Lin Yuan April 21 report North Investment Record 1
1, the Lin Yuan, there is no bear market and bull market of the points. In the stock market so many years, never once losing money, are making profits.
Hsieh three : Today the stock market in China today invited the most attention, both in the south or north, one of the most respected by investors. His name is called garden. We Chinese Buffett book first two chapters are introduce him. his legendary experience is very simple.
1989 年 5 Linyuan bought shares in Shenzhen, Shenzhen Development Bank, Shenzhen Development Bank stock par value was 100 yuan, Lin Yuan more than 480 yuan a share to buy. Now, I Guangzhou to open talks with him, he spoke for an hour, I spoke for an hour. meeting, the presenter said the Chinese share our God, and he now has ten million. in the end how much, as far as I know more than ten million today. Why can not video, we think of it, there is no video so much danger? So, today we are also subject to the approval of recording.
Linyuan old this year, not the teacher, who is from a very poor, and students about the situation we are now, after ten years of effort, China's securities industry has now become legend. you know, he came to lecture is not easy. the end of January this year, he and I together When talks opened in Guangzhou, the stock market fell very ill. We both are optimistic about the firm, I think is the big city, he saw the stock. He said that for him, did not bear and bull market of the points, he Buy a good stock bear market, bull market 也好. He was very focused on the research of listed companies, and he is very practical to do things. Guangzhou lectures at three thousand yuan a ticket. I know we are all to listen to him, today, here we Do not vote for the money.
Linyuan teacher, and today about two, and now a night there is a.
Lin Yuan: I am not a teacher, I own close to 20 years of investment experience and investment in the story to talk about. hope to give you some inspiration.
me first introduce myself, my family scrape together 89 years, 8 thousand dollars into the stock market in early I have to earn .90 in 12 million. when I was a national public officer 92 years should earn a million, I quit, and has been in the stock market. so many years, never once losing money, are making profits.
each investment has been profitable. I do for us This thing is love, there is also a lot of factors. I think the most important factor may be I have been making money. to do anything else I have been, but they are not interested.
2, the stock market time certain in this industry is the most important. Linyuan planned to copy the 100 Linyuan 30 years, from 8,000 yuan investment in the stock market started to become a billionaire
Linyuan: we are all students, two days ago I attended a program organized by CCTV, they Students said that whether the stock market? I think, students should now stocks. you invest in the securities market, the most important is time. I think the younger the better. I'm doing a project, randomness in the country to find 100 people, and his qualifications, level of knowledge does not matter, only need to invest eight thousand dollars, I raised the slogan of a decade of his destiny into their own hands, 20 years into a rich, 30 years to become rich. I think this 100 random people can not do.
the past, I run a company, our company about seven or eight people, the lowest of the assets are now seven or eight million. I now have two drivers million. how their assets accumulate it? are wages that point I made. I send them in Xi'an wages are high in the local, 700 yuan per month. So I said young man, the stock market this time is of primary industry. We the pursuit of compound growth, on behalf of all time. Take your time, do not worry. It is also a foreign law, why is Warren Buffett at the age of 52 hundred million U.S. dollars, because the accumulation takes time, especially in China, and no financing channels, we can only rely on primitive accumulation, slowly fission. To this day, I said in the media last year, I said I money this year than in the past three months more than earned in those years. Many people say that I lie, but I no. snowball snowball, and double that in the past so many years combined. I suggest that you, tell you that stock market risk. But I think the stock market without risk, especially for college students, the risk is to control the dead. the first two days I know a friend of a friend, he went to my place, took thirty thousand yuan to vote in the stock market, he went to my office and said, very risky. I said what the money you risk? You just put your risk control is dead, the total control of your money is dead, there is no risk. especially your own people is the ability to make money, but there is no risk of the.
that our company now have several employees, I asking them to pay each month were not allowed to spend after all into the stock market. I just do this step by step. The monthly income of the time I started to put the stock market. I was impressed, I was in Shenzhen just graduated to an understanding of development banks is now chairman of the board's secretary. Chongqing girl, very pretty. She made the wages per month, she bought a washing machine the only, and then buy a meal ticket, the rest of the money to buy them the company's stock. so many years, I have not seen her, but I think this idea is her idea to make a fortune, the accumulation of capital is formed bit by bit.
so I hope the students here do not consider the stock market risk. You have the ability to make money, to put money into the stock market all right.
3, the stock market is actually a trading platform. investment in the nature of the stock market is your most profitable companies to invest in China.
the inside There are some tips, I am going to speak.
First, I introduce my views on the stock market.
I think the stock market is actually a trading platform. It is the platform for business transactions, we do not to do too much, not deeper look at it is for investment or speculation. It is actually a trading platform between enterprises. Since it is a trading platform, the stock market how to earn money is it? earned money of people whose money? I talk about my feelings and opinions, and not necessarily on the number on the books. The money we make is that one? my opinion, is to make money business earn money, we invest money from the company, which earns We stock a price-earnings ratio to enlarge it. the stock market to the amplification of a PE. losing money people pay what is it? is bad business, the company lost money, and you as its owner must be compensated, so that PE, negative amplification. ultimately the nature of our investment in the stock market is that you invest in profitable companies, the root is an investment company. So, they asked me the general trend, I think I can not judge. This is not my object of study, who studies the macroeconomic got? Big grind up are 50%. high and low is relative, a bear market bottom is only one, we, as a big trend of the judge. I think the Chinese economy is good, and we invest the most profitable companies in China, there will be wrong . So I think the big trend is upward. This is my hard work based on the Chinese people, China's current competitiveness. China is now the thing has enough cheap, not expensive.
4, the most important indicator of poor stock market the wages of the Chinese people and foreigners are not competitive the market is not good if
, it has several indicators. The most important indicator is the high wages of the Chinese people. Now there is no way than with foreigners. I say Chinese and foreigners are not competitive. Now do the same work of the Chinese people how much wages are only one wage foreigners. I think that the competitiveness of Chinese people there, I would not worry about this matter. want everyone to participate in the stock market, the sooner the better.
I have been doing this plan, too, to do 100. I took eight thousand dollars to do, I chose the more young people as possible. or the concept of a time , the stock market must be a time. it is to make money, it must be time to make money. This is my understanding the stock market. It is a trading platform, from this understanding, we invest in stocks the most important, is to emphasize repeatedly ten minutes, can figure out the most important, I think you will not be mistakes in the stock market.
5, the importance of my first investment is an investment certainty, the certainty of making money. I think the stock market is not lessons learned.
growth in our pursuit of wealth, must be the pursuit of time. I said that this time is a compound growth. The Taiwanese people counted me an account every year you maintain a million, put the money an investment, we considered a 20% compound growth of .40 years later, you're a billionaire. wealth growth is complex. I asked myself is, do in the stock market is that we make any investment, is can not have mistakes. Many people say that lessons can be summed up, and I think we can not sum up. summarize the lessons of the stock market is money on the price. you ten times to have a mistake, I feel you this is a problem. I asked myself one hundred percent right, there is a mistake a hundred times, your way is a problem. chances are you are wrong, this method is destructive, losing money is to let your destructive.
we can not do their to grasp things. as my first investment is to invest in the importance of certainty, the certainty of making money.
6, I think more than a thousand A-share listed companies, 95% of the company, I do not know . not sure that risk. I researched the company so far has not more than 25.
sure you do not make money make money? This uncertainty is very important. sure, if you invest in is uncertain, I think that is a gamble, is not capable. I must have my own investment accounts to count, count did not I do not, the risk to others. we must first take into account the investment risk, we must first consider its where the bottom, I was able to predict the risk, so Caixing. This is a major principle, there can be mistakes.
how we determine the investment certainty is that you figure out how to invest in this company, simple as possible. A-share listed at more than a thousand companies, I think 95% of the company, I do not know. and probably most of the company, I am always confused. not sure that risk. I Research the company so far has not more than 25. My idea is to invest all this leads to my 25 to find out.
7, as a commercial type of investment, I think the biggest trick is to you have to create unfair competition
type of investment as a business, I think the biggest trick is you have to create unfair competition. If we like someone playing in a line, we all do the same thing, you know what you take is equal competition with others, then I do not want to do this thing. I think that there I do not have advantages. This story which I started to say something to verify this.
in 99 years , I have invested in a stock. The company was also my boss's friend, he told me to go. Linyuan we have to issue stock, and you join me to join. I passed. at the issue price of 1.28 . I think the issue of high prices it was I did not subscribe. It also issued out a subscription are some large institutions, foreign institutional investors, Morgan, Goldman Sachs. bird stock is listed in Hong Kong. released, to a financial crisis, the stock fell 5 cents. I think we can only buy a. no one took over, gave you. the stock fell to the lowest position is 0.19, the average price of thirty cents I am. We It is calculated net asset value of 1.9, because it is engaged in real estate, is very clear. the stock will not rise, rose six per year gross, fell further back. has been up to 03 years. I bought not move, I less than two dollars to over think it will not sell, I bought 30% of outstanding shares. Results in 2003 up to the boss called me and said Linyuan you make money of it. I said I will not give you a deal I Bensi. I was making money, but the money is not easy for me to earn the most money. After an experience I will sum up, there is no competitive advantage, and I do not participate in the future. He is a private enterprise, I Why go in, boil the hair white. The things I'll summarize a bit, I do not have advantages, he is the boss. so create unfair competition, as a business essential. So private enterprises, I will not deal with the You love rose up and went to heaven I should not care.
so destiny into our own hands, and private enterprises could have been a lot of trouble dealing with. It is a voice of experience for me. manufacturing unfair competition, is very important. as a commercial activity, no matter what you do, we make money in the stock market are ultimately a commercial operation. It is to create unfair competition.
8, invest in a company before, at least I want to track three years. Then I will buy a small amount. and then continue to track, saw no problem buying a large number. and then track.
how I create unfair competition? First, I invest in a company, I do not will be easily bought. at least I want to track for three years. the situation three years before it, past a good boy, I'll follow. we all have to ask me, how do you choose these companies? I could not say . For so many years, probably fared in the market a long time, good companies have printed it in mind. First track for three years, then I think it this year, tracking almost the same. It is this business when I feel good sensory I will buy a small amount. and then continue to track, saw no problem, a lot of buying. then follow. we have to do is to change the dividend policy, as a shareholder, its shares rose, dividend policy must be and its cooperation. I do not want to buy stocks are not moving. So we have to change the dividend policy, with more to send more, according to market needs, or send it in cash, or a bonus issue, which I have work to be done.
9, What are the criteria the stock market to make money the first election of the company is a money machine, it can make money for shareholders, this is the most important.
how to choose the company buy it? how to choose good company do?
few good companies throughout China. I and Xie also said this matter. I chose the company first and foremost a money-making machines, to meet my money-making machines of the concept. Today, I want everyone to remember live, three years later you look, I said today is not a money machine. then I thought, you put me as a money standard. the stock market to make money does not make money, first of all look at me Linyuan set standards. I am The stock market standards, and I now do the job. and why others let me say, I say. I wanted to set the standard, the stock market to make money are the criteria? this standard to the tree I. like production a microphone, it is Who sets the standards? I want the people of this standard. This is my work to be done.
Why do I preach as a missionary to the time you see this stock Lin Yuan said is a lot like a standard form that I want to see if it meets the standards do not meet me. as in previous years, we can say that the stock was up there standards to see if there is no village, or the size of dinner plates . At that time this standard. I hope I set the standard, a standard indeed. good companies and bad companies, good or bad as my measure of the company, I do not see the size of its contribution to society, I as a shareholder. It Can you give me money, this is the most important.
have a lot of companies are very good, its great contribution to society. as some competitive industry, it's something cheap, the people are benefiting from this. But as investors, we lost money, from an investment point of view I hope it gives me more money, this is the only standard, other standards are nonsense. as my standard must be the business to make money, this is really real in the standard. we, as an investor, I said good company, good company repeatedly emphasized, and the degree of respect in it, and its contribution to society is not take the industry. according to my standards, a lot of contribution to society large companies, is a spendthrift.
10, gross profit margin is the money machine of the most important financial indicators, 18%, and gross margins stable or rising. a small investment in a large output.
some companies to make money characteristics.
First of all, you look at it to make money total. The total amount of money can not be low. Also, gross margins, to the financial indicators is reflected in the gross profit margin must be high. We believe that gross margins to 18% below not considered, the higher the better than 18%, preferably 80 or even 90% of the gross margin. there it is profitable. we usually consider the earnings per share, earnings per share at least three to four cents That is what we can choose. then that PE, PE is the activity level of this thing. us how to determine this indicator? The indicator is representative of our selling points. It is dynamic. Next, I will detail PE The most important indicator.
there is change in gross margin. I have studied the change in gross margin business, Lin Yuan indigenous methods of the most important point. If you can find out exactly what this one indicator, clear, and other indicators can not know, at least you will not have a big investment mistakes. You just find out exactly what the change in gross margin, and I think your investment will not fail. you invest in a business, changes in gross profit margin must be stable. of course First is the stability margin can not be dropped. margin changes must be rising, stable or rising is our fundamental investment enterprises. If the decline in gross margin this company, I do not do investment, I is not involved. margin change is the most important financial indicators. It is very important. This is the financial indicators.
representation from the company, we choose what kind of company is the money machine? appearance is a small investment to see large output. It is not by increasing the profitability of investment to output. it must be a small investment, the same way we do business. as I opened a restaurant I invest a million, want it to make a million. rather than make a million, need to invest to get two million. This kind of company, is I have repeatedly emphasized, we must be certain investment, output is infinite. This is our favorite companies.
11, the next three years up to ten times twenty times the company's share capital is the baby, giant brands, the industry leader. many as 50 years old lady selling vegetables Sony stock investments, are the richest in Japan.
the scope of the companies in love again reduced, to find some small capital. we speak, the baby's capital. equity is small, but it has to do now is the world's oldest industries, or the boss of the whole of China, the share of very high market share. This Company is most likely to rise, and we are looking for the next three years up ten to twenty times the company is a small share, and profitability has been particularly strong. which I explain why we have to choose such a company, are all its facts. capital expansion, because the stock market must be blowing bubbles, this bubble is PE. the market will enlarge it, I hope a double amplification, an amplification of profit, it must be good company, its profitability is constantly increasing every year increase. so we talk about profit, as growth. and still another is the expansion of capital, will bring us unexpected revenue. This has a .50 in a foreign country Sony's investment, when Sony is a small company. so a lot of Sony's shares are sold when some old lady selling vegetables. the company grew, so now the boss of Sony, the old lady is the best in Japan money. Although Sony is a loss now, but it is large enough equity to do, and we follow it grow. the market along with it boasting a blow do not make money but also strange. so we enjoyed a double amplification . That is something we do not understand, the company must have know-how. you enjoy it you can easily make a fortune double amplification.
our market is not one you make twice this year, your assets to a higher level of. My experience is that over the past three years have a higher level of assets, you must Awkwardness up times, twenty times you can on the stage. Therefore, we selected companies must have know-how, some companies are good companies can make money, but its share is large enough, and it make money, we enjoy it the most is that money gives you a little bonus. We are not pursuing this thing, we are pursuing is the development of unconventional. it is necessary to enjoy the enlarged share capital and profits double The company, which is our favorite. Beyond that novel, what company this company will produce it? certainty I have just talked about the most important, how to complete certainty, we say it is best to choose a baby equity, the giant brands. it is itself the industry giant, the brand is a big brand, but it is very small capital, where the choice. it is even more narrow range.
12, stock-picking skills, that is, most of its products is a good culture for thousands of years, or in the current fierce competition in the market out of the winning companies. There is no competition to select some of the monopoly.
brand can guarantee your profit, it has basically monopolized the industry , or is doing a company large enough market share. In general, such companies choose which one is the old name. you any more. bite my personal experience, not what the final dish Pork, Fen Zhengrou eat more. This is handed down for thousands of years, a thought, our ancestors did not become obsolete, all love. many new dishes, there is no existence of a few days.
our stock picking skills, is that it is a product best for thousands of years culture, or thousands of years we all like. thousands of years have not been eliminated, then it is a very high certainty of the product. This is the generation of capital our baby, giant brand, a small investment in a large output.
There is another in the current fierce competition in the market out of good business. I was most afraid of competition, this company, you generally choose it will be prudent and cautious. In the fierce competition in the market out of a strong business . Do not look at this industry we are doing, but it in this industry, the current leader has been done, or second child. This strong business, we have to intervene in the enterprises. This competition business, generally you do not election, if you choose this company to a special care, this will give you a high profit business, but there will be changes. So I just said we must grasp the changes in gross margin. I bought this business at least the next two to three years to buy it before we see no decline in gross margin, and have stabilized the. It is in our industry, we can already see that it is the industry's boss. Do not vote for those who, while watching to its products is also a well-known brands, but always cut prices of its products, which do not. as we say home appliances business, not look at it for so many years prices, mobile phone, we do not participate in this kind of enterprise the. The industry has not boss her second child, and is the boss, that enterprises do not participate in, such enterprises will not work.
inside I think of this view. I think that the association of this business, I read it financial indicators, I think this must be a declining business. I have to feel the pulse of the Lenovo, IBM Americans are mishandled, you engage in, manage to do it? it is possible for a miracle, but ordinary people as I thinking, we determine the general direction of a thing is to look at the most basic, others things to do, you do not want to do a good job than others, you smarter than others. competition from a strong business, we look at the surface of the milk business. Basically, the liquid milk Milk is not the price. A few years ago I invested in the milk business, I will not vote. But in the last year I will buy some small amount of milk companies to come out of Mengniu and Yili. you go to the store to buy milk, another brand in the slow slow marginalization. unlike TV, I can buy Konka, TCL will do. buy a computer is not necessarily to buy Lenovo. that I did not study the gross margin business, but I know a general direction, and its gross profit margin In the fall, it is not stable gross margin, this time we do not go in this business. the industry, it did not do things the right to speak.
there is no competition to select some enterprises. I think a Enterprises which are not even competitors, and that this enterprise is actually the most competitive. could you go to the company to research, they are not business leaders recognize this. years ago I went to a highway, They make the enterprise more than a billion a year, but I talk with his boss, he said that our growth is not enough. year growth of only 18-20%, 18-20%, I would like you not enough ah. his own to find a dark horse. I said the boss, me and your opinion is different, because I ran the business much, I know that is very hard to make money. In particular, there is a competitive business, it would be more puzzled. you are in fortunate. you still feel your business is not the best company, I think you this is the best company. You make money here is crossing, PE is ten times, I think to buy. of its own did not grasp, a good company is not competition, is exclusive. No competitor is the most competitive, competitiveness is reflected in its no competition on. We do a thing must first have to determine the basic , we must first direction.
13, the bull market it is essential to determine up. you will fall in a bull market it is a confused person. so we behave, we must find out the general direction.
speaking I said to the big plate. If today's stock to fall, you say down the possibilities. It is the bull market, bull market, I said, although I do not know the market's direction, I do not know, I would not say this, because I do not know, that is a lie, nonsense. but if we can judge it is a bull market, then it is up to judge the basic. In the course of this rise, the top end there is only one. you are in the process in that it will fall, or is the market bad. I think first you this person is a fool. in a bull market or you want to say, we say that there is a probability of decline. you associate, and also may is just come across. So our life, we must find out the general direction. you say that the bull market in the fall, 2200, as we say this is the top. Rogers said down, I heard that ridiculous, and this time should not say, you're going to say. Actually, I have no investment decision-making, I am not a long-term investors. I feel that to do this thing, I have to do. When people have to do anything to say, when to do what things. The fried when I have to fry, my economic interests is a first. I am not a long-term investors, not a value investor, as long as I can give a greater benefit, I must speculation. I now say are based on my own interests. I say this stock, it does not or it will not fall, I was there alone, it can not fall. you say to God my God. does not mean I was racking our brains today, I have a lot of data, I was clear. It is bad if I knew before anyone else, I sold. may I sell when it might be down, and why ? because I know the company's roots. So one must first grasp the general direction of the investment.
14, the only successful unsuccessful standard stocks to make money. The time to do the things you did not do, this is the biggest risk .
like I said, college students now What is wrong with stocks? you make money is the general direction, as long as you can control the risk of death, you father and mother give you the money, do not got. to the million I to roll, what risk? the greatest risk to the yuan, fearing nothing. I actually do a lot of things are confused, you do not tell him so many risks. risk is to talk, but do not give these young people talk about risk, these people are confused of speculation. you can give him that much, you actually harm him. really is harmful, not making money is the risk. because the Chinese position to the current situation is such . At present it is positioned in this society, the only standard of success is unsuccessful to make money, make money did not. I said that this standard is not right, the standard is ingrained in the people. And Chinese people are like money, the Chinese people are the most like money. you tell him the risk, he did not make any money. So this is what we are talking about human nature, but also the passion to buy stocks. because the risk has been locked, and on a million. students have no credit, who, by give him money. So as a risk, you ask me, I 89 years into the market, I do not know what the risk. I was so created as. I bought a house, I do not consider, I do not see. before two days, I bought a thousand shares of Asia are. I asked did not ask them to visit a few months several funds, I say you bought me. so I bought later, they let me, let me. I to ten minutes of their company, I laid down that buy. they told me to go a few, always ask the company's situation, I said you do not ask, I have a basic judgments.
results abroad venture capital, fund companies have to wait to buy, the results I buy, they gone. for them not to make money, this is the risk. is the time to do the things you did not do, this is the biggest risk. So Young people, time is very important. I'll give you the shareholders are good. gambling, I do not make people gamble, we do a sure thing. Next, I talk how we control the passion. First of all you need to have an active part in this matter. < br> This saying much, just wanted to give you encouraging, from a young start. time is very important, I am now 40 years old, I would have money I'm useless. I have money to more than 20 years old, I more happy ah.
young people under me to say, I know a girl, 28 years old this year, seven million. I say you must be better than I have money. She has been with me. She more than okay, she went to my age do not know how many of the wealth. time and money must be proportional. you may now not understand my words, so to make time and money, which any one person is very important.
then we to continue talking about how to stock selection.
15, is now 58 times the PE of the Maotai buy, an increase of 30% for performance, stock prices rose at least three times.
have talked about the three companies that are the easiest to make money. There I suggest that, if I choose, I suggested in our circle election. is that there are several major projects to selected companies. Here I give an example to illustrate just what I say to those companies. This and the large City does not matter.
first is uncertainty. I did not want to talk about today Maotai. But I was the major shareholder of Maotai, I took 1,700 shares. I do not speak it today, and I could not help to tell. I started buying in April 2003 Maotai. Maotai was before I bought, because there are a small story. Maotai this company, I was in April 2003 I bought, when I actually see is not Maotai, then look at is Wuliangye. because I went to Xi'an in 92 years, when we run a real estate company. The results have a zone leader, and he always eat drink Wuliangye. I said I always buy a box office Wuliangye, he come Wuliangye to drink I feel good. I have time to buy Wuliangye old, time is 140 dollars. Wuliangye I started buying a listing, because I know this company, the development zone of the director, rice do not eat, must drink Wuliangye. Wuliangye is Gujing market prior to listing. I have these liquor companies have been tracking. Wuliangye listed, I was bought a few shares of fifty, and even today does not sell, Fifty few dollars to buy. I think I feel good Wuliangye. to 03 years later, I suddenly did not participate in A-share market a few years. Wuliangye how I said it fell more than 8 yuan. I said, more than 8 yuan to buy Wuliangye .
when I let my three teachers. Let me talk about here, I have three teachers, they gave me special report ....
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