Graham's Investment Bible

　　 Buffett The most popular is the publication in 1949. Smart investors "This 60 year old investment classic has been regarded as the Bible of investment.

However, what kind of talents are "smart investors"? Graham has a clear definition in his book: patience, restraint, eagerness to learn, ability to control his emotions, and self reflection.

To control his emotions is a very important but often neglected point. In the final analysis, the value of any investment is and will always depend on buying price rather than market heat. Graham mentioned in his book an example of Newton's "South China Sea bubble". In 1720, South Sea Co became the hottest stock in the UK. Many members of Parliament, including the king, subscribed to the stock. The stock price rose to 700%. in 6 months. Newton had already made a profit of 100%. However, under the infection of the market fanaticism, he bought the stock at a high price and eventually lost 20000 pounds (converted to the present value of the currency equivalent to about $3 million).

300 years later, madness similar to the "South China Sea bubble" is still playing in various forms in the capital market. Graham's classical theory is still strong and forceful. According to incomplete statistics, the profit and loss situation of Chinese shareholders is an unfair pattern of "making two gains and seven losses". How to become the "10%" of the minority? Calm down and read. Graham Right.