投资中什么最重要

我个人的理解是缺什么什么重要。投资最重要的是投在你真正懂的东西上。这句话的潜台词是投在你真正认为会赚钱的地方（公司）。我对所谓赚钱的定义是：回报比长期无风险债券高。一个人是否了解一个公司能否赚钱，和他的学历并没有必然的关系。虽然学历高的人一般学习的能力会强些，但学校并不教如何投资，因为真正懂投资的都…

Source: http://nteswjq.blog.163.com/blog/static/12699812010173365845/

What matters most in investing

> By Duan Yongping · his NetEase blog (nteswjq.blog.163.com, now closed; read from web archives) · 2010-02-07 · [Original link](http://nteswjq.blog.163.com/blog/static/12699812010173365845/) ([archived](https://web.archive.org/web/20110517205139/http://nteswjq.blog.163.com:80/blog/static/12699812010173365845/))

My personal understanding is that whatever you lack is what matters. What matters most in investing is investing in things you truly understand. The subtext of this sentence is investing where (in companies) you truly believe money will be made. My definition of making money is: a return higher than long-term risk-free bonds. Whether a person understands whether a company can make money has no necessary connection with his education. Although highly educated people generally learn better, schools don't teach how to invest, because people who truly understand investing rarely teach in schools; otherwise the investment masters would all be professors. Still, you can learn many of the most basic things in school, such as how to do financial analysis, and these will help a lot in understanding investment targets.

Whatever your education, a person always understands something, and what you understand may one day let you find an opportunity. The opportunities I've seized myself also seem to have no necessary connection with education.

For example, we were able to make more than 100 times on NetEase because, when I was running Subor, I already had a lot of understanding of games; schools won't teach this understanding, books don't have it, and you can't see it in financial reports either. I also tried to tell others my understanding, and found it very hard. Another example: I dared to buy GE heavily back then because, as business operators, we had followed GE's corporate culture for many years, and from the bottom of my heart I believed GE was a great company.

What I meant by "anyone can invest" is that I don't think there's a definition that "only 'a certain kind of person' can invest".

But the share of people suited to investing should be very small. Maybe because the principles of investing are too simple, and simple things are often the hardest.

By the way, here's what the "simple" principle of "investing" is: when you buy a stock, you're buying this company! Simple? Hard?