Copying the current Buffett is basically useless (if you mean “copying”), there are probably two main reasons: 1. The front row replied that you copy the current Buffett, but the current Buffett rate of return Not high, his current style is based on the current amount of funds. He took out the Wells Fargo Coca-Cola and the like for you to copy, which is meaningless to you; people have dividends from high holdings, but you don’t; and if he enters some new companies that you don’t know, people You can’t imitate it just by buying a penny out of a hundred yuan. 2. Buffett’s current vision is not very good. He was opposed to Apple’s acquisition of Tesla before. The reality is that the industries that Barmans are good at are indeed inferior to a certain extent. (Not very good ≠ bad) I mainly want to talk about the topic derived from this, to put it plainly, off-topic. Buffett’s ideas are worthy of reference and study, but don’t believe him [specifically] too much. I kept repeating one sentence in my answer: Language is just a skill. As long as you have a high level of skill, the same sentence can be said to be positive or negative. Buffett is such a person. When Buffett was young, he learned Dale Carnegie’s speech, you can Baidu it, this person is the originator of “successful learning” and a master of speech. This kind of speech is often exaggerated, concise, and focused, which means it is easy to remember; the speech style has a routine, easy to grasp the hearts of the people, so it is provocative. That’s why we have a lot of words spoken by Master Ba, you will feel a kind of “simple wisdom” feeling, after listening to it, you will have a sigh similar to “Wow, investment is so simple”, as if the stock world has been disturbed. To be so calm… Buffett is also a very good at selective speech. Before buying BYD, I said that it was “not investing in a business with wheels.” Before buying airline stocks, it seems that I also said a mockery of airline stocks-I forgot the specific statement, but please believe this is definitely not made up by me. In short, we all knew later that he bought both of them. And according to Buffett’s consistent impression to us, he always says to buy those “businesses that can do well without thinking about it”, such as Coca-Cola—because human demand for sugar is engraved in the genes, so occupy It is easy for companies in this market to do well. That’s true, I agree. But has Buffett really done this in the past? Looking back at his investment in American Express, the industry is full of competition, and performance has not risen for several years. This is called “choosing a one-foot-high fence”? It is not in line with his consistent impression and his own remarks, and he has made more than one investment like this. (Updated at the end to supplement the content of this paragraph) There is also a statement I heard from before. I can’t confirm the true or false, but this style of speech is very Buffett’s feeling (meaning that even if it is compiled, it is compiled very Like his style). Does he say that he has to read 500 pages a day, or does he recommend others to read 500 pages a day? Previously, Zhihu had this question specifically to verify its feasibility. Buffett reads at least 500 pages a day, and Sun Zhengyi read more than 4,000 books for two years. How did he do it? ? ? ? Of course I understand him completely, because I also always hold a point of view: people talk casually most of the time. So maybe when Master Ba said this, he might just want to express that he likes to read books, and the specific figures are just casual talk. Coincidentally, you go and see what I said above is the style of Dell Carnegie’s speech? “Exaggeration”-exactly, that’s why I said “Even if it is made up, it fits his style very well”. (Of course, the true and false of this example is unclear, please read it, don’t take it too seriously) In summary, Buffett’s philosophy is worthy of reference and study, but don’t believe him [specifically] too much. There are many elements of words and speeches in his speech, and if you think about it more, you will find that he has many inconsistencies or inconsistencies in his words and actions. Moreover, propagating the concepts of value investment and long-term shareholding is in line with Buffett’s identity and interests today. The specifics are not listed in this article, but briefly mention: public funds like to promote long-term investment, value investment, and fixed investment for similar reasons. However, this will involve another problem: with the A-share market of the White Horse shares in the past two years, China’s Warren Buffett camp has become larger and larger. I came to a conclusion a long time ago: one cannot be a fan, because once a fan is easy to lose the ability to make rational judgments, the same is true for Buffett’s religion. For example, there are two major characteristics of my country-Brazil Christianity on the Internet: one likes to parse Buffett’s words word by word, but Master Ba’s speech is a bit half-truth; the second is in case Buffett really appears inconsistent or inconsistent. When there are different times, not only should we be guarded, but also some classic reasons will pop up, such as: This is good at admitting mistakes, or people who are not sages can do nothing. …This…the words are correct. After all, you say “good at admitting mistakes”, am I still embarrassed to be aggressive? Besides, I talked about what others did wrong and didn’t scold them. You can’t use “people are not sages” to gag others, right? If it is really bad, the saying goes: listen to what you say, watch what you do. Contradictory, inconsistent words and deeds, isn’t this two-faced? When I say the above, I am not saying that Buffett is untrustworthy or that Buffett is bragging. On the contrary, I admire Mr. Warren Buffett very much. I just express this point of view: treat everyone objectively, and treat their words and deeds objectively. It is of course a good thing to learn the ideas of others, especially for successful investors like Buffett, but you can’t feel that everything is right just because you have learned them. Otherwise, what is the difference between them and the mental fans of certain idol groups? 2020.2.5 I will update on this issue. The updated content includes: (1) Add a few Buffett’s investment cases. I do not intend to elaborate. Friends who are interested in understanding will naturally learn about it. The common features of these cases are: and It does not conform to the impression and style that Buffett has always given us, as well as some of his remarks. (2) Summarize and summarize the above-mentioned answer points, to put it plainly is to be a repeater. It won’t work without repeating it. If I say “not so good”, it will be interpreted as “bad”, and say “so-so” will be interpreted as “not good”. What can I do? Had to repeat it slightly. First (one): 1. American Express (second time). In 1991, Buffett bought American Express for the second time. In the past few years, American Express not only suffered from sluggish performance, but almost no growth in revenue and profits. The industry faced fierce competition from visa and mastercard. At this time, Buffett himself was prepared to give up. of. Later, Buffett met a person familiar with the industry while playing golf. After in-depth exchanges with him, he not only chose to persist, but also continued to increase his position. Until 1995, the net profit of American Express continued to grow, and the U.S. stock market was in a bull market. American Express’s investment was very successful. So the question is, is this really consistent with the impression Buffett has given us? And in the end, what made Buffett choose to persist and increase the position? It is a judgment made after communicating with more professional people in the industry. 2. GEICO, also mentioned in the front row answer. At the end of 51, Buffett concentrated his positions on GEICO. Not only that, he also asked his father to make a secured loan of $5,000 to buy GEICO. To put it bluntly, he had a heavy position + leverage on one stock. Moreover, as an insurance company, GEICO is not a “white horse stock” in our current concept. At that time, GEICO was just a small regional insurance company. Of course, Buffett was right in the end, and the specific details are not shown here. So the problem comes again. In fact, GEICO is completely a small-cap growth stock, which does not conform to the Pakistan-style stock selection in our traditional impression and the consistent remarks of the Pakistani master, not to mention that he is still heavily leveraged. 3. Buffalo Evening News. In 1976, Buffett bought nearly half of his assets. After buying, he took the initiative to compete with competitors. Not to mention the successive losses of the company, it almost went bankrupt due to other reasons. A few years later, the competitor was dragged to death, and the Buffalo Evening News subsequently turned losses into profits and successfully turned into a “dilemma reversal stock.” So, buying nearly half of the assets is another heavy position, right? The vicious competition almost went bankrupt, and finally dragged down the opponent to realize the reversal. All of the above are in line with Buffett’s consistent remarks and impressions given to us? There are many cases of this kind, and I don’t know the details enough, so let’s stop here. Anyway, the same sentence, interested friends will naturally understand. Again (two): I still need to reiterate the point of this answer, although this answer seems to be criticizing Buffett-if you want to interpret it like this, it is a misunderstanding. My core theme is very clear: Buffett is a master of words that spreads correct ideas. His ideas are worth learning, and many of his remarks are correct, but he has a lot of [specific remarks], don’t believe it too much, because the words are very technical. His real investment style is also different from his usual impression and his usual speeches. Not to mention more, just look at the examples mentioned above. It is either a reversal of difficulties or small-cap growth, which is the same as our traditional impression. Pakistani price investment is completely different. And there is another point, saying that method A is correct does not mean that the opposite method B is wrong. It is very likely that both are correct, but the right people are different. The idea that Buffett spread is correct, but there are hidden lines behind it: the correct A method is simpler for you, and as a master, I have a better B method.