As early as 1956, Bafite, 25 years old, returned to Omaha with more than $100,000 in his home country and established an Investment Partnership Fund, the Bafit Limited Joint Corporation. Subsequently, Bafit began to write annually to its own investment partners. In today’s view, these letters can be described as value companies, as they document a reflection model in the success of a young investor who initially had only a small sum of money.

This year, “11 two-way” cats reached 213.5 billion yuan a day, an increase of 26.93 per cent. The sums accumulated from 1 to 11 November are over $159.8 million. Once again, the figures are very innovative, they are a chewing of consumer strenuousness, and even a joy of businessmen wishing to pay. Each transaction stems from the desire for wealth.

And among the wealthy brides of the world, one untenable cleric is always bypassed. At a time when a large number of people were working for a choice, skirmishing, etc., he was only 25 years old who had achieved freedom of wealth and even were ready to retire. Today, he is 88 years old, who still suffers from clouds, writing the city’s myths. He is a well-known “they” Bafit.

Many listened to some of his thoughts. For example -

Be fearful when others are greedy and greedy when others are fearful.

After all, you only find out who is swimming naked when the tide goes out.

Price is what you pay; value is what you get.

You can `t make a good deal with a bad person.

There is no doubt that Bafit can be said to be the most outstanding investor of our time. However, a great figure grows from 0 to 1 in a step-by-step trajectory that is more attractive and referenceable for the general public than for a successful reputation.

As early as 1956, Bafite, 25 years old, returned to Omaha with more than $100,000 in his home country and established an Investment Partnership Fund, the Bafit Limited Joint Corporation. Subsequently, Bafit began to write annually to its own investment partners. In today’s view, these letters can be described as value companies, as they document a reflection model in the success of a young investor who initially had only a small sum of money.

With regard to the Bafit investment concept, many people are well known. For example, the principles of “business owners”, “少 versus multiple”, “safely marginal”, “long-line gold”. Three types of investment, underpinned by these concepts, cut across the Bafit investment career and eventually brought great success to him.

1 Low-valued investment

The so-called low-value type refers to stocks that are undervalued, the largest share in the three types. The key point to invest in this type of stock is that companies are valued and maintained over time.

The only advantage of such stocks is that they are cheap and not market-driven. When you buy, the value of each stock is much higher than its price, which creates considerable security margins.

How can potential low-value investment projects be assessed? Five priorities for information

1. Direction: What tools or special knowledge are required to understand the corporate situation?

2. Analysis: What are the economic fundamentals of companies and their industries?

3. Worst intentions: what is my decision wrong? If wrong, how much money may be lost?

(iv) What is the current inner value of the enterprise? How fast are their value growing or shrinking?

5. Comparative: a reasonable balance between the risk and the probability of escalation of equity prices, the current price relative to the discount of value within the company, and whether all other options may be more favourable to me?

2 Merger investments

At the time of Bafit or a small boy, he spent 25 cents buying a six-tank chicken from his grandfather’s shop and then retailing at five cents per cane, earning 20 per cent of the profits per box. The so-called “battery” approach in the financial sphere is already known at Bafit, a small age.

In the hedging investment, Bafit considers that the results of the investment depend on the behaviour of the company, not on the supply and demand relations of the two sides of the stock trade. For him and his shareholders, these opportunities come mainly from oil producers purchased by large integrated oil companies. In contrast, as the second largest investment category in Bafit, while gross profits appear to be very low, it has a high security character in the long term, as is the low-value-based, run-off range Jones index.

3 Holdings investments

In the valuation of holdings, the main determinants are profitability (the past and the future) and asset value. This type of investment means that you have control over shares or large shareholders and have a voice in company decision-making.

The beginning of the type of control is acquired through large transactions, or from low-value development. The necessary conditions for this type of investment are the price of integrity. When you are able to obtain ownership, the value of the investment is no longer dependent on the often irrational market quotations, but on the value of the enterprise itself. To measure this type of gain, Bafit considers it necessary to take at least a few years.

With regard to the principle of more investment in Bafit, a more detailed presentation was made in the book “The Basket letter to shareholders of the Principles of Investment”. An overview of these 13-year-old letters would have a sense of being watching the images. These public letters, like the wealth map painted by Bafit. The young Bafit was the result of these unique investment concepts and principles, and a step was taken to thrive in the typhoon of the city, culminating in the position of a monotheistic. These valuable experiences

Larger States of the capital market (weight) (000523.SZ) had been shaken by “the laundry run” or had been moving away from the bone.

On the evening of 12 May, a paper announcement from the State of Hiroshima announced that the company was planning major asset reorganizations and that the company’s shareholder, Light Industry Group Ltd. (hereinafter referred to as the “light engineering group”) was proposing to replace the assets under the flag with some or all of the equity rights of four subsidiaries under the umbrella of the State of Tabchi. If the reorganization is successfully carried out, the state of Guernsey will withdraw from the day-to-day operation and the company main battalion will be transformed into the development and operation of a food and cultural creative industrial park.

The reporter of the Long River Company found that day-making had been a drag on a wide-state wave. Widespoch was investigated by the Board for financial holidays and severe penalties were imposed on whistle and related duty bearers.

The performance of the skirmishes is bad. Between 2018 and 2022, the net profits realized by the company for the deduction of non-recurrent gains and losses (hereinafter referred to as “incapacitated net profits”) were lost for five consecutive years, with a total loss of nearly $7 billion.

Asset replacement for industrial transition

The long-awaited reorganization of the major capital assets of the pan-state has finally come.

The latest announcement indicates that a large asset replacement is being planned with a controlling group of shareholders in the company, which is located in Tabachi. In particular, it is proposed that the small-scale enterprise development equity company (hereinafter referred to as “new” or “marked company”) held directly or indirectly, not less than 51 per cent of the shares to be encumbered as assets and be replaced with some or all of the equity rights of the four companies held in Broad County. In particular, 100 per cent of the equity of the Wide State Pocket Products Company (hereinafter referred to as “South sandts”), 100 per cent of the stock of the Penitentiary Company Limited (hereinafter referred to as “the Penitentiary”), 100 per cent of the equity of the Lilongton Industries Ltd. (hereinafter referred to as “alonging wavec”) and 60 per cent of the unit of the Hiroshima City Chemical Industry Institute (hereinafter referred to as “thermalization”). Four companies, as assets, are cashed by the parties concerned if their prices exceed the asset portion. Once the transaction has been completed, the new cordon will become a subsidiary of the Wide State Tshchi Holdings.

This transaction is still in the initial stage of preparation, with no agreement being signed between the parties to the transaction, and the core elements of the transaction programme, transaction prices, performance commitments still need to be further documented and negotiated, and there is a risk that companies, bidding companies and the counterparty will not be able to carry out the necessary internal and external decision-making, approval processes and approval procedures. The announcement stated that the transaction constituted a related transaction. The bidding company is new under the umbrella of the small-scale industrial group, which holds 25.22 per cent of the wide-state tug, which controls shareholders in the company, and actually controls the company’s wide-state and municipal governments.

Initially, the transaction is expected to constitute the required major asset reorganization. This transaction does not involve the issuing of shares by companies and does not result in a change in corporate control.

With regard to the reorganization of the panic, the market is expected to be long, as the long-term operation of the pan-state is not ideal. Owing to the fact that the state of operations of the four markers were not fully disclosed in the annual report, the state of operations was not known for the time being. At the end of 2022, the total assets were $670 million in the performance of the South sand wavec business, with an operating income of approximately $941 million in 2022, but its net profit was about $663.865 million. In 2021, it realized an operating income of approximately $1,058 million, with net profits of approximately $105 million.

It is worth noting that Japaneseization operations are the main operations of panic, the largest of which is in the early part of China’s south-central region, with the production base of a number of Japanese-based products and chemical materials, such as sand, thumbing and aerosols. In its annual report, the company stated that it was committed to creating a competitive, day-care supply system through the integration of downstream resources. The company has built a well-balanced national production system that is central to the Southsha production base in the State of Hiroshima, with a panic in the central region, a vast radius in the north, and other regions and cooperative partners, working to provide environmentally sound, safe, energy-efficient and high-quality products supply.

With this reorganization proceeding smoothly, Hiroshima will completely abandon its day-to-day operations. The reorganization will result in a change in the main battalion operations of the State of Vangu into the development and operation of food and cultural creative industries.

The New Excellencies Network has shown that the company was established in August 2007 as a priority secondary enterprise under the umbrella of the State’s Small Industries Trade Group, dedicated to the development and operation of urban assets, working on the basis of the concept of “retrofitting old, building new ones”, putting the old plant into a cluster ecology that generates an age-appropriate development trend, and working towards becoming a leading urban asset operator throughout the country.

Greater shareholder 600 million bags of unfunded liabilities

Rice has a high profile in the capital market, which stems from the company’s announcement of “the laundry runway” after the bag run.

On 27 September 2020, the Pan-State Pocket Proclamation, which has a combined book value of $572 million, was not seen in Jiang Soon logistics Ltd., and Jiang Soglomerated Stone.

More than 500 million yuan renminbi of goods have disappeared, the market has been staggered, and the laundry will be a “runway” to regulate first-time intervention. In September of the year, a deep concern was raised, and in early 2021, a letter of investigation was received from the Grande County Court.

Rice, which began in 1959, was a hard-oil plant in Hiroshima, one of the oldest bathing production enterprises in China’s south-east, and was marketed in 1993 for deep-off.

On 11 November 2021, the truth was known about the Laundry runway. In the period 2018 to 2019, a total of $12,885 million in excess of operating income was lost in the State of Hiroshima, a gain of $411 million. Rice has adjusted some of the over-tretched advance payments to overstock stocks for the purpose of the aesthetic statements. In response, the state of Hiroshima, with an increase of $956 million in stock in 2018, reported an increase of $1,082 million in stock in 2019. During this period, a total of $3,723 million was occupied by associated companies.

The fareway tickets issued by the Office of the Inspector-General are for a wide range of States.

23 April 09:39

The local tourism industry has also opened a “flow switch” for urban tourism, from the sites of the martyrdom, the “sister of Miss Noon” in the city of Grand Nor night, the “smother poem” of Lee, to the “small box” that is now being contested by all, while the indigenous tourism industry offers greater participation.

Hotel reservations

“It is expected that this year’s business will fire, but it is simply not thought that it will happen!” On 20 April, a lobby manager at the West Anthopaedic Hotel said. As she said, West Africa has become one of the highest destination cities in the country.

Five-one vacations are strained, and many hotels sell their gifts well in advance. During the visit, journalists were informed that the high-star hotel reservation for the “five” vacation was 20 times higher than the increase. Among these are Grand Towns, Siemens, Sun Aralah International Airport, Lighthouse, West And North Station, etc., the hot door area reserved for hotels. The data show that, as of now, hotel prices for “five” holidays have risen more than seven times over the previous month, with some hot spots, commercial hotels growing several times, and many economic chains have broken over 500 yuan renminbi.

A friend Liu informs the press that her “51” holiday this year will accommodate a fellow university member playing from the door to west, and that the price was 10 per cent higher than the average when she booked hotels by 10 April. On 18 April, a friend of her loved ones called “51” to come to play in the West, not to book hotels on the Internet, and to keep her loved ones to help. Astonishingly, hotels with a flat price of 380 yuan are now up to 540 yuan a day. “If improper reservations are made, they will be reserved for others.” Lewis said that, in the face of the “hard gas” reply from the hotel staff, she had paid the royalty on the official scene.

Although one week away from “five” holidays, the hotness of the tourism market has already begun to rise early. Journalists have projected data from various platforms that show that many platforms in West Africa are “Headquarters-listed” in the country of the country’s hoist destination city. The Merchandise and Mass Point Assessment data show that this year, five years of “prioritization” in the country, the number of reservations, such as accommodation, transportation, location tickets, as at 10 April, increased by about 200 per cent over the same period in 2019 and the number of residential reservations by two weeks earlier.

At the same time, the combined data of platforms such as go-and-distance travel show that hotel reservations are 1.5 times higher this year than the increase over the five-one-year period, while domestic hot-door cities’ “five-one-one” air tickets reserve more than in the same period in 2019, hot-door urban hotel reservations have increased four times more in advance than in the same period in 2019, and tourists are expected to reach 200 million times during extended leave.

Homes

The largest village of the village of Tang Jiaxuan, the largest village of the village of the village of Tang Jiaxuan, is a community of people living in the beauty and traditional communal homes.

“The houses in the village, known as cloud stadium, are constructed by enterprises. When the construction began, there was only one yard, and later villagers saw the effect of renting the home to the business.” The midday street staff of the Long-Sune district said that the village was now built into 16 houses, of which nine were invested by foreign enterprises and seven by villagers. It is anticipated that this year’s midday, the private and residential industry will earn $12 million.

In the town of blue-farming, the “Swiss met” housing project, which has been renovated by a village home, is being built in such a way as to become a “small, small, small, small and new” branding of “accommodation, catering, tea, bar” as a single “commodation, chicken and chicken” brand of “sassing the flowers, throwing the bladder, ballooning and chickening in the middle”.

“The house in the first days of `V1’ has been booked, and this year the civil and housing industry is really fire.” The Managing Director of the Sunlong Institute for Development, Inc., saw a few days of “highlight” career.

Travel choices are more diversified as cross-provincial, outbound and hot fires. “To go deeper and go further” becomes a new demand for tourism in the immediate future. This has given rise to the “red” of village homes. Household-to-people data show that the village reservation for the platform during the “five” period is four times faster.

Honourable

Every day, the members of the brigade of the Ministry of life and the students of the class on duty will sort out and place the clothes and items they have found: the cabinet is neatly hung with the missing clothes, with supplies such as rope skipping, marker pen and basketball, and small items such as red scarf, hat, water cup and stationery box in the drawer. Students who have lost their clothes can claim them at the “lost and found cabinet” by themselves; At the same time, if you pick up clothes anywhere on the campus, you can also give them to the security uncle or put them in the “lost and found cabinet” and let them wait for the little owner there.

Students and parents warmly welcome the arrival of the “lost and found cabinet”. Li Zhiyuan, a fifth grade student, said, “this cabinet is very nice! We can sort out the lost and found things at a glance.” Parents also praised: “it provides a channel for children to find items and cultivate their sense of responsibility in managing their own items. Especially when it is placed at the gate of the school, we can see our own coat at a glance when we pick up our children, which is very convenient!”

The school customized the “lost and found cabinet” to provide students with convenient search channels and let the lost and found find their way home. We also hope to improve students’ self-management ability and avoid the waste of resources of repeated purchase of school uniforms. New school, children, parents rest assured! (Zhou Wuwen)

Recently, Sina home reporter visited seven major stores in Shenzhen [Baoneng · first space, art exhibition center, Xinghe · third space, red star Macalline Shenzhen Qianhai shopping mall, European city Xiangjiang home, Luohu haocentennial home, north station n space smart home building materials center (hereinafter referred to as “north station n space”)] The convenience of transportation, humanized setting and other items are taken as the consideration factors to compare the shopping experience of the seven shopping malls to provide reference for consumers.

one

Store environment

With the improvement of living standards, the comfort of shopping environment has become the hard demand of many customers. Especially in the maze like hypermarkets, the store environment is the first vision of customers.

Among the seven stores surveyed in this survey, Baoneng first space and Xinghe third space have the best environmental performance.

Baoneng · first space, with an overall volume of about 350000 square meters, is planned to be built according to the modern shopping center, with an elegant and fashionable modern atmosphere. The interior of the store is also spacious and bright. Different art scenes are set in the atrium or public passage on each floor. It has a full atmosphere and is an excellent punch in place.

▲ Baoneng · first space

Although the area of Xinghe · third space is small, it is also very neat as a whole. The only drawback is that the escalator is a little narrow and the space is less bright.

▲ Xinghe · interior of the third space

Art Exhibition Center, red star Macalline Shenzhen Qianhai shopping mall and European city Xiangjiang home, the environmental scores of the three stores are quite good on the whole.

The art exhibition center has a wide area and a good internal environment. It also holds some exhibition activities regularly. It is an art place where life art lovers and designers gather. It’s just that the sanitary environment of the bathroom is general. There are scraps of paper on the ground and ponding on the washstand. Some businesses are replenishing, so occasionally you can see some cartons and packages piled up in the aisle. Red Star Macalline Shenzhen Qianhai shopping mall has stores under renovation on each floor, and the smell of construction is a little heavy.

▲ Art Exhibition Center

Luohu has a century old home and n space of North railway station, and the environmental score is slightly behind.

Luohu good century home, because it is an old store, the hardware is old; In addition, due to the needs of business activities, Yilabao is placed in front of many stores, or pasted all over the floor, and some are also covered with carpets, which is slightly messy visually and lack of overall coordination. The toilet is also of average hygiene, with dim light and a little aging.

▲ interior floor of Luohu century old home

Because the n space of North Station is a new store, many businesses are settling in, so there are many stores under construction, but the sanitary environment of the toilet is very good, clean and bright.

▲ comparison of toilet environment in 7 stores

two

Category and brand richness

In terms of brand planning and richness, Baoneng first space undoubtedly ranks first.

Baoneng · first space, with a large volume of 350000 square meters, is positioned as a global brand home gathering place. The seven theme selection hall brings together thousands of brands in furniture, building materials, soft decoration, electrical appliances, hardware and other categories, covering the decoration needs of the whole stage from decoration to home life. The internal brand classification of the store is also orderly. High end luxury brands such as ESEDRA CASA, Pedini Lamborghini cabinets can be found here.

▲ Baoneng · first space

The second echelon is the art exhibition center, Xinghe third space, European city Xiangjiang home and Luohu century home. The three stores have different positioning, but they are also rich in categories and brands.

The business area of the art exhibition center is 200000 ㎡, which is composed of phase I, phase II and phase III and design customized pavilions. The categories of each exhibition hall are clearly divided, and the commodities include imported furniture, art furniture, home accessories, home textile fabric art and other design boutiques with multiple varieties and styles. “National home decoration art exhibition”, as a professional store of home accessories, the art exhibition center is unparalleled.

▲ Art Exhibition Center

Xinghe · third space locates the high-end market and provides customers with one-stop comprehensive home decoration solutions. However, in terms of brand group division, Xinghe · third space is not divided by category, such as sleeping bedding. There are Simmons on the first floor and tepur, hesten and other brands on the second floor; The whole house customization category is also distributed on the first floor, the first floor, the second floor and other floors.

European city Xiangjiang home has “international imported home Museum” and “building materials Museum”. Most of the stores are common medium and high-end well-known brands, such as Chivas, mousse, etc. The distribution of brand groups has been improved compared with the past and is generally reasonable.

Luohu home has a long history for hundreds of years, and there are many brands and categories, but there are many categories on each floor, which seems a little messy.

At the bottom of the list are red star Macalline Shenzhen Qianhai shopping mall and North Station n space. The low score is mainly due to the small area of the store and the limited brand.

Red Star Macalline Shenzhen Qianhai shopping mall is positioned in the medium and high-end market. According to the reporter’s statistics, there are more than 50 brands that have been settled and will be settled, and the brand division of each floor is more appropriate.

N space of North railway station has a short opening time (opening in December 2020), so the categories are not complete enough, and many brands are still entering. At present, more than 40 brands have settled in, including Haier Zhijia, casarte Casati, europay and mousse.

three

Convenient transportation

Convenient transportation is one of the major factors to attract consumption. The transportation of the seven shopping malls visited this time is relatively convenient. In terms of public transport, only the European city Xiangjiang home has no direct subway, and other stores have multiple subway and bus lines.

Baoneng first space, art exhibition center and Luohu century home are adjacent to each other. The bus and subway nearby are very convenient; There are plenty of self driving parking spaces.

The first space is the official account. It can be free for 3 hours a day. Any consumption of more than 500 yuan is free all day.

▲ Baoneng · first space parking lot and intelligent car finder

There is an open-air parking lot in the art exhibition center, and there is a parking building in phase I and III. shopping can be free of parking for 2 hours.

▲ parking lot of Art Exhibition Center

Xinghe · third space, red star Macalline Shenzhen Qianhai shopping mall and n space of North railway station are also very smooth. There is no problem in public transportation or self driving.

Especially North