"Oh, treat me to dinner?"
While working as a leader at Columbia University, Fang Yan was face to face with Warren Buffett and Charlie Munger, smiling at each other.
Lee Zhi behind her opened her mouth wide and couldn't believe her eyes. Mike was also stunned.
Compared with billionaires like Warren Buffett who are on the Forbes rich list, my own family seems so "poor".
"Then, it is better to obey orders than to be respectful."
Fang Yan smiled. Although the Buffett in front of him was far from as famous as the stock god of later generations, and "lunch with Buffett" was not exaggerated by Wang Duoyu, it was still a good opportunity to talk about investment. Something...
"Teacher Fang."
After more than 2 hours of translation, Bai Ruoxue's voice was slightly hoarse and her face was full of exhaustion, so she handed over the next work to Li Zhi.
"Alright". Fang Yan nodded and said, "It's really hard work. You should have a good rest." ”
Hearing this, Li Zhi’s heart sank, and she immediately felt the pressure on her shoulders increase sharply, and took a few deep breaths.
Warren Buffett was full of praise for the lecture just now, especially for the fresh concepts of "black swan" and "grey rhinoceros".
"And the book "Guns, Viruses and Steel" you wrote is really great!"
Charlie Munger added.
Fang Yan was very surprised. He originally thought they would read company financial reports, financial newspapers, etc., but he didn't expect that they would also like to read this.
Warren Buffett laughed, "We cannot predict everything, but we continue to learn. Although we may not become smart over time, wisdom can be accumulated little by little."
"Heroes see the same thing!"
The tone of dialect was full of regret, "It's a pity that when I arrived at Columbia, I didn't know that there was also a lecture held here to commemorate the 50th anniversary of the publication of "Securities Analysis" , otherwise, I will definitely attend and listen to your opinions on investment.”
Warren Buffett and Charlie Munk looked at each other, "Fang, are you also interested in investing?"
Fang Yan raised his hand, "It's just stock trading, just a little fuss."
Warren Buffett asked: "Can you please disclose which stocks you have invested in?"
Charlie Munk listened quietly. Blue-chip stocks such as IBM did not pique his interest. Until Fang Yan said that he held a heavy position in Coca-Cola, he couldn't help but raise his eyebrows, "You said you have been increasing your holdings of Coca-Cola shares? ”
Dialect Hei Ranyi Laugh, "Not bad."
"Then do you know that Coca-Cola is now being attacked by Pepsi-Cola?"
Charlie Munk kindly reminded that in the face of Pepsi-Cola's "superstar offensive", Coca-Cola's stock has been in the doldrums for a long time.
“Isn’t this good? Now is the best time to buy at the bottom.”
Fangyan possesses the best leek gene of "Chinese stock investors", that is -
Others are afraid and I am greedy, others are clearing their positions and I am full of them, others are cutting their meat and I am bargain hunting, others are losing a small amount and I am bankrupt, bah bah bah!
“With all due respect, it doesn’t seem like you are investing, but more like speculating.” Warren Buffett said bluntly.
“No, this is not speculation, but value investment!” Dialect said firmly.
When they heard "value investing", Warren Buffett and Charlie Munk suddenly became energetic.
As a believer of Jamin Graham, I believe in the concept of “value investing”!
Charlie Munk asked: "Fang, can you tell us why you are so optimistic about the sluggish Coca-Cola?"
"It's simple, because I am from China."
Dialect put it bluntly that in the near future, the Chinese market will be Coca-Cola’s reliance.
Warren Buffett was startled, "I remembered that the cover of Time Magazine last month showed a Chinese drinking Coca-Cola. I must have remembered correctly, right? Right, Charlie?" Then Casting an inquiring look at Charlie Munk.
"Yes, I have seen such a cover before."
Charlie Munk's eyes lit up, "But, Fang, didn't Pepsi-Cola also build a production line in China?"
Fang Yan said: "Although this is true, I personally think that Coca-Cola is more in line with the taste of Chinese people than Pepsi. There is an old saying in China that says, 'If a woman catches a man's stomach, he will It’s equal to catching a man’s heart. In the same way, if you can catch people’s taste buds, you can catch people’s wallets. I believe that if Coca-Cola’s advertising and marketing does not go wrong, it will definitely beat Pepsi.”
"Listen to what you said, I must compare the taste of Pepsi and Coca-Cola during lunch."
Warren Buffett immediately became interested.
Fang Yan said confidently: "I believe that in the end, you will like Coca-Cola more."
Warren Buffett didn't believe it at first, but after taking a sip of Coca-Cola, he immediately felt "really delicious" and couldn't help but recall it. :
“I can’t remember whether it was 1935 or 1936 when I drank Coca-Cola for the first time.”
"But I still remember clearly that starting in 1936, I bought goods from the grocery store at 25 cents per half dozen, and then sold them to my neighbors at 5 cents per can. It was the first time I did business in my life, and it was also the first money I made in my life.”
“Then why didn’t you invest in Coca-Cola?”
Fang Yan asked while cutting the steak. Warren Buffett said that although he saw the huge business opportunities behind Coca-Cola, and continued to pay attention to Coca-Cola when it swept the world, he was so cautious that he did not buy a single stock, but invested most of his personal assets. In stocks such as taxi companies, textile companies, coal companies, and stamp companies.
Charlie Munk laughed and said: "We call this kind of investment 'picking up cigarette butts'."
"At the beginning, we worked hard to find cigarette butts to smoke, but unfortunately It’s true that we picked up some.”
Warren Buffett said helplessly: “It’s that free cigarette butt. After enjoying this, we continue to look for the next discarded cigarette butt.”
Fang Yan said: "I think this is your fault. You should smoke cigars now instead of continuing to pick up cigarette butts."
Warren Buffett was stunned, as if a layer of window paper was being poked open. It's not broken, there are faint signs of being broken.
Charlie Munk asked: "Fang, can you be more specific?"
Fang Yan said: "Shouldn't the purpose of value investing be to buy excellent products at a reasonable price?" businesses instead of buying mediocre companies at cheap prices Company? With your current status, shouldn’t you be investing in real things?”
Warren Buffett thought for a long time and suddenly realized, “Fang, you are the one who has truly mastered Jamin Graham. People who invest in the true meaning! ”
"Yeah, I really didn't expect you to know so much about investing." Charlie Munk sighed.
Fang Yan waved his hand, China currently does not have a stock market or stocks.
Even if there were, just because of the urine properties of A-shares, Buffett would be cut off when he comes! Do you know the scallops from Zhangzi Island?
“Then you are simply a self-taught investment genius!”
Warren Buffett raised a Coca-Cola and said, “Here’s to you!”
"Thank you."
Fang Yan asked and found out that Warren Buffett's "cigarette butt picking" operation caused him to suffer a lot in companies such as farm equipment machinery companies, third-rate department stores, and New England textile factories. It was a big stumble.
“Especially the company I own now, Berkshire Hathaway.”
Warren Buffett’s face was full of resentment.
I think back then, I held 7% of the shares of this ordinary textile company, and the board of directors was planning a buyback. The price negotiated at the beginning was US$11.5 per share, but the final bid was... It is US$11.375 per share, which is a full US$0.125 less per share!
Fake squid! He actually cheated capitalists out of their money, his conscience is so bad!
As a result, a boss not only did not sell, but bought aggressively. Inadvertently, he became the largest shareholder and controlled the company's board of directors. The average purchase price was US$14.86 per share. As a result, No one took over the business and the business was losing money, so I had no choice but to bite the bullet and transform into an investment company.
“Our final review concluded that Berkshire is not only a cigar butt, but also a tasteless cigar butt.” Charlie Munk shrugged, “Fortunately, over the years, we have He did a pretty good job, taking the hopeless public The company will become bigger and stronger.”
“Thank you, you have provided me with a good stock.”
Fangyan plans to take advantage of the current situation of Berkshire Hathaway. When the stock is still only $16, it’s time to spend a lot of money.
Warren Buffett said: "You are giving us a vote of confidence."
Fang Yan was half-joking: "If I hold a lot of shares, would you like to welcome me to the board of directors?"
"You are always welcome! People like you who understand the true meaning of Jimin Graham's investment are very welcome to the Berkshire board of directors!"
Warren Buffett and Charlie Munk looked at each other and smiled.
“Cheers!”
Seeing how they were chatting and laughing, Li Zhi slowly raised her glass, her eyes sparkling.
After eating and chatting happily, everyone returned happily. Before parting ways, Warren Buffett handed over the business card with his personal contact information, while Fang Yan handed over the "Gun" signed with his name. Guns, Viruses and Steel" were returned and exchanged with each other.
Then, he watched Warren Buffett’s car slowly drive away from his sight.
“Charlie, I think we should take a serious look at Coca-Cola.”
“We thought of it together.”
Charlie Munk, an old man who is extremely optimistic about BYD in the future, showed a shrewd smile.
"Fang is right, buy excellent companies at reasonable prices, rather than buy mediocre companies at cheap prices."
Warren Buffett smiled bitterly, himself 20 In my investment career for many years, I have often been happy because I picked up cigarette butts and small bargains.
But after being reminded by Fang Yan, I realized the importance of buying a good company.
Charlie Munk said: "This is the real value investment!"
Warren Buffett nodded solemnly: "We really want to thank him very much. We don't know how to repay him."
"How about we be a free salesman for him?"
< br>Charlie Munk showed "Guns, Viruses and Steel" signed by "Dialect".
“What a great idea!” Warren Buffett readily agreed. “In just a few days, I will have an exclusive interview with The New Yorker.” (End of Chapter)
< br>