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Lead: What is “Buffett iron eye”?
text | old Yu Source | lonely brain ID: lonelybrain Edit | Poker investor, please indicate the source
Buffett was “showing off” their money two tiny case to illustrate investment philosophy stick.
Case 1: In 1986, bought a farm in Nebraska.
1973 Zhi 1981 Nebraska, Midwest farm prices soaring, it is generally believed hyperinflation is coming (much like the moment ah), a small town bank loans
Then the bubble burst, prices fell 50% or more, destroyed the leverage of farmers, creditors, banks.
1986, Buffett bought from the Federal Deposit Insurance Corporation, a 400-acre farm, spent 280,000, well below the previous price.
He knew nothing about farm management, but by his love of the son of the farm, the farm has estimated Buffett annual return of 10%.
The productivity will be improved over time, crop prices will be higher.
Later, these expectations have been confirmed.
28 years later, the farm income tripled, property prices have five times or even more.
Case 2: In 1993, New York University, adjacent buy commercial real estate.
In 1993, the bubble burst again, there is a liquidation trust company intends to sell the New York University nearby piece of commercial real estate.
Buffett calculates the asset no leverage current yield of about 10%.
But the assets are being liquidated trust inefficient runs, and there is vacant.
More importantly, the biggest tenant of real estate projects accounted for about 20% of the area of the other tenants of the rental unit price is only 1/14.
Buffett joined a small group to acquire this building, along with the expiration of the old lease, revenue tripled to 2014, the annual dividend has more than 35% of the initial investment.
Additionally, the original mortgages were refinanced in 1996 and 1999, this approach allows several special dividends, add up to more than 150% of the amount of investment.
Buffett said: “From farm income and real estate acquired at New York University, will likely future earnings growth for decades even though not dramatic, but the two investment and it is very reliable.
satisfied, I’ll always hold, then passed to my children and grandchildren “
he wanted to take the story explained:
“. my two were purchased in 1986
and 1993 to complete the decision to make these investments when the prevailing economic conditions, interest rates or the next year (1987 and 1994) the trend of the stock market, are not important to me. I can not remember at the time
headlines, or pundits say something, no matter how people say, Nebraska corn has been grown, the students will gather at New York University. “
even as Buffett is candid,
to demonstrate his point, some also vague concept, two of his investment, with unshakeable certainty, not “Nebraska corn has been grown, the students will gather at New York University,” but:
farm and commercial real estate has been there.
Let’s jump back to the “lonely brain” An earlier article: “On two – Go with insight into the world.”
I want to express on top of this article:
A good company, organization, people often have “two eyes”, like in a chess Go to live,
there must be two real eye.
advantage analogy is vivid; the disadvantage is not precise enough, sometimes seem rote, holding a hammer Luanqiao.
But smart as you will experience from resolved.
Go do not understand people who understand the concept easily biased.
For example: On the two is simply more Jiaotusanku it?
On two means to have the ability to do cross-border?
On two means walking on two legs it?
in the usual sense, “walking on two legs”, refers to a company and sell burgers and sell coffee, not only do the phone and engage in electric vehicles.
But for the people, walking on two legs means to do one thing.
Two eyes are focused on one thing.
This is closer to my analogy.
The two stories Buffett beginning of the article mentioned, may very properly be “two on” Interpretation:
“first eye 🙁 value-added) immovable property” +
“second eye: business (rental) income”
pocket so much a circle, when it comes to title this article:
What is a “Buffett iron eye”?
Let’s Go jump.
a chess has two eyes may not be able to live, because:
may be false eye;
might in battle, destroyed two rival out
So, there is an eye, called the “Iron eye”, that is, regardless of the opponent, even if it will not give in so that he chopped the number of knife, has not hit a blind eye.
and then jump back Buffett’s case.
As long as the earth does not destroy the United States does not decline, New York is not an earthquake, “commercial real estate” and “New York University” is the two unshakeable iron eye.
So, buy low, can not lose.
This is the real secret of shares above two stories of God.
monopoly such as Microsoft, Bill Gates will say, we always only 18 months away from bankruptcy.
have been able to hold their own company’s stock for a long time, insiders in order to make money, in fact, not much, because a close look at those internal star enterprise may be a feather, frightened people.
companies will go bankrupt, just a matter of time.
The rise and fall of the industry, no one can predict.
Even monopoly, I do not know when it will be removed moat.
So, most eye on business, even if a stage is the real eye, and very easy to become false.
Even the real estate, the number of shopping centers become sparsely populated in the electricity business impact.
business and life, where there is any real eye at all?
iron let alone the eye.
In reality, “two” into a “two”: like riding a bicycle, you do not want to fall, we must move forward.
Go is not only the most clever puzzle game, is still the best simulation of the real world.
Even a “two theory” can not justify it, I can still pulled another “model” to simulate the reality of our lives feathers all over the floor.
The model is: robbery.
robbery, the “looting”, “utter”, and Go, the different meaning.
Go minimalist rules: “chess gas exhausted death, every mobile robbery.”
Robbery, referring to compete for a subordinate undetermined chess eye, because the other child put back in before filling unlimited named (it is prescribed intervals need to come back with one hand).
image to say it was like two kids grab a toy, you pull, I Chequ, in order to avoid the formation of an endless loop, rules of the game: After you “pull”, I must
after single-handedly go elsewhere, such as moving about your cake, forcing you should look, and then the next hand to “unstuck” toys.
This cake is called “ko.”
novice do not like robbery, because the complex changes.
Master the unauthorized use of the robbery, or winning in one fell swoop, or desperate to reverse.
For example robbery live, a chess looks dead, you mentioned to me by a mention to the robbery and death shore.
9 years ago, the two can not afford the rent designer, decided to rent the living room three mattresses, and for
model made a website.
At first no one good, deserted.
In order to fight on, both the Bank of cereal packaging design, introduced Obama flavors, pack of 40 knives, sold 1,000 boxes, earned $ 30,000 in use.
Unsold cereal, became their rations.
A small so humble, “robbery” and let them get through the most difficult time.
Second half of 2009, continued to use their ability to do best – design, activate the popular website passwords in one fell swoop reversed.
2017 years the Chinese called “Audemars Piguet welcome” site valuation of $ 31 billion.
Go “robbery”, borrowed from Buddhism, is “robbing the wave,” the abbreviation, meaning a very long-term time.
Ancient Indian legend has experienced a number of years to destroy the universe once again begin again, this cycle is called a “robbery.”
Posterity by means of natural disasters.
Modern Chinese, “robbing” generally refers to natural disasters, such as the “catastrophe” and the like.
To “doomed” that was destined to suffer the scourge, can not escape.
Japanese Rideau retains the “time” concept, for example: “100 million robbery”, “Yongjie” refers to very long or even unlimited time.
Go Jin Yong wrote in the “Dragon” in: Duan Yu trapped very undesirable Valley, Huangmei Seng went to Duan Yanqing save hindered.
Here the “very undesirable” may both two meanings.
Go in the “robbery”, for the passive side, a bit like being robbed (evil); for the active side, there are “time” and meaning “re-start”.
Sometimes, originally just to survive and robbery, did not expect the “robbery” had become life itself.
Stewart Butterfield bent on doing the game, do MMOPG game in 2002, died.
But do when playing a game a by-product of the share pictures: Flickr, Yahoo in 2005 was 35 million acquisition.
2009 years, he continued to make their dreams of games, 3 years later hang.
This guy again prop up a robbery: do byproduct –Slack during the game.
Today, for team collaboration products, valuation of $ 3.8 billion.
The man child majoring in philosophy, when asked why so fire Slack, A: I do not know TMD.
changes to Go, there is a calculation is:
1, the board 361 crosspoints,
Therefore, the first hand 361 option;
2, the remaining 360 to select the second hand, and so on;
3, therefore, all changes should be: 361 ×
360 × 359 × …… × 3 × 2 × l, about 10 ^ 768.
above algorithm ignores grapes, change the number again Lazi.
In particular, ignores the robbery, once you come to my local form of repeated mention robbery, changes in addition to the almost endless up.
more changes, the more the possibility, the more time, the more the choice.
Naichi like the cry of the child, like robbery, let fate of multi-dice fly for a while.
Although just barely sliding, remains a flight.
We need to play a few more “robbery” to let God do more than throw the dice for a while?
As Bill Gates said, life is to grab something from the burning house.
robbery style Sike, seems to be heroes in common:
such as 70-year-old entrepreneur kinds of oranges again to more than 80 years before the results of Chu Shijian;
as often pushed to the brink of Musk;
as the 48-year-old bankruptcy from scratch to create a Momofuku Ando Instant Ramen Empire;
and derided as “redefined
sucker “to do phone hamstrung so far still fighting the old law.
defeated, more than robbery.
Patton said: “The measure of a person’s success, not to see the man standing on top of the time, but this man fall after the rebound from the trough of the summit.”
floor, not rebound.
Before the rebound, we need to be braced against a tenacious robbery.
even life on the line.
to wait for the next cycle restarting.
Or, this robbery itself is brand new cycle.
As Rilke wrote: … all the things that happened, always the first in our judgment, we can not catch up, victory at all difficult to identify … what?
Hold on means everything.
“ancient legislation a major event, not only super talented world, it always indomitable ambition.” Su Shi said.
1986 years Zhao Zhixun a car accident, right knee injury, the right tibia fracture, left knee ligament pull off.
But he still insisted on participating.
“I do not know what to abstain. Prefer to pour on the board, I want to play chess, not to mention my head and his right hand was not injured, to play chess is enough.”
Zhao Zhixun good rule alone QUICKER in each other’s surrounded in.
He wrote: “I am the type of player a rule alone and my life is like a big road rule alone in the world, how can we no place to live; another storm emergency, there are always parked within the harbor…
in the treatment of solitary life, only a narrow space, but not narrow-minded. “
robbery, is more cramped rule alone.
Oliver Wendell Holmes said: If I had a formula for bypassing trouble, I would not tell it to someone else.
This is not good for others.
Trouble will create an ability to deal with troublesome.
robbery, is the norm of life.
The more looks fast hardware entrepreneur, said he would more day “cautious.”
Like the cycle forever, and never ends the “robbery.”
Life is not true eye.
🙁 Cairns said the long-term affairs is wrong guidance current), in the long run, we all will die.
robbery live, just as Heidegger “to Death.”
Quora on someone asked: “How can I be like Bill Gates, Steve Jobs, Elon Musk or Richard Branson as a great man
respondents actually Elon Musk’s ex-wife Justine Musk.
“extraordinary success, often stems from extreme personality, but also need to pay a lot of other stuff
biological clock problem you will encounter will be mental fatigue, too.
will experience endless carnival, lonely and pointless meetings, will suffer a major setback, family tragedies and emotional problems with a partner, will spend the night of the soul, will meet all kinds of people, it will be sleepless nights,
. All these numerous
they fail without fear – even harbor fear, will not hesitate to forward them to experience heroic, shame, well known failure, will find ways to make a comeback, sweeping away
former decadent distinctive for their failure to bring a unique experience, in the face of adversity, they showed amazing tenacity and dauntless “
p> the so-called “extraordinary success”, most of the time and you think “success” is different, so to be clear, you do not have to be the kind of person Andy Herron or Richard, they had that kind of life.
In this way, it is more likely you are to find their own happiness.
Voltaire said: talent but continued patience.
Not many people can be like the German team that, at the time behind three goals, but also in midfield Daojiao patience.
“fighting spirit” Zhao Zhixun is repeated seven Fanqi final, to achieve reversal after four straight three-game losing streak.
Zhao Zhixun especially good countdown, ticking like a time bomb in the middle, he can still keep a cool head, Lazi fast, as if unaffected.
a particular Samsung Cup semi-final, Zhao Zhixun situation is not optimistic, but got up to watch the countdown to take advantage of the gap next to the chess game.
Opponents later said: “The move appears to be very simple, but he kind of attitude really ease gave me quite a shock.”
robbery was born, is a gift.
In reconnects, the side of the assembled aircraft, humming a little song.
“poetic Sike.” I wrote after watching Nolan’s “Interstellar” short Feedback.
family, death, salvation, the time, the film is full of Nolan elements and philosophy.
In HansZimmer of that extremely private piano and organ music, the actor Cooper Murphy farewell ceremony with her daughter farewell.
According to Heidegger’s view, each of us has the potential to own genus and to be achieved, and had to face his own death.
As Heidegger spoke of “this has” (be there), if it (he or she) take decisions in the face of such a situation lonely attitude and the courage to take their uniqueness and
individuality, then the person can be said to enter a “sincere” (authentic) living conditions, and to realize the meaning of the state.
Sincerely interconnected with personal future and the past, the self-continuity.
It also asked to accept his own death on this relationship.
Heidegger, when the man and his death encounter, is a real own self will be revealed.
The state has really belong in the “I” always precedence, even though this “I” is not equivalent to a traditional philosophical sense of the body.
If a person is overwhelmed by fear, not by the people or to the anonymous “people” to protect themselves, as people usually do that Yang, he entered the “disingenuous” survival of the state.
In the “bad faith” status, the “people” precedence, people there have lost their meaning.
Such an attitude or posture is Heidegger said some of this “sink”, that this has to avoid their own, let themselves indulge in the daily affairs in general, and the earthly were ups and downs.
“Ashes of Time,” Lane said: “When you were young, how to have the answer, but when old, you may well feel that life is no such thing as an answer Every day you have.
opportunity and a lot of people passing, some people may become your friend or confidant so I never give up any opportunity to tell people friction (Sike) is sometimes made himself badly beaten, though he
it! happy on the line. “
novice do not like robbery, in addition to the complexity, but also because of the uncertainty.
People like either winning or early demise bounce back.
But the reality is always sticky.
robbery, this approach often looks very weak.
However, do not ignore any subtle means.
Many things seemed fine at first but reluctantly.
Ivy Steve Jobs told the audience of mourners, said:
“I think, he thought the only way to understand more …… even an idea than anyone else
may eventually become very powerful, but initially still fragile and fragmented. “
see” Steve Jobs Biography “, feeling he had been a mistake, lose a battle, but always hold on,
hold up one by one, “robbery” and eventually won the entire war.
Although inevitable death.
weak and vulnerable, as when the “robbery” means to prop up the global, will have some flame-like tenacity and seedlings.
read a little story about explorers insisted on a desert to the last minute of the victims, rescuers found his body only a pen, there are inks that if he drank, just to survive.
Later, a realistic version of the story: people trapped on the ski lift, burn heating, survived unharmed.
It turns out to burn himself.
Tomboy Julie beat legendary hero of World War II movie “Unbreakable”, change from the novel of the same name.
Former Olympic track and field athletes, who broke the world record of American pilots crash, drifting at sea 47 days later.
wrote:.. “In the early morning wake up from a dream and found a strange world of serenity, calm sea to land seems to be a human can walk without a trace of wind and sea life rafts world, as
frozen in the painting. when the fish out of the sea in the distance, they could clearly hear the water splashing sound. hunger, thirst and fear of death has been also seems to instantly evaporate from the body out. that
leaving only pleasant moment of hearts, gratitude and calm …… “
author Laura suffers from a rare disease can not be weak to leave the room.
She has talked about his “have been looking for one kind of life into the equation,” “happy and holding her strong desire to pursue life’s most powerful moments.”
is a master robbery
indestructible hero, author indestructible, impenetrable and her husband.
After Laura sick, he had never left, he later admitted that may be due to moral.
Until Laura for “Seabiscuit” was an instant sensation, he thought: Laura money now, if I leave her, I will not be cast aside as the world’s worst bastard.
They did not marry until 2006, 22 years after Laura got sick.
She was his doom.
They separated in 2014, divorced.
He eventually left her.
In Go, the consumer is called robbery.
no ultimate goal, no final consumption, there is no ultimate residence, no ultimate love, no ultimate cars watches names package, no ultimate genius
no final novels, music, movies.
waiting for someone one day and the highest power, thinking about when to start wandering the world, plans to do when an earth-shattering things have certain conditions, an exercise in “the ultimate escape.”
“ultimate” this world is the only time, no end to the extreme, is the world’s basic operating logic.
The magazine seems to have Europe speak of those who made the dream house for a long time, and finally did not live long either party, or simply did not live to.
there is not a stable, appropriateness, good sustained static situation.
You have to learn the “robbery” in an unstable state, to discover and enjoy the “ultimate joy” of life.
As a thorough fatalist and determinist, Schopenhauer said:
between the appearance of affected causality, but there is no link between appearance and will.
Will the law of causality through some kind of super-but based on the law of causality and the appearance of a relationship with the world.
Everything happened all in accordance with its strict necessity occurs, we feel that free will is still active representation of the world, and any representation and any actors we observed are subject to
It will control a mysterious force.
Schopenhauer’s theory such a decision has been strongly agree with two physicists Einstein and Schrodinger, they think this gives them great comfort to explain free will.
Schopenhauer This view can be summarized this way: we can do what we want, but can not be what we want.
Center aspirations translated text:
You can strive for true eye of life, but you have to live in a state of uncertainty robbery.
We all have a fair person “Iron Eye”, that is:
Buddhism, 1 Xiaojie can be converted into 16,798,000 years; 20 Xiaojie in a robbery is that 300 million 3596 million years; 4 to 1 in robbery amulet, that is 1.3 billion years 4384
Buddhists believe that the world successful, live, bad, empty four times, to the bad robbery, appeared wind, water, fire three disasters, attributed to the destruction of the world.
Again and again.
Go, the first lesson about the robbery are:
Do not be afraid robbery.
People in this life, too short.