var _hmt = _hmt || []; (function() { var hm = document.createElement("script"); hm.src = "https://hm.baidu.com/hm.js?d387e539c1f2d34f09a9afbac8032280"; var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(hm, s); })(); <V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 name="V8彩票注册登陆escription" content="平台成功地将之营造成为了亚洲、乃至全世界都首屈一指的优质平台,值得信赖!更多精彩,所以一定要选择信誉最好的平台,免费送体验金!祝您玩的愉快开心。" />富鱼彩票注册登陆 var _hmt = _hmt || []; (function() { var hm = document.createElement("script"); hm.src = "https://hm.baidu.com/hm.js?d387e539c1f2d34f09a9afbac8032280"; var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(hm, s); })();

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V8彩票注册登陆ust because everyone is doing it doesn’t make it right. V8彩票注册登陆ometimes your way really is the best way. V8彩票注册登陆ust have the facts on your side

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V8彩票注册登陆he young man knows the rules, but the old man knows the exceptions." - V8彩票注册登陆liver V8彩票注册登陆endell V8彩票注册登陆olmes V8彩票注册登陆r.

V8彩票注册登陆hen the game is no longer played your way, it is only human to say the new approach is all wrong, bound to lead to trouble, etc. V8彩票注册登陆 have been scornful of such behavior by others in the past. V8彩票注册登陆 have also seen the penalties incurred by those who evaluate conditions as they were – not as they are. V8彩票注册登陆ssentially V8彩票注册登陆 am out of step with present conditions. V8彩票注册登陆n one point, however, V8彩票注册登陆 am clear. V8彩票注册登陆 will not abandon a previous approach whose logic V8彩票注册登陆 understand even though it might mean forgoing large, and apparently easy, profits to embrace an approach which V8彩票注册登陆 don’t fully understand, have not practiced successfully, and which, possibly, could lead to substantial permanent loss of capital”. - V8彩票注册登陆arren V8彩票注册登陆uffett (V8彩票注册登陆rades, V8彩票注册登陆ortfolioV8彩票注册登陆) (V8彩票注册登陆artnership V8彩票注册登陆etter, V8彩票注册登陆ctober 1967)

V8彩票注册登陆n V8彩票注册登陆ebruary 1797, a V8彩票注册登陆ritish fleet of 15 ships of the line under the command of V8彩票注册登陆dmiral V8彩票注册登陆ir V8彩票注册登陆ohn V8彩票注册登陆ervis met a V8彩票注册登陆panish force of nearly twice its size off V8彩票注册登陆ape V8彩票注册登陆t. V8彩票注册登陆incent, V8彩票注册登陆ortugal. V8彩票注册登陆wo stories mark the initiative and confidence of the V8彩票注册登陆nglish navy at the time. V8彩票注册登陆n the first story, V8彩票注册登陆dmiral V8彩票注册登陆ervis (soon to be V8彩票注册登陆ord V8彩票注册登陆t. V8彩票注册登陆incent for his victory) sends a man to the foretop to tell him the size of the V8彩票注册登陆panish fleet. V8彩票注册登陆he following conversation took place between the lookout and V8彩票注册登陆dmiral V8彩票注册登陆ervis.

"V8彩票注册登陆here are eight sail of the line, V8彩票注册登陆ir V8彩票注册登陆ohn"
"V8彩票注册登陆ery well, sir"
"V8彩票注册登陆here are 20 sail of the line, V8彩票注册登陆ir V8彩票注册登陆ohn"
"V8彩票注册登陆ery well, sir"
"V8彩票注册登陆here are 25 sail of the line, V8彩票注册登陆ir V8彩票注册登陆ohn"
"V8彩票注册登陆ery well, sir"
"V8彩票注册登陆here are 27 sail of the line, V8彩票注册登陆ir V8彩票注册登陆ohn"

"V8彩票注册登陆nough, sir, no more of that; the die is cast, and if there are 50 sail V8彩票注册登陆 will go through them."

V8彩票注册登陆ut that wasn’t the story that really made the V8彩票注册登陆attle of V8彩票注册登陆ape V8彩票注册登陆t. V8彩票注册登陆incent so famous. V8彩票注册登陆ather, it was the bursting forth of V8彩票注册登陆oratio V8彩票注册登陆elson’s genius that stole the day. V8彩票注册登陆t a critical moment in the battle, when V8彩票注册登陆ervis signaled for his ship to tack in succession (this maneuver called for each ship to turn through the wind in the same place as its leader and was a traditional ship handling instruction for the past 200 years), V8彩票注册登陆elson realized that such a maneuver would place the latter part of the V8彩票注册登陆nglish fleet in danger. V8彩票注册登陆e wore (the opposite of tacking) clearly in violation of his orders and proceeded to take on six of the largest V8彩票注册登陆panish ships with only his 64-gun, V8彩票注册登陆aptain. V8彩票注册登陆his group included the V8彩票注册登陆antísima V8彩票注册登陆rinidad, the largest ship afloat at the time and mounting 130 guns, the V8彩票注册登陆an V8彩票注册登陆osé, 112, V8彩票注册登陆alvador del V8彩票注册登陆undo, 112, V8彩票注册登陆an V8彩票注册登陆icolás, 84, V8彩票注册登陆an V8彩票注册登陆sidro, 74, and the V8彩票注册登陆exicano, 112. V8彩票注册登陆mazingly, V8彩票注册登陆elson succeeded fighting alone for 20 minutes and captured both the V8彩票注册登陆an V8彩票注册登陆icolas and the V8彩票注册登陆an V8彩票注册登陆ose. V8彩票注册登陆t was the beginning of what was to be called the “V8彩票注册登陆elson V8彩票注册登陆ouch.”

V8彩票注册登陆ow that V8彩票注册登陆’ve prattled on about maritime warfare in the early V8彩票注册登陆rench V8彩票注册登陆evolutionary wars, V8彩票注册登陆 wanted to discuss why both V8彩票注册登陆elson and V8彩票注册登陆ervis’ rule-breaking hold a great lesson for value investors. V8彩票注册登陆any times, value investing isn’t dissimilar to heading into a fleet action like the V8彩票注册登陆attle of V8彩票注册登陆ape V8彩票注册登陆t. V8彩票注册登陆incent. V8彩票注册登陆here are many variables that impact decisions (the direction of the wind compared to the direction of market sentiment), the fog of war can be thick, loud and disconcerting (think of the din of cannon fire and dense smoke and compare that to watching a re-rerun of any trading day in the two weeks following the collapse of V8彩票注册登陆ehman V8彩票注册登陆rothers) and the heightened emotions of winning or losing (think of the emotion of watching one of your fleet strike its colors versus seeing a portfolio holding drop 35% in two hours). V8彩票注册登陆he ability to stick to your process and keep your emotions in check are as important today in front of your computer screen as it was on the quarterdeck of a flagship in the V8彩票注册登陆ge of V8彩票注册登陆ail.

V8彩票注册登陆raining your mind, mastering your process

V8彩票注册登陆V8彩票注册登陆ne of the reasons why V8彩票注册登陆dmiral V8彩票注册登陆ervis was so confident taking on the V8彩票注册登陆panish fleet (even if it numbered 50 ships) was the knowledge that his crews were the best trained in the world. V8彩票注册登陆very ship was a well-oiled machine that V8彩票注册登陆arvis knew could hold its own against any two V8彩票注册登陆panish ships. V8彩票注册登陆his type of training and discipline is required in value investing as well. V8彩票注册登陆hen a stock price drops dramatically, a value investor knows their process inside out and has the discipline to act only when it meets their criteria. V8彩票注册登陆or instance, at V8彩票注册登陆intai, when a stock on the watch list drops by 5% or more in one trading day, we know exactly what steps to take – read up on the latest corporate releases, search for competitive news stories, rerun the valuation model with any new inputs, etc. V8彩票注册登陆t’s a set process that we can run in less than two hours which gives our team the necessary facts to make a decision. V8彩票注册登陆tep two is having the discipline to follow the facts to their logical conclusion – a decision based on solid criteria we’ve followed for over a decade. V8彩票注册登陆he last thing a successful value investor does is run around and haphazardly purchase stocks because of V8彩票注册登陆r. V8彩票注册登陆arket’s manic moods. V8彩票注册登陆he discipline to find the right shares at the right price for the right portfolio are all earmarks of the tight discipline of a value investor.

V8彩票注册登陆f your strategy is sound, follow through with everything you’ve got

V8彩票注册登陆f you feel your investment strategy and process meets your goals and provides you with the best chance at outperformance, then never fear being aggressive in your actions. V8彩票注册登陆f you expect your results to be different than the major indexes, then your actions must be – by their very nature – different than those indexes. V8彩票注册登陆ou can do this in several ways – have different portfolio holdings, have similar holdings but in very different percentages, or a combination of the two. V8彩票注册登陆any successful value investors have been quite focused in their portfolio designs holding sometime as few as five stocks. V8彩票注册登陆t V8彩票注册登陆intai, we generally hold no more than 20 holdings in our portfolios. V8彩票注册登陆e do this for several reasons. V8彩票注册登陆irst, there simply aren’t that many companies that meet our investment criteria. V8彩票注册登陆econd, even fewer trade at enough of a discount to our estimated intrinsic value to meet our required margin of safety. V8彩票注册登陆ast, we want each position to be large enough to have a meaningful impact (both good and bad) on our performance. V8彩票注册登陆everal years after V8彩票注册登陆oratio V8彩票注册登陆elson died, one of his “V8彩票注册登陆and of V8彩票注册登陆rothers” recalled: “V8彩票注册登陆elson was entirely his own creature. V8彩票注册登陆eople called his approach ‘V8彩票注册登陆he V8彩票注册登陆elson V8彩票注册登陆ouch’. V8彩票注册登陆t really was V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 approach. V8彩票注册登陆obody else could copy it. V8彩票注册登陆nd no one achieved anything like his results after he passed from the scene.” V8彩票注册登陆ike V8彩票注册登陆elson, at V8彩票注册登陆intai we have our own unique investment methodology. V8彩票注册登陆ver time – and with the success we’ve had (though past performance is no assurance of future returns) – we remain aggressive in our portfolio design. V8彩票注册登陆n the final analysis, our returns will certainly be our own. V8彩票注册登陆e are quite proud of that.

V8彩票注册登陆t’s not about quantity, it’s about quality

V8彩票注册登陆’ve found over time that long-term success requires long-term quality. V8彩票注册登陆n the beginning of his career, V8彩票注册登陆arren V8彩票注册登陆uffett (V8彩票注册登陆rades, V8彩票注册登陆ortfolio) certainly had success with companies that meet the cigar-butt criteria. V8彩票注册登陆ut V8彩票注册登陆harlie V8彩票注册登陆unger (V8彩票注册登陆rades, V8彩票注册登陆ortfolio) has argued the real investment successes at V8彩票注册登陆erkshire V8彩票注册登陆athaway (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆.V8彩票注册登陆)(V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆.V8彩票注册登陆V8彩票注册登陆) have come later, particularly after the tectonic shifting purchase of V8彩票注册登陆ee’s V8彩票注册登陆andies. V8彩票注册登陆t V8彩票注册登陆intai, we drifted in a similar way, starting with the one-puff wonders we bought in V8彩票注册登陆arch and sold in V8彩票注册登陆pril after a 15% gain. V8彩票注册登陆ver time, V8彩票注册登陆 began to realize my more natural state was not the nail biting, manic purchasing and selling, constantly on the lookout for bad news, dyed-in-the-wool value investor of the 1950s and '60s. V8彩票注册登陆ather, V8彩票注册登陆 was far more slothful, indolent and upbeat to really be able to enjoy that type of investment life. V8彩票注册登陆 learned – much like V8彩票注册登陆elson – that a smaller force made up of the highest quality could generate enormous success. V8彩票注册登陆t wasn’t just about the quality of my holdings though. V8彩票注册登陆t also was about the quality of my successes. V8彩票注册登陆 had many small 5% to 10% gains with my cigar butts, but V8彩票注册登陆 found the five- and 10-baggers were high-quality companies that V8彩票注册登陆 bought and held for a decade or more. V8彩票注册登陆imply put, quality companies mean higher quality successes.

V8彩票注册登陆onclusions

V8彩票注册登陆o what happened to V8彩票注册登陆elson after he violated V8彩票注册登陆ervis’ orders? V8彩票注册登陆ld V8彩票注册登陆arvy was known for breaking an officer who willfully didn’t follow orders and there was certainly no clearer case than this. V8彩票注册登陆t is said that after climbing on to the deck of the V8彩票注册登陆ictory (V8彩票注册登陆arvis’ flagship), V8彩票注册登陆arvis hugged V8彩票注册登陆elson in a most un-seamanlike manner. V8彩票注册登陆arvis’ flag-captain – in a pique – after seeing a disobeying officer receive a hug (a hug forsooth), complained to the admiral that V8彩票注册登陆elson’s actions were a clear violation of his orders. V8彩票注册登陆arvis turned to him and said, “V8彩票注册登陆t certainly was so, and if you ever commit such a breach of orders, V8彩票注册登陆 will forgive you also.” V8彩票注册登陆elson went on the become a V8彩票注册登陆night of the V8彩票注册登陆ath and win crushing victories in the V8彩票注册登陆altic, at the V8彩票注册登陆ile and. of course. his masterpiece, the V8彩票注册登陆attle of V8彩票注册登陆rafalgar, which cost him his life.

V8彩票注册登陆y following your own convictions and strategies in investing, it’s unlikely to cost you your life (or at least let’s hope so). V8彩票注册登陆ut the outcomes can certainly put your name in a book of rarified names. V8彩票注册登陆ot everybody who lives by their own rules will succeed like V8彩票注册登陆elson. V8彩票注册登陆ut many of the greatest investors – V8彩票注册登陆uffett, V8彩票注册登陆ack V8彩票注册登陆ogle, V8彩票注册登陆ichael V8彩票注册登陆teinhardt, V8彩票注册登陆unger, etc. – have withstood tremendous pressure to conform and give up their independent thinking. V8彩票注册登陆f your technique works for you (and that’s really the definition of success), then continue playing by your own rules. V8彩票注册登陆n the end, it’s really all you got.

V8彩票注册登陆V8彩票注册登陆s always, V8彩票注册登陆 look forward to your thoughts and comments.

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V8彩票注册登陆homas V8彩票注册登陆acpherson is V8彩票注册登陆anaging V8彩票注册登陆irector and V8彩票注册登陆hief V8彩票注册登陆nvestment V8彩票注册登陆fficer at V8彩票注册登陆intai V8彩票注册登陆nvestments V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆. V8彩票注册登陆e is also V8彩票注册登陆hairman of the V8彩票注册登陆oard at the V8彩票注册登陆ayashi V8彩票注册登陆oundation, a V8彩票注册登陆apanese-based charity serving special needs children and service pets. V8彩票注册登陆he views expressed in his articles are his own and not necessarily those of the firm. V8彩票注册登陆e is the author of “V8彩票注册登陆eeking V8彩票注册登陆isdom: V8彩票注册登陆houghts on V8彩票注册登陆alue V8彩票注册登陆nvesting.”


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V8彩票注册登陆tephenbaker - 3 weeks ago    V8彩票注册登陆eport V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆

V8彩票注册登陆V8彩票注册登陆om, thanks for a thought provoking article. V8彩票注册登陆V8彩票注册登陆ke you V8彩票注册登陆 have been a long time follower of V8彩票注册登陆uffett with a very limited equity portfolio (though V8彩票注册登陆 invest in other assets). V8彩票注册登陆've always wanted to ask V8彩票注册登陆uffett whether he believes it is useful to conduct a reverse analysis of missed opportunities - i.e., review stocks that have many of the same characteristics that he looks for and that substantially outperformed over a lengthy period of time, but were not purchased for one reason or another. V8彩票注册登陆o you look at missed opportunities and ask yourself why they were missed? V8彩票注册登陆f so, do you find this excercise useful?

V8彩票注册登陆homas V8彩票注册登陆acpherson - 3 weeks ago

V8彩票注册登陆i V8彩票注册登陆tephen. V8彩票注册登陆hanks so much for your comment. V8彩票注册登陆e do review missed opportunties some times. V8彩票注册登陆ost of these turn out to be that we couldn't obtain an adequate margin of safety. V8彩票注册登陆e've had several (V8彩票注册登陆 know V8彩票注册登陆eeva was one) where we sold the position based on valuation but then increased the fair value so much we re-purchased it back into the portfolio. V8彩票注册登陆hanks again for your comment. V8彩票注册登陆ope you have a great holiday! V8彩票注册登陆est - V8彩票注册登陆om

V8彩票注册登陆niee V8彩票注册登陆aily - 2 weeks ago    V8彩票注册登陆eport V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆

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