Zhang Yuanyi coughed, cleared his throat, and said: "I think that the value investment of Liu Shengyuan, a shareholder of Kewan, that Ding Chuan talked about, is only an individual case in China, and it is not universal. And the purpose of Liu Shengyuan's initial investment was not value investment, but emergency relief, when Kewan was listed, the financing was not enough, and it happened that the chairman of Kewan and Liu Shengyuan were good friends at that time, and asked others to help, which made this classic case. In my opinion, this kind of value investment has the element of "unintentionally inserting willows into the willows". ”

The eyes of the students who said this sentence lit up, "Oh? ”

Ding Chuan, he didn't look back, he didn't want to see Zhang Yuanyi's ecstatic eyes anymore, Nima, this kid must have done it on purpose!

But also "Huh? sighed, and scolded in his heart: "Damn, the classic value investment I said has become an 'unintentional willow' in you?" What the hell is this a demolition? ”

"Well, keep talking" Li Bai rarely straightened his head and encouraged.

Zhang Yuan paused and continued: "However, no matter what, in the end, it has finally achieved a classic beauty of value investment. I don't deny that. ”

"But I think the current Chinese stock market lacks a general environment for value investment, and most investors, and even many funds and institutions, have a very obvious speculative color when buying and selling stocks in the secondary market."

"Taking these thousands of stocks in Shanghai and Shenzhen as an example, most of the stock prices are particularly volatile. Why? Mainly because of speculation!

"The concept of value investment is only one of the concepts of investment, even in the United States, it is only one of them, and its cultivation needs a big environment and an overall atmosphere. In the process of the development of China's stock market, at present, it may take a long time for the concept of value investment to be deeply rooted in the hearts of the people and widely accepted by everyone. ”

"Hmm", Li Bai nodded and lit another cigarette.

Zhang Yuanyi continued: "Although I agree with the positive significance of the concept of value investment, I don't think we should be superstitious about value investment. ”

"What? This is the demolition! Ding Chuan was indignant in his heart, and his eyes became gloomy, "Tear down my platform!" ”

"Oh?" Hearing this, Li Bai's eyes couldn't help but light up.

Shen Lili couldn't help but be a little puzzled, and turned her head to look at Zhang Yuanyi.

Zhang Yuanyi continued: "In terms of value investing, the most admired role model is Warren Buffett, the 'God of Stocks', and Buffett has many successful classic cases of value investing. So far, under the influence of Warren Buffett, all mankind believes that value investing is the most successful way to get rich. So why do I say you can't be superstitious? ”

"You know that you are the most successful, so you still say that you can't be superstitious?" Ding Chuan still couldn't help but turn his head and looked at Zhang Yuanyi with disdain.

Zhang Yuanyi squeezed his eyes at Ding Chuan again, and squeezed Ding Chuan trembling, not good, this girl, sick!

"When I say that you can't be superstitious about value investing, I'm saying that just because value investing can be successful at Warren Buffett, everyone can make successful value investing."

"Value investment requires professional investment value analysis and meticulous on-site investigation and market research methods to be thorough. In this regard, as an ordinary retail investor, there is no advantage. Who has the advantage? Institutions and large funds have advantages. ”

"In addition, we often say that Warren Buffett invests in value, and his value investing is not a simple value investment as we understand it, and its profit model should be more suitable for institutions and big money rather than retail investors. It can be said that for most retail investors, they do not have the ability to effectively analyze value at present. ”

"Hmm!" Li Bai nodded again.

Zhang Yuanyi continued, "What's more, even Warren Buffett, when he was engaged in value investing, there were some cases of failure. ”

For example, Warren Buffett bought convertible preferred shares with a coupon rate of 9% in Salomon in 87, and finally the interest and principal were cashed out, but halfway through Solomon's illegal manipulation of national bonds fell into the brink of bankruptcy, and Buffett was exhausted to save Solomon. Warren Buffett once said: For the sake of a 9% return, it is really worth the loss to pay such a big experience. ”

"That's a very rare case of failure, is there any other case of Buffett's investment failure?" Ding Chuan asked unceremoniously, "Don't take the individual for all!"

"There are other cases, too!"

Zhang Yuan couldn't help but laugh when he saw that Ding Chuan seemed to be deliberately targeting himself, so he poured out the information he had seen:

Another example is Warren Buffett's purchase of Coca-Cola in 1988, and the market value increased by 11 times in 98, with an average annual compound rate of return of 27%, which is a classic case in investment. But it is too much, Coca-Cola has grown slowly since 98 years, and its market value has basically not changed, and Buffett has been holding it to this day, which has become his investment failure. ”

"What's more, Warren Buffett bought Dexter shoes in 93 by way of a share swap, and Dexter's profits declined after 95 years, and he often lost money. Warren Buffett sees it as the worst investment of his life. ”

"Most recently, in 2005, when Procter & Gamble bought Gillette, which was owned by Warren Buffett, it offered two options: a stock exchange and a cash exchange, with Buffett opting for a share exchange. But since 06, P&G's stock price has been sideways, and Buffett has reduced half of his shares in desperation. ”

Zhang Yuanyi is very confident in his memory.

"Damn, I just asked if there were any other cases, and you said so much!"

Ding Chuan was very unhappy in his heart, and felt that he had lost face. However, I also felt that what Zhang Yuanyi said was true, and I couldn't help muttering in my heart: "Why do you know so much, and you still say that you don't have any research?" Pretending to be a pig and eating a tiger? ”

Zhang Yuanyi further emphasized: "Therefore, although I agree with the positive significance of the concept of value investment, I do not think that long-term investment can be equated with value investment.

"Sure enough, I came to dismantle the stage, and my conclusion just now is that long-term investment is gold, and it turns out that this kid came to say that value investment is not the same as long-term investment!"

Looking left and right, Ding Chuan saw that some female classmates were looking at Zhang Yuanyi a little nymphomaniac, and he felt even worse.

"Really? Are you saying you have a better way to invest? Ding Chuan asked rhetorically, with sarcasm in his tone.

Zhang Yuan looked at Ding Chuan's mocking question, and felt a little unhappy, "I'm speaking, why do you have so many questions?" ”

Glancing at Ding Chuan, he couldn't help but accentuate his tone and continued:

"I'm not denying the positive value of value investing, it's amazing!"

"I just said very clearly, I just think from Warren Buffett's investment case that long-term investment cannot be equated with value investment, value investment must be profitable in the end, and long-term investment may lose money."

The classmates nodded, and Ding Chuan had to admit that Zhang Yuanyi's words were fine.

Zhang Yuanyi looked at the classmates in front of him again and said: "I think that in the Shanghai and Shenzhen markets outside, the speculative color is so strong, you make long-term investments, and you often do roller coasters. No less! ”

Some of the students nodded their heads when they heard this.

"So how do you say you can avoid the roller coaster?" Ding Chuan asked again.

The other classmates saw that Ding Chuan was on the same page with Zhang Yuan again.

It seems that today is another good show! The classmates who knew Ding Chuan and Zhang Yuanyi Liangzi couldn't wait to see some excitement in their hearts.

"To borrow an old saying: 'The sky is cloudy and sunny, and the moon is full and waned.'" In our country, the economy has ups and downs, and the company's performance will be good and bad in different years, so the ups and downs of the stock price of listed companies are a norm. Coupled with the speculative nature of the Shanghai and Shenzhen stock markets, this fluctuation is even more obvious. ”

"In such a market environment, I think it might be better to take a 'go with the flow' attitude towards stocks!" Zhang Yuanyi directly gave his own conclusion, which is also the conclusion of his thinking about the stock market during this time.

"Good, well spoken!" Some classmates praised.