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According to the Interim Measures for supervision and management of<<private equity investment fund >> Chapter XIV stipulates: "The private equity fund managers, private equity fund sales institutions may not raise funds to qualified investors outside the units and individuals shall not through the press, radio television, the Internet and other public media or lectures, reports, and analysis will be bulletins, flyers, SMS, micro-s, blog and email, to non-specific marketing campaign.

CT Vision Group follows<< private investment fund supervision and management of Interim Measures >> provisions, only private equity fund marketing campaign related to specific products qualified investors.

If you would like to conduct private equity investments and private equity funds to meet << >> provisions on supervision and management of Interim Measures "qualified investor" standards, which have the ability to identify relevant risks and risk tolerance, investing in private equity funds alone not less than 100 million, and the personal financial assets of not less than 300 yuan or the last three years the average personal income of not less than 500,000 yuan. PLEASE read this prompt, in order to receive CT Vision Group private equity fund product publicity and promotion services.

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Industry information

Buffett: Recognize your own ability circle

Published:2016-06-22


  Basic Five Principles of Investment
  
  I have done a long time ago two small non-stock investment. Although they have not significantly alter my net worth, it still can bring me some inspiration.
  
  In 1986, I FDIC (Federal Deposit Insurance Corporation) that bought a 400-acre farm, located in the north of Omaha 50 miles. This is also much less cost me 280,000, this price is higher than in previous years, a collapse of the bank loans granted to farms. I do not know how to run a farm, but fortunately there is a love of farming son. I learned from him that this farm can produce many bushels of corn and soybeans, operating expenses will be. By these estimates, I worked out that the farm was about to have a 10% normal return. I also believe that productivity will be improved over time, crop prices will be higher. Later, these expectations have been confirmed.
  
  I do not need to have a different knowledge or intelligence to conclude that this investment will not have a downward trend, but a potentially positive trend in real terms. 28 years later, that farm income has tripled its value is five times the price I paid even more.
  
  In 1993, the bubble burst again, this time spread to commercial real estate, I did a small additional investment. There is a liquidation trust company intends to sell a piece of New York University, near the commercial real estate. Unlevered current yield of the assets of approximately 10%. But trust assets are being liquidated inefficient operates, if the number of vacant rental stores, its revenue will increase. More importantly, the largest tenant rent real estate projects accounted for about 20% of the area pay about $ 5 a foot high, while other tenants an average of $ 70. Nine years later, cheap leases expire this will certainly bring significant revenue growth. This location is also excellent assets, after all, not run at New York University.
  
  I joined a small group to acquire this building. With the expiration of the old lease, revenue tripled, and now the annual dividend has more than 35% of our initial investment. Additionally, the original mortgages were refinanced in 1996 and 1999, this tool allows for several special dividends, add up to over 150% of our investment quota. To date I have not been to see this asset.
  
  From farm income and real estate acquired from New York University, probably decades will continue to grow in the future. Although earnings are not dramatic, but the two investment is reliable and satisfactory, I'll always hold, and to me grandchildren.
  
  These stories are to clarify some of my basic investment principles:
  
 1. Achieve a satisfactory return on investment does not require you to become an expert. But if you are not, you have to recognize their own limitations and follow a feasible method. Keep it simple, do not desperate. When people promise you short-term profits, you have to quickly learn to say "no."
  
  2. Focus on the future productivity of the proposed investment assets. If you are an asset to the future earnings of a rough estimate, but uneasy, then forget about it and move on. No one can estimate the probability of each investment. But not necessarily when an Almighty; as long as you can understand what they are doing it.
  
  3. Future price changes if you are focused on the proposed investment assets, you're speculating. This in itself is nothing wrong. But I know I cannot succeed speculation, and the speculators who promote their continued success skeptical. Half of them for the first time can be pressed to throw copper treasure; but if they continue to play the winner, no one can have a positive profit expectations. In fact, a recently established asset price increases, never a reason to buy.
  
  4. Only consider an asset can produce anything, but totally do not care about their daily pricing. Focus on the game can win the race, the winner will not be glued to the scoreboard those people. If you can enjoy the weekend without looking at the share price, it is also working to try it.
  
 5. Macroscopic form their own views or listen to other people on the macro and market forecasts, is a waste of time. In fact it is dangerous, because it may blur your vision, so you cannot see the really important facts.
  
  Do not make a catastrophic error
  
  In between my two little investment and equity investments, there is an important distinction. That is the stock will let you know real-time pricing shares held, but I've never seen my farm or New York real estate offer.
  
  Stock market investors have a great advantage is that they have wide fluctuations in the valuation of holdings. After all, if a friend of Moody's, every day around my property to me shouted quote, this quote is willing to buy my farm, or to his farm to sell me, and these offer based on his mental state, drastic changes in the short term, how can I use him in the end of this irregular behavior to profit? If his quotation laughable low, and I have the money, I would buy his farm. If he shouted offer ridiculously high, I would either sell him or continue farming.
  
  However, the stock holders are often easily influenced by other shareholders of capricious and irrational, and make them irrational, because too much noise on the market, including economic conditions, interest rates, stock prices, and so on. Some investors believe it is important to listen to the views of the authorities, even worse is that they also believe that the reference comments to invest is very important.
  
  Those who have a farm or a house, it is possible to hold assets in silence for decades, but when they come into contact with a large amount of stock quotes, plus commentators always imply "Do not remain seated, to buy and sell it," they often will become it was fanaticism. For these investors, liquidity would have been able to have an absolute advantage, it has now become a curse.
  
  A flash crash or other circumstances of extreme market volatility, the damage to investors, and no more than a curious and talkative neighbor to hurt my farm investment is far greater. In fact, the decline in the market for genuine investors, it is helpful if and when the price is much lower than the value when there is money available in his hands, then. At the time of investment, the atmosphere of fear is your friend; a cheerful world is your enemy.
  
  It occurred in late 2008, during a severe financial panic, even if a severe recession is clearly emerging, and I never wanted to sell my farm, or New York real estate. If I have a good long-term prospects of a stable business, even slightly considering selling it would be very foolish. My stock is held by a small part of good business, why sell it? Accurate to say that each small part may end up disappointing, but as a whole, they can do it. Does anyone really believe that the Earth will be engulfed America astonishing productive assets and unlimited human creativity?
  
  When Charlie • Munger and I bought the stock, we will use it as a part of the business, our analysis and buy the whole business when thinking content is very similar. We started will determine their ability to easily estimate the asset the next five years or longer income range. If the answer is yes, and is in the bottom line with our estimate corresponds to a reasonable price, we will buy this stock (or business). But if we do not have the ability to estimate future revenue (often this happens), we'll move on, looking for the next potential target.
  
  It is vital that we recognize their own circle of competence borders and obediently stay inside. Even so, we are still in business and the stocks have made some mistakes. But they are not catastrophic occurrence, such as a long-term rise in the market, based on the expected price behavior and desires lead to a purchase.
  
  Be simple Investors
  
  Of course, most investors are not the business prospects in life as a research priority. If wise enough, they will know that their lack of understanding of the specific business, and cannot predict their future profitability.
  
  I give these non-professionals brought good news: the typical investor does not need these skills. Target non-professionals should not be to sort out the big bull stock, he or his foreign aid is impossible, but it should be part of a variety of business holdings, the total combined will have a good performance. A low-cost S & P 500 Index Fund will be able to meet this goal. This is a non-professional to say, "What is the investment."
  
  "When investment" is also very important. The most dangerous is timid or novice investors when the market is extremely prosperous admission, then I saw a book loss before awakening. (Think of Barton Biggs • Recent observations:. "Bull is like sex, before the end of the feeling of the best") solution when investors such transactions is wrong, accumulation in the long run, and never appeared in a bad messages and sell when the stock price far below the highs. Following these principles, "do not understand anything," investors do not diversify, but also to minimize the cost of maintaining it can almost be sure, you can get satisfactory results. In fact, relative to those knowledgeable but even see their own weaknesses are professional investors, one can realistically face their own weaknesses simple investor may get better long-term returns.
  
  However, those who offer advice or generated from trading profit, has been urging individuals and institutional investors to become active. This leads to friction costs become too high for investors, is no overall benefit. So, ignore the noise of it, to keep your costs are minimized, invest in stocks as the investment you are willing to invest the same farm.
  
  I suggested that I raised here, and I essentially some instructions in his will that are listed are the same. Through a will, to realize the cash to guard the interests of my wife's custodian. I am the custodian of recommendations is simple enough: 10% of the cash to buy short-term government bonds, to buy 90% of a very low-cost S & P 500 index fund. By following these guidelines trusts, investment managers can be expensive to hire than most investors get better long-term returns.


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