On Investing: The First 50 Years" by John C. Bogle (2000), the Chinese translation is titled "Bogle Investment".

"The Vanguard Experiment: John Bogle's Quest To Transform The Mutual Fund Industry" by Robert Slater (1996)。

12. George Soros

(August 12, 1930 -)

Soros: Financial genius

The New York Times (2006) named the top ten fund managers in the world. Soros was called a "financial genius" and ranked fifth.

Soros founded his own hedge fund in 1973: the Soros Fund, which eventually became the famous Quantum Fund. For nearly 20 years, Soros managed this aggressive and successful hedge fund to achieve an average annual return of more than 30%, including two years with an annual return of more than 100%. In the late 1980s, Soros gave up his daily management of the Quantum Fund and became a philanthropist as one of the richest people in the world, donating huge amounts of money around the world through his Open Society Foundation.

●My personal understanding of Soros’ investment philosophy

Soros's book is the most complex and difficult to understand of all the books on securities investment. People often say that reading Soros's "The Alchemy of Finance" is a chore.

Based on my personal understanding, I think the core concept of Soros' investment philosophy can be described in two words, one is Imperfect Understanding, and the other is Reflexivity theory.

1. Soros’s “incomplete understanding” is a denial of the rational person assumption in economics

Soros believes that our understanding of the world we live in is inherently incomplete, and the conditions we need to understand to make decisions are actually influenced by these decisions; there is an inherent difference between the expectations of the participants and the actual outcomes of events; the cognition of the participants does not involve facts, but a situation that itself depends on the cognition of the participants, and therefore cannot be regarded as facts.

Economic theory attempts to circumvent this problem by introducing the assumption of rational behavior, which assumes that people can make the best choice among available options, but the distinction between cognitive options and facts is inexplicably eliminated.

Soros's "incomplete understanding" is easier to understand. The concept of "map" mentioned in John Magee's book "Winning the Mental Game on Wall Street" may be similar to Soros's "incomplete understanding". "Map" is an abstract summary and description of the various characteristics of the observed objective facts, but the things depicted by the map can never be as detailed and accurate as the objective facts it depicts. The reflection of things in our minds is not the objective things themselves, that is, a map is not the area it depicts.

2. Soros’s “reflexivity theory” is a criticism of the concept of equilibrium in economics

Soros believes that the cognitive defects of participants are innate, and there is a two-way connection between the defective cognition and the actual process of events, which leads to a lack of correspondence between the two. Soros calls this two-way connection "reflexivity". Soros believes that the cognition of participants is biased in nature, and in some cases, this bias affects not only market prices, but also the so-called fundamentals. Reflexivity plays different roles. They not only reflect the so-called fundamentals, but they themselves will become one of the fundamentals and shape the evolution of prices. This recursive relationship makes the evolution of prices uncertain, and thus has nothing to do with the so-called equilibrium price.

Soros discovered that it is the bias of the participants that makes the equilibrium point unattainable. The goal pursued by the adjustment process is mixed with bias, and the bias is variable in the process. In this case, the direction of the event process will no longer be equilibrium, but a constantly moving target.

In Soros's general theory of reflexivity, equilibrium becomes a special case.

Soros believes that in the financial market, there is a difference between the perception of participants and the actual state of things. This divergence is inherently hidden in our "incomplete understanding". The divergence usually appears in the process of boom/bust, but not always. The boom/bust process is not very balanced: it slowly accelerates first, and then reaches its peak in a catastrophic trend reversal. Soros's related book "The Alchemy Of Finance" by George Soros (1988), the Chinese translation is called "Financial Alchemy".

"Soros On Soros: Staying Ahead Of The Curve" by George Soros (1995), the Chinese translation is "Soros: Staying Ahead Of The Curve".

"Open Society: Reforming Global Capitalism" by George Soros (2001), the Chinese translation is "Open Society: Reforming Global Capitalism".

"The Bubble Of American Supremacy: Correcting The Misuse Of American Power" by George Soros (2003), the Chinese translation is "The Bubble Of American Supremacy: Correcting The Misuse Of American Power".

"George Soros on Globalization" by George Soros (2002), the Chinese translation is "Soros on Globalization"

"Soros: The Life And Times Of A Messianic Billionaire" by Michael Kaufman(2002)

13. John Neff

(1931-) ● John Neff: A top fund manager whose average annual return for 31 years exceeded the market by more than 3%. The New York Times (2006) named the top ten fund managers in the world. John Neff was called "the originator of price-earnings ratio, value discoverer, and great low-price-earnings fund manager" and ranked sixth (the top five were Warren Buffett, Peter Lynch, John Templeton, Benjamin Graham, David Dodd, and George Soros). John Neff was born in 1931. He started working at Cleveland National City Bank in 1955, became the head of securities analysis in the trust department in 1958, joined Wellington Management Company in 1963, became the portfolio manager of Vanguard Windsor Fund in 1964, and retired in 1995. In the past 31 years, the total investment return rate of Vanguard Windsor Fund reached 55.46 times, and the cumulative average annual compound return for 31 years reached 13.7%. The average annual return rate exceeded the market average return rate by more than 3%, and no one in the history of funds could match it. Due to its outstanding operating performance, by the end of 1988, the total assets of Vanguard Windsor Fund reached 5.9 billion US dollars, becoming one of the largest assets and income funds in the United States at that time, and stopped recruiting new customers. By 1995, when John Neff stepped down as the fund manager, the fund managed assets of 11 billion US dollars. John Neff also managed the endowment fund for the University of Pennsylvania on a voluntary basis, and obtained a 10-fold investment return for the endowment fund of the University of Pennsylvania in 16 years. ● Elements of John Neff's Stock Selection Method John Neff has adopted an investment style for 30 years since he became the manager of Windsor Funds in 1964, whose elements are: a. Low P/E ratio; b. Basic growth rate of more than 7%; c. Guaranteed earnings; d. Excellent relationship between total return and P/E ratio paid; e. Do not buy cyclical stocks unless they are compensated by low P/E ratio; f. Solid companies in growth industries; g. Good fundamentals. ● John Neff's Value Investing: Buy to Sell John Neff said that all the techniques for finding low P/E stocks are for one goal: to calculate the stock price range after the company's performance improves. Any stock that Windsor Funds buys is for selling. If other investors can't see the shining points of the company that you are trying to make others see, then you will never achieve the expected returns.When you are ready to sell a stock, will the price of the stock be what you want? No one can guarantee it, but adopting a low P/E strategy can at least make the balance of probability lean towards your side. The ultimate reasons for Windsor Fund to sell stocks are only the following two: a. The fundamentals have deteriorated; b. The price has reached the predetermined value. ● John Neff's related book "John Neff On Investing" by John Neff and Steven L. Mintz (2001), the Chinese translation is "John Neff's Successful Investment".

14. Warren E. Buffett

(August 30, 1930 -) ●Warren Buffett: An unparalleled true investor. The New York Times (2006) ranked the world's top ten fund managers, and Buffett was called the "stock god" and ranked first. ●Some personal understandings about Warren Buffett 1. How to copy Buffett Buffett's great achievements today are due to his broad investment vision. His broad vision directly benefits from extensive reading. Buffett had read more than 100 business books when he was 16 years old. At a period of his life, he read up to 5 books a day. Buffett has three things to do every day: read, study, and think. Buffett learns from the best in each field through reading. Now there is a popular saying in China: "copy Buffett". I think if you want to copy, you must first copy Buffett's habit of extensive reading. For example, first consider reading 100 investment books to catch up with Buffett's level when he was 16 years old. 2. Avoiding "negative compounding" growth is Buffett's consistent investment goal. In Buffett's 51 years of performance from 1957 to 2007, only one year was negative growth, and the other 50 years were all positive growth. Buffett's performance fully demonstrates the charm of compound interest and the importance of avoiding negative compounding growth. I personally think that avoiding possible "negative compounding" growth is a very critical thing. A decline of one-third requires a 50% increase to recover, and a decline of 50% requires a 100% increase to recover. Buffett is the best in the world at avoiding "negative compounding" growth. A study of Buffett's investment performance from 1957 to 2007 shows that only the return rate in 2001 was -6.2%, which was negative growth, and the returns in all other years were positive growth. Avoiding "negative compounding" growth is Buffett's consistent investment goal. In a letter to his partners on July 12, 1966, Buffett pointed out, "When most people make money, we also make money, and the extent of our profits is about the same; when most people lose money, we also lose money, but we lose less." In a letter to his partners on February 20, 1960, Buffett pointed out, "Achieve excellent results in a bear market and average results in a bull market." 3. Buffett's investment performance is not entirely the result of buying and selling stocks in the secondary market. Buffett's excellent investment performance for a total of 51 years from 1957 to 2007 is not real stock investment performance, nor is it entirely the result of buying and selling stocks in the secondary market.4. The essence of value investing lies in "margin of safety", and value investing does not mean long-term holding. In my opinion, the essence of Buffett's value investing method lies in "margin of safety", and value investing does not mean long-term holding. ●Related works by Warren Buffett There are many related works by Warren Buffett, and only a few are listed here. 1. "Buffett: The Making of an American Capitalist" by Roger Lowenstein (1996), the Chinese translation is called "The Growth of an American Capitalist". 2. "The Essays of Warren Buffett: Lessons for Corporate America", author: Warren Buffett, Lawrence A. Cunningham (Warren Buffett, Lawrence A. Cunningham). 3. "The Snowball: Warren Buffett and the Business of Life " by Alice Schroeder

15. William J. O’Neil

(March 25, 1933 -) ●Brief introduction of William O’Neil In Lessons from the Greatest Stock Traders of All Time, John Boik, McGraw-Hill, 2004 (Chinese translation is called Supreme: Experience from the Greatest Stock Trader), O’Neil is listed as one of the five greatest stock traders. (The following introduction is from O’Neil’s CANSLIM Investment Garden.) William J. O’Neil is a famous American investment master of growth enterprises, with an investment career of nearly 50 years. Born in Oklahoma City on March 25, 1933, and grew up in Texas. Graduated from Southern Methodist University with a bachelor's degree in business and served in the US Air Force. He began his investment career in 1958 and worked as a broker at Hayden, Stone & Company Securities in Los Angeles. In 1960, he conducted research at Harvard University's Program for Management Development (PMD). He studied the characteristics of all the stocks with the largest gains in US history. In 1963, he founded William O'Neill Company and bought a trading seat on the New York Stock Exchange (NYSE). At the age of 30, he set a record as the youngest person to own a trading seat on the NYSE. He used the CANSLIM method to make actual investments and set a record of making 20 times the profit in 26 months. In 1973, he founded O'Neill Data Systems, which provides high-speed printing and database publishing services. In 1984, O'Neill launched the "Investor's Daily" in the form of a database print version of his many years of research results CANSLIM, and competed with the national business newspaper "Wall Street Journal". In 1988, he published the book "How to Make Money in Stocks: A winning system in good times or bad", which was translated into "Laughing at the Stock Market" in China and became the best-selling investment book in the United States that year. It has been reprinted several times and has sold more than 1 million copies so far, and it is still popular. In 1991, Investor's Daily was renamed Investor's Business Daily. In 1994, the number of readers of Investor's Business Daily exceeded 850,000, making it the only investment daily comparable to The Wall Street Journal. In 2003, The Successful Investor was published, which was translated into Chinese as Principles of Stock Trading. In the book, O'Neill updated the CANSLIM standard.To date, William O'Neill has become one of the favorite investment advisory companies of major fund managers around the world. More than 600 fund managers listen to William O'Neill's investment advice, and the subscribers of Investor's Business Daily in the United States exceed 300,000, which has a great impact on the stock market. William O'Neill is still the chairman of his five companies and continues to introduce CANSLIM's investment strategy in speeches. ● William O'Neill's CANSLIM system is comparable to Buffett's value investment system. The two systems involving fundamental analysis repeatedly mentioned in the book "Trade your way to financial freedom" (authored by Dr. Van K. Tharp) are: O'Neill's CANSLIM system and Buffett's company model. O'Neill's CANSLIM system is considered by the American Association of Individual Investors to be comparable to Lynch and Buffett's stock selection system. In my personal opinion, O'Neill's CANSLIM system combines the essence of fundamental analysis methods and technical analysis methods, and is one of the investment methods that can make money. If you really master the essence of the CANSLIM system, you will be able to dominate the stock market. ●CANSLIM System The American Association of Individual Investors spent five years conducting a large-scale comparative analysis of the performance of various stock selection systems. We concluded that the CANSLIM method is one of the most stable and best performing systems in both bull and bear markets. C-A-N-S-L-I-M stock selection principle: C = earnings in the most recent quarter

C: The profit of the most recent quarter has increased significantly compared with the same period last year. A = Annual profit growth rate

A: Annual profit growth rate of 25%-50% (stable and sustainable) N = new products, new management methods, record high stock prices

N: Stocks that hit new highs often continue to hit new highs S = the size of the circulating market, market capitalization and trading volume

S: Try to choose small-cap stocks L = Position in the industry, whether it is the industry leader

L: If you want to buy, buy the industry leader I = Is there a powerful institution (commonly known as the banker)

I: The participation of powerful institutions can easily promote the rise of stock prices. M = the trend of the market.

M: The trend of the market is a comprehensive reflection of the trend of individual stocks, and it is a prerequisite for seeking a high probability of winning. I personally believe that the seven stock selection methods are actually used in a certain order, and I personally summarize them into three main steps: the first step is to first check the main trend of the overall market, the second step is to select industries with stable growth potential, and the third step is to further select the best from the selected industries and select stocks with the strongest fundamentals and technical aspects. I won’t say much about technology. From a fundamental perspective, select stocks with leading product competitiveness and profits in the industry, continuous and stable growth in the main business, and a year-on-year increase in profits in the latest quarter, and new products and new technologies. Include these stocks in your stock pool, reduce it to about 30, and keep updating it to about 30, and only operate these stocks. ●Exploration of the flaws of William O'Neill's method O'Neill said in the preface of "Reminiscences of a Stock Operator" (Shanghai University of Finance and Economics Press): A few years ago, I bought more than a thousand books on the stock market and investment. However, based on my 45 years of experience in the industry, I found that only 10-12 books are really of certain practical value, and "Reminiscences of a Stock Operator" is one of them. In the preface to his book How to Profit from Short Selling, O'Neill recommended books such as Gerald M. Loeb's The Investing War and Reminiscences of a Stock Operator. I think O'Neill absorbed a lot of useful ideas from the related works of Loeb and Jesse Livermore to create his CANSLIM system. Unfortunately, O'Neill did not put the more important ideas emphasized by Loeb and Jesse Livermore (the important role of psychology and human nature in stock price fluctuations) into the CANSLIM system. This makes the CANSLIM system just an investment method. The view I currently accept is that the method is not the most important in stock investment. There are three components of trading: psychological state (emotional control), money management and system development (trading method). Dr. Van K. Tharp believes that psychological state is the most important (about 60%), followed by money management/position determination (about 30%), and system development is the least important (only about 10%).I think O'Neill's CANSLIM system is one of the best investment methods, but if you want to make long-term stable profits in stock trading, methods alone are far from enough. ● William O'Neil: The greatest investor I personally thank the most I personally thank O'Neill very much. I have read "How to Make Money in Stocks" and "Principles of Stock Trading" about 30 times. I personally started from O'Neill's CANSLIM system and found a long-term, continuous and stable way to make money that suits me. The greatest investor I personally admire the most is Andre Kostolany, and the greatest investor I personally thank the most is William O'Neil. ● William O'Neil's related works "How To Make Money In Stocks" by William J. O'Neil (1988), the Chinese translation is "How to Make Money in Stocks". "24 Essential Lessons For Investment Success" by William J. O'Neil (1999), the Chinese translation is "24 Essential Lessons For Investment Success". "The Successful Investor" by William J. O'Neil (2003), the Chinese translation is "Principles of Stock Trading". How to Make Money Selling Stocks Short, co-author with Gil Morales, Wiley (December 24, 2004), ISBN 0471710490.

16. Jim Rogers

(October 19, 1942 -) Jim Rogers is the investor who is highly recommended by the most successful investors. I personally think there are two most successful investors. One is Buffett, who achieved 50 years of positive growth from 1957 to 2007, and the other is Roy Neuberger, who has never lost money in a single year in his 68-year investment career. Warren Buffett said: "I have to admit that Rogers' grasp of the market trend is unmatched." Roy R. Neuberger, the father of American mutual funds, has never lost money in a single year in his 68-year investment career. The first few successful investors recommended by Neuberger are: Warren Buffett, Benjamin Graham, Peter Lynch, George Soros and Jim Rogers. Rogers was originally Soros' assistant, and the two founded the famous Quantum Fund together. In 1970, Rogers worked as an assistant to Neuberger for 9 months, and later Rogers called Neuberger his mentor. Jim Rogers is an internationally renowned investor and professor of finance. He has a legendary investment experience. From the Quantum Fund he founded with financial tycoon George Soros to the Rogers International Commodity Index (RICI), from two world tours to being included in famous yearbooks such as Jon Train’s Money Masters of Our Time and Jack Schwager’s Market Wizards, all of them have impressed the world. It is said that because he made enough money, Rogers decided to retire at the age of 37. Jim Rogers’ seven investment rules 1. Hard work. "I don’t think I’m smart, but I do work very, very, very hard. If you can work very hard and love your work, you have the possibility of success." Soros also confirmed this point. In an interview with a reporter, Soros said, "Rogers is an outstanding analyst and is particularly hardworking. He does the work of six people." 2. Independent thinking. "I have always found it useful to bury myself in study. I have found that it is easy and profitable if I just act according to what I understand, rather than asking others to tell me what to do." Rogers never paid much attention to the securities analysts on Wall Street. He believed that these people followed the crowd, and in fact no one could make a fortune by following the crowd."I can guarantee that the market is always wrong. You must think independently and abandon the herd mentality." "Everyone must find their own way to success. This way is not guided by the government, nor can it be provided by any consulting agency. You must find it yourself." 3. Don't go to business school. "Study history and philosophy. Anything is better than going to business school; be a waiter, travel to the Far East." When Rogers taught at Columbia School of Economics, he always told all students that they should not come to the school of economics. It is a waste of time, because including the opportunity cost, it will cost about $100,000 during the study period. Instead of using this money for school, it is better to invest in business. Although you may make money or lose money, no matter whether you make money or lose money, you will learn more than sitting in the classroom for two or three years and listening to those "senior professors" who have never done business and talking nonsense about it. 4. The rule of never losing money. "Unless you really know what you are doing, don't do anything. If you make 50% profit from investment in two years, but lose 50% in the third year, then you might as well invest your money in the Treasury market. You should wait patiently for a good opportunity, make money and take profits, and then wait for the next opportunity. In this way, you can beat others." "So, my advice is never to lose money, do what you are familiar with, and wait until you find a good opportunity before investing." 5. The law of value investment. If you buy a commodity because it has real value, even if the timing of buying is wrong, you will not suffer a major loss. "In normal times, it is best to sit still, the less you buy, the better, and always wait patiently for investment opportunities to come." "I don't think I am a speculator, I am just an opportunist, waiting for opportunities to appear, and only attack when I am full of confidence," Rogers said. 6. Wait for the emergence of catalysts. Market trends often show long-term sluggishness. In order to avoid trapping funds in a stagnant market, you should wait for catalysts that can change market trends. 7. The law of being quiet like a virgin. “One of the rules of investing is to do nothing unless something really big happens.Most investors always like to go in and out, looking for something to do. They may say, "Look how smart I am, I made three times the money again." Then they go to do something else. They just can't sit down and wait for the natural development of the general trend. "Rogers disagrees with the idea of ​​"trying your luck." "This is actually a dead end that leads investors to bankruptcy. Some people who have suffered losses in the stock market will say, "I lost a sum of money, I must try to make it back." The more you encounter this situation, the more you should stay calm and wait until new conditions occur in the market before taking action. " ●Jim Rogers' famous sayings I have the following piece of advice from Rogers posted on my personal computer desk: Rogers always warns investors to be patient. He said that many people buy a certain stock in the stock market, see it go up, and think they are smart and capable. They think it is easy to buy and sell stocks. As soon as they make a lot of money, they immediately start looking for other things to buy. The result is predictable, and they lose all their previous profits. Self-confidence will lead to pride and ultimately to arrogance - at this time you really should put your money in the bank and go to the beach for a while until you calm down. Because good opportunities are not many, and they will not come one after another. You don't need many good opportunities in your life, as long as you don't make too many mistakes. Seize a few good opportunities and you will become quite rich. ●Jim Rogers' related books Rogers has written four best-selling books: "Hot Commodities", "Venture Capitalist's Travels Around the World", "Investment Knight" and "China Bull Market". Rogers has traveled around the world twice. The first time was in 1990, when he traveled around the world on a motorcycle, conducted field research and made investments. He wrote about the economic conditions and travel experiences of these countries in the book "Investment Biker", which sold 500,000 copies and was named "the best-selling book" by the New York Times. The second time was in 1999, when he drove a Mercedes-Benz station wagon for three years and visited 116 countries, starting from Iceland and passing through Europe, Japan, China, Russia, Africa, Antarctica, Australia, South America and then returning to the United States, breaking the Guinness World Record.One of the results of the second round-the-world trip was the publication of Adventure Capitalist: Investment Biker: Around the World with Jim Rogers - 1995 (ISBN 1-55850-529-6), the Chinese translation of which is titled "Investment Knight". Adventure Capitalist: The Ultimate Road Trip - 2003 (ISBN 0375509127), the Chinese translation of which is titled "Venture Capitalist's Global Travel Notes"/"Play and Earn the Earth". Hot Commodities: How Anyone Can Invest Profitably in the World's Best Market - 2004 (ISBN 140006337X), the Chinese translation of which is titled "Hot Commodity Investment". A Bull in China: Investing Profitably in the World's Greatest Market - December 4, 2007 (ISBN 1400066166), the Chinese translation of which is titled "China Bull Market".

17. Peter Lynch

(January 19, 1944 -) ● Peter Lynch: The greatest and most perfect investor Peter Lynch was born in Boston on January 19, 1944. He joined Fidelity in 1969 and became the fund manager of Magellan Fund under Fidelity in 1977. In the 13 years until he resigned as fund manager in May 1990, the assets managed by Magellan Fund grew from 22 million yuan to 14 billion yuan, with an average annual compound growth rate of 29%. Such an investment return rate is almost unmatched in the history of the stock market. The New York Times (2006) selected the top ten fund managers in the world. Lynch was called the "superstar of the investment world" and ranked second (Warren Buffett ranked first). Roy R. Neuberger, the father of American mutual funds, has never lost money in a single year in his 68-year investment career (this history is probably unbreakable. Warren Buffett has also lost money in one year in his past 51 years of investment career).

Roy Neuberger described Lynch in his autobiography, So Far, So Good: The First 94 Years, as follows: "I think Buffett and Peter Lynch are the two greatest investors in modern society. Together with Soros, I would like to describe them as 'genius'. If I were asked to choose who is the most perfect, overall, I would only choose Peter Lynch. His character is the best; he is like Hercules in Greek mythology, a 'god' figure on Wall Street. Another thing I admire is that he knows when to quit and return to his family." The most important secret to successful investment: hard work Lynch is a workaholic who works up to 12 hours a day and shows an obsessive enthusiasm for everything he does. Perhaps no one in the investment world works harder than him, and no one reads more widely than him. He has to read several feet of documents every day, travel 160,000 kilometers every year to conduct field visits, and talk to managers of more than 500 companies every year. When he is not reading and visiting, he will make phone calls for hours and dozens of hours. Lynch is constantly looking for investment opportunities. He keeps running around various companies with the goal of finding "obvious winners" based on relevant information. Of course, Lynch is different from most investors, otherwise they can also achieve the same performance as Lynch. First of all, Lynch has a sufficient understanding of the information, so he can act quickly and agilely, and he doesn't have to spend time to get unnecessary information, which is enough to ensure that he is right most of the time. ●The most admirable thing is the mentality: retreat bravely from the rapids, and be content with what you have. In the preface of Lynch's book "Beat the Street", people can find the reason why Lynch retired in May 1990: he wanted to be a person who had time to spend with his family. At Lynch's 46th birthday party, he suddenly thought of his father who died at the age of 46. This was the first time Lynch thought about death. Thinking of the end of his life, he felt great pressure and shadow. At the same time, he began to think about the topics of wealth and life, and decided to focus on family and charity after retirement.Roy Neuberger also mentioned in his autobiography: "Another thing I admire is that Lynch knows when to quit and return to his family." In the investment philosophy that the author has accepted, emotional control/psychological factors are the most important factors in investment. Among the three elements of investment transactions, the importance ratio of emotional control/psychological factors, fund management and methods is about 6:3:1. The author believes that Lynch's mentality of quitting at the right time and being content with what he has is one of the most important factors in his becoming the greatest and most perfect investor. ● Noteworthy quotes: Ordinary investors can also become stock investment experts Lynch has always been known for his stock selection ability. He has a famous saying: As long as you do a little research on stocks, ordinary investors can also become stock investment experts, and their performance in stock selection can be as good as that of Wall Street experts. Especially in today's information society, Lynch firmly believes that typical amateur investors have greater advantages than professional fund managers. Lynch pointed out in the preface of the Chinese version of Anthony Bolton's Stock Picking: "There is always some reason behind the surge or plunge of individual stocks. And that information can be clearly found, and this information is often sufficient. In today's information-rich environment, investors can obtain data that was previously only available to senior Wall Street analysts." Lynch said that investment opportunities are everywhere for laymen. As long as you carefully observe the development trends of business and pay attention to the world around you, from shopping malls to your workplace, you can find potential companies that will be very successful earlier than professional analysts. The author has a deep practical experience of Lynch's famous saying that "ordinary investors can also become stock investment experts." Before the author became a professional investor, the most successful stock investment (Suning Appliance) was deeply influenced by Lynch's method. In the bear market of 2005, many people asked me why I was so optimistic about Suning Appliance. My answer was to recommend reading Lynch's classic investment works, and the answer was there. ●Investment classics worth reading repeatedly: "One Up on Wall Street" and "Beating the Street" Lynch has written three books in total: "One Up on Wall Street", "Beating the Street" and "Learn to Earn".Investment classics are worth reading repeatedly. The book "Peter Lynch's Successful Investment" explains in detail how to choose stocks of companies with good development prospects. It includes the following contents: how to find the best money-making opportunities, what to check and what to avoid when visiting a company, how to play the role of brokers more effectively, how to use annual reports for analysis, how to use other information resources that can bring the best returns, and how to treat various data that are often used in technical analysis of stocks (such as price-earnings ratio, book value, cash flow, etc.). Lynch is good at observing the correlation between economic pulse and industrial development, and finding the best investment portfolio from it. He believes that "investment is an art rather than a science" and should be good at "finding investment objects from daily life." Lynch pointed out: If you pay more attention when working, shopping, visiting exhibitions, eating, or pay more attention to emerging and promising industries, amateur investors can also find stocks that can make a lot of money. In Lynch's book, we can not only learn Lynch's stock selection method, but also find the three main reasons why Lynch has defeated the market for 13 consecutive years: Lynch is more hardworking than others; Lynch attaches more importance to research than others; Lynch is more flexible than others. We can also learn Lynch's philosophy of life. "One Up On Wall Street" by Peter Lynch with John Rothchild (1989), the Chinese translation is "Peter Lynch's Successful Investment". "Beating The Street" by Peter Lynch with John Rothchild (1993), the Chinese translation is "Beating Wall Street". "Learn To Earn" by Peter Lynch with John Rothchild (1996).

18. Anthony Bolton

(March 7, 1950 -) ●Anthony Bolton: Britain's most famous investment fund manager and the most successful investor. Who is the most successful fund manager in Europe? No one will doubt that Anthony Bolton of the Fidelity Special Situations Fund is one of the very few fund managers who are among the best. If you invested 1,000 pounds in his fund in 1979, it would be worth more than 125,000 pounds today. The average compound growth rate is more than 20% per year, in other words, it exceeds the level of the Financial Times All-Share Index by 7% per year. This record of consistently beating the market is comparable to that of investment masters Warren Buffett and Peter Lynch. Anthony Bolton, managing director and senior investment manager of Fidelity International Limited, a leading global investment management company, is one of the most successful fund managers in Europe and is known as the "Peter Lynch of Europe" in the industry. He has managed many funds since 1979, won numerous awards, and is respected by the industry as the "best fund manager in the world". The average annual return rate of the funds he helms is more than 20%. In particular, the Fidelity Special Situation Fund under his management has achieved an investment return of more than 14,000% since its establishment in the 1970s, significantly outperforming the standards of peers and the industry. Anthony Bolton managed the Fidelity Special Situation Fund, which was established in December 1979, and achieved an average annual compound return of 20.4% in the 26 years to December 2005, outperforming the market 19 times in 26 years. ● Anthony Bolton's stock selection secrets It is crucial to understand a company, especially its profit-making methods and competitiveness. Identifying the key variables that affect a company's performance, especially those uncontrollable factors such as currency, interest rate and tax rate changes, is essential to understanding the growth momentum of a stock. If a company is very complex, it is difficult to see whether it has a sustainable franchise. I agree with Warren Buffett's view that it is better to invest in an excellent company run by ordinary management than in a bad company run by a star manager. Try to identify stocks that are currently being ignored but can regain benefits in the future. The stock market does not have a long-term vision, so sometimes, like playing chess, you can gain an advantage as long as you can see a little further than others.The more sources of information you have, the more chances you have of discovering successful stocks. Forget the price of the stock you bought. Invest differently, be a contrarian investor! When stock prices rise, avoid being too bullish. When almost everyone is pessimistic about the outlook, they may be wrong and the outlook will get better and better; when almost no one is worried, it is time to be cautious. ●The most important secret of investment success: hard work Anthony Bolton is the most famous investment fund manager and the most successful investor in the UK, and is known as the "Peter Lynch of Europe".

In the preface to the Chinese version of Anthony Bolton's book "Investing with Anthony Bolton" (the Chinese translation of which was published in April 2008 is titled "Anthony Bolton Teaches You How to Pick Stocks"), Lynch pointed out: "This book reveals the most important secret to investment success: hard work. When you read this book, please pay attention to the importance of hard work. Please note how often extra efforts in research and analysis are important factors in sustained success. Pay attention to this point, and you will find that the so-called investment "geniuses" in the media are actually those who work based on continuous research, because research will produce a decisive information competitive advantage. I emphasize hard work, information competitive advantage and the ability to adapt flexibly." Lynch pointed out in the preface to the Chinese version of "Anthony Bolton Teaches You How to Pick Stocks": "There is always some reason behind the surge or plunge of individual stocks. And that information can be clearly found, and this information is often sufficient. In today's information-rich environment, investors can obtain data that was previously only available to senior analysts at Wall Street." ● Contrarian investment master Bolton: Believes that the bear market has bottomed out Time: November 26, 2008 Source: Shanghai Securities News (Shanghai) If bullishness or bearishness is a signal of a market turn, then a fund manager who has been pessimistic about the market since 2006 and has only held a small amount of financial stocks in his portfolio in the past few years has recently issued buy recommendations on financial stocks. Can this be regarded as a signal of a turn? Anthony Bolton, managing director of Fidelity Investments, began to recommend buying financial stocks in May this year. In the past few months, European and American banks have encountered problems one after another, and each of them has been surprising. However, Bolton said that he is still optimistic about financial stocks. He believes that the bear market has bottomed out. He said that the normal domino effect is: finance → consumption → industry → commodities, and when the market launches a number of measures, financial and consumer cyclical stocks are expected to recover first. As for commodities, which have been falling rapidly recently, he believes that it will take at least four or five years. "Financial stocks are the first victims of this crisis, and I think they will also be the first to get rid of the crisis."Consumer cycle stocks have almost digested the factors of the deep economic recession, so their share prices are quite attractive," Bolton said. He chose consumer stocks because he cited the reason that between 1926 and 2008, every time the market hit bottom, investing in the 1,500 largest consumer stocks had a considerable return of 7% to 25% within a year. In addition, he also tends to invest in commercial banks or non-life insurance companies. "Buy the strongest and best banks. After this elimination, they have less competition." He said that the best bank conditions include large scale, sufficient capital, and good balance sheets. However, even many bank bosses do not know much about the financial status of their own banks. Bolton sighed that banks are always a very difficult industry to understand. The financial stocks Bolton refers to are for the Western world. As the Western economy is sinking, does the financial industry, as the top of all industries, really have long-term investment value? He said that this time it takes at least three years. As for whether HSBC, Standard Chartered and Manulife listed in Hong Kong meet the conditions in mind? He does not comment on individual stocks. Unlike many pessimistic analyses, Bolton's view that the bear market has bottomed out puzzles many people. Bolton compared the declines since 1900 and believed that this time the market fell quickly and deeply, but the magnitude was similar. He also analyzed the consumption and sentiment cycles of the investment market. Investors are currently frustrated and desperate, and the consumer confidence index has fallen to a new low since the 1970s. These pessimistic sentiments show that the bear market has bottomed out. However, the eternal debate in the investment market is whether history will repeat itself. Even if history can be used as a reference, the current bear market, which was described by former Federal Reserve Chairman Alan Greenspin as "once in a century", is only halfway through the 90% drop in the US stock market in 1930. Bolton said that before the Great Depression in 1930, the stock market had already formed a big bubble, and the government's improper handling at that time led to a 90% drop. However, there is no big bubble in the stock market before the storm, and companies and governments have responded quickly and are ready for the recession, so he believes that the same mistakes will not be repeated. In order to save the market, many governments have spent hundreds of billions of dollars and central banks have rushed to cut interest rates.When asked whether the government measures were enough to save the economy, Bolton said, "They did too much." He said the impact of the government's rescue tactics will appear in the next cycle. But his views were limited. He emphasized that he was not an expert in economics and was unwilling to make further comments. The subprime mortgage problem broke out in October last year. Bolton had signaled that he was pessimistic about the market outlook since 2006, which he described as "a little early." Is it also "a little early" to see the bottom of the bear market and buy financial stocks this time? He said, "Maybe, I just look at it from the value point of view." ● Reverse investment master Bolton: Bank stocks should be heavily invested now Time: November 28, 2008 09:51 Source: Shanghai Securities News (Shanghai) Fidelity International Investment President Bolton: The financial industry, which was hit the hardest, may recover first Bank stocks, which were hit the hardest by the subprime mortgage crisis (focusing on the US financial vortex), may recover first. Yesterday, Anthony Bolton, president of Fidelity International Investment, said in an interview with the media in Beijing that he has begun to be optimistic. If he were still managing a fund, he would invest heavily in bank stocks now. Last November, Bolton believed that the crisis would affect the real economy. He also reminded Chinese investors that "you should keep your feet at the door", implying that they should be prepared to withdraw at any time. Bolton has managed the "Special Situation Portfolio" for 28 years and is one of the most successful "contrarian investors" in the UK. Recently, the British "Times" named him one of the top ten investment masters in history. "This round of bear market has lasted for 14 months, and the 14-month cycle is very long compared with history." Bolton believes that the current bear market has entered the "mature stage", and the restructuring of capital and re-lending of the banking industry will become the watershed between the bear and the bull. He predicts that mature markets will recover stability earlier than emerging markets, and the recovery of emerging markets will not come until later next year. He reminded investors: "The news of stock market recovery is much earlier than the news of economic recovery. If you wait for good economic news before investing, you will definitely miss the early stage of the bull market." In terms of investment products, Bolton strongly recommends bank stocks. "The financial industry was the first to be hit by this round of crisis, and I believe they are also the first industry to emerge from this round of crisis."He believes that the worst period of the financial crisis has passed, and the financial industries he is optimistic about mainly include commercial banks and non-life insurance. From the perspective of bank stock valuation, Bolton believes that when the storm is over, the surviving commercial banks will receive considerable capital investment, "If you can look at it this way, then you will feel that the current valuation of bank stocks is cost-effective." Taking Nordic banks as an example, Bolton believes that the best time to buy bank stocks in Sweden is when the government launches a rescue plan, "because once the rescue plan is launched, it marks the arrival of the lowest point, and now governments of various countries have launched support plans for banks. I think this will also be seen as a sign of the market low in the future." When Bolton managed funds before, the proportion of bank stocks held was generally low because he believed that the banking industry was difficult to analyze. "But now I am attracted to bank stocks." He believes that bank stocks are now undervalued a lot, and due to changes in investor sentiment, many people rarely hold or do not hold bank stocks at all. "As a counter-trend person, I think I will buy bank stocks at this time. " Bolton also reminded investors that bank credit will be very tight for a long time, so investors should first choose banks with healthier financial conditions. For some defensive industries, he believes that although they have performed well in the past period of time, they will not continue to perform well in the future. For commodities, he believes that the bear market is not over yet, "but energy is an exception, and I will make some investments in the energy field." He is also optimistic about consumer stocks because their current prices have already digested this round of declines.