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What should I do if I get stressed out in the investment process?The answer is to try to maintain a long-term perspective.
If fund managers suffer from a sense of predictability and loss of control, they are tempted by short-term sales.
# Investment philosophy # Investment
# Time is on our side
The subject of this book can be divided into four main categories.
Investment philosophy, investment psychology, innovation and competition strategy, science and complexity theory.
Each chapter is independent, so you can read from what you want.
The following is what I read and organize.
- Investment philosophy is important because it is directly related to decision making methods. If investment philosophy is poor, long-term performance will also be poor. But no matter how good the investment philosophy is, it is of no use without discipline and patience. Good investment philosophy is like a good diet. This is because it only works if it is adhered to for a long time.
What really matters in investment philosophy is not intelligence but temperament. Once you firmly establish your investment philosophy, you can learn, try, stay focused, exercise patience, and gain experience afterwards.
- Many investors ignore the most important concepts of investment: 'process', 'results' and processes and focus on results.
Those who have had the best long-term performance in the field of probability, such as investment, sports team operation and parry mutual betting, all value the process over the outcome.
Sometimes good decisions can lead to bad results, and bad decisions can lead to good results. In the long run, however, the process overwhelms the results.
- The pain a man feels when he loses is 2.5 times greater than the joy he feels when he benefits.
- Winner funds have similar rates of rotation and do not value macro-economic analysis, and the focus of the portfolio is high and attention is paid to the gap between intrinsic value and stock price.
- <It is the amount of excess revenue that determines the return on the portfolio, not the proportion of the excess earnings stock>
The key is not the hit rate, but the size of the profit when hit. Suppose you have four stocks. Three stocks fell slightly, but one event won a big prize.
If you have won, portfolio yields will rise, even if most of the declining stocks are.
- What are the pros in probability-related fields in common?
1. Focus -> Professional gamblers don't participate in multiple games. They focus on specific games and learn details.
2. Variety of Situation Analysis -> Superior fund manager Lou Simpson reads five to eight hours of data every day, but rarely sells.
3. Careful Transactions -> 10% of individuals' advantage in an ideal environment. Investors should be careful in selling and selling, even when it looks good.
4. Billing money -> If expected prices are unfavorable, don't bet on them. All you have to do is walk aggressively when the situation is judged to be favorable.
* It should be remembered that the consideration in the probability-related fields always paid attention to the expected value.
#Task and investment
# Fight # Raising Interest Rate # Definitely Opposite # American Interest Rate