Monday, November 29, 2021

Omicron: What we know so far about the new COVID-19 variant

Nov. 29, 2021

Here is the link. 

#Omicron #COVID19variant #coronavirusvariant Dr. Andre Campbell, Professor of Surgery of UCSF and Trauma Surgeon Zuckerberg San Francisco General Hospital, joins Yahoo Finance's Karina Mitchell to discuss what we know about the Omicron COVID-19 variant. Don't Miss: Valley of Hype: The Culture That Built Elizabeth Holmes WATCH HERE: https://youtu.be/Sb179GLPNYE

Pfizer CEO on Omicron Covid-19 Variant, Vaccine Supply

Nov. 29, 2021

Here is the link.

Pfizer Inc. Chief Executive Officer Albert Bourla spoke about the pharmaceutical company's efforts to combat the omicron variant through its vaccine and antiviral pill on with David Westin on "Balance of Power."


Albert Bourla | Pfizer CEO

 Albert Bourla (Greek: Άλμπερτ Μπουρλά, born October 21, 1961) is a Greek-American veterinarian and the chairman and chief executive officer of Pfizer, an American pharmaceutical company. He joined the company in 1993 and has held several executive roles across Pfizer's divisions. Prior to becoming chief executive officer, Bourla served as chief operating officer.

In addition to the boards of Pfizer and the Pfizer Foundation, he serves or has served on the boards of the Biotechnology Innovation OrganizationCatalyst, the Partnership for New York City, and the Pharmaceutical Research and Manufacturers of America. Bourla is also a member of The Business Council and the Business Roundtable. He engages often with business leaders such as Bill Gates.[2]

Bourla was motivated by an early love for animals and medicine and is credited with reshaping Pfizer to be a company focused on research and development and branded patent-protected prescription drugs. He is also credited with helping the development of Improvac, which eradicates boar taint, and for refocusing Pfizer's vaccine division to focus on staphylococcusclostridioides difficile infectioninfant diseases, and the Pfizer–BioNTech COVID-19 vaccine. He opposes government interference in pharmaceutical pricing, which he believes would hamper spending on development of new drugs.[2]

Early life and education[edit]

Bourla was born and raised in ThessalonikiGreece.[3] His parents, who were Sephardi Jews, were among the 2,000 of 50,000 Jews in Thessaloniki to survive the Holocaust; his mother was minutes away from execution by firing squad when she was spared via a ransom paid to a Nazi Party official by her non-Jewish brother-in-law, while his father happened to be out of the Jewish ghetto when the residents were taken to the Auschwitz concentration camp and went into hiding, never to see his parents again.[4][5]

Bourla joined Sephardic Heritage International in DC (SHIN-DC) on January 28, 2021, where he told his Greek Sephardic family's story of tragedy and survival at the organization's Annual Congressional Commemoration for International Holocaust Remembrance Day, alongside remarks from Her Excellency Alexandra Papadopoulou, Ambassador of Greece to the United States.

Bourla earned a doctorate in the biotechnology of reproduction at Aristotle University of Thessaloniki's Veterinary School in 1985.[2][6] He left Greece with his wife when he was 34 after a promotion within Pfizer and since then he has lived in seven different cities, in four different countries.[7]

GFS paper: Google File system | Design detail in Chinese

 GFS被设计为分布式水平扩展的文件系统,在便宜的x86服务器集群中提供自动容错能力,高并发读写的扩展性能力,设计源自于多年来的工作负载和技术环境积累,开始探寻不同于传统文件系统接口的设计,目前在google内部部署很多,使用广泛,被证明了是一个成功的存储系统,


介绍

性能、扩展性、可靠性、可用性是gfs设计基本准则,不同于传统文件的设计,启发来自于目前日新月异的工作负载和新的需求,总结出以下设计目标,第一,组件失效是经常发生的,不同于传统商业存储系统使用大量商用硬件保证可靠性,出错原因众多,比如磁盘,网络,电源,天灾人祸等等,因此系统需要做到监控,错误探查,自动恢复,容错;第二,文件很大,xGB大文件很多,同时每个文件包含众多doc,考虑到文件大小和访问模式,block size需要重新设计;第三,大多数文件写少读写,多数写一次然后多次读取,且读写都有模式,顺序读和追加写为最常见的模式;第四,重新设计文件api可以提供更好的灵活性,gfs简化了一致性模型的同时没有给应用开发带来负担,提供原子record append来保证并发写性能和一致性。目前的规模为1000s节点共计300TB存储空间,100s客户端并发访问。


设计参考

关键假设


  • 便宜可得的x86服务器代替商用硬件,容错和自动回复很重要
  • 文件数目需要可控,最多百万级别;文件大小需要设计,需要>100M级别,GB数量级文件占主流,小文件也支持,不过不做优化
  • 负载主要包括,流式顺序读和极少的随机读,每次读>1M,应用需要进行一定程度的聚合读来提升性能
  • 负载主要包括,追加写,写的大小需要>1M,写入后更新很少,更多的操作时读取和删除,支持少量的随机写入,但性能不做优化
  • 同一个文件并发读写,需要保证一定程度的一致性
  • 吞吐导向优化,而非延迟

接口(不兼容posix)

open、close、read、write、snapshot、 record append

架构

  • 单点master+多chunk servers,每一个节点为linux系统服务器,系统跑在用户态下,client和chunk server可以同机器部署
  • 文件切分为chunk,chunk固定大小,64M,chunk id 64bits唯一标识,chunk server存储每个chunk对应linux系统中一个文件,每个chunk三副本(默认,用户可以指定)在多个chunk servers中
  • master维护所有元数据,包括目录,文件,访问权限,文件到chunk的映射表,当前的chunk和chunk server对应关系,租约控制,GC,chunk迁移,负载均衡,和chunk server之间的心跳
  • client实现file api,和master交互得到元数据信息,数据相关流动直接和chunk server交互
  • client和master均不缓存数据,减少设计复杂性,不需要考虑缓存一致性问题,性能损失可控,因为负载大多数为超大文件中的顺序流式读,chunk server利用linux的buffer cache进行缓存


单点master


  • 单点设计master大大简化的架构,master拥有全局信息,可以做负载均衡,同时为了避免单点瓶颈,减少client和master的交互,数据流都直接和chunk server交互
  • 读操作,1 根据文件名,和offset以及固定大小的chunk,得到文件名和chunk index发送给master,2 master返回chunk servers,clent缓存这些元数据,缓存结构文件名+chunk index作为key,value为chunk handle 3 client发送读请求到最近的replicas,指定chunk handle和range,下次读取同样chunk不需要和master交互,直接文件重新打开或者缓存到期失效,一般来说,client单次请求会跨chunk,此时和master的一次交互就可以获得所有chunk信息,减少了master成为瓶颈的可能性

chunk size


  • 根据负载,最佳值选择了64M,采用惰性空间分配减少浪费
  • 优势,1 大chunk减少master交互,大的chunk使得操作在同一个chunk中的概率增加了,2减少网络开销,3减少master元数据大小,保证元数据全部在内存中,保证了性能并减少master成为瓶颈的概率
  • 缺点,hotspot,小文件场景下大并发访问同一个chunk造成瓶颈,索性顺序读的时候这种场景不多,解决办法就是这种文件,提高其复制因子,多副本下读扩展性就上来了

元数据


  • master主要存储三类元数据,第一,文件和chunk名称空间,mapping files和chunks,每个chunk在哪个chunk server上,所有元数据都在内存中,前两者使用op log和周期性checkpoint技术持久化在master和remote存储中,第三个信息随心跳上报,master不持久化
  • 内存数据结构,操作速度快,后台可以周期性检查状态进行GC,chunk迁移负载均衡,缺点是内存大小会成为瓶颈,目前64Mchunk需要64bytes元数据存储,因为假设了都是GB级别的大文件,因此大多数chunk是满的;同时目录结构采用前缀压缩方式减少内存占用。单点master元数据都在内存也是一个设计权衡,这样的设计极大的简化了实现难度,同时保证了性能,稳定性,是一个优秀的 trade off
  • 通过和chunk server的心跳信息,来维护chunk位置信息,如果在master持久化上述信息,我们发现难度较大,很容易出错,chunk server频繁的出错,重启,恢复等等,维护一个一致性视图总是艰难的

operator log


  • 维护了gfs元数据的持久化信息
  • 维护了logic时间线,保证并发操作串行化有序执行,files and chunks,都包含version
  • 所有操作都需要元数据持久化本地和远端完成后,才对client可见
  • flush 内存checkpoint做了细节的设计,保证不中断IO

一致性模型


  • 目录文件的创建和其他操作保证原子,单点master和全内存操作,适当的锁保护可以做到并发操作的有序性,因此做到一致性
  • 文件并发写同一个offset,成功有一致性但是结果未定义,失败无一致性
  • 文件并发record append,成功有一致性且有定义,失败无一致性,保证至少一次语义写入,会有pad或者重复的record,使用chunk version检查chunk的数据是否都是最新的
  • client会缓存元数据,因此在缓存有效的时间窗内,依旧有可能读到老的chunk,或者心跳尚未更新到master时
  • 磁盘失效造成的数据损毁,会有定时的后台检查,checksum机制,此时master会从其他副本重新得到新数据,自动均衡三副本

客户端编程


  • 需要依赖record append而不是update overwrite等等,需要写入的数据有自校验性和自识别性,包含checksum,seq number等等
  • 先写临时文件,使用record append,然后原子重命名为新文件,对外可见
  • 写入过程记录checkpoint,用户级别checksum,直到全部数据写入成功
  • 用户需要处理重复和padding问题,pading问题使用每个record一个checksum可以检测出来,使用序列号,来检测重复的record

系统api交互

租约机制和全局修改顺序


  • 每一次修改定义为对数据或者元数据的改动,每一次修改都需要在三副本chunk server中修改完成,使用租约技术来保证三副本之间的一致性,master会决定三副本中哪一个为主要副本,并赋予其租约,主节点对所有修改增加序列号,保证三副本的一致性,全局修改顺序由master选出的在租约期间内的主节点产生序列号完成
  • 租约机制主要是为了减少client和master的交互,将写入的权限从master下放到三副本chunk server的主节点,租约默认有60s的生命周期,只要chunk一直在修改中,主节点可以通过心跳向master节点无限续租,master有权限在租约没到期就将其回收,比如当master需要取消某次修改操作时,即使主节点和master断链,master依旧可以下发新的租约到其他节点,当旧的租约到期之后
  • 写操作:client向master获得chunk当前租约信息以及复制集信息,master负责选择出主节点;master回复复制集信息,以及租约信息,client缓存上述信息,直到主节点不可达或者主机点返回租约到期;client将数据分别写入三副本,此时在内存buffer中,LRU cache结构(数据和控制指令解耦,走不同的流程,大幅度提高性能);所有复制集数据写完后,client向主节点发送写入请求,主节点分配唯一递增序列号,先在本地完成写入;主节点发送请求到复制集其他节点,要求按照序列号线性写入,所有复制集都完成时,主节点返回client写入成功;如果有任何失败,都会返回client,主节点失败,复制集其他节点不会执行,数据是一致的;复制集某个节点失败,主节点不会对外可见本次修改;
  • 为了尽可能利用带宽资源,数据流动根据网络拓扑,client优先向最近的发送数据,同时会有流水线来利用起来全双工的网络,增强数据在数据集内部的流动速度
  • 由于系统中存在大量并发追加写,如果不在gfs中实现,多并发client需要依赖外部同步比如分布式锁才能完成这个操作,gfs单独优化了record append保证一致性,和上述写操作不一样的是,如果追加发现64M的chunk剩余空间不够,会先做一次三副本的统一padding,然后告诉client重试下一个chunk写,record必须有1/4 chunk size的大小保证了空洞不会太多,如果chunk空间足够,会在写入成功后将offset返回client,注意会有空洞padding或者重复数据,在client重试的场景下,按照前文所述的方式进行client规避即可

copy on write的snapshot机制(文件或者目录级别),对chunk增加引用计数,首先回收所有租约,保证chunk有修改得时候会先找master请求获得租约,给master重新复制一份chunk创造时机;

master操作

master执行所有名字空间的请求,chunk的复制,决定新chunk创建位置,负载均衡,GC旧chunk等等


  • 为了高并发性能,在snapshot或者其他耗时操作中不阻塞主要流程,master通过细粒度的锁控制,来提高并发的同时,保证并发操作的串行临界区,和传统fs不同,gfs中map靠全路径映射到元数据信息,没有软连接和硬链接,inode的概念,直接为每一个元数据区目录结构分配读写锁即可,当在指定目录下操作指定文件,需要依次获取递归目录结构中的读锁,以及全路径的读或者写锁,取决于具体的操作;通过精度控制锁,可以保证一致性的同时或者高性能
  • 复制集位置分配,多机架,不同机器,不同机房等等策略,提高可用性,充分利用带宽资源
  • chunk的创建,重新复制,负载均衡迁移,创建位置分配,参考磁盘利用率,当前正在创建的数目,资源利用等等
  • GC,文件和chunk层面的惰性回收资源,标记文件删除,重命名为隐藏文件,周期扫描中发现回收隐藏文件超过3天,将其彻底回收,元数据销毁,并消减chunk引用计数;chunk扫描中,找到引用计数为0的chunk,先清理元数据,chunk server之后可以清理掉chunk释放物理资源
  • GC相比于及时删除的优势是,保障了可用性,同时清理数据的统一路径,将删除具体操作从前台转移到后台,尽可能的减少IO影响,主要的劣势是有的时候用户想要删除释放资源,这个可以用过指定立即删除来保障
  • 旧chunk检测,有的复制集曾经失效,因此数据变老,此时需要保证client不要读到过期的chunk,master为每个chunk维护一个version字段来区分最新的和过期的chunk,当master分配新的租约时,会更新version并通知所有最新的chunk,master和chunk server都会持久化记录这个最新的version,如果此时一个chunk失效了,他不会收到这个最新的verison,当该chunk server重启并联系master发送version时,master会发现version落后,将其chunk标记为老的chunk,后续会被GC
  • 为了保证一致性,master会把version发送给client。client读数据时也会将version发送给chunk server,多重校验保证client不会读到stale数据

容错和诊断

用快速恢复和复制集来保障高可用


  • 快速恢复,master和chunk server设计为秒级别重启,不论他们如何终止
  • chunk复制,每个chunk多台机器多个机架放置多副本
  • 主节点的复制,op log和checkpoint都会复制到多台机器,机器挂了,通过DNS访问备节点提供可用性,同时提供影子节点提供读可用性,会落后主节点x秒
  • 数据可用性,checksum技术,每个chunk server需要定期检查自己的chunk,注意record append允许不同的复制集chunk不完全一致,因此没办法复制集之间checksum,只能单独校验,这里是个很大的遗憾
  • chunk被切分为64KB大小的block,携带32bit checksum,持久化在log中,和用户数据分开存放,每一次读取,都会做校验
  • gfs servers提供基于事件的诊断日志,server up and down,rpc request and response等等,用来诊断系统,重放负载等等都很有用

性能和经验

一开始gfs设计使用在生产环境,后来开发和实验环境也需要部署,生产环境支持相对容易,开发和实验环境,就需要整套的权限控制,quotas等等控制系统,支持的系统多了一周,发现了一些驱动和linux内核相关的错误。


相关工作和结论

通过对工作负载的观察,进行了很多针对性设计,record append以及顺序读,大文件而不是海量小文件,读多写少,数据和控制分离,master单点瓶颈通过精心设计来规避,最终在指定的负载下完成了水平扩展性,并具备容错恢复能力

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版权声明:本文为CSDN博主「WhateverYoung」的原创文章,遵循CC 4.0 BY-SA版权协议,转载请附上原文出处链接及本声明。

原文链接:https://blog.csdn.net/yangfeng2014/article/details/104102836

Sunday, November 28, 2021

WYNN stock: Founder Steve Wynn and his 10 rules for success | Hit the JACKPOT in Human Relations!

Nov. 20, 2021

Here is the link. 

He's an American business magnate. He's best known for his involvement in the luxury casino and hotel industry. In 2015, Forbes estimated his net worth at US$2.4 billion. He's Steve Wynn and here are his Top 10 Rules for Success. * Join my BELIEVE newsletter: http://www.evancarmichael.com/newslet... 1. Love the process As his father had left $350,000 of gaming debts, he relinquished a position at Yale Law School to take charge of his family's business. 2. Don't be reckless He received his Bachelor of Arts in cultural anthropology at the University of Pennsylvania. 3. Raise people's self-esteem He worked the bingo parlors himself, and within a year he had expanded the company. 4. Try new ideas His success with his family's business allowed him to purchase a small stake in the Frontier Hotel and Casino. 5. Give the best guest experience He renovated, and expanded the Golden Nugget from a gambling hall to a resort hotel and casino with enormous success. 6. Be consistent In 1977 he opened the Golden Nugget's first hotel tower. Frank Sinatra was a periodic headliner at the Golden Nugget. 7. Love what you do His first major casino on the Las Vegas Strip was The Mirage, which opened in November 1989. 8. Help others In 2000, he sold his company Mirage Resorts to MGM Grand, resulting in the formation of MGM Mirage. 9. Stick to simple ideas Through Wynn Resorts he has overseen the construction and development of several luxury resorts. 10. Create a family He's an avid collector of fine art, often exhibiting pieces by artists such as Picasso and Claude Monet in Wynn Resorts' hotels. Source: https://youtu.be/6NA5vBVk1-8 https://youtu.be/eOesXyfJGI0 https://youtu.be/HJ_QsziXfqM https://youtu.be/6vPSI3IgySY https://youtu.be/AOcHhJCBzrg https://youtu.be/ef4p-XOsc4w https://youtu.be/MXFliOWeu6U

WYNN stock: Founder of Wynn resorts

#358 Steve Wynn

Cofounder, Wynn Resorts 

REAL TIME NET WORTH

$3.3B
  • Steve Wynn created some of Las Vegas' most notable casinos, including The Mirage, Treasure Island, Bellagio and Wynn Las Vegas.
  • He resigned as Wynn Resorts' chairman and CEO in February 2018 after dozens of women accused him of sexual misconduct; Wynn denies the allegations.
  • Wynn cofounded Wynn Resorts with his then-wife, Elaine Wynn, in 2002. They later divorced. She is now the largest shareholder in the casino company.
  • He battled for years with Elaine over their divorce agreement and with former partner Kazuo Okada, whom he accused of bribery; Okada denied it.
  • Son of an East Coast bingo parlor operator, Wynn took over the struggling business upon his father's death and moved into Las Vegas casinos in 1967.
  • At 15, Wynn sold Good Humor ice cream bars from a bicycle.

Part II: Steve Wynn discusses the future of his business

Nov. 28, 2021

Here is the link. 

Steve Wynn, founder of Wynn Resorts, in the second part of his interview, discusses further his life as an entrepreneur, what he does to motivate his employees, and how he creates experiences that keep customers’ returning. Wynn also expresses his views on Obamacare, America’s fiscal policy, and the future of his business. “I take sides only on the issues that pertain to the health of my workforce,” explains Wynn. He has resorts in Las Vegas, Macau, China, and hopes to soon begin building another in Massachusetts. Watch part I here https://www.youtube.com/watch?v=m9Lg7.

Part I: Steve Wynn discusses his journey into the Las Vegas hotel and casino business

Nov. 28, 2021

Here is the link. 

Part I: Wynn Resorts owner Steve Wynn discusses his life, his dad's death, being broke, and how he got into the hotel and casino business. Wynn came to Las Vegas for a vacation, met Frank Sinatra, and fell in love with the city. Wynn's banker said, "Steve, this town needs young people. If you stay here you'll end up owning the place." Wynn stayed and enjoys running a successful hotel and casino business.

WYNN stock: The King of Las Vegas - Steve Wynn | My weekend study - Steve Wynn

Nov. 28, 2021

Here is the link. 


Friday, November 26, 2021

What Oil Reserves Release Means to Global Crude Market

Nov. 16, 2021

Here is the link. 

The U.S. is spearheading a coordinated release of crude oil reserves with China, Japan, India, and South Korea in a challenge to OPEC+. Bloomberg's Julian Lee examines what the move means for the global oil market.

Thursday, November 25, 2021

The Inn of the Sixth Happiness (1958 Trailer, Ingrid Bergman, HD 24p)

 Here is the movie. 

格拉蒂丝·艾伟德

 艾伟德Gladys Aylward,1902年2月24日-1970年1月3日)是一位原籍英国的独立女传教士,被称为“小妇人”,她在中国传教的经历在西方广为人知。

生平[编辑]

1902年2月24日,艾伟德生于英国伦敦以北米德尔塞克斯郡埃德蒙顿的一个工人阶级家庭,父亲是一名邮差。早年未受太多教育,做过侍女,后决心去中国传教,但是没有通过内地会的考试。1930年10月18日,她自英国只身出发,花费了所有的积蓄,乘船和火车,穿越苏联、途中几乎被拘留,后又取道日本,最终到达中国天津北京,然后又长途跋涉到达山西阳城县,接替年老的卫理会传教士珍妮·劳生(Jeannie Lawson)。

在阳城,艾伟德创立了八福客栈[5][6][7]用于传教。她曾接受当地道尹的请求,帮助妇女放脚,还曾帮助平息当地监狱的骚乱,她还收养了很多孤儿。1936年艾伟德加入中国籍。

抗日战争爆发后,该地区被日军侵占,宣教团体保持中立,艾伟德厌恶日军暴行,帮助救治中国难民和伤员,并将日军行踪通知中国方面。1940年艾伟德率领94名儿童经过数十天艰苦的步行,安全转移到西安。后在陕西甘肃四川等地传教。

1949年回到英国家乡,英国广播公司的Alan Burgess将她的经历写成《小妇人》(The Small Woman)一书。1958年她决定重新回到中国大陆,但被拒绝入境,于是前往台湾,于北投(后迁木栅)创立了艾伟德儿童之家[8](后改为伯大尼儿少家园)[9]。1970年1月3日,因流感并发肺炎,在台湾病逝,后葬于美国基督教效力会基督书院[8]

英国埃德蒙顿的一间中学以她的名字命名(格拉蒂丝·艾伟德学校)。

影视[编辑]

  • 1958年,故事片《六福客栈》(The Inn of the Sixth Happiness,1958),英格丽·褒曼饰演女主角。
  • 2008年,纪录片《Gladys Aylward, the Small Woman with a Great God (2008)》
  • 2008年,儿童DVD《The Gladys Aylward Story (2008)》for children ages 8-12

15 Tips from “Super Investor” Schloss that Equity Investors Must Always Obey

Nov. 25, 2021

Here is the article.

 Today’s investors enjoy the luxury of using fast internet connections and large amounts of information to track potential equity drivers and make fast, profitable transactions.

One of Wall Street’s legends did it all without touching a computer or accessing the internet.

Walter Schloss One of the most successful investors in history, Value Investor I know about the misuse of his investment.

(Market master:: Read other investment strategies and trading tips from market greats)

Born in August 1916, Schloss was not officially qualified and began working as a runner on Wall Street in 1934, after which he served in the United States Army Communications Corps.He finally Benjamin Graham After taking an investment course taught by Benjamin Graham on the New York Stock Exchange, he enrolled in a value investment school.

He then worked for Graham-Newman Partnership under Graham. Warren Buffett..

In 1955 he founded his own company, Walter J Schloss Associates, which set one of the best records in investment history until his death in 2012. It’s a record that’s hard to match with the best investors each year.

In 1984, Warren Buffett nominated Schloss as one of the great “supervisors”, saying: He just said that if the business was worth $ 1 and you could buy it for 40 cents, something good might happen to me. And he repeats it over and over again. He owns far more shares than I do and is less interested in the underlying nature of the business. It doesn’t seem to have much effect on Walter. That is one of his strengths. No one has a great influence on him. ”

Investment philosophy

Schloss was good at picking stocks when stocks reached new lows or when they were trading at a price lower than the book value per share. In addition to buying shares of companies below book value, he examined the company’s management to see if they were overly greedy or honest.

This information helped management know how they have been running their business over the years and was able to better predict whether the company’s business will prosper in the future.

Schloss thought it was better to buy stocks than bonds because of the potential for growth. He also limited holding one stake to less than 20% of the total portfolio. But at all times, he didn’t hesitate to hold up to 100 different stocks in his portfolio.

He weighted his holdings based on their perceived value and invested less in unconfident positions. He used limit orders to buy stocks and allow him to determine the price to pay.

Walter Schloss has left a library of investment wisdom relevant today.

  • Don’t try to time the market

According to Schloss, many investors like to predict and predict market directions and often run into serious problems. He said it should be recognized that it is almost impossible to time the market and make accurate forecasts.

“I’m not good at timing the market, so when people ask me what the market is doing, their guesses are the same as mine,” he said in the article.

  • Don’t trust the operation

Schloss said investors should not believe in the promises of the company’s management and should not trust earnings forecasts.

“I have nothing to oppose earnings, except that earnings can change in the first place. Second, your earnings forecasts may be correct, but people’s thinking about multiples It’s changed, so it’s easier and more satisfying to look at the book value. Revenues are much more likely to fluctuate than book values, so it’s important to estimate revenue over a longer period, such as next year. Errors can occur, “he said.

  • Don’t influence your emotions on your investment decisions

Schloss believed that weak emotional intelligence was deadly to an investor’s career. Investors with weak emotional intelligence will find it very difficult to take advantage of good opportunities to buy value stocks. Also, they cannot hold stocks when they fall.

“The ability to think emotionally and clearly in the field of investment is not an easy task. Fear and greed tend to influence one’s judgment. Have a strong stomach and are willing to accept unrealized losses. Must be, “he said.

Schloss said investors should learn to stay away from the daily hustle and bustle of the market. That way, you can control your emotions and make better investment decisions.

“I’m trying to get away from every day. I don’t have a ticker tape machine in my office. I try to stay in the emotions of the market. The market is a very emotional place and appeals to fear and horror. Greedy, all these unpleasant traits people have, “he said.

  • Invest only in your circle of abilities

Schloss said it is important for investors to invest only in areas that they understand and are satisfied with.

“If you’re new and don’t have a basic understanding of the area you’re looking at, it’s probably best to learn more or find another investment before diving,” he said.

  • When to buy and when to sell stock

According to Schloss, one of the biggest challenges value investors face was not knowing when to sell. He found it very easy to determine which stocks were statistically cheaper and which stocks had the characteristic of outperforming, but it’s never easy to know when to sell. was.

He followed the general rule of thumb of aiming for a 50% profit on any stock before selling it. Sometimes it continued to rise after selling the stock, but he tried to suppress his emotions and stuck to his decision.

Schloss believed that if investors buy cheaper than value and hold it long enough, depressed companies can turn around and make decent profits. Investors thought they could buy more of the stock if the company’s fundamentals were sound.

“If you buy a depressed company, it won’t rise right after you buy it. Believe it. It will fall. So you have to wait a while for the company to turn around,” he said.

Schloss has created a checklist to consider first before buying shares in the company. Inventory must be owned-

  • 10 years of excellent track record
  • No long-term debt
  • Low price-to-book value ratio
  • Price is 52 weeks low or close
  • High insider ownership
  • Maintain a diverse portfolio

Schloss says diversifying the portfolio is very important in the long run. He advised investors to limit their holdings of one share to less than 20% of the total portfolio. He also felt that investors could diversify their portfolio up to 100 shares.

Before investing in a company, Schloss also looked at the value characteristics of that company.

A company that has real assets and has little or no debt and provides a safety margin if the company is liquidated.

  • 20% or more discount from book value.
  • Good dividend yield.
  • A manager who has a lot of inventory.
  • Sincere management that does not come at your own expense.

In a lecture on how to make money in the stock market for young investors and those who are not familiar with the process of value investing,

Schloss once came up with a 15-point guide:-

  • Price is the most important factor to use in relation to value.
  • We will strive to establish corporate value. Keep in mind that share of stock is part of your business, not just a piece of paper.
  • It tries to establish the value of the company by using the book value as a starting point. Make sure your debt is not 100% of your capital. (Capital and capital surplus are common stock).
  • Please be patient. Stock prices will not rise immediately.
  • Do not buy for tips or quick moves. If possible, ask a professional to do it. Don’t market bad news.
  • Don’t be afraid to be lonely. However, make sure your judgment is correct. It’s not 100% certain, but look for weaknesses in your thinking. Buy on a scale down and sell on a scale up.
  • Once you make a decision, have the courage to stick to your beliefs.
  • Have an investment philosophy and follow it.
  • When buying stocks, buy near the lows of the last few years.
  • Try to buy assets at a discounted price, not buy profits. Revenues can change dramatically in the short term. Assets usually change slowly. To make a profit, you need to know more about your company.
  • Listen to suggestions from people you admire. This does not mean that you have to accept them. Remember, it’s your money, and it’s generally harder to maintain than to make money. Once you lose a lot of money, it’s hard to get it back.
  • Make sure your emotions don’t affect your judgment. Fear and greed are probably the worst emotions associated with buying and selling stocks.
  • Remember the word compound. For example, if you make a profit of 12% a year and reinvest that money, you can double your money in six years, excluding taxes. Remember the Rule of 72. The rate of return to 72 indicates the number of years to double the money.
  • Prioritize stocks over bonds. Bonds limit profits, and inflation reduces purchasing power.
  • Pay attention to leverage. It could go against you.

Schloss emphasized focusing on assets rather than profits, which require the ability to identify competitive advantages and thoroughly document the financial statements of companies that are difficult for most people to understand. Different from Warren Buffett’s investment style to investigate.

While many investors often invest in businesses based on annual returns, Schloss has proven that focusing on assets on the balance sheet is more likely to be successful. Schloss’s investment style is a challenging style that is still in use today.

15 tips from ‘super-investor' Schloss a stock investor must always follow

Nov. 25, 2021

Here is the article.

Walter Schloss was one of the most successful investors of all times, but very few outside the close circuit of value investors know about his investment exploits.

Investors these days have the luxury of fast internet connections and a deluge of information to track potential stock drivers and make a quick profitable trade.

One Wall Street legend did it all without ever having touched a computer or accessing the internet.

Walter Schloss was one of the most successful investors of all times, but very few outside the close circuit of value investors know about his investment exploits.

Born in August 1916, Schloss had no formal qualifications and began working as a runner on Wall Street in 1934 before serving in the US Army Signal Corps. He eventually became a notable follower of the Benjamin Graham School of Value Investing, after he took investment courses taught by Benjamin Graham at the New York Stock Exchange Institute.

Later, he worked for Mr Graham in the Graham-Newman Partnership, where he also happened to meet Warren Buffett.

In 1955, he founded his own firm: Walter J Schloss Associates, where he racked up one of the best records in investing history until he passed away in 2012. In his over 40 year career as an investor, Schloss compounded his money at 16% year after year, a record that is still difficult to match for the best of investors.

In 1984, Warren Buffett named Schloss one of the ..

Investment philosophy
Schloss had the knack for picking stocks when they were hitting new lows and the ones trading at prices lower than their book values per share. Besides buying stocks of the firms below book values, he also looked at a firm's management to check whether they were overly greedy or honest.

This information helped him know how the management ran the business over the years and gave a good prediction whether the firm's business would prosper in the future.

Schloss believed it was better to buy stocks than bonds because of their growth potential. He also limited his holdings in one stock to no more than 20% of his entire portfolio. But at any given time, he was never shy of holding up to 100 different stocks in his portfolio.

He weighted his holdings based on their perceived values, putting less money in positions he was less sure about. He used limit orders to purchase stocks, so that he could decide on the price he was willing to pay.