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Buffett's strongest interpretation: the best way to get rich is to get rich slowly

2022-05-07 17:18:5036kr

Content sources :5 month 4 Japan , Pebble investor Club 《 buffett , Can you learn ?》 Live online .

Sharing guests : Mr. Peng Zhiqiang , Chairman of Shengjing Netcom 、 President of Shengjing Research Institute 、 Sheng jingjiacheng is the founding partner of the master fund .

As “ warren ” And entrepreneurs , Any words and deeds of Buffett will cause waves in the business world , It has caused media reports and heated discussions , For example, Buffett attended a few days ago 2022 Berkshire shareholders' meeting . that , Let's get to know Buffett , Learn from Buffett , What did you learn ?

Some people say , What I learned is “ Long term doctrine ”. however ,“ Long term doctrine ” No “ I can't hold it ”, Choice is more important than effort , Buffett's “ Long term doctrine ” It is based on strict selection criteria .

Some people say , What I learned is “ Value investment ”. however , These four simple words , It's just the title of Buffett's Textbook , Have we read through the contents of the book ?

today , Let's discuss it in detail , Learn from Buffett , What are you learning ?

It is of great significance to discuss Buffett at this time today . Why? ?

because A Stocks fell below 3000 O 'clock , The keyword popularity of immigration search has also increased exponentially , Entrepreneurs and investors have doubts about the current environment .

We do venture capital , It is a typical long-term investment , Short term 7+2( year ), Long term 10 In the above , It's a heavy national fortune 、 Heavy positions in China's future , This is very similar to Buffett . We believe that we should strengthen our confidence in the national games at the moment , It is of great significance to study and study Buffett at this time point .

One 、 How to learn from Buffett ?

Recently, a popular word is “ Copy homework ”, Behind it is a way to eat fast food 、 The impatient mentality of saving trouble .

Everyone's environment , days 、 The right place 、 People and various dimensional factors are completely different , Even every city in the global epidemic 、 Every country is different , How can I copy my homework ?

You don't have a family 1470 A wholly-owned insurance group with a floating deposit of US $100 million , It's hard to go to heaven .

But Buffett's investment philosophy , It can definitely be used for reference , Success cannot be copied , Wisdom can be passed on . such as DANAHER( Danaher company )、3G capital 、 High allocations capital , All refer to Buffett's development strategy .

For every entrepreneur here today 、 Every entrepreneur 、 For fund managers , Buffett's wisdom can be inherited , The key is whether you can overcome human nature ? Whether you can defeat yourself ?

Buffett's annual report 、 The general meeting of shareholders , I feel nothing new after reading it , The old man has said for decades that his views are very similar , Look at some annual reports 、 The shareholders' meeting is almost . He has nothing new , It's all common sense .

Buffett's idea is called “ The principle of consistency ”, What I said ten years ago , I still say so today 、 Still doing this , It doesn't change every day .

But just this common sense is ignored by many people , Or selective neglect . We want Buffett to tell us something “ Magic skill ”“ god ” Information about , But we tend to instinctively ignore some of Buffett's basic principles and ideas .

Return to Buffett's principled ideas and wisdom for decades , It must be good for your business 、 Family inheritance 、 Happy life, etc Surface Enlighten and enlighten .

1. Stick to long-term principles

The core underlying logic of Buffett's investment philosophy is : Long term doctrine .

We see that he will continue 60 In, I observed an insurance company , Can use up to 40 Years from research to equity participation 、 Finally, it is wholly-owned Geico( The fourth largest insurance company in the United States ) insurance .

So he stressed again and again , If you don't have the expectation of holding a company's stock for more than ten years , Don't hold it for ten minutes , Don't buy it at all .

Corresponding to China's stock market , Many people call “ Stock speculation ”, Fast in and fast out is called speculation , People who can't fast in and out are bored ,“ Fried ” This of the stock “ Fried ” The words are very vivid .

Buffett generally doesn't make such frequent adjustments after buying , In case of warehouse adjustment in the process , It often means an unsuccessful investment , Buffett is unwilling to sell when buying stocks .

This is similar to the fact that most Chinese investors buy stocks 、 The starting point of stock speculation is exactly the opposite .

In Buffett's investment philosophy , The number of good companies is very limited . Since there are so few good companies in the world , When you decide to invest, you have to take a heavy position , It is necessary to ensure the right to speak through high equity ratio .

In recent years, a large number of Listed Companies in the United States have pushed up their share prices by buying back shares , Buffett is very encouraging this kind of repurchase behavior of listed companies . Apple is more extreme , Huge repurchase for seven or eight consecutive years , Driving a sharp rise in share prices .

Spend a lot of idle funds on stock repurchase , This has a great impact on Apple's market value , The debate among apple shareholders in those years 、 There is a lot of controversy . You have the right to speak at this time , To ensure that your investment returns are more proactive .

Chronism focuses on the long-term nature of the internal value of enterprises and the moat , The market price will deviate from the intrinsic value of the enterprise , So at this time, you should ignore the noise of market price .

Why does Buffett stay in a small town like Omaha , Away from Wall Street ?

It's not just his personality , To a large extent, I also want to focus on long-term things , Shield out short-term interference .

The company Buffett invests in is a long-term success , From his thinking : The company looks as if it's ordinary , But it has a moat 、 It can keep pace with the times and evolve together .

Buffett on technology companies , Or in a narrow sense, it is more conservative for Internet companies , It's these companies that don't seem easy to form a moat .

Focus not only on intrinsic values 、 The moat , And buy at a relatively low price , At this time, most enterprises will be eliminated .

According to the principles of Buffett's mentor Graham , Lower than the of net assets 2/3 purchase , This opportunity is too hard to wait , Unless there is a stock market disaster 、 Natural disaster or human disaster .

Buffett said there are no investment opportunities in recent years , Because his standards are too high .

I also studied Buffett ten years ago , In these ten years , In the primary market 、 More and more experience between secondary market and enterprises , I really find Buffett's investment discipline is too strict and harsh , So it also caused him to invest in this company , Management is relatively loose , He's not like 3G Capital puts so much emphasis on the cost reduction and efficiency increase of iron blood , Didn't like DANAHER That emphasis on empowerment .

Well begun is half done , Buffett's harsh selection criteria ensure a good start .

The company Berkshire invests in , Not only get the benefits of rising stock prices , At the same time, it also receives dividend income , It's a double benefit .

Berkshire's long-term investment , Look hard , But I think through rational thinking 、 It is possible to make unremitting efforts .

by comparison , Short term macroeconomic judgment 、 The stock market 、 The company's share price is an extremely difficult decision , It's almost the same as tossing a coin and dice , I think there is little chance of success , In this regard, economists are no different from ordinary people , Although he told you a bunch of models , Toss a coin... But it's also a chance .

Buffett's long-term investment philosophy , After a long period of cultivation, I have the opportunity to learn how to do it , It's a constant practice 、 The process of cultivation , One day, when you are as old as Buffett , Maybe you have mastered these skills .

Amazon founder Bezos once asked Buffett a question “ Your investment strategy is too simple , Why doesn't anyone copy you ?”

Buffett made a very wise remark ,“ Because no one wants to get rich slowly ”.

If this sentence is put in the United States, it is very appropriate , I think today's China is enlightening .

Chinese people have been keen on making fast money in the past few years , To entrepreneurs 、 Down to young people , Getting rich slowly is not what everyone wants .

The reason why Buffett can become an investment master , Largely because he defeated himself 、 Conquered humanity , This is precisely the most difficult thing to learn from Buffett , It's also the easiest place .

This year Buffett said :“ I 91 Year old , But still healthy . Munger 98 Year old , In comparison , I'm just a kid ! We are preparing for our successors , But I'm not ready to retire , I'm still working overtime , Never feel tired . I do the most interesting job in the world .”

This passage is very interesting , One quick 92 Year old 、 The top five elderly people in the world's rich list , I still work overtime every day and don't feel tired , I feel like I'm doing the most interesting job in the world . Why? ?

It's doing it itself , What we see is love , I can't say why , Just like doing it .

You were born to do this , You are the best at doing this , This sense of achievement makes you feel the most interesting , Not for money or fame .

We found this feeling , Regardless of investment 、 Be a business 、 Do charity 、 Be a government civil servant 、 Be a teacher , Will feel very interesting , In Buffett's words “ Tap dancing to work ”.

Today's young people have no worries about food and clothing , How to find the most interesting job 、 such feeling( Feeling 、 atmosphere ) It is a topic worthy of our consideration .

For entrepreneurs 、 investors , Will certainly face greater responsibility and pressure , How can you be in your fifties, sixties or even seventies or eighties , Still able to do your career , It is also a topic worthy of our consideration , No one should retire so early .

2. Grasp the principle of compound interest

The second layer of Buffett's investment philosophy , It's called “ Compound interest ”. He said compound interest is the eighth wonder of the world , Partner Munger said :“ When you realize the value and difficulty of compound interest , You know everything ”.

Here is a story about Islamic scholars in 1256 Recorded in , Buffett has told this story on various occasions , Sounds like a success story , But Buffett really believes in the compound interest logic behind this story , And practice the bottom logic of compound interest all his life .

It is said that the king of ancient India wanted to reward the prime minister who invented chess , The prime minister said :“ Your majesty , I don't want your gold, silver and jewelry , You just reward some wheat on my chessboard , The first space is 1 Grain of wheat , Second grid 2 grain , By analogy, the next grid is the number of wheat in the previous grid 2 times , Keep filling it up like this 64 Just a grid .”

So how much wheat does it take to fill a chessboard ?5500 More than one hundred million tons ,2021 In, China's wheat output was only 1.37 One hundred million tons of .

Many people throw away such success stories as garbage , In fact, what we need to understand is the philosophy and logic behind the story .

What does Buffett think when he hears this story ? He felt that he had found the truth of business .

At Berkshire Hathaway 1962 In the annual report , Buffett told another story :1492 Financial funds used by the queen of Spain to support Columbus's navigation in , about 3 Thousands of dollars .

If she didn't use the money to support navigation , But every year 4% Compound interest is invested in a specific project , To 1962 This fund will increase in value to 2 Trillions of dollars , To 1999 Year is 8 One trillion !

Buffett doesn't just say that , That's what it did , He is the one who really makes money with the principle of compound interest .

We in China in the past 30 years , The average level of economic growth is... Every year 10%—15% Between , The total economy has increased dozens of times , We are the beneficiaries , In it .

At present, China's economic aggregate is that of the United States 80%, As long as there is 10 Years of time , Even if it's only about... A year 5% The growth rate of , Our total economy can surpass that of the United States , Because it can be calculated through the compound interest formula !

What's more, China's average purchasing power , Now it's American 115%, according to 5% The growth rate will give us 10 year , China will once again become the center of the world .

We entrepreneurs , If the next ten years are based on 30% Compound interest growth , Then the scale will be today's 13.79 times , Today's family 5 Million of the company , stay 10 Years later, it will be a family 60 Companies with operating income of more than 100 million .

So we should think about whether the enterprise can realize in the next ten years 30% Compound interest growth , Even if it's 20% growth , There will be today in ten years 6.2 times , It's also an exciting number .

So compound interest , It looks bland , But so magical , It just takes a long period , It takes time to .

When the Internet is booming , Many of us feel that , Mr. Buffett is out of date .

With the governance of the Internet economy 、 The blow to the stock market and the impact of the epidemic , Let's recall Buffett's words , Will feel more normal 、 More universal .

stay 15、16 year , Look at Buffett when Internet thinking is booming 、 Look at Buffett after the epidemic , I think maybe everyone's perception and feeling are different .

1965—2021 In, Berkshire's stock performance was similar to that of S & P 500 Index comparison ,57 Between years, S & P 500 Index 10.5% Annualized compound growth , Cumulative growth 30209%, namely 300 times , Excellent performance .

But when we look with a magnifying glass , At different times in history, stock prices in the United States fluctuated greatly , Vietnam War 、 oil crisis 、 Internet bubble 、 subprime crisis 、 The COVID-19 has had a huge impact on the US stock market , The short cycle is terrible .

But look at S & P for a long period 500 It's a brilliant performance . So Buffett said “ If you don't know how to choose stocks , Just buy index funds , Especially S & P 500 The fund of ”.

With S & P 500 The index corresponds to , Berkshire Hathaway shares realized in the same period of time 20.1% Compound interest growth , Cumulative growth 3.6 ten thousandfold .

The annualized gap of each year , One is 10%, One 20%, Not much worse every year , But in order to 57 The year is the period , One is 300 times 、 One is 3.6 ten thousandfold .

2015 When China's economy soared in , People don't care much about Buffett's long-term doctrine and compound interest logic , But at this time today , I believe more and more people will pay attention to this matter , I also believe that the next ten years 、 Twenty years , More and more people will get used to getting rich slowly , Because you can only get rich slowly , Gone are the days of rapid wealth .

Let's do another example , Can help us deepen our understanding of compound interest .

After a cardboard, there is only 1 centimeter , fold 20 What's the last height of the time ? Will reach the height of the plane ,10485 rice . If you eliminate it after each half fold 30%, The final thickness will drop sharply , Only 406 rice .

The topic raised by this example is Graham ( The father of modern securities , Mr. Buffett ) Teach Buffett a very core investment principle ,“ Principal security ”.

The first principle of investment is not to lose money , The second rule is never to forget the first . If we want long-term compound interest , Try your best to avoid losses in the middle , Can make less money , But in principle, don't lose money , Once money is lost, the loss of the compound interest process is much greater than expected .

Let's note that Buffett's ideas are linked one by one , It's a self-contained system 、 Logical self consistent , It has become a closed-loop investment concept and Philosophy .

Be long-term , The key is compounding ; In the process of pursuing compound interest , Pay special attention to your “ Principal security ”, Don't have big losses and discounts on the way .

3. Focus on your circle of competence

Stick to long-term ism 、 Looking forward to the miracle of compound interest , Not only to see the value of today's company , What's more, we should see the company's ten years 、 The intrinsic value and moat after twenty years , Therefore, you need to have in-depth research on the industry and enterprises in order to make this long-term big money .

Buffett's ability circle principle is to say : All the money in the circle of ability , You should earn . Beyond the circle of competence , It has nothing to do with me , I shouldn't have earned this money .

If you don't make money in your circle of ability , That's called regret ; If you make money beyond your ability circle , There is no value or significance , Because sooner or later it will be paid back .

Identify the scope of your circle of competence , Make sure you really understand .

It is in awe of the circle of ability , So Buffett rarely gets involved in technology companies , Or rather “ Internet company ”.

Not that technology companies are bad , Because his circle of ability is limited , Can't control these investments .

Of course , People's ability circle can be expanded , That's why Buffett says the best investment is to invest in yourself .

After jobs died , Buffett chose to invest in Apple , Because he found that his granddaughter had been playing with her mobile phone but didn't chat with him . At the same time , His investment assistant recommended Apple . From the perspective of consumer companies, Buffett understands Apple , Finally made an investment decision .

in addition , I believe that Buffett's successor will increase investment in technology in the future .

Another way to expand the circle of competence is , By entrusting professionals of professional institutions . Buffett entrusted his main wealth to the Bill Gates Foundation for charity , Instead of doing it yourself .

4. Embrace the national movement

The fourth is very important 、 It is also Buffett's very distinctive investment philosophy —— Embrace the national movement .

At this time today , For today's Entrepreneurs 、 Entrepreneur 、 Investors and even shareholders , Of great significance .

Here I would like to read Buffett 2019 The original text in the annual report , Feel with everyone .

In the year to 3 month 11 Japan , This is my first investment in an American company 77 The anniversary of .

That year was 1942 year , I 11 year , It took 114.75 Dollars to buy the city service company 3 Preferred stock , At the same time, my sister also bought 3 stocks , Later I made money .

stay 1942 Spring of the year , The United States and its allies suffered huge losses in a war they were only involved in three months ago , Bad news comes every day .

Despite the shocking headlines , But almost all Americans in that year 3 month 11 Japan believes that it will win the war . Their optimism is not limited to this victory , Put aside the innate pessimists , Americans believe in their children and future generations , Life will be much better than their own .

Our country's almost incredible prosperity has been achieved through bipartisan cooperation , since 1942 Since then , We have 7 A Republican president 7 A Democratic president .

During their term of office , The country has experienced viral inflation at different times 、 reach 21% The best interest rate 、 A costly war 、 The president resigned 、 The total collapse of house value 、 The financial panic that led to social paralysis and a series of other problems , All this has made terrible headlines , And now everything has become history .

Charlie and I are happy to admit , Berkshire used to 77 To a large extent, the success of the year should only be called ‘ American downwind ’ The product of , some time 77 year , Our main revenue will almost certainly come from “ American downwind ”.

I want to “ China National Games ” The same is true of our investment , Everyone is at a loss 、 When you're confused , The long run , The current difficulties will also become history .

We will finally overcome today's challenge , Because a country like China has 14 A country with a huge market of 100 million people , It will certainly lead to greater success , This is a historical necessity .

Of course, in the process , There are all kinds of challenges 、 annoyance 、 worry , Everyone also has all kinds of worries about life and death .

Individually , It's really a big mountain ; But in terms of countries , It's really a grain of dust . Wheel of history , It will move forward , In terms of the overall situation of the country , Will continue to evolve and progress .

Chinese entrepreneurs 、 Entrepreneur 、 The wealth of investors , future only one Probably , Most enterprises can only be based on China's local market , This is ours Home market( Home market ), The foreign market is more the extension and extension of the parent market , So we should eagerly look forward to “ China is downwind ”.

Even if some entrepreneurs choose to emigrate , But your employees 、 Customer 、 My career is in China , I believe that in the future, your wealth will still mainly come from China .

This is the day we were born , It's decided .

Buffett said he was born as an American boy 80 A one in one probability , So the first lottery ticket in life is “ Ovarian lottery ”.

At this point , Confidence is more important than gold , You can complain , But after complaining , We should still devote ourselves to the development and construction of China's economy , Constructive suggestions are more important , Is to create future wealth by yourself .

Maybe everyone has different views , This is a result of my thinking .

Two 、 What entrepreneurs should learn from Buffett ?

1. use 12 A purpose to examine your business

First, according to Buffett's investment vision , Look at your business .

Every entrepreneur is his biggest investor , You put your money 、 Family money 、 Your time 、 Your family's time has been invested in this business , Therefore, we should learn to look at this issue from the perspective of investors .

from Business purpose Level view :

Is the business easy to understand ?

Whether the enterprise has a consistent business history ?

Whether the business has good long-term prospects ?

from Management purpose Let's talk about it :

Whether the management is rational ?

Whether the management is honest with the shareholders ?

Will you resist the temptation of inertial trends ?

Financial purpose :

Focus on ROE Return on equity ;

Calculation “ Shareholder surplus ”;

Looking for high profit companies ;

Every time 1 Retained earnings of $ , Make sure to create at least 1 The market value of the dollar ;

Market purpose :

What is the market value of the enterprise ?

Whether the enterprise can be purchased at a discount much lower than the value ?

2. The secondary market : Learn from Buffett's long termism

In addition to business operation , Buffett's strategy of investing in the secondary market , It is also something that we entrepreneurs can learn when allocating assets .

Secondary market investment , Buffett will choose to have a long-term moat 、 high ROE( Return on equity )、 Companies with high net profit levels and long-term holdings , At least ten years .

Make long money in the secondary market , It seems difficult , In fact, there is a chance .

Among Berkshire's top ten positions , We can see that the apple is a divine existence ,ROE Reached 143.6%, The net profit margin reached 27.94%.

On the one hand, Apple's more aggressive repurchase , Lead to ROE The level is a little unusually high , Pushing up the share price ; On the other hand, it is true that Apple's annual net profit 1000 Billion dollars , It's a real money making super machine .

today , China's economic aggregate is already that of the United States 80%, But China A The value of the stock market is only half that of the US stock market 1/5, This is the space for China's future economic growth , The main source of Chinese people's future wealth .

China A When the market value of stocks can jump sharply , It depends on the emergence of more good companies .

In the process of China's economic development , In the evolution of the market from rapid change to maturity , There will be similar listed companies in line with Buffett's investment logic .

3. Embrace new economic investment in the primary market , Be an excellent Fund LP

For the asset allocation of Entrepreneurs ,20% The long-term compound interest return can also be realized through the primary market .

From the perspective of emerging countries such as the United States and China , Before venture capital 1/4 Quantile GP( The general partner ) Institutions can obtain 20%~50% The level of return between . A first-line primary market fund ,20% An annualized rate of return of around is possible .

For high net worth Entrepreneurs , Primary market investment is a shortcut , Don't bother to choose stocks by yourself , You don't have to work hard every day for enterprise operation .

But its challenges , The first is the Such investments are aimed at high net worth or even ultra-high net worth Entrepreneurs , The threshold is quite high 、 The process is complicated ; The second is Long cycle , Since 1978 , It requires entrepreneurs to have long-term patience ; The third is The total scale and volume are relatively small , Every year, the investment opportunities of high-quality projects in the primary market are hundreds of billions of yuan , Among the billions of financial products, there can only be one “ Small and beautiful ” Market segments .

To sum up : For Entrepreneurs , Learn from Buffett 、 Think about long-term investments , Article 1 with a Do your own business well , You are the biggest investor in your business , So you have to compare Buffett's choice of enterprise 12 Two purposes and standards , Make your own business better ;

second , Invest in the secondary market, using Buffett's method of selecting stocks , Hold those with moats for a long time 、 high ROE、 High profit margin enterprises ;

Third , Become an excellent fund manager in the primary market LP( Limited partners ), Entrust professionals to help you manage .

The difference between China and the United States 、 The difference with Buffett is , China's traditional industries are down today , The new economy is going up irreversibly .

I firmly believe that China's capital market will have a great future , Only the development of equity market can hedge the decline of real estate market , meanwhile , In equity assets , The proportion of new economy will greatly exceed that of traditional economy .

Buffett's reasons for investing in Apple , It has happened in the United States ; And in China , In the next twenty years 、 Three decades later .

So we should learn from Buffett's investment philosophy 、 philosophy , Not copy ; It should be combined with China's national conditions , Considering the process of China's future development .

3、 ... and 、 Buffett's children's education and family inheritance

Buffett has always been a very frugal and stingy person , The same is true for children , Perhaps the Buffett family has left a deep mark on the grocery store for many years .

Buffett's grandparents ran grocery stores in their early years , It's not easy to make a living . Later, it was particularly difficult for his father to open a stock broker , Yes 1929 The Great Depression of the S . Buffett's thrift flows in his blood .

For his children , Buffett insisted “ It is better to teach a man to fish than to teach him to fish ”, He told his children in this way : Everything is hard won , So that the child can stand on his own .

It may be a little cruel to say , But strict love for children , Maybe it's longer .

Buffett's second son is a farmer , He is committed to providing Africa with all kinds of Agricultural Technology , Improve farmers' living standards .

Buffett's second son wanted to rent a farm , Buffett made a mistake 28 Ten thousand dollars , But this farm is not for his son , It's rented to his son , Rent is the price of land 5%, Plus part of the total farm income .

It's very interesting , The proportion of rent is linked to the weight of his child , Weight control in 182.5 Under pound , Just extract 22% Operating income of ; If you exceed this weight , Just extract 26% Operating income of .

Buffett's children , Now they all have their own careers , They are also very active in the field of public welfare and charity .

His eldest daughter has the best relationship with him , Now manages the Buffett Foundation , I have done a lot of work in the fields of early education .

The third son is a musician 、 Performer , Familiar 《 Dance with wolves 》 Many music works come from his third son . He once came to Chinese Mainland , His books are very popular in China , Because he has a father with a halo .

Buffett gives every child 10 Billion dollars to do their charity , It has solved the basic problem of ensuring the future wealth of these children , It also solves the problem of their career growth and development .

Education of children , Maybe we don't have to be as strict as Buffett , But the basic logic is that we should focus more on giving children an ability .

Now children's education is more polarized , Some are particularly doting , Clothing to hand 、 No worries ; Some contradictions are very sharp 、 get rid of or get away form duties , pressure , etc , I think the first generation of Family Entrepreneurs in China should deeply explore the issue of family inheritance , Children's education is still the biggest concern of today's generation of entrepreneurs , Also the topic that should be most concerned about .

Conclusion

in general , Buffett's investment philosophy , These four sentences can be summarized and reviewed .

First of all , In business operation or investment, we should pursue sustainable medium and long-term compound interest return , Accept a reality , Under today's environment and development in China , Can only get rich slowly .

Invest in our country , There are sustainable 、 The medium and long-term compound interest return supports , It's a very exciting future .

second , Pursue excellence in work , Be content in life . Don't get it wrong .

When we have such a philosophy of life , Will be happier 、 More natural . Just like my wechat name is “ accomplish sth lasting by leading a quiet life ”, We should be quiet inside , See the distance again .

Third , Keep everything you need for life , The rest help others .

In the future, our more wealth is to help people in need , Now it is also called common prosperity , But it doesn't prevent us from enjoying life , Because these wealth are created through our efforts , Including the resources needed for children's future development and growth, we should give full consideration to .

It is our responsibility to realize the inheritance of family wealth , In the future, we should be more involved in ESG( A focus on the enterprise environment 、 social 、 Investment concept and enterprise evaluation standard of governance performance rather than financial performance ) In . Every business 、 family , Take more social responsibility when you can , The whole social environment is better 、 Don't tear , Entrepreneurs will be safer .

Fourth , Give your children the resources they need , But don't give too much .

In the family inheritance and children's education , Money should be ready , Resources for development should be prepared , But don't overdo it . We need to cultivate more abilities of the next generation 、 Inherit family values and the spirit of long-term ism .

In today's world , In the face of great changes that have not been seen in a century , Pass on to their children the philosophy of life not to be disturbed by impetuous society , Is the most valuable family inheritance .

This is the core point I share with you , For your reference , Thank you. !

This article is from WeChat official account. “ Note man ”(ID:Notesman), author : Peng Zhiqiang ,36 Krypton authorized release .

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