加入讀書會的第三本書

[ 價值投資 ] 的執行者

複利概念

巴菲特從他的啟蒙老師「葛拉漢」學到了【價值投資】v1.0版

「安全邊際」: 安全邊際夠大,投資人越安全。

葛拉翰發明了【菸屁股股票】 理論 : 

當市值比淨營運資本低於 1/3 以上 = 超級便宜股票

也就是股價被過度低估時,價值投資就會浮現。

Viva La Vida - Cold Play

I used to rule the world
我曾經統治世界
Seas would rise when I gave the word
只要我一個口令就能使海水升起
Now in the morning I sweep alone
如今的早晨只剩我獨自環顧四周
Sweep the streets I used to own
環視每條曾經屬於我的街道

I used to roll the dice
過去只要我轉動手中的骰子
Feel the fear in my enemys eyes
就能感受到敵人眼中的恐懼
Listen as the crowd would sing:
聽著人民傳頌著
"Now the old king is dead! Long live the king!"
舊王朝被推翻了！新國王萬歲！
One minute I held the key
前一刻我還握著世界之鑰
Next the walls were closed on me
下一秒世界卻從我手中消失
And I discovered that my castles stand
原來我所豎立的城堡
Upon pillars of salt, and pillars of sand
只是不堪一擊的砂城

I hear Jerusalem bells are ringing
我聽見耶路撒冷的鐘聲響起
Roman Cavalry choirs are singing
羅馬的騎兵唱詩班正在吟唱著
Be my mirror my sword and shield
請成為我的鏡子 我的刀與盾
My missionaries in a foreign field
我的傳教士流亡在外
For some reason I cant explain
我無法解釋原因為何
Once you go there was never, never an honest word
但是只要你來過 將會發現這裡沒有誠實的語言
That was when I ruled the world
那就是我曾經統治的世界

It was the wicked and wild wind
當時刮起邪惡的狂風
Blew down the doors to let me in.
吹垮所有入口的城門讓我進入
Shattered windows and the sound of drums
窗戶上震碎的玻璃 發出陣陣巨響
People couldnt believe what Id become
人民無法置信我成為他們的國王
Revolutionaries Wait
革命者伺機而動
For my head on a silver plate
等著我的頭顱作為祭品
Just a puppet on a lonely string
我只是綁著一條細弦的傀儡
Oh who would ever want to be king?
噢 誰會想成為這樣的國王

I hear Jerusalem bells are ringing
我聽見耶路撒冷的鐘聲響起
Roman Cavalry choirs are singing
羅馬的騎兵唱詩班正在吟唱著
Be my mirror my sword and shield
請成為我的鏡子 我的刀與盾
My missionaries in a foreign field
我的傳教士流亡在外
For some reason I cant explain
我無法解釋原因為何
I know Saint Peter wont call my name
我知道連聖彼得都不願提起我的名子
Never an honest word
不曾有過真誠兩個字
But that was when I ruled the world
但那就是我曾經統治的世界
(Ooooh Oooh Oooh)