**📅 Date:** ➤ ⌈ [[2025-08-12-Tue〚 Warren Buffett — Investment Principles▪ Business Model〛]]⌋ **💭 What:** ➤ Buy businesses, not just stocks; ensure a margin of safety; let compounding work over the long term. ➤Margin of Safety （安全边际）：Buying at a significant discount to intrinsic value. **👀 Snap:** ![[Screenshot 2025-08-12 at 23.43.56.png]] ⇩ 🅻🅸🅽🅺🆂 ⇩ **🏷️ Tags**: #💰/Economy #💰/Economy-Tips **🗂 Menu**: ⌈[[✢ M O C ➣ 08 ⌈A U G - 2 0 2 5⌉ ✢|2025 - A U G - MOC]]⌋ ⌈[[✢ L O G ➢ 08 ⌈A U G - 2 0 2 5⌉ ✢|2025 - A U G - LOG]] ⌋ #👾/Private ➤ ⌈⌋ --- ## 1️⃣ Stock Investing vs. Equity Ownership （股票投资 vs. 股权投资） - #### **Stock Investing** - Focus on price changes. - Often short-term oriented. - Driven by market sentiment. - Stock seen as a tradable instrument. - #### **Equity Ownership** - Buying shares means owning part of the underlying business. - Long-term perspective based on company fundamentals. - Decision-making considers earnings, assets, competitive advantages. - Share price matters mainly when buying or selling. #### Key Principle: - Always approach a stock purchase as acquiring a portion of a real business. #### Comparison ![[Pasted image 20250812234138.png|300]] |**股票投资 (Stock Investing)**|**股权投资 (Equity Ownership)**| |---|---| |关注价格波动 (Focus on price movements)|拥有公司部分所有权 (Own part of the business)| |多为短期导向 (Often short-term oriented)|以公司基本面为核心 (Based on business fundamentals)| |受市场情绪驱动 (Driven by market sentiment)|从长期合作伙伴视角出发 (Long-term partner perspective)| |将股票视为交易工具 (Stock as a tradable instrument)|股票代表实际企业份额 (Share represents actual business)| |买卖频率较高 (Higher trading frequency)|买入和卖出时才关心价格 (Price matters mainly at buy/sell moments)| --- ## 2️⃣ Margin of Safety （安全边际） - Definition: - Buying at a significant discount to intrinsic value. - 以显著低于内在价值的价格买入 - Purpose: - Protects against errors in valuation, unforeseen risks, and market volatility. - Concept Origin: Benjamin Graham. - Example: Acquire at 60% of estimated true value. --- ## 3️⃣ Compounding and Long-Term Holding （复利与长期持有） - Select high-quality businesses with durable competitive advantages. - Allow earnings and reinvested profits to compound over decades. - Avoid frequent trading to reduce ==friction costs==. - 避免频繁交易以减少摩擦成本 - Example: Coca-Cola as a case of sustained brand strength and profitability.