The content of the book may not keep up with the changes of the times and the market

The market is changing rapidly, and there is no law forever. Some things will not change, such as prices are determined by supply and demand, but some things will change, such as the so-called moat. In the stock market, there are obviously more changes than unchanged. Yesterday, I told you that the larger the domestic market share, the better the market structure, which is a favorable factor. Today I told you that the domestic market accounts for too high a share, and the risk is too large, which is an unfavorable factor. I told you today that the high overseas market share and the low policy impact are favorable factors. But if there is another disaster that causes overseas demand to plummet, the favorable factors will become unfavorable ones again. Or I told you yesterday that if you don’t get medical insurance, it has consumption attributes and has pricing power, which is a favorable factor; tomorrow I will tell you that you cannot get medical insurance, the market will not open, and sales cannot be increased, which is a disadvantage. Yesterday I told you not to buy cyclical stocks, not long-term, and today I told you that cyclical stocks will perform well this year. He makes sense in any way, but in the end you are bearing it.

So, what is the use of just looking at other people’s investment experience and investment experience without any judgment of your own? Besides, other people may not be willing to give in. Two days ago, I saw someone talk about Buffett’s shareholder letter. Many people learned investment methods from it. But he reminded us that the main purpose of Buffett’s letter to shareholders is to communicate with shareholders, explaining what they did and why they did it, just like fund managers’ exchanges with Christians in quarterly reports, not to teach shareholders. Investment method.