刚入行做投研工作时，我的一位师友就教导过我， "投研的起点不是当下市场的主流观点，而是生意本 身。" 起初我觉得这句话非常生涩，因为在当时的我看来，投研的起点难道不应该是哪些行业和个股在风 口上、马上要涨吗？ 历经几轮周期洗礼后，我现在对这句话的理解有所加深。做投研，是要致力于去寻找那些能够买入并且长 期持有的公司，自己在晚上依然可以踏实安睡；与此同时，频繁跟踪和判断市场上的即时"信息"并非必选 项。如果借用段永平的说法"只买未来十年后依然强大的公司"，这个目标的出发点就是研究商业模式（生 意本身），想清楚公司赚的是什么钱、辛苦不辛苦、持续不持续， 商业模式甚至可以说是筛选公司的第 一标准。 很多时候，我们经常会粗浅地认为，因为规模经济性的存在，一家公司会随着其规模增长变得越来越强， 毕竟规模增长会带来单位平均成本的降低。但有的时候，一家公司随着规模增长仅仅是变大了而没有变 强。 过往的投研经历让我们 对增长需要不停开店的生意都保持相对谨慎 。例如一些生意可以线下开到过万家 店，单店模型依然优异，但线性外推需要谨慎，因为前期会有规模效应、品牌势能等，但越过最小规模经 济性后，开店密度、管理半径都可能遇到瓶颈， ...

Core Insights - The article emphasizes the importance of knowledge compounding in investment success, highlighting that reading and continuous learning are crucial for identifying opportunities and managing risks effectively [1][2][5]. Knowledge Compounding - Warren Buffett's investment wisdom is significantly influenced by reading, particularly the book "The Intelligent Investor," which has stood the test of time and is considered an investment bible [2]. - The concept of "Lin-Di Effect" suggests that the longevity of valuable knowledge increases with time, indicating that enduring wisdom can provide insights for future generations [2]. - Good books encapsulate years of experience and knowledge, allowing readers to learn from the successes and failures of others without incurring the same risks [2]. Reading Habits - Buffett read over 100 books by the time he finished high school, emphasizing the need to fill one's mind with competing ideas to discern meaningful insights [3]. - Successful investors, like Jim Rogers, assert that reading annual reports can significantly enhance one's understanding of the market, allowing them to outperform the majority of Wall Street professionals [3]. - Charlie Munger highlights that continuous learning and reading are common traits among successful individuals, reinforcing the idea that knowledge accumulation is vital for decision-making [3]. Preparation for Investment Opportunities - The article stresses that extensive reading expands one's cognitive reserves, leading to better investment decisions over time, akin to the effects of financial compounding [4]. - The "Matthew Effect" indicates that those with richer experiences and knowledge bases can acquire new knowledge more rapidly, enhancing their investment acumen [4]. - Buffett and Munger advocate for a patient approach to investing, emphasizing that significant opportunities are rare and require readiness to act when they arise [5][6]. Decision-Making Framework - Buffett uses a metaphorical attendance card to illustrate the limited number of investment opportunities one has in a lifetime, encouraging careful consideration before making decisions [6]. - Continuous learning is a shared value between Buffett and Munger, who dedicate substantial time to reading to maintain their competitive edge in business [6].

Core Viewpoint - The article emphasizes the importance of knowledge accumulation and continuous learning in investment, highlighting that successful investors like Warren Buffett attribute their success to extensive reading and understanding of investment principles [2][3][4]. Group 1: Knowledge Accumulation - Knowledge compounding is crucial for investors, as it allows them to recognize opportunities and respond to risks effectively [2][5]. - Buffett's reading habits, including reading over 100 investment books by the age of 10, illustrate the significance of filling one's mind with diverse ideas [4]. - The concept of "Matthew Effect" suggests that those with richer experiences and knowledge can acquire more specialized knowledge at a faster pace [6]. Group 2: Preparation for Investment Opportunities - Good investment opportunities are rare and fleeting, necessitating a mindset of readiness to act when they arise [7]. - Buffett's analogy of a limited number of investment opportunities throughout life emphasizes the need for careful consideration before making investment decisions [7]. - Continuous learning and reading are highlighted as essential practices for successful investors, as they prepare them to seize significant opportunities when they present themselves [7].

Core Insights - The article emphasizes the importance of knowledge accumulation and reading in investment success, highlighting Warren Buffett's approach to learning and decision-making [2][3][6] Group 1: Knowledge and Reading - Buffett's investment wisdom is derived from extensive reading and learning, which he considers as crucial as financial compounding [2][3] - The book "The Intelligent Investor" by Benjamin Graham is highlighted as a timeless resource that has influenced Buffett significantly, emphasizing the importance of enduring wisdom in investment [3][4] - The article discusses the "Matthew Effect," where individuals with richer experiences and knowledge can acquire more specialized knowledge at a faster rate, exemplified by Buffett's extensive reading [5][6] Group 2: Preparation for Investment Opportunities - The article stresses the need for investors to be prepared for good investment opportunities through continuous learning and thoughtful consideration [6][7] - Buffett's analogy of a limited number of investment opportunities in a lifetime encourages careful consideration and strategic decision-making [7] - The importance of patience and principle adherence in investment is underscored, suggesting that significant opportunities are rare and require readiness to act [6][7]

Core Insights - The article emphasizes the importance of continuous learning and reading in investment success, highlighting that knowledge accumulation is as crucial as financial compounding [2][5][6] Group 1: Investment Philosophy - Warren Buffett's investment philosophy is rooted in extensive reading and learning, which he believes leads to better decision-making and opportunity recognition [2][4] - The concept of "knowledge compounding" is introduced, suggesting that the more one reads, the more one can expand their thinking and knowledge base, similar to financial compounding [5][6] Group 2: Importance of Reading - "The Intelligent Investor" by Benjamin Graham is highlighted as a timeless resource that has influenced Buffett and many successful investors, emphasizing the value of enduring wisdom in investment literature [3][5] - Buffett's early reading habits are noted, with him having read over 100 investment books by the age of 10, showcasing the significance of early and continuous education [4][5] Group 3: Decision-Making and Patience - Successful investors are characterized by their ability to prepare mentally for opportunities, emphasizing the need for patience and careful consideration before making investment decisions [6][7] - The article discusses the concept of a limited number of investment opportunities in a lifetime, encouraging investors to be selective and thoughtful about their choices [7]