重点摘要
1. 拥抱恐惧，掌控你的财务未来
我想用我的钱投票，但我不会盲目行事。
面对你的恐惧。 许多人因为恐惧、缺乏知识或过去的经历而避免投资。然而，掌控你的财务未来对于实现自由和安全至关重要。首先，承认你对金钱和投资的恐惧和成见。
自我教育。 学习投资的基础知识，包括关键术语、财务报表和市场动态。不要被复杂的术语或概念吓倒——将它们分解成可管理的部分。寻找可靠的资源、导师或课程来建立你的知识基础。
从小做起。 用少量资金开始练习投资。这种“练习股份”方法让你在没有重大风险的情况下体验投资的情感方面。随着你信心和知识的增长，逐渐增加你的投资金额。
2. 了解复利的力量并计算你的“数字”
通货膨胀的历史平均值为每年3%，所以你必须每年平均获得约3%的回报才能抵消通货膨胀。
复利是关键。 复利的力量可以显著影响你的财富增长。通过再投资你的回报，你可以成倍地增长你的投资。然而，关键是要尽早开始并保持一致，以最大化这种效果。
计算你的数字。 确定你需要达到财务自由的金额——你的“数字”。考虑以下因素：
- 退休后的预期年支出
- 距离退休的年数
- 当前的储蓄和投资金额
- 预期的投资回报率
使用在线计算器或电子表格模拟不同的情景，了解这些因素的变化如何影响你的数字。定期审查和调整你的数字，以适应你的情况和目标的变化。
3. 投资于具有强大使命和持久竞争优势的公司
护城河不是全部。查理希望我们关注公司的持久性，少于十年的时间不足以证明公司的持久性。
寻找具有强大使命的公司。 投资于那些价值观与你一致的企业。寻找优先考虑道德实践、可持续性和积极社会影响的公司。这种方法不仅支持你相信的事业，还可以带来长期的财务成功。
识别持久的竞争优势。 关注具有强大“护城河”的公司——保护其市场地位的可持续竞争优势。护城河的类型包括：
- 品牌忠诚度
- 网络效应
- 成本优势
- 转换成本
- 知识产权
通过分析公司的财务报表、市场地位和行业趋势来评估其护城河。寻找关键指标（如收入、盈利和投资资本回报率（ROIC））在较长时间内的持续增长。
4. 使用多种方法掌握估值艺术
十倍帽和回报时间是内含安全边际的定价方法。现在我将学习一种内含安全边际的估值方法。
利用多种估值方法。 为了确定公司的公允价值，采用各种估值技术：
- 十倍帽：基于所有者收益
- 回报时间：基于自由现金流
- 安全边际：基于折现未来收益
每种方法都提供了公司价值的不同视角，帮助你做出更明智的投资决策。
理解财务报表。 培养阅读和分析财务报表的能力，包括：
- 损益表
- 资产负债表
- 现金流量表
关注关键指标，如收入增长、利润率、债务水平和现金流。寻找一致性和长期的积极趋势。
应用安全边际。 始终以显著低于内在价值的价格购买股票。这种方法为你的估值错误或意外的市场事件提供了缓冲。
5. 通过精心选择股票建立抗脆弱的投资组合
要准备好那个大桶，这意味着你必须确保在经济衰退时有可用的投资资金。
创建多样化的愿望清单。 制定一份你想拥有的高质量公司的清单，以及它们的公允价值。这种准备让你在市场机会出现时果断行动。
保持现金储备。 将你投资组合的一部分保持为现金，以便在市场下跌或个别股票价格下跌时利用。这种“干粉”使你能够以折扣价购买优秀公司的股票。
注重质量而非数量。 将你的投资组合限制在10-15个最佳想法。这种集中方法使你能够彻底了解每家公司并有效监控其表现。
- 优先考虑具有以下特点的公司：
- 强大的财务状况
- 优秀的管理团队
- 持久的竞争优势
- 与你的价值观一致
6. 在买卖决策中实践耐心和纪律
巴菲特说，“卖出公司的正确时间是永远不卖。”
有信心地买入。 当你发现一家伟大的公司以低于其内在价值的价格交易时，准备好投入大量资金。避免“试水”小额投资的诱惑，因为这可能限制你的潜在回报。
使用分批购买方法。 考虑分阶段购买，而不是一次性全部投资：
- 当股票达到你的买入价时建立初始头寸
- 如果价格进一步下跌，增加更多
- 当你认为价格已触底时进行最后一次购买
这种方法有助于管理情绪，并利用潜在的进一步价格下跌。
长期持有。 目标是无限期持有你的投资，仅在以下情况下卖出：
- 公司的基本面故事发生重大变化
- 股票严重高估
- 你发现了更好的投资机会
定期审查你的持股，确保它们仍然符合你的投资标准。
7. 在投资旅程中培养感恩和持续学习
我很感激你如此勇敢地面对这一切，并让我帮助你。这并不容易。
实践感恩。 在你的投资实践中培养感恩的习惯。承认成功和挑战都是成长和学习的机会。这种心态有助于管理情绪并保持长期视角。
承诺持续学习。 投资是一生的教育和自我提升之旅。保持好奇心，开放接受新思想、策略和市场发展。定期：
- 阅读投资书籍和金融新闻
- 参加投资研讨会或讲习班
- 与其他投资者交流，分享想法和经验
- 分析你过去的决策，找出改进的领域
制定个人投资检查清单。 创建并完善评估潜在投资的标准清单。这个工具有助于在决策过程中保持一致性，并减少情绪或冲动选择的可能性。
- 包括以下因素：
- 财务健康状况
- 竞争地位
- 管理质量
- 估值指标
- 与你的投资理念一致
最后更新日期:
FAQ
What's Invested about?
- Personal Journey: Invested by Danielle Town details her transformation from a reluctant investor to a confident one, guided by her father, Phil Town.
- Value Investing: The book emphasizes value investing principles taught by Warren Buffett and Charlie Munger, focusing on evaluating companies based on intrinsic value.
- Structured Learning: It is organized around a year-long investing practice, with each month dedicated to different investing aspects like financial statements and company missions.
Why should I read Invested?
- Accessible Learning: Danielle Town breaks down complex investing concepts into relatable terms, making it less intimidating for beginners.
- Emotional Insight: The book addresses emotional barriers to investing, encouraging readers to confront fears and take control of their financial futures.
- Practical Exercises: Each chapter includes exercises and reflections to help readers apply concepts to their own lives, reinforcing learning through active participation.
What are the key takeaways of Invested?
- Investing is Personal: Align investments with personal values and missions, voting with money for companies that reflect beliefs.
- Understanding the Business: Invest only in businesses you understand, focusing on your "Circle of Competence" to mitigate risks.
- Emotional Management: Manage emotions like fear and greed, using them as indicators of market sentiment to guide investment decisions.
What is the Circle of Competence in Invested?
- Definition: It refers to industries and companies an investor understands well enough to make informed decisions.
- Personal Knowledge: Emphasizes knowing your passions and existing knowledge to make confident investment choices.
- Narrow Focus: Concentrate on a limited number of industries to deepen understanding and improve success chances.
What are the Big Four Numbers in investing according to Invested?
- Key Financial Metrics: Net Income, Book Value, Sales, and Operating Cash are crucial for assessing a company's financial health.
- Growth Rates: Look for consistent growth in these numbers, ideally at 10% or more annually, indicating a strong business.
- Predictive Value: Analyzing these numbers helps predict future performance and assess competitive advantages.
What is a Moat in investing as described in Invested?
- Definition: A Moat is a company's competitive advantage that protects it from competitors, maintaining market position and profitability.
- Types of Moats: Includes Brand, Switching, Toll Bridge, Secrets, and Price, each offering different protection levels.
- Durability: A strong Moat is intrinsic and durable, helping companies withstand market fluctuations.
How does Invested address emotional barriers to investing?
- Fear and Inertia: Danielle Town discusses overcoming initial fear of investing and using it as a guide for decisions.
- Emotional Awareness: Emphasizes recognizing emotions in the investing process to make rational choices.
- Voting with Money: Align investments with values to transform investing from anxiety to empowerment.
What is the Windage Growth Rate in Invested?
- Definition: It's the estimated growth rate a company is expected to achieve based on historical performance and market conditions.
- Importance: Crucial for determining potential future value and setting realistic return expectations.
- Conservative Approach: Encourages conservative estimates, especially for companies with inconsistent performance, to protect against overestimation.
What is the Rule #1 investing strategy in Invested?
- Buy Wonderful Companies: Focus on companies with strong fundamentals, a durable Moat, and trustworthy management.
- Margin of Safety: Buy at a price that provides a Margin of Safety, protecting against potential losses.
- Long-Term Focus: Emphasizes holding investments long-term, selling only if fundamentals change significantly.
How does Danielle Town approach emotional challenges in investing?
- Acknowledging Fear and Greed: Recognizes these emotions in the investing process to make rational decisions.
- Practice Shares: Buys small shares to experience emotional aspects without significant financial risk, building confidence.
- Inversion Technique: Challenges initial positive views by arguing against them for a balanced perspective.
What are the three pricing methods discussed in Invested?
- Ten Cap Method: Calculates price based on Owner Earnings multiplied by ten, ensuring a 10% return.
- Payback Time Method: Focuses on free cash flow to calculate investment recoup time, assessing risk and return.
- Margin of Safety Method: Estimates future price based on earnings and growth, discounting for a safe buy price.
What is the significance of dividends in investing according to Invested?
- Return of Capital: Dividends provide a steady income stream, reducing stock basis.
- Indicator of Financial Health: Consistent dividends indicate financial stability and management's commitment to shareholder value.
- Impact on Decisions: While attractive, dividends shouldn't be the sole reason for investing; prioritize effective capital allocation.
评论
《投资》获得了褒贬不一的评价，评分从1星到5星不等。许多读者认为这本书对初学投资者很有帮助，称赞其亲切的语调和对价值投资概念的清晰解释。一些人欣赏其中的个人故事和父女关系的描写。然而，批评者认为这本书对有经验的投资者来说深度不足，包含了太多个人叙述，并且过于简化了复杂的投资策略。一些读者质疑作者的可信度，认为书的结构重复。总体而言，这本书一般推荐给新手投资者，但可能无法满足那些寻求高级知识的读者。
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