Andy Lin's Long-term Stock Investment Blog

“Benjamin Graham on Value Investing”, Graham’s bio book

“Benjamin Graham on Value Investing” mainly talks about two things:
-“Graham’s life, and this book is also equivalent to Graham’s biography. I have read another biography of Graham, which I personally found to be more interesting.
-“Value investing” advocated by Graham.

The importance of cash, Apple’s experience in using cash

Apple, managed by Steve Jobs, adopted a conservative financial policy and reserved more cash for the company’s research and development and operations. This was not unreasonable at the time, but Cook’s financial management was more efficient.

Memory is an edge to investment success

The quality of memory is also a part of an investor’s circle of competence.

2025 Berkshire Shareholder Meeting transcript and video

Video and transcript of the 2025 Berkshire Shareholder Meeting

Buffett’s most important original book “Tap Dancing to Work”

I personally rate “Tap Dancing to Work” very highly, because there are many contents in the book that can fully explain and make people understand why Buffett’s many investment views come and go.

Don’t lose set you to be a millionaire at least

Don’t lose money when investing. With the accumulation of compound interest over time, it is impossible not to become a millionaire.

Permanent capital loss is the biggest risk investors must face

Howard Marks: “I don’t think most investors worry about volatility. In fact, I’ve never heard anyone say, ‘The expected return isn’t high enough to withstand all the volatility.’ They worry about It’s the possibility of permanent capital loss.”

How Buffett decide on CEOs?

In Buffett’s 2024 Berkshire Hathaway shareholder letter, I will now quote directly (in italics) some of the considerations he personally believes are important how buffett decide on CEOs?