Buffett's value investing troubled long-distance running up to the persevering

 Value investing is a victory for long-distance adhere
Source: Securities Times Date :2007-05-25
recently, many believed in the value investment philosophy of the fund managers are very worried, since 2007, many simply can not be called good or even It can be said of very poor texture stock continued to soar. his investment theory is good, choice of company stock is good, but performance is not as retail stocks are speculative junk, why?
value investing mmm most outstanding representatives of the investment guru Warren Buffett has also been facing similar distress: the great bull market of the United States in 1999, Standard & Poor's 500 index rose 21%, Buffett was a loss of 20%, which is Buffett's investment career over 40 years of performance worst year.
from 1995 to 1999, the U.S. stock market up nearly 150%, the most important driving force for the network and high-tech stocks soared. And Buffett has refused to invest hi-tech stocks, continues to firmly held by Coca-Cola, American Express, Gillette and other traditional industry stocks, the results of the bull market reached its peak in 1999 when the big loss to the market. In 1999 the Annual General Meeting, the shareholders have accused Warren Buffett, are almost all in the Media said Warren Buffett's investment strategy out of date, but Buffett is still unmoved, continues to firmly hold still long term bullish on his company's shares outstanding.
Buffett letter to shareholders explained their long-term investment philosophy: Fuwu this will change the whole society in general view, but we can not solve the investment is an issue, we have no ability to determine, in the high tech industry in the end is which companies have real long-term sustainable competitive advantage. ; stock prices can not indefinitely beyond the absolute value of the company itself. bull market can make mathematical law bleak, but not abolish them. bubble burst, 2000, 2001, three years of U.S. stock market crash in 2003 9.1%, 11.9%, 22.1%, the cumulative drop of more than half of the year, while Buffett's investment performance has increased more than 10% to 60% of the number of great advantages over market.
Recently, the Chinese stock market to bull market, many funds invest heavily loaded with long-term investment value of the outstanding stock, and resolutely refused to those who might change after the reorganization of the Phoenix Wuji garbage stocks, because large uncertainties on the charge of stock Note that investment in stocks of great instability is a gambling bet.
not seek Jesus Christ who seek temporary shortage; those who do not seek a global, less than seeking a domain.
just like the tortoise and the hare , sometimes run very fast, and nothing. because the investment is a long-distance run, adhere to the last is the real winner. whether institutions or individual investors, either raised funds or private equity funds, fund managers or fund, whether investors, value investors, the persevering.