孙万福的个人主页 - 老虎社区

孙万福

孙万福

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2021-02-11

$农夫山泉(09633)$我是不准备卖了

2021-02-11

$京东(JD)$二次入手

2021-06-26

这篇文章不错，转发给大家看

@空军大队长:读张磊《价值》，长期主义为虚，早期主义为实

2021-02-19

我不准备卖了

2021-02-11

$新氧(SY)$重点埋伏

2021-02-11

$富途控股(FUTU)$在老虎晒富途是不是不合适

去老虎APP查看更多动态

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“在长期主义的路上，与大格局观者同行，做时间的朋友！” 这是《价值》的开篇辞，一下子就吸引了我，因为我就是这么的一个人。 这句话总结了张总对价值的核心理解，那就是“长期”和“大格局”。如果大家想精简的了解张总的核心观点的话，看到这里就够了，这也是时间的朋友的必然格调。 在大格局之路上，本身高瓴作为一家研究型的投资机构，数据分析能力是非常强的。 但大众又时常看到，高瓴不时会做出有悖数据结论的投资决策，比如在最绝望的时候投京东，这是为何？张磊谈到了自己对数据的三个观点： 1、数据不等同于真相。 2、数据本身没有观点。作为投资人不能预设观点。 3、数据不一定永远有用。 这些观点表面上是高瓴对数据的理解，实际上是高瓴对于财务vs业务的深度思考。尤其是在财务（数据）和业务起冲突的时候。 高瓴是一家重财务更重业务的公司。用财务里的pe,pb,peg估值，还是根据实际业务估值？问题在哪里？ 当国旅拿到了免税牌照的那一刻，尽管财务不显，但那时候它就已是一家价值数千亿的公司了。 当华东少女针，360度提拉独步国内外的时候，尽管医美少有营收，但华东就已经价值千亿了。 当spacex，猎鹰重型火箭升空并成功回收的时候，这家公司就已经市值万亿了。尽管机构依然给它千亿美元的估值。 这是长期主义的方法论——更重视业务。业务估值甚于财务估值。 高瓴的投资价值观则是——致力于寻找那些在做对社会有长期价值的团队。也就是，做有价值的事情。 比起常规的金融资本私募基金","text":"如果说巴菲特的投资体系在于对现金的深度理解！那么张磊的投资体系是什么？ 如果说伯克希尔哈撒韦的宏伟建筑建立在价值投资的基石之上的话，那么高瓴的地基又是什么？ 见贤思齐，最近，我花时间翻阅了下这位中国投资大师的去年的大作《价值》，其中有部分观点让人拍案叫绝，在这里分享下明线的理论和隐藏秘密的思考。 高瓴的方法论和价值观 “在长期主义的路上，与大格局观者同行，做时间的朋友！” 这是《价值》的开篇辞，一下子就吸引了我，因为我就是这么的一个人。 这句话总结了张总对价值的核心理解，那就是“长期”和“大格局”。如果大家想精简的了解张总的核心观点的话，看到这里就够了，这也是时间的朋友的必然格调。 在大格局之路上，本身高瓴作为一家研究型的投资机构，数据分析能力是非常强的。 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