Who to learn from: no madness, no survival

The leaves fall with the rain 2021-04-08 10:35:35
learn madness survival


3 month 26 Japanese hedge fund manager Bill · yellow (Bill Hwang) Family office Archegos Capital Burst warehouse , One day selling 190 Billion dollars , Lead to Baidu 、 Tencent music 、 Vipshop 、 Iqiyi 、 Who to learn from and Viacom and other popular U.S. stocks plummeted , The market value of related stocks evaporated 330 Billion dollars , A number of banks because of Bill Hwang The explosion suffered heavy losses . bill · yellow (Bill Hwang) The impact of the explosion may continue , Some pessimists are already worried about whether this will become the next one “ Lehman brothers ” event , Triggering a systemic financial crisis .


 Who to learn from : No madness, no survival

actually , The violent shock occurred in the capital stock market , It started after the Spring Festival . Affected by the rise in US bond yields and many other events , There has been a sharp correction in China capital stock , Among many stars, the market value of capital stock has been cut off compared with the high point . Many of the investors I've come to realize are getting more and more confused , I don't know where to go , Even if it's Feng “ Value investment ” For investors in guigao , Have been shaken .


 Who to learn from : No madness, no survival

3 month 29 After a major change in the stock price , Chen Xiangdong, the founder and chairman of the board of directors, sent an internal letter to stabilize the morale of the army , And then 3 month 30 He announced 5000 Who can learn the plan of increasing individual stock holdings with us $10000 . Read Chen Xiangdong's internal letter carefully , I think for the confused investors right now , Worth reading .

Chen Xiangdong's internal letter only said four words :“ Long term doctrine ”

stay 2145 The inner letter of the word , Chen Xiangdong quoted Buffett many times 、 Graham and other value investment masters' golden sentences and warnings about value investment , The whole inside letter is about “ Long term doctrine ”, These ideas make investors no longer confused , For businesses , It is “ Do your ”, In Chen Xiangdong's words :“ As you might say , These are just numbers , The most important thing is that we do ourselves well .” For investors , I think the following views are worth pondering :

First , Focus on stock price fluctuation or enterprise core value ?

In his internal letter, Chen Xiangdong quoted Buffett's famous saying :“ Stock prices are like voting machines in the short term , It's like a weighing machine for a long time .” He thinks that : In the long term , The core factor that drives and determines stock prices is performance , It's value creation , It is operation efficiency and operation benefit .

Investors should pay more attention to the core value creation ability of enterprises , Long term barriers to competition , Sustainable growth , Predictable returns . If you are really optimistic about an enterprise, you don't need to pay attention to the temporary rise and fall of the stock , Because there are many reasons why stocks go up and down , Like Bill · yellow (Bill Hwang) There's something wrong with personal risk control , But in fact , stay 3 month 26 On this night , Baidu 、 Tencent music 、 Vipshop 、 Iqiyi 、 There is no change in the value of the company . So the more volatile the environment is , The more investors have to stick to their original intention , Hold firm to the company you like , Don't be undulated to “ earthquake ” Got out . It's very difficult , It's a test of human nature .

Mr. Munger, Mr. Buffett's partner, once said , Investment should have “ Extreme patience and determination ”, It's hard to find really good things , You need to be very patient , Take the initiative when it's time to take action , It means that long-term investment should be operated less , Wait more , When you find a good opportunity, go all out , Long term holding , Harvest the value created by the enterprise ,“ The price is what you pay , Value is what you get .”


 Who to learn from : No madness, no survival

Whether it's Warren Buffett 、 Graham 、 Munger and other value investment masters , It's still a upstart like Zhang Lei , Everyone's ideas are basically the same , They are all telling investors that they should “ Long things should be seen ”, Focus on enterprise value , Instead of stocks going up and down . That's what Munger summed up “ Wait for the investment law ” The essence of :“ You don't need a lot of action , It's a lot of patience , You have to stick to the principles , When the opportunity comes , You just grab them . Waiting for the good ball to come out , And then focus on investment .”

secondly , What investors should do when the market is volatile ?

Chen Xiangdong said that opportunities often appear when people are afraid ,“ I'm greedy when others are scared , I fear when others are greedy .” He quoted Warren Buffett as saying :“ It's too late for real investors to like the volatility of the stock market .” And Benjamin · Graham “ Mr. market ” Metaphor : A place “ Mr. market ” It's in front of you every day , If you will , You can buy or sell your investment from him . Need to know , The more depressed Mr. market is , The more opportunities you have . The more volatile the market is , The more opportunities there will be for ultra-low prices in some good stocks . It's hard to imagine this “ Sale at a discount ” It will be seen as a bad thing by investors .


 Who to learn from : No madness, no survival

For investors , Continuous unilateral market rise is not necessarily a good layout opportunity , It's like 2020 At the end of the year , Because maybe all the company's stocks are set off to a high level in extreme optimism , So that Elon Musk They all say that Tesla's share price is too high ( But from the results , Tesla's share price later increased several times .) But on the whole , In a stable or optimistic market , It's hard for investors to discover “ Wrong price ” Shares . The market is volatile , Will appear to be “ Manslaughter ” Or say “ oversold ” Shares . Investors just need to find the gold ,“ At a low price , Even a reasonable price , To buy companies that have sustainable competitive advantage .” When making a specific choice , Munger advises investors to “ Big nuggets of gold ”, Great enterprises with reasonable purchase price , Buy shares in great companies .

Last , No matter what investment philosophy we stick to, we should “ Reliability comes first ”.

Value investment is not equal to blind investment , Because any investment comes with risk , There is no sure investment in the world , Even value investing masters like Warren Buffett , There are also investments that have failed . therefore , Investors should have a sense of risk control , First of all, invest only the spare money that doesn't affect your life , It's like A Stock value investment star Lin Yuan said : Never borrow money to invest ; Secondly, we should be careful to use leverage to buy the bottom and other high-risk investments related to financial derivatives ; Secondly, don't invest in the enterprises of dishonest and unreliable people , because “ Reliability is crucial ”; Finally, we should pay attention to the relationship between company value and price , Good companies matter , Good prices are equally important .

Munger warned investors to wake up every day a little bit better than yesterday , Spend a lifetime developing good investment habits . Risk control is one of the focuses of investment habits : Only by doing a good job of risk control , To deal with any possible risk , It will not affect people's life or even come to a dead end because of investment failure ; Only by doing a good job of risk control , Only in this way can we stand still in the turbulent environment , Have the courage to insist on holding the company you are optimistic about , It won't be forced out ; Only by doing a good job of risk control , Only when the market environment fluctuates can we have capital to launch a new round of layout .

Is it a long-term investment worthy enterprise to learn from ?

About who to learn from and why 3 month 26 There was a sharp drop in the stock price on the 21st , Chen Xiangdong himself made an analysis in his internal letter , He thinks that :“ There is a possibility that the government is about to introduce a policy on subject education in primary and secondary schools , There are concerns about possible current Sino US relations , But the most important factor is the use of leverage by an American hedge fund , As a result, the shares they hold are forced to close out by investment banks , And then it has a significant negative impact on the stock price of the students .”


 Who to learn from : No madness, no survival

Refer to the above , Who should we learn from? Is it a long-term investment worthy enterprise , Is it a big gold nugget under the fluctuation of market environment ? This problem , A lot of investors have doubts all the time , Because learning from someone is not just about 3 month 26 The stock price fluctuates every day , Since its listing, the company has been in the process of short selling by institutions and official clarification , It's constantly fluctuating .

according to an uncompleted statistic , Learn from who to beat the short agencies in a row 15 Time , Just in 2020 Citron capital in 、 Scorpio capital 、 Muddy water mechanism 、 Grizzly bear research and other short agencies are targeting , Short 12 Time , What's really magical is , The company beat the shorters again and again , Still the most valuable online education company .


 Who to learn from : No madness, no survival

Wonderful experience in the capital market , Let who learn from in the industry is very different . A very strange enterprise can attract the choice of students and parents , Get the blessing of investors , Get media attention . Weird but attractive , In popular terms, it's very “ Magic ”:“ Magic ” Achievements ,“ Magic ” Idea ,“ Magic ” The efficiency of ,“ Magic ” play ,“ Magic ” Class of ,“ Magic ” The founder of .“ Magic ”, This makes it stand out in the online education market , After becoming the largest online education company in the capital market , Beat the short agencies again and again , In the face of stock price fluctuations, it is still firm .

1、 Who do you want to learn from “ Magic ” The company . Chen Xiangdong himself has a long history 30 Years of education experience , But it's not a question of who to learn from at first to C The brand of ,2017 It was all one year ago to B Companies that provide educational technology services , After accumulating Educational Technology ,2017 It's only three years ago that we switched to war C Mid-market , do C Duan Chen Xiangdong didn't take the usual road , It's about building a private traffic team , Seize the Internet private domain traffic dividend , Through the official account 、 The rapid rise of low-cost traffic such as communities , The old-fashioned players were caught off guard overnight .2020 During the outbreak in, we successfully captured “ Attend classes without stopping school ” dividend , Accelerate Digital Education .


 Who to learn from : No madness, no survival

2、 Who to learn from is the best way to play in the online education industry “ Magic ” The company . When the cost of online education customers is extremely high due to the vigorous advertising of many competitors , Who to learn from is relatively conservative ,2020 It is far lower than the average investment level of the industry in recent years , It has realized the leading position of income scale . One side , Who to learn from is more focused , Focus on live online classes , For less efficient 、 The more risky offline layout is very cautious , Relatively restrained in marketing , Adhere to focus, pay close attention to teaching quality and teaching service ; On the other hand , Iterative organization 、 Continue to focus on R & D 、 Explore new marketing , Improve operational efficiency in an all-round way , It is very similar to the thinking of meituan in the thousand regiments war . here we are 2021 year , The online education industry is back to basics , It's clear who to learn from “ Back to the essence of education ” Development strategy of , It weakens Marketing , Invest in the construction of famous teachers 、 Standardized curriculum development and online education technology development , Do what education should do .

3、 Who to learn from is the most efficient in the online education industry “ Magic ” The company . It took only three years to become an online education platform , The key lies in who to learn from and who to take the lead in operating efficiency . What many people don't know , Who to learn from 2018 Became the first profitable online education company in . In the past two years, it has been involved in the market war, and sustained investment and strategic losses , But after occupying the head position , Is actively slowing down the pace of expansion , Avoid meaningless losses .2020 The net operating cash flow of the whole year reached 6.03 One hundred million yuan , end 2020 year 12 month 31 Japan , Its cash balance , Including cash and cash equivalents , Short term investment and long-term investment , Total RMB 82.2 One hundred million yuan , Than 2019 At the end of 27.4 More than 100 million yuan . Following this trend , It is likely to return to profitability in the next two years .

Education is “ slow ” market ,“ slow ” The market must be efficiency first . Post epidemic Era ,“ House economy ” Dividend disappears , At the same time, the possible new policies are full of uncertainty , Online education has entered the stage of intensive cultivation ,“ Operational efficiency is paramount ” It is more important , Including marketing efficiency 、 Organizational efficiency 、 Operational efficiency 、 Marketing efficiency 、 Capital efficiency and R & D efficiency , It's a barrier to learn from .


 Who to learn from : No madness, no survival

4、 Who to learn from is the most important part of online education classroom “ Magic ” The company .B Station and other platforms have a lot to learn from the teacher “ Magic ” video , Like the idea “ Ignite interest ” equally , Learning from who is not an organization that simply helps users achieve the utilitarian goal of improving their scores , It's about inspiring users to learn 、 Cultivate the learning habits of users , Train users to learn thinking . On the one hand, it depends on the strategy of famous teachers , Learn from who SAM、 Han Yu 、 Li Xu 、 Tang Jing et al “ magic ” Sex Teacher , They make education less boring , Make students more interested , Make the class more active ; On the other hand, it relies on well-developed curriculum products , Using the spirit of craftsman to build magic classroom , Assisted by technology , Improve students' learning effect 、 Parents' management efficiency and teachers' teaching efficiency .2020 Who did you learn from in the whole year? The R & D cost reached 7.35 RMB 100 million , Year-on-year growth 246.1%, The growth rate of R & D investment is far higher than that of revenue .

5、 Who to learn from is the most important concept of online education industry “ Magic ” The company , A tradition with a traditional educational background , There are also private traffic teams with internet background . Unlike most founders of online education companies, who came from the technology industry , Chen Xiangdong was born in the education industry , Do education for decades , Have a deep understanding of Education , He has a point of view :“ Education should be slow , It should be full of love , Quality 、 Respected 、 Sustainable . Education competition is by no means a simple scale expansion , It should be a good teacher 、 Good teaching 、 Good service 、 Good effect and good reputation .” The essence of education is to ignite interest 、 Cultivate habits and shape personality , This is exactly the educational idea learned from who , It adheres to “ Technology makes education better ” The mission of , The vision is “ Become a respectable educational institution ”. On the whole, it's very difficult to learn from someone “ education ” Educational institutions of , To be unique among all the organizations .


 Who to learn from : No madness, no survival

6、 Who are the founders of online education “ Magic ” The company .

Chen Xiangdong is a doctor of economics from Renmin University of China , Alumni of Harvard Business School , Part time jobs in several universities 、 Visiting professor . I started my own business after many years in New Oriental . Chen Xiangdong's background in the education industry makes him pay more attention to lifelong learning , More able to influence others . According to media reports , Chen Xiangdong only sleeps four or five hours a day , Read a lot of books , Even read almost all the books related to Huawei Management , At the same time, he communicates with the management team and employees every day , Will carry out systematic management and corporate culture training for the management .

In an internal letter , Chen Xiangdong said “ The rise and fall of stocks will certainly affect the current income of some small partners in the short term , Because part of the compensation package of some small partners is stocks . ad locum , I give these little friends a reassurance : We will give the minimum commitment of the stock part of the small partners with stocks in the compensation package in the next two years , Make sure the partners are at ease 、 Stability and confidence .” Few founders are so “ Sincerity ”, When stocks fall, employees are guaranteed . Maybe it's such sincerity , And proper management means and corporate culture , Let's learn from who to have the industry-leading operational efficiency , And strong competitiveness .


 Who to learn from : No madness, no survival

Chen Xiangdong is a bit like Zhang Wuji in the story of killing the Dragon by relying on heaven , From Wudang ( New Oriental )—— Devil economics Fu Ning compares the good future to Shaolin ,VIPKID Compared to Emei , Homework help and ape guidance are Kunlun school . He suffered from cold and poison for seven years ( Cultivate the education industry ), I'm going to learn the best martial arts ( Accumulate educational cognition and resources ), Fight against the bright summit ( Make online education profitable ), Defeat the top six sects , World War I became famous in the world ( The online education industry is catching up ). Chen Xiangdong has been in the education industry for many years , Who should we learn from C Duan became famous in three years , Refresh people's understanding , Even more, it has repeatedly defeated foreign shorting institutions . And he did O2O That experience , It's like Zhang Wuji's three-year study of Tai Chi behind closed doors , After I came out, my martial arts improved , Transformation of live online classes , And suddenly it's profitable ( Defeat countless people in the Jianghu ).


 Who to learn from : No madness, no survival

At the end :

You can see , Who do you want to learn from “ Magic ” The company , It's because of being independent , The idea of not being lost in the public 、 play 、 Birth 、 Experience and ability , Let it go a different way in a number of online education companies . No matter how volatile the capital markets are , You can still stand still . Chen Xiangdong asked the staff to pay attention to who they should learn from :“ Every small partner can create customer value crazily , Can our little friends grow and grow crazily , Can our little friends be more kind 、 More real 、 More sunshine 、 More empty cup mentality 、 More self critical 、 It's more able to have big scenes .” That is, regardless of market turbulence , Everyone is good at themselves , Learn from who to be yourself . Learning from someone is worth investing in , Time will give the answer .

The online education thing , If the path is right , The inclusion of educational resources , The promotion of educational efficiency , The promotion of educational innovation , It's a predictable outcome . Online education is the direction of the tide , Very valuable in the long run , Different from special industries such as e-cigarettes , The impact of policy on online education should be positive , It will only make the industry more standardized , Development is more stable , The road ahead is wider . policy , It shouldn't be a reason for investors to worry .

版权声明
本文为[The leaves fall with the rain]所创,转载请带上原文链接,感谢
https://fheadline.com/2021/04/20210408102232311x.html

  1. Brush wizard v2.2.2: exclusive support for one button brush of Xiaomi 4 mobile phone
  2. Brush the whole process of Xiaomi's graphics and text by yourself! detailed
  3. 数据分析不得不学习的几个工具和技能
  4. Several tools and skills that data analysis has to learn
  5. 轻松破解苹果手机!“信息亭”技术大火,解锁完全不需要找苹果
  6. Easy to crack Apple Mobile! "Kiosk" technology fire, no need to find apple to unlock
  7. 还未上市便拆解,小米10做工出人意料,降低维修成本?
  8. It's disassembled before it's on the market. The workmanship of Xiaomi 10 is unexpected, reducing maintenance costs?
  9. 办公技巧:快速给电脑关机
  10. Office skills: turn off the computer quickly
  11. 美团配送将成为最大的同城快递企业
  12. Meituan distribution will become the largest express company in the same city
  13. 意外的收获!分享U盘数据丢失后的u盘恢复工具
  14. Unexpected harvest! Share U disk recovery tool after data loss
  15. 网友编辑百度百科词条涉名誉侵权 百度被判赔偿6元
  16. Baidu was fined 6 yuan for reputation infringement
  17. 天文学入门的十个小知识!一起来了解一下吧
  18. 短视频原创作者逾九成被侵权:内容相似互相“搬运”……
  19. Ten tips on astronomy! Let's get to know
  20. More than 90% of the original authors of short videos are infringed: the content is similar to each other's "moving"
  21. 突然,两大巨头又“杠”上了…
  22. All of a sudden, the two giants are on the bar again
  23. 隐私泄露1300多次!连老人都不放过,这个黑幕被315扒光了
  24. More than 1300 privacy leaks! Even the old people are not spared, this black curtain was stripped by 315
  25. 要不要换 5G 套餐?这里有份超全的 5G 套餐对比
  26. Would you like a 5g set meal? Here is a super full 5g package
  27. 吉林梨树:开展农民画培训 共绘百姓幸福图
  28. 教育部:今年把校外培训机构治理列入重点工作任务
  29. Jilin Lishu: training farmers to draw a picture of people's happiness
  30. Ministry of Education: the governance of off campus training institutions will be included in the key tasks this year
  31. 企业内训公司制度培训,25页新员工入职内训,培训总监必备课件
  32. 图解华为员工培训体系
  33. 雅思英语培训班辅导效果好不好
  34. Enterprise internal training, company system training, 25 pages of internal training for new employees, necessary courseware for training director
  35. Illustration of Huawei staff training system
  36. Is IELTS English training class effective
  37. 《如何成为令人信赖的理财顾问》3——人际关系培养
  38. 工作总结怎么写?工作汇报包含哪些内容?
  39. 原来字体还可以设计的这么好看
  40. 在贵阳,有一种职业叫置业顾问OR房产经纪人
  41. 日媒:日本近10万人因疫情原因被解雇
  42. 教育部拟规定:义务教育学校不得开除或者变相开除学生,不得超出规定增加作业量……
  43. How to be a reliable financial advisor 3 -- interpersonal relationship development
  44. How to write a work summary? What are the contents of the work report?
  45. 华为:去年净利增3.2%至646亿,现金流352亿元
  46. 最快1个月,巨量千川全面开放,投流单价会越来越贵?
  47. 一克商评丨巨额亏损下的快手遭质疑 但长期看其新赛道已然铺好未来可期
  48. The original font can be designed so beautiful
  49. In Guiyang, there is a profession called real estate consultant or real estate agent
  50. Japanese media: nearly 100000 people in Japan were fired due to the epidemic
  51. The Ministry of education plans to stipulate: compulsory education schools shall not expel students or expel students in disguised form, and shall not increase the amount of homework beyond the regulations
  52. Huawei: net profit increased by 3.2% to 64.6 billion yuan last year, with cash flow of 35.2 billion yuan
  53. 当当网发内部信:被抢文件和公章已追回 恢复正常运营
  54. 华为胡厚崑:海思团队非常稳定,积极投入工作
  55. As soon as one month, a large amount of QianChuan will be fully opened, and the unit price of investment will become more and more expensive?
  56. 乐视再度回归!八款智能新品即将亮相,还有可能咸鱼翻身吗?
  57. One gram of Kwai Chung has been questioned by the fast hand of huge losses, but in the long run its new track has been laid out for the future.
  58. Dangdang sent an internal letter: the stolen documents and official seal have been recovered and normal operation has resumed
  59. Hu houkun: Hisilicon team is very stable and actively engaged in work
  60. LETV returns again! Eight new smart products are coming soon. Is it possible for salted fish to turn over?