A 1, there is a famous saying that "if you are greedy, you will be afraid, and if you are afraid, you will be greedy".

A2。 Buffett once said that life is like a snowball. He wrote an autobiography called Snowball, saying that he had to find a snowy road first.

Moreover, this snow trail had better have two features: the first feature is that it should be long enough, and the second feature is that there should be enough snow on the snow trail, so if you can find a suitable snow trail, settle down and roll your snowball bit by bit, sooner or later your snowball will roll very big.

A3。 Buffett believes that all companies in the world are in turmoil, and the most stable company is the insurance company.

The worse the economy, the better the business of the insurance company, the better the economy, and the better the business of the insurance company, so he joined the insurance company again.

Whether it's coke, razor blades, chewing gum or insurance companies, these companies all have the same feature, called long-term stability, which has not formed a strong corresponding relationship with the economic cycle.

Second, in a certain segment, they are just-needed products necessary for people's lives, that is, a daily consumption product.

Buffett once mentioned a concept in his one-year letter to shareholders, which is called "moat theory".

A4。 Buffett also mentioned a concept called "ovarian stock".

If calculated from the probability, he said that I could be reincarnated in my mother's womb, and then my mother gave birth to me and became an American. What is the probability of this? It's 2%.

He said that it is very important which uterus you entered and which country the uterus is in. This ovarian stock determines your future growth, including your relationship with wealth.

South Buffett's Letter to Shareholders