Outside today, it was raining lightly, and in the middle of the night last night, there was a torrential rain. The weather after the rain is especially suitable for lazy sleep, especially good sleep. Zhang Dequan has a characteristic that he likes to sleep lazy, especially when he feels that he has not slept enough. He would never force himself to get out of bed just because the time is up, or at a certain point in time.

It's also the kind of person who can fall asleep standing up if he doesn't sleep enough for eight hours a day.

No, Zhang Dequan slept until 11 o'clock in the morning and woke up from his dream. Then he reluctantly got out of bed.

After Zhang Dequan got up, as usual, he habitually started the computer, logged in to QQ, and saw if anyone sent him any messages and left any words.

When Zhang Dequan opened QQ, there were several unread messages. Among them, what Zhang Dequan paid the most attention to was the message sent to him by Li Ling. Since Zhang Dequan only logged in to QQ yesterday morning, the messages sent to him by others after that were all unread by him.

"Zhang Dequan, are you still there?" This message was sent by Li Ling yesterday.

"Just now, I said I would like to introduce you to a few books. I'll tell you now. What I would like to introduce to you is Graham and Dodd's "Securities Analysis", Graham's "The Smart Investor", and Andy Kilpatrick's "The Investment Bible: The True Story of Warren Buffett". Let's take a look at these books first. You can search on the Internet and it should be available for download from the Internet. Li Ling left a message.

"Who is Graham, where is he from, what does he do?" Seeing Li Ling's message, Zhang Dequan habitually left a message.

At this time, Zhang Dequan actually didn't expect Li Ling to reply to him immediately.

Correct......

"Graham, he's very intelligent and knowledgeable. But his investment career was not very successful. Graham and Dodd, both professors at Columbia University in the United States. Although his life is not successful, he is not very rich. But he has a very powerful student, he is the second richest man in the world, and Buffett, who is good friends with Bill Gates, the richest man in the world. Zhang Dequan's message, not long after it was sent, Li Ling replied to him.

When Zhang Dequan saw Li Ling's reply, he was first surprised, and then surprised.

Seeing Buffett's three words, Zhang Dequan's first reaction was to search on the Internet. Because this is the quickest and most convenient.

"Warren Buffett, how did he become so rich?" Zhang Dequan replied to Li Ling curiously while browsing the Internet.

"I knew you were going to ask that. If you want to know in detail, or more realistically. You can read Andy Kilpatrick's The Investment Bible: The True Story of Warren Buffett. Li Ling, who was not very busy at this time, saw Zhang Dequan's reply and gave him a suggestion.

"Thank you for telling me so much and telling me so many useful things. "Suddenly getting so much useful information, Zhang Dequan said very gratefully.

For Li Ling, who is engaged in investment, this information is also at her fingertips. But for Zhang Dequan, who knows nothing, it is to send carbon in the snow, and it is a timely time to meet the nectar land after a long drought.

"Don't thank me, I'm just optimistic about you. I think you're the kind of person that's why I'm telling you this. If you're not interested, I tell you, there's no point either. Hearing Zhang Dequan's thanks, Li Ling first turned over proudly, and then pretended to be very discerning, and replied in the tone of a big sister.

At this time, Zhang Dequan, seeing such a caring big sister, is there a reason not to continue to take advantage! In this way, someone directly told him the answer, how can it be better than doing it himself, and looking for strength on the Internet without a goal.

"Did you learn all these things when you were in college?" Seeing Li Ling's loving reply, Zhang Dequan then asked.

"No, most of the higher education in universities today doesn't teach these things. When I was in college, I used my spare time to read all this knowledge by myself. Li Ling replied.

"That's right. Zhang Dequan said, "I thought it was taught by your teacher." ”

"Yes, these are the extracurricular tasks that our professors have assigned to us. After listening to Zhang Dequan's words, Li Ling explained.

"That Warren Buffett, is his investment vision really so good? is it really so 'unparalleled in the world, the first in the world'. Zhang Dequan asked puzzled.

"I'm not sure what Warren Buffett's investment vision is, but his capital operation and asset allocation ability are very powerful. In fact, his real investment income and investment return are not very high. But he is a master at using financial leverage. Li Ling used her only knowledge to explain to Zhang Dequan.

"Isn't the use of financial leverage just borrowing money from banks or other financial institutions? After listening to Li Ling's explanation, Zhang Dequan understood with what little common sense he had.

Indeed, for ordinary people, when it comes to financial leverage, it is related to bank loans and debt repayment.

"Warren Buffett's use of financial leverage is the kind that does not pay interest. Warren Buffett's financial leverage is not to borrow money from banks and financial institutions, or from anyone. The characteristic of his investment is that he uses other people's funds for free, and he does not need to pay interest on the funds. Unauthorized use of other people's funds that are controlled by another company, but do not belong to their company. In the words of the Chinese, it is to use other people's money to do their own business, also called empty gloves white wolf. And Warren Buffett himself hates borrowing very much, and hates investing in companies that have borrowed from banks. Regarding Zhang Dequan's doubts, Li Ling patiently explained.

"If there is no benefit, how can anyone be willing to 'lend' money to him?" asked Zhang Dequan puzzled.

It seems that Zhang Dequan still hasn't figured it out.

However, when you think about it, it's quite normal.

"Warren Buffett has his own methods, which is also Buffett's very good ability. This is also the most indispensable ability for him to succeed. Li Ling continued.

"What about Warren Buffett's investment ability?" asked Zhang Dequan.

"It's like his teacher, Graham, about the same. Li Ling explained, "But there are differences, after all, a famous teacher produces a high apprentice, and his achievements must be higher than his teacher." ”

"Ouch, I've been talking to you this morning, and I haven't done my work yet. Li Ling complained, "I won't talk to you, if you are interested, go read those three books." I won't tell you, I'm going to be busy. ”

"Okay! I won't bother you, you can be busy. Seeing Li Ling's complaints, Zhang Dequan was very self-aware at this time, and he immediately stopped in moderation.

Then, Zhang Dequan went to the Internet to search for the three books that Li Ling told him.

In this era of online piracy, it is not a problem to find a few free pirated e-books online. Although this kind of behavior is very immoral, what can be done?

Zhang Dequan thought to himself, I'm poor! And that's what everyone does.

………

It didn't take much time for Zhang Dequan to download the electronic versions of these three books.

What interests Zhang Dequan the most is Andy Kilpatrick's "The Investment Bible: The True Story of Warren Buffett". Because Li Ling just said that this book has the experience of how Buffett made a fortune, he decided to read this book first.

At this time, Zhang Dequan wants to know most about how Buffett got the first pot of gold, how he started his business, how he made a fortune, and how he maintained the second richest position in the world for many years.........

At this point, there is too much information to know.

However, it is useless to just talk and not practice.

Let's get into the learning mode right away!

In the next few days, Zhang Dequan did not go out much except for going out to work to earn living expenses. He spent all his time and energy reading Andy Kilpatrick's The Investing Bible: The True Story of Warren Buffett.

After a few days of hard work, Zhang Dequan finally finished reading the book.

What should I do when I'm done? Of course, it can't be the same as reading a novel, it's over, and you can throw it aside.

After reading it, I have to think seriously and summarize it seriously.

The biggest feeling that this book gave Zhang Dequan is that Buffett's starting point is so low, his investment in Buffett's partnership is only $100 and an account book worth 49 cents.

Warren Buffett's office is in his bedroom, and if you want to see him, you have to go in through the back door of his house, through the kitchen, through the living room, and then to Buffett's bedroom.

At the same time, the registered capital of Buffett's partnership comes from his closest relatives and friends. This is the starting point of Buffett's "use other people's money to do your own business", the beginning of the empty glove white wolf.

Why? Because that's how Warren Buffett did that, and he made his fortune.

Throughout Buffett's investment career, he will always invest in the acquisition of companies with a lot of free cash flow, and then take out the cash in the safe deposit of those companies for his investment, and use the money to make money.

After that, Buffett will continue to use the cash he earns to extract more of the company's cash in the safe.

In Warren Buffett's words, this is like a snowball, and the cash in his hand will roll more and more. At the same time, Warren Buffett's personal wealth will continue to grow as this money continues to increase.

This is the secret of Buffett's fortune.

In fact, Warren Buffett's fortune is as simple as that, but if you don't pay attention to it, you can't find it.

…………

After reading Andy Kilpatrick's "The Investment Bible - The True Story of Warren Buffett", Zhang Dequan couldn't wait to read "The Smart Investor" by Buffett's mentor Graham.

In the process of reading "Smart Investor", Zhang Dequan found that many of the truths in the book are qualitative analysis that cannot be quantified. For example, most of the self-discipline of human nature mentioned in the book actually does not have any standard answers, and there are no specific standards, which means that there is a great deal of ambiguity and arbitrariness in the definition of concepts.

At the same time, the admonition in the book is not suitable for everyone in reality, but only for a certain type of person in reality, at least this kind of person, who should be able to control himself well and exercise unremitting self-discipline.

When Zhang Dequan read the "Securities Analysis" co-authored by Graham and Dodd, he felt that his knowledge reserve was seriously insufficient. Many of the concepts and definitions he struggled to understand, so he put the book down for the time being.

When the day comes, my skills have improved and I can understand the content of the book, so I will come back and read it, Zhang Dequan thought to himself.

Subsequently, Zhang Dequan thought that investment requires money.

However, for the current him, there is no extra spare money!

Zhang Dequan thought about it, for him who didn't have much money at this stage, these books didn't have much practical significance, so Zhang Dequan simply put them down temporarily.

When you have the investment funds in the future, let's learn and practice again.

At this time, Zhang Dequan firmly believes that such a day will not be too far away.