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Investment growth stock 1 Price's career started very slowly

2022-07-12 00:12:31Reading notes

《 Invest in growth stocks 》 Reading notes and after reading . This article is the reading experience and reading notes of investing in growth stocks .

 Thinking map of investing in growth stocks

Who is this price ? Maybe many people don't know , He is known by the market as the father of growth investment . He is 37 I've been on my own since I was born , Set up an investment company , Puxin investment , Invested in Abbott Laboratories in the back ,3M Companies and a series of growing enterprises , The company's assets are from 38 Year of 230 Thousands of dollars , Growth to 49 Year of 4200 Thousands of dollars ,11 year 18 Times the return . Later, they were also the first to launch growth funds , Invest in companies that are early in their life cycle , In the post-war bull market , Spring into fame , The fund was even rated as a national 10 The best performing fund in years . All the way to 70 Years ago , Price thinks the market is crazy , Can't find your investment target , So I began to retire . Sold his shares in the company , However, Puxin investment has been retained , Later, he became Puxin Group , Become the top asset management company in the world , As famous as BlackRock . The company's 80% Above mutual funds ,10 Total annual return , Above the market average . It can be seen that its management ability is strong .

Price's investment philosophy , Also deeply rooted in the hearts of the people , Become the godfather of Wall Street growth stocks . This book starts with price's life , Similar to biography , But it has been talked about until now , The author is bond , Once a colleague and partner of price , Deeply influenced by price's investment ideas . He also participated in the investment of many growth companies , In this book , Show master price , Important investment ideas and judgment criteria . This book takes a third person perspective , To write about price's life .

Price was born in the small town of greendon, Maryland , The population is only a few hundred , Distance to Baltimore 30 km , Father is the only doctor in town , My grandfather is a real estate developer , So the family condition is very good , The house is big , There are also two horses at home , And cows . The author even took it to their home ,1870 year , Household assets during the census , Yes 7 Thousands of dollars , Equivalent to today's 170 Thousands of dollars .

Price himself said , His investment thoughts are deeply influenced by his grandparents , Even say that there is no need to go to any University , You only need to have the practical knowledge that my grandmother said . His father, Dr. price , Also good at managing money ,1918 year , Their family's assets , Include 73 Acre land , It's about the same as 29 ha , What concept , Equivalent to half the West Lake , There are also three houses , A stable , And the barn , Three Liang cars and a truck , This standard of living , It should be a proper noble . So price didn't really care much about money later , He thinks it's enough to maintain his living condition . Never drive expensive cars , Enjoy a luxurious life . To put it bluntly, people have already eaten it when they were young . So it's different from the poor blowing up wealth .

When price was in Middle School , His classmates gave him a nickname , It's called a doctor , It can be seen that , He is going to follow in his father's footsteps , I hope to grow up and become a doctor . At that time, their school , It's a typical broken School , A class 60 Many people , Finally, it is reduced to 23 people , Most people drop out of school . It can be seen that the style of study is very poor . Price stuck to it until he graduated , At this time, his father was willing to pay him , He is going to send him to a private school in Baltimore to continue his study , I hope it can go to a good university ,1915 year , Price was admitted to Swarthmore College , This is a church school , Not far from their home . At that time, his sister Mildred , I have studied in this school . So price is no stranger to this school .

Price goes to this school , Just want to be a doctor , This is the result of years of persuasion by his father . A son inherits his father's work , Be one's unshirkable responsibility , But later I changed my major from medicine to Chemistry , These two majors are actually quite similar , But chemistry at that time , It's one of the new technologies that come to our face . I have to mention that , In College , Price has never studied economics , Finance and other business courses , After I graduated , He joined an electric company , The reward is 18.85 dollar .

Price's social activity ability is relatively strong , In College , Is the man of the moment on campus , Love sports , Joined the school hockey team , Or a part-time photographer at school . He was also the president of the student union . It is precisely because price has been studying in church schools , So he has an important advantage , That's integrity . This laid a good foundation for him to show his skills in the financial industry in the future , After all, behind finance is credit .

Price's first job was in Pittsburgh, Pennsylvania , Arranged in a small chemical laboratory in a factory , There is an industrial atmosphere everywhere , Pollution is also very serious , The working environment is very worrying , His job is chemical analyst , He was ready to apply what he learned to practice , But soon the company suddenly deteriorated , The workers went on strike , Bank financing has also been interrupted , The company is on the verge of bankruptcy . That's it , Soon his job was gone .

This experience seems tragic , But it is very helpful for his future investment career , He knows , If the business environment suddenly deteriorates , Companies are often dangerous , There is also a highly competitive industry , A company without patents , There is basically no future .

Then price went to DuPont , Continue to be a chemical analyst , The factory mainly produces plastic products . DuPont was already a big company , Yes 1000 More than employees , It is much larger than the last Pittsburgh factory . This seems to be a very ideal job , It's like 60 Age entry IBM, perhaps 21 It's the same as working in Google in the 21st century .

At that time, price felt that after work , There is nothing to do , So I subscribed to the Wall Street Journal , Barron weekly these business magazines , He felt these things , More interesting than Chemical Journals , During that time , He is very interested in the establishment of the company , It also helps companies raise funds in the stock market and bond market , Very obsessed .

After the first World War , DuPont took out 2500 Thousands of dollars , Bought the stock of General Motors , The purpose is to look forward to the strong prospects of the automobile market , I hope to consolidate my supplier position , A few years later , General Motors' stock is booming , DuPont is also popular , To 1920 year , DuPont 50% Revenue comes from General Motors , DuPont's boss also joined the board of General Motors . But unfortunately , Soon the economic situation deteriorated , Industrial production reduction 30%, The stock market fell by half , Car sales fell sharply as a whole 60%. General Motors fell into serious losses , The founder resigned CEO position , At this time, the boss of DuPont company , Mr. Pierre DuPont , Become the president of General Motors completely .

But these have nothing to do with price , At that time, he was still a young man , Under difficult circumstances , He was fired again , So I can only go home after losing my job . Two years , Twice fired , It hit him hard , For my chemistry major , It's also the fading of interest . Start to develop the enterprise , And business management , Especially the stock market , He felt that it should not be a problem for him to make a living in this field . But people at that time , Generally, stocks are not recognized , Think this is just gambling , For stockbrokers , It is more contempt and suspicion , But price at this time is a little crazy , For such an unknown industry , He showed great enthusiasm , Even completely disregard the opposition of family .

At that time, the market environment was extremely poor , The Dow Jones index keeps falling , here we are 8 month , The market began to rebound , And price is at this time , Follow the advertisement in the newspaper , Apply for a job as a stockbroker . Finally, he was through his mother's relationship , Supported by a distant relative , Let him work in a small securities firm in Baltimore , His mother also opened an account in this securities firm .

But it didn't take long , Price thought something was wrong , He doesn't like buying and selling stocks , in other words , He buys low and sells high , There is no interest in short-term speculation , What he is interested in is , Find companies like DuPont that can get long-term returns , And study their growth patterns . But this has nothing to do with the work of securities companies , Stockbrokers , To put it bluntly, it's asking people to open an account , Fooling people into short-term stock speculation , They are good at taking commissions . So buy and hold , Securities companies are crazy .

At that time, the main profit model of securities companies , Is to let these agents , To sell some shares of new companies , Then they draw commissions , In this way, your risk is very small , Only take a commission to ensure the income in drought and flood , Price is very opposed to this practice , He said angrily , I noticed , The highest paid salesperson , Those who are least concerned about the interests of customers .

So later, he didn't get too absorbed in his work , Instead, I regard tourism as my own pleasure , On the journey , He learned how the world works , This is for his future investment , It's very helpful .1922 year , He 6 Travel in August , Went to Europe ,9 Return to Baltimore in August , The securities firm that found him working has gone bankrupt , The partner was accused of cheating clients and was sentenced to prison . They charged their clients for buying shares , But I didn't really buy stocks . But borrow the new and return the old , Started a Ponzi scheme . This scam cost their customers at that time 250 Thousands of dollars .

At this time, price estimated that there was a sense of industry darkness , To which company , Either bankruptcy or layoff , Later, he went to a bond sales company , It's completely different from the last small brokerage , This company is extremely conservative , Partners are extremely rich , His purpose is not to make money , But to ensure the safety of assets . So this job , How is price doing ? When did he really start to invest , Let's continue tomorrow .( Turn from Lao Qi's reading circle

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