Friday, August 26, 2011

The key to investing is determining the competitive advantage of any given company and, above all, the durability of that advantage. - Warren Buffett

The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage. The products or services that have wide, sustainable moats around them are the ones that deliver rewards to investors.

Thursday, August 4, 2011

对价值投资者而言,价值既是主观的,也是客观的,而且要由主观来判断投资对象的价值究竟有多客观。- 刘军宁

http://cn.wsj.com/gb/20110805/LJN074710.asp

对价值投资者而言,价值既是主观的,也是客观的,而且要由主观来判断投资对象的价值究竟有多客观。例如,价值投资者对内在价值给出的经典定义是:一家企业在其余下的寿命中可以产生的现金的折现值;同时,内在价值是估计值,而非精确值。这就是说,折现值是客观的,但是估计值是主观的。如果对这个定义提出以下问题,如:什么叫估计值?谁来估计?如何估计?折现值的计算公式是谁发明的?这些问题的答案都与投资者的主体有关。

保守主义思想家、经济学家哈耶克说:不管人与物品之间的关系如何,价值都不是物品自身拥有的特质或外在的特征。价值反映了人与物品的关系,而人类正是在这一关系的基础之上对物品的价值进行判断。亲和保守主义的奥地利学派代表人物、经济学家门格尔认为,价值是人类对物品的重要性的判断。这一看法,对价值投资的实践极具指导意义。

所要投资的公司里面究竟有多少内在价值?回答这些问题,不是取决于投资者在调研过程中所花费的时间或费用,而是取决于投资者的正确判断。在这个意义上,伊索告诉我们,所谓价值投资,就是去做价值判断,去对投资对象中所含的财富的正确判断。

保守主义的价值论证明,正确的思考能转化为财富,对价值的正确判断就能带来财富。投资机会存在于价值高于价格的潜在投资对象中,价值高过价格越多,投资机会就越好,潜在的价值回报就越多。价值投资的奥秘,就在于对潜在投资对象所包含的价值进行正确的判断,即做出正确的价值判断。所以,正确的判断才是价值投资者的关键。在投资界,每个投资者都为追求更大更多的价值回报而相互竞争。价值投资者之间的竞争,实际上就是价值判断力的竞争。在这个世界上,正确的判断力是最稀缺的,在投资界更是如此。

Wednesday, July 27, 2011

工作只是試圖用暫時的辦法来解決長遠的问题。-富爸爸,窮爸爸

http://www.zreading.cn/archives/21.html
工作只是面对长期问题的一种暂时的解决办法

Friday, July 15, 2011

哪里人際關系不複雜呢?看不懂就不必看,做好自己就好。- 鳳凰衛視總裁劉長樂

有些人覺得人際關系難處,常常抱怨單位里勾心鬥角,人際關系複雜​。其實,哪里關系不複雜呢?看不懂就不必看,做好自己就好。自己​怎麼做?在人之上的時候,把別人當人;在人之下的時候,把自己當​人。(修好這顆心)-- 鳳凰衛視總裁劉長樂

Tuesday, June 21, 2011

An investment operation is one which, upon thorough analysis promises safety of principal and adequate return. - Benjamin Graham

An investment operation is one which, upon thorough analysis promises safety of principal and adequate return. Operations not meeting these requirements are speculative.

Saturday, June 18, 2011

狠心的人:選擇權留給自己,讓女生等待。-謝乃淇

選擇權留給自己~~~讓女生等待~這不狠嗎???
哈哈~~~~不喜歡~~還是可以做朋友阿!!!
所以~~我說選擇權留給自己就是狠阿!!
因為~~你可以思考要還是不要
如果~~願望在一起了~你們的關係就進一步
拒絕對方了~~你的感覺本來就沒有改變~可以繼續做朋友
但被拒絕的那一方呢??就是你說的會尷尬!!!
怕連朋友都做不成了!!
所以~~要對方先開口~~就是對對方狠阿!!
哈哈~~要踏出那一步!!!!
害怕自己受傷~~~

Monday, May 30, 2011

Thursday, May 26, 2011

因色相而生的爱,色衰而爱逝。- 张婉悠

http://blog.sina.com.cn/s/blog_63f9dbbd010173oq.html

特别喜欢以下这段:

“今天你热烈的爱我并不伟大,因为我芳 华正浓。20年后你依然如一的爱我才可敬。可谁又会爱我枯萎堆褶的肌肤,吻我干瘪缺牙的嘴巴,梳挽我斑驳灰白的头发?因色相而生的爱,色衰而爱驰。白头偕 老的不是互相爱恋,是因为经年的同处一室,互相照顾,维系家庭,养育后代而生的深刻亲情,犹如手足之情,是最亲密的朋友伙伴。所以就算全世界承认人人都爱 美的,美的却往往不能幸福。”

Thursday, April 28, 2011

Hired talented people as found, not needed. - John D

The ability to deal with people is as purchasable a commodity as sugar or coffee, and I pay more for that ability than any other under the sun. - John

The ability to deal with people is as purchasable a commodity as sugar or coffee, and I pay more for that ability than any other under the sun. - John D

When you are sure they have character and think they have ability - is to take them to a deep place, throw them in and make them sink or swim - John D

Often the best way to develop workers - when you are sure they have character and think they have ability - is to take them to a deep place, throw them in and make them sink or swim. - John D

A young man who wants to succeed in business does not require chemistry or physics. He can always hire scientists. - John D

I never felt the need of scientific knowledge, have never felt it. A young man who wants to succeed in business does not require chemistry or physics. He can always hire scientists. - John D

I charted my course by figures, nothing but figures. - John D

Do not many of us who fail to achieve big things... fail because we lack concentration - John D

Do not many of us who fail to achieve big things... fail because we lack concentration - the art of concentrating the mind on the thing to be done at the proper time and to the exclusion of everything else? - John D

A man has no right to occupy another man's time unnecessarily. - John D

Curiosity turns work into play. - Paul Graham

http://www.paulgraham.com/hs.html

It is well to be up before daybreak, for such habits contribute to health, wealth, and wisdom. - Aristotle

How to Become an Early Riser
If you want to become an early riser (or just exert more control over your sleep patterns), then try this: Go to bed only when you’re too sleepy to stay up, and get up at a fixed time every morning.
http://www.stevepavlina.com/blog/2005/05/how-to-become-an-early-riser/

Part 2
http://www.stevepavlina.com/blog/2005/05/how-to-become-an-early-riser-part-ii/

How to Get Up Right Away When Your Alarm Goes Off

Tuesday, April 26, 2011

Ideas are worth nothing on their own. - Rob Walling

How much your ideas worth? http://sivers.org/multiply

Startup ideas are not million dollar ideas, and here's an experiment you can try to prove it: just try to sell one. Nothing evolves faster than markets. The fact that there's no market for startup ideas suggests there's no demand. Which means, in the narrow sense of the word, that startup ideas are worthless.
http://www.paulgraham.com/ideas.html

http://anttiakonniemi.com/2010/09/20/ideas-are-worth-nothing/
http://www.softwarebyrob.com/2010/10/14/startup-marketing-part-6-why-you-should-start-marketing-the-day-you-start-coding/

No one cares about your idea. Not even your mom (I know she said she does, but she was just being nice). - Rob Walling

http://www.softwarebyrob.com/2010/10/14/startup-marketing-part-6-why-you-should-start-marketing-the-day-you-start-coding/

Wednesday, April 20, 2011

Monday, April 18, 2011

人都是因为太聪明了,分别的事多,矛盾也多,才会著想不开 。- 證嚴法師靜思語

Often when a person is too smart, they will over analyze things, and contradiction appears; hence they become anxiously entrenched. - Master Cheng Yen

Tuesday, April 12, 2011

逆境、是非来临,心中要持一「宽」字 。- 證嚴法師靜思語

When conflict and adversity arise, always preserve a spacious heart. - Master Cheng Yen

Sunday, March 20, 2011

Thursday, March 10, 2011

大錯誤容易反省,小習氣不易去除。- 證嚴法師靜思語

It is easy to reflect on major mistakes, and hard to eliminate small bad habits. - Master Cheng Yen

Tuesday, March 8, 2011

The best initial learning comes from "open-ended" questions. - Running Lean

Your free users are not your customers (yet). - Running Lean

What is a good Free plan?
A good Free plan should ideally behave similarly to a Free Trial. The difference is that while a Free Trial is time-based, Freemium is usage based. If you understand the usage pattern of your product, you should be able to design the Free plan so that a user naturally outgrows it at some point X in the future that you can reasonably predict.

Case Study: Mailchimp
Mailchimp is frequently cited as one of the Freemium model success stories, but too often people fail to recognize that Mailchimp didn’t start with a free plan. In fact they spent years building a powerful, affordable (but not free), profitable product first, with years of pricing experimentation, before backing into a free plan.

When to use Freemium versus Free Trials?
Once you’ve built the right product, Freemium can be a powerful user acquisition strategy for consumer facing products that naturally tend to be more “FREE” driven. Businesses, on the other hand have come to expect time-based trials and the added complexity of tracking and carrying free users may not be warranted here.

Pricing should be set with the buyer in mind, not the seller. - Running Lean

Bind a solution to the problem as late as possible. - Running Lean

Friday, March 4, 2011

Thursday, March 3, 2011

Monday, February 28, 2011

The only acceptable response to a feature request is: ‘Thank you for your feedback. I will take it under advisement and consider it for inclusion in a later version of the software.’

http://www.kalzumeus.com/2010/03/20/running-a-software-business-on-5-hours-a-week/

Quick tip when speaking to customers: “The most interesting people you will ever meet are the people who are most interested in you.”

The average sales rep spends about 47 seconds in talking about customers prior to talking about the solution.  That number should be increased, greatly.  On the plus side, because the industry is so comprehensively screwed up here, even minor improvements provide an opportunity to surprise and delight customers.  ”Goodness, the CEO of that company spent five whole minutes talking to me about how we go about our business!  They really care!

Key takeaway: The quality of your dialogue with customers is directly proportional to the quality of the customers you will acquire.  If you understand their needs better, you will close bigger deals with happier customers who consume less resources.
Customer faith in your product as a solution to their problem is directly proportional to how well they believe that you understand their problem.  This again counsels spending more time talking to them and asking perceptive questions, then repeating their own language right back at them.  If they call it a foo, you call it a foo, even if internally everyone knows it is “really” a bar and, after all, it implements IBarable in the source code.  Relatedly, you cannot tell your way into a dialogue with the customer, you can only ask your way in.
Customers have DNA: Drivers, Needs, and Aspirations.  You should be capturing your understanding of these as you talk to customers, or you aren’t learning what you need to learn to bring the customer and the firm to a mutually satisfactory relationship.
Some factors to consider
  • Customer needs
  • Timescale for implementation
  • Scalability
  • Integration with existing systems/processes
  • Affordability
  • Results
Customers have many priorities:
  • Ego (underrated by engineers in my opinion… even those who own iPhones because they’re worth owning iPhones)
  • Perceived gain
  • Sense of belonging (“Nobody ever got fired for…”)
  • Security
  • Ease of use
If you think of a funnel of concerns prior to sale, starting at the top:
  • The experiences customers have right now.
  • Their business case or project which may benefit from your solution.
  • The utility your solution can offer.  (Note to engineers: many of you stop inquiring here.  That is a mistake.)
  • Options they have competing with your solution.
  • What the company values in terms of outcomes, drivers, etc.
  • Resources they have to solve the problem (i.e. talk budget last, not first)

http://www.kalzumeus.com/page/2/

Why pay people so that they can buy objects suggesting social status when you can just award social status directly.

http://www.kalzumeus.com/page/2/

Brand is what people say about you after you have left the room.

http://www.kalzumeus.com/page/2/

Ideas that spread, win. - Patrick

http://www.kalzumeus.com/page/2/

Thursday, February 24, 2011

The business of software is now marketing (which includes design). - Seth Godin

What’s the business of software?

At its heart, you need to imagine (and then execute) a business that just happens to involve a piece of software, because it’s become clear that software alone isn’t the point. There isn’t a supply issue--it’s about demand. The business of software is now marketing (which includes design).

So, the questions I’d ask:
  • Who can I reach?
  • Is the product so remarkable that they will talk about my product with their peers?
  • Can I earn and maintain permission to continue the conversation?
  • Once they learn about the utility offered, will they pay for it?
When building a software business that uses the network effect, I’d ask:
  • Does the connection this enables create demonstrable value?
  • Is there an easy and obvious way for someone who benefits to recruit someone else to join in?
  • Is it open enough to be easy to use but closed enough to avoid becoming a zero-cost commodity?
What you’re looking for in a connected world is a piece of software that sits in the middle of a sphere, enabling the user to make valuable connections, to build utility in a way that they couldn’t without you. That’s worth paying for and not worth switching out of.

    http://sethgodin.typepad.com/seths_blog/2010/10/the-business-of-software.html

    Ultimately, the best test of any product is to go to your target market and pretend like it’s a real business. You’ll find out soon enough if it is or not. - Signal vs. Noise

    http://37signals.com/svn/posts/2781-ultimately-the-best-test-of-any-product

    The only thing that matters is getting to product/market fit. - Marc Andreessen

    http://pmarca-archive.posterous.com/the-pmarca-guide-to-startups-part-4-the-only 

    Product/market fit means being in a good market with a product that can satisfy that market. 
    My understanding: It was product fitting the market, not the other way round.