From January 2015, she started to practice leetcode questions; she trains herself to stay focus, develops "muscle" memory when she practices those questions one by one.
2015年初, Julia开始参与做Leetcode, 开通自己第一个博客. 刷Leet code的题目, 她看了很多的代码, 每个人那学一点, 也开通Github, 发表自己的代码, 尝试写自己的一些体会.
She learns from her favorite sports – tennis, 10,000 serves practice builds up good memory for a great serve. Just keep going.
Hard work beats talent when talent fails to work hard.
Tuesday, January 12, 2021
Sven carlin: Margin of Safety - Seth Klarman's 10 Rules for Investing Success
Seth Klarman from the Baupost group, made 20% per year over the past 35 years using a value investing strategy, a person I would listen to. Top 10 rules and investment strategies plus advice for success from his book Margin of safety:
1:38 Invest, don't speculate
3.29 Don't pay fees to Wall Street
4:20 Where are the customers' yachts?
4:52 Value investing is the best
6:56 Buy at bargain prices
7:38 Be patient, opportunities will come
8:42 Believe the market is inefficient
9:26 Always have a cash cushion
10:24 Don't be afraid to average down
12:43 Trade to rebalance
13:17 Know what you are doing
Success long term speculator - long term - it is hard to be a successor -
Fees - 1%
Book value, intrinsic value - buy at the cheapest as possible - margin of safety - always tangible asset - give me some protection - not to lose money
Apple stock - stock price vs book value - no marginal safety - Seth Klarman did not buy Apple stock
Gold stock - 1.3 billion -
Rule 4: Buy at bargain prices
Rule 5: Be patient, opportunities will come - there is a real bargain, buy $1.00 dollar for 50 cents, upside is huge; if it goes back to normal, 100%
Crisis, people be panic, buy at that time
Believe - believe market is not efficient - all information will be calculated in the price - overvalue - very under value - value investor
Rule 6: Always have a cash cushion - enough liquidity - no need to sell your stocks,
Seth 30 billion asset, 25% in cash; if some one withdraw, or anything on sale
Rule 8: Don't be afraid to average down - even lower, do not be afraid to average down
Good business, 10 year from now, 20 years from now, buy more when stock prices go down