Zen Investment Fund

GÓI ĐẦU TƯ NGÀNH THƯƠNG MẠI ĐIỆN TỬ

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ZEN INVESTMENT FUND

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Zen Investment Fund kính gửi đến các đối tác, quý nhà đầu tư dự án thương mại điện tử quý IV năm 2016. Trong phần nội dung dưới đây chúng tôi tập trung vào nội dung cơ bản của đầu tư và hoạt động quản lý trong quá trình triển khai hoạt động thương mại điện tử.

Hệ thống tập trung chủ lực 80% đối tượng khách hàng từ Facebook và tập trung độ tuổi khách hàng từ 15-40 tuổi với điều kiện tập trung lớn nhất cho phái nữ.

Kế hoạch kinh doanh gồm những nội dung sau: Tầm nhìn thị trường; Mô hình doanh thu; Nội dung triển khai hoạt động cơ bản; Nội dung hoạt động chi tiết có số liệu và sản phẩm cụ thể.

1. Tầm nhìn thị trường: Facebook mới đây đã đưa ra một số thống kê về thói quen và hành vi sử dụng Facebook của người Việt. Những con số như 20 triệu người dùng hàng ngày, 2,5 giờ trung bình mỗi ngày được dành ra để sử dụng Facebook... cho thấy mạng xã hội này vẫn chưa có bất kì đối thủ nào xứng tầm tại Việt Nam. Thống kê cho thấy tại Việt Nam mỗi tháng có tới 30 triệu người dùng Facebook, trong đó có 27 triệu người có sử dụng các thiết bị di động để truy cập mạng xã hội này. Nếu tính trên phạm vi hàng ngày, số người truy cập Facebook nói chung và số người truy cập Facebook qua di động nói riêng lần lượt là 20 triệu và 17 triệu người, 2,5 giờ là thời gian trung bình một người dùng Facebook Việt Nam dành ra mỗi ngày để lang thang trên mạng xã hội, gấp đôi số thời gian được dành ra mỗi ngày để xem TV. Facebook cho biết những con số này cao hơn 13% so với mức độ sử dụng Facebook trung bình của thế giới. Tập người dùng Facebook tại Việt Nam có độ tuổi khá trẻ. Facebook cho biết hai hoạt động phổ biến nhất trên Facebook của người dùng Việt là trò chuyện với bạn bè và truy cập Facebook của các thương hiệu. Facebook đang là nơi nhiều người dùng Việt chọn làm địa điểm mua sắm online. Theo đó, có tới 2/5 người dùng Facebook tại Việt Nam từng tìm thấy các sản phẩm / thương hiệu mới qua Facebook. Thời trang và làm đẹp, ăn uống và ưu đãi du lịch là ba loại hình sản phẩm / thương hiệu được khám phá nhiều nhất.

2. Mô hình doanh thu:Lợi nhuận = Doanh thu – Giá vốn nhập hàng – Chi phí cố định – Chi phí đầu tư cho bán hàng.

Doanh thu được đẩy mạnh dựa vào công cụ quảng cáo Facebook để tiếp cận đến số lượng khách hàng tối đa và dựa vào năng lực vận chuyển COD của các đơn vị chuyển phát tại Việt Nam( Viettel, VN Post, Vinlink, Giao hàng nhanh).

3. Nội dung triển khai hoạt động:

· Nghiên cứu thị trường: Chúng tôi đưa ra các sản phẩm được chọn lọc phù hợp với thị trường-môi trường con người và điều kiện tài chính của khách hàng hướng đến. Chúng tôi không nhập hàng trước khi nghiên cứu thị trường chưa có kết quả báo cáo nhằm tránh tình trạng sản phẩm không phù hợp thị trường. Được đo lường bằng bản báo cáo gồm: Chi phi vốn nhập+Chi phí cố định+Chi phí bán hàng+Lợi nhuận mong muốn=Giá bán; Giá bán định vị có phù hợp với đối tượng hướng đến và ước lượng số lượng sản phẩm thị trường tiêu thụ.

· Phân tích kết quả nghiên cứu thị trường: Việc phân tích chi tiết và khách quan cho phép khẳng định loại sản phẩm, dịch vụ có khả năng thành công trong thị trường hay không. Phân tích kết quả ảnh hưởng trực tiếp đến quá trình ra quyết định hoạt động.

· Xác định luồng xuất-nhập cho sản phẩm: Lựa chọn sản phẩm có tính thanh khoản và nhu cầu thị trường lớn nhất tại thời điểm triển khai bán và kéo dài 03 tháng để tránh tình trạng hàng tồn kho và pháp lí kèm theo.

· Xác định giá xuất nhập: Xác định phân khúc và sản phẩm thị trường khớp với lộ trình tài chính để đàm phán giá nhập, tránh tình trạng giá nhập sản phẩm tăng bất thường ảnh hưởng lợi nhuận và ảnh hưởng giá thành bán ra, tránh gặp bất thường trong giá nhập xuất ảnh hưởng đến chiến lược bán hàng.

· Chi phí: Chi phí vốn hàng bán(Thiết kế Fanpage, Bổ xung, sửa đổi hình ảnh nội dung Fanpage theo định kỳ. Xử lý thư tín giao dịch , đơn đặt hàng, Marketing. Tính toán chỉ tiêu thống kê nghiên cứu thị trường, Tính toán hoa hồng bán hàng(Doanh thu ngoài lương của nhân viên gọi điện bán hàng, chốt đơn hàng). Chi phí trung chuyển hàng, Chi phí tài chính. Phí bao bì đóng gói, Phí vận chuyển nội địa, Phí lưu kho, Chi phí dịch vụ sau bán hàng, Chi phí đổi hàng hư hỏng; Chi phí cố định( Vị trí triển khai bán hàng; Chi phí điện, nước, internet, cưới viễn thông; Lương của nhân viên bán hàng, đóng gói, vận chuyển, kế toán tài chính, nhân viên Marketing).

· Khách hàng quyết định mua bán: Chúng tôi tập trung vào sản phẩm thị trường đang thực sự có nhu cầu. Quy trình bán hàng: Tiếp cận khách hàng; Khách hàng để lại số điện thoại dưới phần comment sản phẩm khách hàng quan tâm hoặc khách hàng inbox, đội ngũ bán hàng tư vấn chăm sóc để khách hàng đưa ra quyết định mua hàng nhanh nhất qua tư vấn gọi điện thoại hoặc trao đổi văn bản; Xác định sản phẩm khách hàng có nhu cầu và xin địa chỉ gửi hàng và giải đáp thắc mắc của khách hàng sau bán hàng; Đưa thông tin sản phẩm, địa chỉ nhận sản phẩm tới bộ phận kho và đóng gói, vận chuyển; Xác nhận khách hàng đã nhận được hàng và yêu cầu bên vận chuyển lên hợp đồng COD để thu về dòng tiền sau khi bán hàng; Dịch vụ bảo hành, hậu mãi sau bán hàng.

· Kiểm tra độ tin cậy của khách hàng: Sau khi có thông tin địa chỉ cá nhận và số điện thoại của khách hàng, ngay lập tức chúng tôi sẽ kiểm tra địa chỉ cá nhân của khách hàng có tồn tại hay không để tránh tình trạng chuyển hàng đến nơi không tồn tại thực. Bắt buộc phải kiểm tra để hạn chế tỉ lệ chuyển hoàn hàng, lỗi này có thể do khách hàng cung cấp không đúng địa chỉ hoặc do bên tiếp nhận địa chỉ có sự nhầm lẫn. 4. Chi tiết quá trình triển khai hoạt động có số liệu và sản phẩm dự kiến.

· Mục tiêu: Xử lý vốn cho khoản đầu tư 100-200 triệu với tiêu chí bảo toàn vốn và lợi nhuận kì vọng từ 7,5-20%/01 tháng(Dự án triển khai trong thời gian -3 tháng). Chúng tôi đã có kinh nghiệm, đã và đang hoạt động trong lĩnh vực thương mại điện tử(bán hàng qua Facebook) vì vậy sẽ hạn chế được tối đa rủi ro trong quá trình hoạt động, năng lực marketing(triển khai bán hàng) được đánh giá khách quan thuộc những vị trí đầu trong lĩnh vực này, hệ thống quản lý chuyên nghiệp dựa trên nền tảng công nghệ, sự minh bạch trong tài chính và quá trình hoạt động tiết kiệm chi phí tối đa và đạt tỉ suất lợi nhuận mong muốn.

· Định hướng sản phẩm kinh doanh: Đồng hồ thời trang, mắt kính, các sản phẩm theo mùa vụ, các sản phẩm có xu thế hình thành, các sản phẩm cho trẻ em và định vị chính cho nữ giới. Chúng tôi nắm giữ tệp khách hàng tiềm năng, kết hợp năng lực quảng cáo và kinh nghiệp đang hoạt động và đã có kết quả thực tiễn.

· Tiêu chuẩn đánh giá hiệu quả hoạt động: Quý đối tác, quý nhà đầu tư kiểm tra qua bản kế toán tài chính của chúng tôi.

· Xúc tiến thương mại: Lập Fanpage sản phẩm, dự án, dịch vụ; Nghiên cứu sản phẩm; Đưa sản phẩm vào quá trình kiểm tra độ thích hợp và phù hợp với thị trường và phân tích sản phẩm đưa ra được thị trường chấp nhập trong khoảng thời gian nhất định tối thiểu và tối đa; Xác định số lượng nhập tối ưu tránh tình trạng rủi ro về tồn kho và chi phí vốn tối thiểu; Kí hợp đồng vận chuyển với đối tác; Đẩy mạnh bán hàng và duy trì, quản lý tốt kênh bán hàng, chăm sóc khách hàng mới và tận thu khách hàng cũ; Thu tiền COD và kết thúc tài khóa.

· Tình hình cạnh tranh: Với tiềm năng, cơ hội và rủi ro từ cộng đồng Facebook mang lại vì vậy đã đang và sẽ có rất nhiều đơn vị xúc tiến thương mại qua kênh Facebook ( Từ các công ty, tổ chức, quỹ đầu tư, cá nhân hay thậm chí các em sinh viên đang đi học cũng sẽ là đối thủ cạnh tranh của chúng ta trong thị trường này ). Chúng ta giữ vị thế năng lực, giữ doanh thu ổn định dựa vào năng lực quản lý, quy trình chuyên nghiệp và liên tục cập nhập sự thay đổi của nền tảng công nghệ và sự thay đổi của thị trường.

· Đánh giá rủi ro: Rủi ro cho chính hệ thống thương mại điện tử đó là quyết đính sai sản phẩm, hoặc quyết định đúng sản phẩm nhưng sai trong số lượng hàng nhập và số lượng hàng thị trường chấp nhận hoặc do thay đổi trong quá trình nâng cấp thuật toán của Facebook dẫn tới gián đoạn quá trình quảng báo sản phẩm, tiếp cận khách hàng. Rủi ro lớn nhật tại thời điểm trước, bây giờ, sau này đó là cho dù khi bán hàng rất tốt, Marketing đạt năng lực tối ưu chi phí nhưng hệ thống hoạt động làm tăng chi phí cố định dẫn tới dòng tiền bị yếu và hàng tồn kho. Chúng tôi với cam kết lợi nhuận cùng chia sẻ và rủi ro cùng gánh vác với quý đối tác, quý nhà đầu tư; hàng tồn kho chúng tôi cam kết mua lại của quý nhà đầu từ và năng lực kiểm soát hệ thống sẽ giảm thiểu rủi ro cho đơn vị hợp tác ở mức tối thiểu.

Kế hoạch tài chính: Quý đối tác, quý nhà đầu tư tham gia trực tiếp vào quá trình vận hành và kiểm soát hệ thống, chúng tôi muốn minh bạch trong tài chính và hoạt động để tiến tới những hợp tác lâu dài và nhưng dự án quy mô lớn hơn.

Vốn đầu tư 100 triệu/03 tháng: Chi phí cố định gồm tiền chi cho vị trí kinh doanh ước tính 20-30 triệu gồm tiền đặt cọc và tiền trả trước 03 tháng; Chi phí nghiên cứu sản phẩm ước tính 01-05 triệu/07 ngày ban đầu; Tiền nhập hàng và tiền chạy quảng cáo ước tính 30 triệu nhập hàng và 40 triệu dùng làm chi phí đầu tư bán hàng.

Chi phí cố định hằng tháng: Vị trí hoạt động kinh doanh; Lương nhân viên bán hàng, kế toán, marketing.

Doanh thu và lợi nhuận kì vọng tính theo lãi cứng thực tế trên đơn hàng: Lãi 100.000VND/01 đơn hàng. Lợi nhuận ước tính từ 7.5-20%/01 tháng với tài khóa 03 tháng thì số lượng đơn hàng tối thiểu phải làm được trên ngày để đạt lợi nhuận kì vọng là 15 đơn/01 ngày.

Thông tin liên hệ:

Trần Đức Minh

Gmail: Zen.InvestmentFund@gmail.com

Skype: zen.investmentfund (24/24 )

Call: 0916.878.155 - 0982.883.813 ( Call/Viber )

Tư vấn miễn phí 24/24.

QUỸ ĐẦU TƯ ZEN LLC - Gói sản phẩm Ngoại hối

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++ QUỸ ĐẦU TƯ ZEN LLC - Gói sản phẩm Ngoại hối ++

Quỹ đầu tư Zen LLC - Zen Investment Fund giới thiệu đến quý khách hàng gói sản phẩm về lĩnh vực ngoại hối,kim loại quý, hàng hóa và chỉ số .Một lĩnh vực đầu tư đóng góp 30% cho tăng trưởng của Quỹ.

( Theo dõi một trong số tài khoản Forex Quỹ Zen quản lý TẠI ĐÂY)

1. Sản phẩm Zen All Weather:
Là gói sản phẩm với công nghệ giao dịch mang đến lợi nhuận cao trên mức rủi ro được tối ưu cho số dư tài khoản, tỉ lệ Drawdown – âm tối đa thấp, thời điểm vào lệnh và mức giá chốt lãi, cắt lỗ được lựa chọn tối ưu từ quá trình test lại lịch sử giá chi tiết đến từng tick size, nến M1. Sản phẩm Zen Technologies được phát triển trên nền tảng toán học và thống kê, hạch tâm của sản phẩm là Robot mẹ Zen Central – Robot thu nhập trung bình 8 Gb dữ liệu từ các nguồn tin chính mỗi ngày và đồng thời dựa vào các mô hình giá trong quá khứ để đưa ra các quyết định về vị thế giao dịch. Robot Zen Central luôn luôn nhận phản hồi và sửa đổi các biến số chốt lãi, cắt lỗ, khối lượng giao dịch để phù hợp với mỗi một công cụ đầu tư như Tiền tệ: các cặp ngoại tệ như EURUSD, GBPUSD, USDJPY, USDCAD,AUDUSD, NZDUSD,... các kim loại như Vàng Gold XAUUSD, Bạc XAGUSD, Bạch Kim Platinum XPTUSD. Hợp đồng tương lai Hàng hóa mềm Soft Commodity như Cà phê Coffe , Sợi bông Cotton, Đường Sugar, Đậu tương Soybean,... cho đến các chỉ số toàn ngành của những nền kinh tế mạnh trên thế giới như chỉ số S&P 500, Nikkei, FTSE 100, Kospi,.... Ngoài các chiến lược đầu cơ một chiều với xác suất cao và khối lượng lớn, hệ thống còn có chiến lược giao dịch khối lượng nhỏ và tạo lợi nhuận đều đặn mỗi ngày từ những đợt giá biến động lên và xuống do tâm lý thường nhật của người tham gia thị trường, bất kể xu hướng biến động của giá, hệ thống sẽ tạo lợi nhuận khi giao dịch đúng hướng và thoát lãi các lệnh đã vào chệch xu hướng sau một đợt phục hồi giá.
2. Sản phẩm Zen Eagle:
Thị trường hiểu theo một cách đơn giản là tập hợp những giao dịch của người mua và người bán. Mỗi giao dịch sẽ do tiền- money hoặc tín dụng – credit của người mua để đổi lấy các sản phẩm, dịch vụ hoặc tài sản tài chính của người bán. Trong khi sản phẩm, dịch vụ tăng dần theo dựa vào lao động thì tín dụng và tiền lại tăng và giảm dựa trên chu kỳ và tâm lý thị trường. Sẽ luôn xuất hiện một chu kỳ gia tăng tín dụng ngắn hạn làm giá cả hàng hóa leo thang và tiếp đến là chu kỳ suy giảm tín dụng ngắn hạn làm giá cả của hàng hóa giảm kéo theo các đợt suy thoái. Và chu kỳ tín dụng ngắn hạn này lại nằm trong chu kỳ tín dụng dài hạn, giai đoạn giảm phát của chu kỳ tín dụng dài hạn sẽ không phải là các đợt suy thoái kinh tế mà là cuộc khủng hoảng, tại khủng hoảng, sau hàng loạt hành động 1. giảm nợ 2. chính sách cắt giảm chi tiêu của chính phủ 3. phân bố lại của cải từ người giàu sang người nghèo qua các biện pháp đánh thuế người giàu và trợ cấp xã hội 4. tiền tệ hóa các khoản nợ, nền kinh tế sẽ bước qua giai đoạn giảm phát và bắt đầu chu kỳ tín dụng dài hạn tiếp theo.
Dựa vào mô hình chung trên và kết hợp với phân tích dữ liệu từ các chuyên gia tổng hợp dữ liệu và các lập trình viên của quỹ sẽ phỏng định ra tình hình hiện tại của các nền kinh tế và đưa ra hướng giá dài hạn và thiết lập các vị thế đầu tư dài hạn.
Quý khách hàng có dòng tiền nhàn rỗi dành cho đầu tư sau các chi tiêu cơ bản, sẽ được Quỹ đầu tư Zen Investment Fund tư vấn và trợ giúp một cách đầy đủ nhất. Bao gồm:
1. Mở tài khoản giao dịch Ngoại hối trực tiếp từ các sàn môi giới uy tín quốc tế
2. Hướng dẫn mở tài khoản Visa để thanh toán quốc tế,mở ví điện tử để nạp rút tiền mặt trong ngày như ví Neteller, Skill và trợ giúp để xác nhận ví lên tài khoản VIP để nâng giới hạn nạp rút trong ngày.
3. Được cấp tài khoản đứng tên chính khách hàng và theo dõi giao dịch hàng ngày, biết được các vị thế và lời lãi của từng ngày, từng giai đoạn.
4. Các hỗ trợ và tư vấn khác trong quá trình tài khoản giao dịch.
Để mang đến món quà đầu tiên cho khách hàng. Quỹ sẽ hỗ trợ giao dịch cho khách hàng khoảng từ 5-10%/tháng trong tháng đầu tiên. Quỹ đưa ra 2 gói chính gồm:
1. Hưởng lãi cố định 5%/tháng và cam kết bảo toàn 100% vốn
2. Sau khi hiểu được ưu việt về hệ thống của quỹ, quý khách hàng có thể chọn gói hợp tác đầu tư ăn chia 50/50 lợi nhuận.
++Thông tin liên hệ:
Trần Đức Minh
Gmail: Zen.InvestmentFund@gmail.com
Call: 0916.878.155 - 0982.883.813 ( Call/Viber )
Tư vấn miễn phí 24/24.
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Giới thiệu về Quỹ đầu tư Zen - Zen Investment Fund

23:48

ZEN INVESTMENT FUND
------Quỹ đầu tư Zen------

( Beautiful Vietnam)
1. Giới thiệu Zen Investment Fund( International Financial )
- Zen Investment Fund là một quỹ đầu tư hoạt động trong lĩnh vực tài chính quốc tế định hướng theo hoạt động của các ngân hàng đầu tư quốc tế với tầm nhìn, sứ mệnh, hoạt động cụ thể:
+ Tầm nhìn:Vị trí Top 05 các quỹ đầu tư có tỉ suất lợi nhuận và quản trị rủi ro tại khu vực Châu Á-Thái Bình Dương. Tổ chức tư vấn đầu tư và tư vấn dịch vụ tài chính mang lại giá trị thực sự cốt yếu cho nhà đầu tư, tổ chức...
+ Sứ mệnh: Zen Investment Fund mang đến sự thịnh vượng và an tâm cho khách hàng trên cơ sở cung cấp các giải pháp tài chính, các sản phẩm đầu tư hiệu quả với chi phí thấp, rủi ro tối ưu và tỉ suất lợi nhuận tối đa. Đảm bảo quyền lợi cho nhà đầu tư; Cống hiến xã hội.
+ Hoạt động: Tư vấn tài chính; Tư vấn dịch vụ tài chính; Tư vấn đầu tư; Huy động vốn; Cho thuê, vay tài chính; Xử lý công việc ngoại biên liên quan đến lĩnh vực ngân hàng và bất động sản.
2. Sản phẩm đầu tư ( Global Investment )
- Thị trường vốn Việt Nam( Thị trường chứng khoán Việt Nam )
+ Zen IF cam kết với khách theo hai định hướng: Thứ nhất(ZCK1)-Zen IF nhận ủy thác đầu tư từ nhà đầu tư toàn quyền sử dụng vốn nhận ủy thác tham gia đầu tư vào những cổ phiếu mang tiềm ẩn lợi nhuận; Thứ hai(ZCK2)- Zen IF cung cấp thông tin về biên độ giá cổ phiếu tới khách hàng và cam kết trên chính biên bản tư vấn tới khách hàng, gồm mã cổ phiếu, thời điểm mua-bán.
+ ZCK1: Vốn tối thiếu ủy thác 50.000.000VND lợi nhuận cố định 05%/01 tháng; ZCK1 sử dụng tài khoản giao dịch chứng khoán của nhà đầu tư; Công khai lịch sử giao dịch; Nhà đầu tư không được tham gia vào giao dịch.
+ ZCK2: ZCK2 gửi email gồm Mã cổ phiếu, Thời điểm mua-Thời điểm bán với giá cụ thể, Thời điểm chốt lãi. Lợi nhuận sau khi tổng kết giao dịch Khách hàng 50% lợi nhuận và Zen 50% lợi nhuận; Trong trường hợp tài khoản giao dịch của Khách hàng bị thua lỗ Zen IF cam kết chi trả 100% khoản thua lỗ trên tài khoản giao dịch theo định hướng của ZCK2; ZCK2 không chịu trách nhiệm cho những giao dịch ngoài luồng của Khách hàng nằm ngoài yêu cầu từ email. Lợi nhuận kì vọng hằng tháng 05%/01 tháng.
+ ZCK3: Tư vấn hoàn toàn miễn phí đầu tư dài hạn vào các công ty niêm yết sàn chứng khoán tối thiểu 06 tháng. Dịch vụ hoạt động 24/24.
- Thị trường Bất Động Sản: Hà Nội, TP Hồ Chính Minh, Đà Nẵng, Vũng Tàu...
+ Zen Investment Fund cam kết với quý Khách hàng tham gia đầu tư Bất Động Sản được sự giới thiệu của chúng tối với nhữn cam kết sau: Lợi nhuận cam kết hằng tháng, hằng năm; Cam kết mua lại sản phẩm đầu tư khi Khách hàng muốn thoái vốn; Cam kết bán và có lộ trình cụ thể theo hợp đồng cùng với quý Khách hàng.
+ Hiện tại Zen Investment đang nắm giữ và tham gia đồng chủ đầu tư dự án tại các thành phố sau: Hà Nội( Sản phẩm VIC, FLC, SUN, Các dự án đang cần dòng vốn tài chính hoặc bán 100% dự án); TP Hồ Chí Minh(VIC, FLC, SUN, HIMLAM, TTC, LLC); Đà Nẵng(Bán đảo Sơn Trà, Trung tâm TP Đà Nẵng); Sản phẩm biệt thự nghỉ dưỡng và căn hộ dịch vụ tại Vũng Tàu).
- Ủy thác đầu tư có bảo lãnh của Ngân hàng Á Châu hoặc Ngân hàng Vietcombank: Lãi suất cam kết 21%/01 năm.
- Đầu tư tài chính quốc tế( Global Financial )
+ Đầu tư vào Forex: Chúng tôi nhận quyền giao dịch trên tài khoản của Khách hàng lợi nhuận cam kết cố định 05%/01 tháng hoặc Khách hàng ủy quyền đầu tư và theo dõi giao dịch qua tài khoản theo dõi.
+ Thị trường vốn quốc tế: Lãi suất cam kết cố định 10%/01 tháng.
+ Dòng vốn quay chuyển: Lãi suất cam kết cố định 02%/01 tuần.
3. Dịch vụ tài chính
Zen Investment Fund: Tư vấn hoàn toàn miễn phí trong các vấn đề Khách hàng gặp phải liên quan đến lĩnh vực tài chính( Chứng khoán, Thị trường vốn quốc tế, Bất động sản, Huy động, Cho vay, Thủ tục Hồ sơ liên quan đến ngân hàng, Chuyển tiền quốc tế ).
Zen Investment Fund: Tư vấn hoạt động doanh nghiệp tại Việt Nam; Hỗ trợ vốn đầu tư: Cho vay lãi suất thấp; Chuyển tiền quốc tế; Bảo lãnh thanh toán tại Việt Nam và khu vực châu Á-Thái Bình Dương; Nhận ủy thác, ủy quyền tài chính.

Thông tin liên hệ:
Trần Đức Minh
Gmail: Zen.InvestmentFund@gmail.com
Call: 0916.878.155 - 0982.883.813 ( Call/Viber )

a

23:02

Ray Dalio Resource Page

11:45

Ray Dalio is the founder of the world's biggest hedge fund firm, Bridgewater Associates, which manages some $160 billion. Dalio’s methods are controversial and include videotaping meetings and encouraging brutal honesty among his staff, but they have proven particularly effective during the recent years of market turmoil and volatility. Dalio profited in 2011 by investing in U.S. and German government bonds, as well as U.S. Treasury inflation-protected securities. Bridgewater is now such a gold mine that the firm itself has become an attractive investment and Dalio has recently been selling stakes in the firm to his clients.

Ray Dalio -- Background & bio

Ray Dalio was born in Jackson Heights, Queens during 1949. At the time, his family had no connections to the finance industry. Ray’s father was a jazz musician who played the clarinet and saxophone at Manhattan jazz clubs. Ray Dalio first started to gain an interest in the financial world when he was around 12. At the time, he was working as a caddy at the Links Golf Club, which was close to his school. Wall Streeters used to frequent the club and Dalio soon started to learn.

It was the 1960s and the market was booming, Dalio, who was only 12 at the time, was obsessed with the talk on the golf course, which usually revolved around the markets.

Ray picked up tips and advice from the club’s members and soon purchased his first stock; Northeastern Airlines. At $5 per share, Northeastern was the only stock Dalio could afford, he had saved up $300 from his job at the golf course.

Ray was extremely lucky with this first pick. Soon after he purchased the stock, Northeastern received a takeover at three times the price Dalio had paid for it. Ray Dalio was hooked immediately. In his own words, “I figured that this was an easy game.”

By the time Dalio went to college, he had built a stock portfolio worth several thousand dollars.

After achieving an excellent academic record at college, Ray Dalio went on to win admission to Harvard Business School.

Between college and graduate school, during the summer of 1971, Dalio worked as a clerk on the floor of the New York Stock Exchange. After his first year at Harvard, he spent the summer trading commodities at Merrill Lynch for his own account. Taking the experience from Merrill, Dalio returned to Harvard, and, with a group of friends, set up a small commodity trading company called Bridgewater Associates.

After leaving Harvard, Dalio went to work for a Dominick & Dominick, LLC but only stayed for a year, before moving to Shearson Hayden Stone, the brokerage firm run by Sanford Weill -- who later went on to help create CitiGroup.

At Shearson, Dalio worked in the commodity-futures department. His job; to advise farmers, cattle ranchers and grain producers in particular on how to hedge risks. By his own account, Dalio was frustrated with Shearson’s management structure, which ultimately lost him his job. After leaving Shearson, some Dalio’s clients continued to support him and he persuaded some to hire him as a consultant Bridgewater Associates was born. Trading out of his two-bedroom apartment at the age of 26, Dalio’s new business advised a few corporate clients on currency exchange and interest rate risks.

Ray Dalio: Bridgewater

From the Bridgewater website:

Bridgewater manages approximately $169 billion in global investments for a wide array of institutional clients, including foreign governments and central banks, corporate and public pension funds, university endowments and charitable foundations. Approximately 1,500 people work at Bridgewater, which is based in Westport, Connecticut.

Founded in 1975 out of a two-bedroom apartment, Bridgewater remains an independent, employee-run organization. Throughout its 40-year history, Bridgewater has been recognized as a top-performing manager and an industry innovator. Bridgewater was one of the few firms to have positive performance during the 2008 financial crisis. The firm has received over 50 industry awards and various recognitions in the past 10 years; including awards for industry innovation, performance, quality of research, client service and client satisfaction, quality of operations and operational infrastructure. Additionally, in 2014 Bridgewater received industry recognitions for: Best in Institutional Portfolio Management, Best in Risk Budgeting, Top Workplaces, Best Client Service, Investment Company of the Year, Overall Excellence, and multiple awards for Innovation and Performance. Its clients and employees routinely give Bridgewater top satisfaction ratings in annual surveys.

Bridgewater's unique results are a product of its unique culture. Truth and excellence are valued above all else. In order to be excellent we need to know what's true, especially those things that we would rather not be true, so that we can decide how best to deal with them. We want logic and reason to be the basis for making decisions. It is through this striving to be excellent by being radically truthful and transparent that we build meaningful work and meaningful relationships.

Ray Dalio: 20 Key Principles

Dalio runs Bridgewater according to 210 principles that he's collected in a manual for his employees. Unfortunately, there’s not enough room to go through all the principles here, so here are the top 20. You can find the full PDF manual of 210 principles here; Principles by Ray Dalio - Bridgewater Associates

Recognize everyone's differences.

In order for everyone to work well as a team each team member must understand their own and everyone else's differences.Bridgewater employees are given personality tests so that managers can determine how they can best be managed.

Build your team carefully.

Staying on the topic of team building, Dalio notes that it is essential to build a strong team around you that won’t let him, or other managers down.

"Don't hire people just to fit the first job they will do at Bridgewater; hire people you want to share your life with...look for people who sparkle, not just 'another one of those.'"

Run your team like a machine.

"Micromanaging is telling the people who work for you exactly what tasks to do and/or doing their tasks for them. Not managing is having them do their jobs without your oversight and involvement. Managing means: 1) understanding how well your people and designs are operating to achieve your goals, and 2) constantly improving them. To be successful, you need to manage.”

Recognize what you don't know.

"Successful people are great at asking the important questions and then finding the answers. When faced with a problem, they first ask themselves if they know all the important questions about it; they are objective in assessing the probability that they have the answers; and they are good at open-mindedly seeking believable people to ask,"

Minimize risk.

"Recognize opportunities where there isn't much to lose and a lot to gain, even if the probability of the gain happening is low.” This rule doesn't just apply to investing it also applies to business opportunities and Bridgewater’s new recruits.

Remember the 80/20 Rule — 80% of the effects come from 20% of the causes.

"Be an effective imperfectionist. Solutions that broadly work well (e.g., how people should contact each other in the event of crises) are generally better than highly specialized solutions (e.g., how each person should contact each other in the event of every conceivable crisis), especially in the early stages of a plan. There generally isn't much gained by lots of detail relative to a good broad solution," The best leaders are able to determine the importance of the tasks in front of them and finish the important ones first.

Find outcomes that will keep you improving.

Like Charlie Munger, Dalio believes that everyone should always strive for continual self improvement. Over a month (or any longer period of time) the frequency of met and exceeded expectations should be on an upward trajectory.

Dalio says that your decisions should be made with this trajectory in mind. "Avoid the temptation to compromise on that which is uncompromisable," and don't try to please everybody with every choice you make for the team.

Place the utmost importance on truth.

"Create an environment in which everyone has the right to understand what makes sense and no one has the right to hold a critical opinion without speaking up about it,"

Teach your team that it's okay to fail if it results in learning something.

Dalio believes that managers need to expect mistakes from both their employees and themselves.

"Create an environment in which people understand that remarks such as 'You handled that badly' are meant to be helpful (for the future) rather than punitive (for the past). While people typically feel unhappy about blame and good about credit, that attitude gets everything backwards and can cause major problems. Worrying about 'blame' and 'credit' or 'positive' and 'negative' feedback impedes the iterative process essential to learning,"

Be direct and honest with employees, and ask them to do the same.

"The main reason Bridgewater has improved at a much faster rate than most other companies over the past 30 years is that we seek out problems and find systematic ways of eliminating them,"

Dalio places an emphasis on employees telling the truth at Bridgewater. He has actually fired employees for talking behind a coworker's back. "If you talk behind people's backs at Bridgewater you are called a slimy weasel”.

Know what constitutes a problem and identify them when they arise.

"To perceive problems, compare how the movie is unfolding relative to your script — i.e., compare the actual operating of the machine and the outcomes it is producing to your visualization of how it should operate and the outcomes you expected. As long as you have the visualization of your expectations in mind to compare with the actual results, you will note the deviations so you can deal with them,"

When you discover the problem identify and use specific names for the mistakes made in the process, don’t gloss over anything. You only learn from mistakes if you understand what those mistakes are.

Determine the root of problems.

Find the root of the problem and eliminate it, don’t treat problems as one-offs since they're just the manifestation of a certain behavior or bias.

Be accurate instead of kind with evaluations.

This follows Dalio’s methodology of being truthful and getting to the root of all problems. Dalio’s advice to Bridgewater’s managers is to discuss employee's performance objectively and plan for improvement.

"Child psychologists, dog trainers, and other behavior modification specialists will tell you that constant, no-exception feedback is fundamental to good training.”

Guide your employees' evolution.

"So give people your thoughts on how they might approach their decisions or how and why you would operate in their shoes, but don't dictate to them. Almost all that you will be doing is constantly getting in synch about how they are doing things and exploring why.”

If someone isn't working in a role, take them out of it.

"People who repeatedly operated in a certain way probably will continue to operate that way because that behavior reflects what they're like.” If a person doesn't fit a role, move that person to another role.

Help employees understand their problems and how they were resolved.

Bridgewater’s managers and employees need to do a post-mortem on resolved problems in order to get to the root of the issue and learn from past mistakes.

Build your team around achieving your goals.

Managers and the head of the company should hire employees that will help them achieve their goals. Teams that share the same goals and are working along the same lines produce the best performance.

Always achieve what you set out to do.

"You can make great things happen, but you must MAKE great things happen. Times will come when the choice will be to plod along normally or to push through to achieve the goal. The choice should be obvious.”

Get in synch.

Dalio teaches his employees to work at a level where there is a mutual understanding of what needs to be accomplished. One way to achieve this is by using conversations about a certain project as a means of reaching conclusions rather than just brainstorming.

Understand that making a hire is the most important decision you can make.

This follows on from several of the points above. The new team member must share the same values as the rest of the company and fit will into the existing company structure. Hiring the right people is key to business success.

Bridgewater: Resources

Risk Parity is About BalanceBob Prince, Co-Chief Investment Officer of Bridgewater, explains the concept of Balance that underlies the Risk Parity approach.

Engineering Targeted Returns and RisksPublished June 2010 | Updated as of August 2011: Ray Dalio, founder of Bridgewater Associates, explains how to structure a portfolio to target a 10% return with 10-12% risk.

The All Weather StoryHow Bridgewater associates created the all-weather investment strategy, the foundation of the ‘risk parity’ movement

Ray Dalio: Quotes

"I believe that one of the best ways of getting at truth is reflecting with others who have opposing views and who share your interest in finding the truth rather than being proven right"

"There is giant untapped potential in disagreement, especially if the disagreement is between two or more thoughtful people"

"Be wary of the arrogant intellectual who comments from the stands without having played on the field."

"The pain of problems is a call to find solutions rather than a reason for unhappiness and inaction, so it's silly, pointless, and harmful to be upset at the problems and choices that come at you."

"Don't worry about looking good - worry about achieving your goals."

"The best advice I can give you is to ask yourself what do you want, then ask 'what is true' — and then ask yourself 'what should be done about it.' I believe that if you do this you will move much faster towards what you want to get out of life than if you don't!"

"More than anything else, what differentiates people who live up to their potential from those who don't is a willingness to look at themselves and others objectively"

"I believe that understanding what is good is obtained by looking at the way the world works and figuring out how to operate in harmony with it to help it evolve."

"Life is like a game where you seek to overcome the obstacles that stand in the way of achieving your goals. You get better at this game through practice. The game consists of a series of choices that have consequences. You can't stop the problems and choices from coming at you, so it’s better to learn how to deal with them."

"I believe that for the most part, achieving success — whatever that is for you — is mostly a matter of personal choice and that, initially, making the right choices can be difficult."

"If you can stare hard at your problems, they almost always shrink or disappear, because you almost always find a better way of dealing with them than if you don't face them head on. The more difficult the problem, the more important it is that you stare at it and deal with it.

"Unlike in school, in life you don't have to come up with all the right answers. You can ask the people around you for help — or even ask them to do the things you don't do well. In other words, there is almost no reason not to succeed if you take the attitude of One: total flexibility — good answers can come from anyone or anywhere. Two: Total accountability. Regardless of where the good answers come from, it's your job to find them."

"Watch out for people who think it's embarrassing not to know."

"By and large, life will give you what you deserve and it doesn't give a damn what you like. So it is up to you to take full responsibility to connect what you want with what you need to do to get it, and then to do those things."

"Once you accept that playing the game will be uncomfortable, and you do it for a while, it will become much easier (like it does when getting fit). When you excel at it, you will find your ability to get what you want thrilling."

"You'll see that excuses like "That's not easy" are of no value and that it pays to "push through it" at a pace you can handle. Like getting physically fit, the most important thing is that you keep moving forward at whatever pace you choose, recognizing the consequences of your actions."

"Life is like a giant smorgasbord of more delicious alternatives than you can ever hope to taste. So you have to reject having some things you want in order to get other things you want more."

"People who worry about looking good typically hide what they don't know and hide their weaknesses, so they never learn how to properly deal with them and these weaknesses remain impediments in the future."

"People who confuse what they wish were true with what is really true create distorted pictures of reality that make it impossible for them to make the best choices."

"People who acquire things beyond their usefulness not only will derive little or no marginal gains from these acquisitions, but they also will experience negative consequences, as with any form of gluttony."

"Since the only way you are going to find solutions to painful problems is by thinking deeply about them — i.e., reflecting — if you can develop a knee-jerk reaction to pain that is to reflect rather than to fight or flee, it will lead to your rapid learning/evolving."

"There is an excellent correlation between giving society what it wants and making money, and almost no correlation between the desire to make money and how much money one makes."

"I have found that by looking at what is rewarded and punished, and why, universally — i.e., in nature as well as in humanity — I have been able to learn more about what is "good" and "bad" than by listening to most people's views about good and bad."

"I believe that we all get rewarded and punished according to whether we operate in harmony or in conflict with nature's laws, and that all societies will succeed or fail in the degrees that they operate consistently with these laws."

Warren Buffett Resource Page

11:32

Referred to as the "Sage" or "Oracle" of Omaha, Warren Buffett is widely viewed as one of the most successful investors in history. Buffett’s Berkshire Hathaway conglomerate is one of America’s largest companies and has dozens of subsidiaries, including in railroads, insurance, and energy, Berkshire Hathaway posted $182 billion in 2013 revenue and $19.5 billion in net income. Buffett moved to 3rd richest on Forbes' 2015 list of the world's richest, up 4th richest in 2014 but he is still inking big deals, Buffett's Berkshire Hathaway bought battery maker Duracell from Procter & Gamble in November 2014 for $4.7 billion.

A generous philanthropist, he bested his own giving record in July 2014, giving away Berkshire shares worth $2.8 billion, primarily to the Bill & Melinda Gates Foundation but also to his children's foundations, bringing his lifetime giving to nearly $23 billion. Buffett says his best investment was buying Benjamin Graham's book "The Intelligent Investor" in 1949. He later studied under Graham before moving home to Nebraska and acquiring a struggling textiles company in 1962, Berkshire Hathaway. In early February 2015, it was the fourth most valuable public company in the U.S. with a market capitalization of $355 billion.
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Warren Buffett was born in Omaha in 1930 and started his early education in Omaha Rose Hill Elementary School. His father’s, Howard Buffett and was a U.S. representative and was a harsh critic of New Deal interventionist foreign and domestic policy. Buffett’s father was first elected as a the member of Congress in 1942, a year after Buffett brought his first stock.

During 1941, when Warren Buffett was just 11 years old, he brought his first stock; 6 shares of Cities Service preferred stock [3 shares for himself, 3 for his sister, Doris], at a cost of $38 per share. The company falls to $27 but shortly climbs back to $40. Warren & Doris sell their stock. Almost immediately, it shoots up to over $200 per share.

Afterward, Buffett moved with his family to Washington, DC and was enrolled at Alice Deal Junior High School, where he finished his elementary school. In 1944, he filed his first income tax return.

By 1945, Warren, is making $175 monthly delivering Washington Post newspapers. At the age of just 14 he has saved more than $1,200 and used this money to buy 40 acres of farmland. In 1947, his senior, Buffett decided to invest $25 with a friend to buy a pinball machine and put it in a nearby barbershop. Within few months, their business started to grow and from that one machine, they were able to save enough money to buy more machines.Within months, he owns three machines in three different locations. The business is sold later in the year for $1,200 to a War Veteran.

In 1950, when he was only 20 years old, he saved $19,800. In 1952, he went to GEICO insurance company in Washington, DC. There he met its Vice President Lormer Davidson and with him he discussed the insurance business. GEICO still plays an important role in Buffett’s investment life as it is a major investment in Berkshire Hathaway.

After high school, Buffett went on to graduate from Columbia University. First, he wanted to work for Wall Street but later decided to work in Omaha as a stockbroker and also took Dale Carnegie’s course on public speaking. This course enabled him to teach the “Investment Principles” at the Omaha University. Most of his students were almost twice his age. While teaching he was able to purchase a Sinclair Texaco gas station. Unfortunately, this turns out to be an unsuccessful investment.

In 1952, he was employed in Benjamin Graham’s partnership. His initial salary at that time was $12,000. Benjamin Graham retired in 1956 and with that the partnership ended. Buffett’s savings were more than $174,000. Then he started Buffett Partnership Ltd in Omaha.

In 1957, the firm grew to three partnerships. In 1959, there were six partnerships operating and by 1960, he had seven partnerships operating as Buffett Associates, Buffett Fund, Dacee, Emdee, Glenoff, Mo-Buff and Underwood. Then eleven doctors invested $10,000 in the partnership.

Warren Buffett Timeline

Warren Buffett: Buffett partnerships

When Buffett’s early partnerships first got off the ground, Buffett couldn’t stand people criticizing him if stocks went down, so he only invited his friends and family into the first partnership. The first Buffett Associates, Ltd. partnership had $105,100 in capital. He had six partners plus himself, which brought the total to seven people.

The compensation formula was simple. The investors received 4% interest on their money from the partnership. After that threshold, Buffett got 50% of the gain, and the limited partners got the other 50%. If there were a loss, Buffett took 25% of it himself. That means if he broke even; he lost money. His obligation to pay back losses was not limited to his capital; it was unlimited.

Buffett also had a little partnership with his father, called Buffett & Buffett, on which he charged no fee.

It was in the years that followed that Warren started establishing other investment partnerships. On September 1st, 1956, he raised $120,000 from Homer Dodge, a physics professor who had attended Harvard University. With it, Buffett setup Buffett Fund, Ltd. This second fund had more money than the Buffett Associates, Ltd. partnership.

Then, on October 1, 1956, Warren founded another partnership for a friend of his, John Cleary, who was his father’s secretary in Congress. (Buffett’s father served in the House of Representatives.) It had $55,000 in capital.

In June of 1957, Buffett started another partnership called Underwood, which was setup by one of the original partners of Buffett Associates, Ltd., Elizabeth Peters, with $85,000.

It wasn’t until next year, on August 5, 1957, that Buffett started what was actually his fifth partnership, excluding Buffett & Buffett with his father, which was called Dacee. Eddie Davis and his wife Dorothy Davis had Buffett manage $100,000 for themselves and their three children.

On May 5, 1958, Dan Monen and his wife, Mary Ellen, formed the basis of Warren’s next partnership, called Mo-Buff. They put in $70,000.

The seventh Buffett partnership was called Glenoff, and consisted of $50,000 contributed by a local businessman and two sons in one of Omaha’s most prominent families. It was established in February of 1959.

By 1959, Buffett, who had only contributed $100 to each partnership, had earned fees, counting reinvested earnings, of $83,085 and owned approximately 9.5% of the combined partnerships due to his performance.

During these early years, Warren Buffett was a classic value investor and generally brought companies trading way below intrinsic value. He had three main strategies: Firstly, Buffett has his "generals", which were usually undervalued securities where he had nothing to say about corporate policies. Generals made up the bulk of Buffett’s portfolio. Then there were the "work-outs", which were undervalued securities where corporate action was required for the market imbalance to correct itself. And finally the "control" situations where Buffett aimed to influence policies of the company in order to unlock value.

One of his first investments was Commonwealth Bank. And if you read that early partnership letter, you’ll see that Warren Buffett wasn’t interested in it only because it was cheap. He thought that the bank was a high quality bank that was growing intrinsic value over time. Here is how he summarized his thoughts on this particular stock in 1959, which he felt had a current intrinsic value of $125 per share:

“So here we had a very well-managed bank with substantial earning power selling at a large discount to intrinsic value… we had a combination of 1) Very strong defensive characteristics; 2) Good solid value building up at a satisfactory pace, and; 3) Evidence to the effect that eventually this value would be unlocked although it might be one year or ten years. If the latter were true, the value would presumably have been built up to a considerably larger figure, say, $250 per share.”

Another early investment was Dempster Mill Mfg. This was in fact a “general” that became a “work-out” and then transformed into a “control” situation. Dempster stock was first acquired for Buffett’s partnerships during 1956, at a time when the company’s stock was trading at $18. Book value stood at $72 per share, with $50 per share of current assets. Dempster had been a highly profitable company but when Buffett began buying, it was only breaking even. Between 1956 and 1961, Buffett sat on Dempster’s board of directors. Using this position, he was able to get to know Dempster inside out and quickly realised where the company was going wrong.And after this period of observation, Buffett made his move. With his partnerships holding 70% of Dempster’s outstanding stock, during 1961 Buffett replaced Dempster’s management team, cut costs and sold assets.

After a successful restructuring, which only lasted a year, during 1963 Buffett sold Dempster for around $80 per share. A total gain of 186% based on an acquisition cost of $28 per share.

During 1958 and 1959 Buffett made a huge bet. Thirty-five percent of partnership net assets were channeled into one investment; Sanborn Map Co. Sanborn was never a “general” situation. Buffett bought in with the intention of unlocking value from the business within a year.

Sanborn produced detailed maps of all cities of the United States, a business in which the company had a monopoly for around 75 years. Unfortunately, during the early fifties, its maps fell out favour and profits fell by 80% between the late 1930s and 1959.

However, Sanborn had been busy building an investment portfolio since the late ‘30s. Buffett worked out that during 1958, Sanborn's portfolio of securities was worth around $65 per share, although at the time Sanborn’s stock was trading at only $45 per share. As Buffett puts it:

"… [the] map business was evaluated at a minus $20 with the buyer of the stock unwilling to pay more than 70 cents on the dollar for the investment portfolio with the map business thrown in for nothing…"

Through various means, Buffett took control of around 50% of Sanborn’s outstanding stock and began to push for change. His plan was to separate Sanborn’s investment portfolio and re-energize the map business - there were still customers who were willing to pay for Sanborn’s services (the company still exists today). Eventually, this plan was pushed through.

While there’s no exact per-share selling price for the Sanborn trade, it’s reasonable to assume that Buffett netted at least $65 per share from sale of the investment portfolio. A gain for Buffett and his partners of 44% within a year.

Warren Buffett: Berkshire Hathaway

Berkshire Hathaway was originally one of Buffett's deep value "work-out" situations, which due to Buffett’s ego, accidently became a “control” situation. I doubt he could have realized what the tiny textile company would become.

Buffett started buying Berkshire during 1962 at a price of $7.60 per share, a depressed price that reflected a lengthy restructuring. As usual, Buffett kept buying, working up an average cost of $14.86 per share during 1965. Berkshire had working capital of $19 per share.

However, Berkshire’s management became uncooperative and refused to work with Buffett to unlock value. So, Buffett took control of the company and the Berkshire Hathaway we know today was born.

Buffett used money from Berkshire’s textile operations to purchase several insurance companies. He then stumbled on the idea of using the "float" from his insurance subsidiaries to invest elsewhere, mainly into focused stock picks that would be held for the long term. Buffett has long eschewed a diversified stock portfolio in favor of a handful of trusted investments that would be overweighted in order to leverage the anticipated return.

Today, Berkshire wholly owns GEICO, BNSF, Lubrizol, Dairy Queen, Fruit of the Loom, Helzberg Diamonds, FlightSafety International, and NetJets, owns half of Heinz and an undisclosed percentage of Mars Incorporated, and has significant minority holdings in American Express, The Coca-Cola Company, Wells Fargo, IBM and Restaurant Brands International.

Warren Buffett: Top money manager

Warren Edward Buffett is the top money manager of the twentieth century and the present times revealed in a survey conducted by the Carson Group that showed him ahead of Peter Lynch and John Templeton. In the Times Magazine, he was among the hundred most influential people of the world. United States President Obama gave him the Presidential Medal for Freedom.

According to the Foreign Policy’s 2010 report, he is the most prestigious thinker. Buffet said that his investors in Berkshire Hathaway are actually his business partners and expects them to invest wisely and invest in the long term and never invest in the short term in a company. Unlike most other businesspersons, Buffett wants his partners to have full control over their shares and never rely on brokerage firms.

He belongs to that sort of businessperson whom American people have a high regard for; he is a man who believes in values and not just money. He wants to invest and work for further development of companies. He has also invested in companies such as Burlington railroad and Kraft Foods.

Warren Buffett: Investment philosophy

Buffett is from Benjamin Graham Schoolhouse of value investing. Value investors usually search for certificates having prices that are inexcusably very low as compared to their intrinsic value. For stocks to determine intrinsic value is very difficult as there is no method to find such figure. Most of the time the intrinsic value is estimated by probing the company’s fundamentals.

Most value investors are always hunting for the products that are utilitarian and prime quality, but are unfortunately sold at artificially low price. Experienced investors always seek such stocks whose worth is not deservedly assessed by the market.

However, Buffett has an entirely different investment approach in the market. The majority of investors do not support the efficient market hypothesis. Although they do understand that ultimately the undervalued stocks will become valuable once their intrinsic value is correctly assessed. He has entirely different views than those investors. He has no concern with the supply and demand of the market. Neither has any concern with the stock market activities.

“In the short term the market is a popularity contest, in the long term it is a weighing machine,” he said.

Buffet imitates a classic model of investment. According to Buffett, Benjamin Graham influences him. Graham is the true supporter of value investing and first come up with the idea of intrinsic worth. Buffet observes the company’s overall potential before he invests on its stocks. He does not seek early capital gain but company’s capability in the end to gain profits. Buffett's main concern is the company’s capability to do business and continue to do it in the end.

To understand the outstanding features with price, he puts few questions for himself to analyze.

The return on equity is sometimes seen as “stockholders” investment returns by disclosing the rate those shareholders are making income on shares. Buffett studies the ROE to detect the company’s operational capability by analyzing them with other companies in the same industry. Analyzing the return on equity of one year is not sufficient to have a complete picture of a company’s performance. To have good result, they should analyze five to ten years a company’s performance.
Buffett consider debt equity ratio carefully. He prefers a little amount of debt over borrowed money so that the profits can be made from shareowners’ equity. The degree of proportion that the company employs to finance its assets; higher the ratio, greater the debt. A high degree of debt as compared to equity will result in unstable profits and large writes-off for interest. For more testing of a company, investors frequently employ debt for long term rather than full liabilities.
The company is not considered a successful company unless it shows consistency in its profit margins. The profit margin is figured by dividing the total income by total sales. The investors should observe the trend of past five years for good indication of profit margins. When a company is doing good in business it is indicated by high profit margin. Increase in profit margins demonstrates effectual management and effective controls on expenses.
He does not recognize companies who are not around for more than ten years. The technology companies, which are only around for few years are not in the list of investment companies. He only invests in a company that he completely understands, and he admits that he do not understands most of the technology companies these days.
Ability or inability of any company to increase its level of value of shareholders entirely depends on its historical performance. But even good performance in the past do not guarantee equally same performance in future. The investor has to examine its historical performance to predict its coming future. Buffett is extremely good in analyzing the past performances.
The reliance of a company’s product on its commodity is very significant to Buffett. If the company does not offer anything different than its competitor and only relys on indistinguishable products. Buffet forecast no future for such company. The term he uses for a company with a character that is difficult for any competitor to replicate is called an economic moat. Buffett believe that the broader the moat, the more difficult it will be for competitor to access.
To be hundred percent sure that the companies are undervalued is the hardest part of investing, and Buffett is an expert at it. Before investing in a company the investor first has to assess the intrinsic company value by checking its fundamentals such as earnings, assets and revenues. Usually company’s intrinsic value is higher than the value of liquidation. For example if the company is sold today, its intangible value will not be included, like the brand name, because it is not described on the fiscal statements.
Buffett assesses the intrinsic value of a company by comparing it with its present market capitalization. He measures the intrinsic value to not less than 25 %, which is higher than the market capitalization of company. Buffett views company with value. Buffett business success is in accurately assessing the intrinsic value of a company.
It is interesting to note that Buffett invest in a way similar to when bargain hunters do the shopping. It shows his sensible and practical attitude in business. Such attitude of Buffett is obvious in his entire life. He does not live in a palace; he does not have huge collection of cars and does not even take a luxury car to work. This life style of Buffett is not without any critic, but he has proved himself a great success in the world of business. In 2004, he was the second richest man in the globe, with $40 billion according to Forbes 2004 report. The most important thing here to note is the fact that the most difficult thing for any value investor is to accurately assess the intrinsic value of a company.

Buffett was criticized during 2007 – 2008. He was blamed for early allocation of capital that results in suboptimal business deals. His Berkshire Hathaway occurred losses of 77% in earnings throughout 2008 and many of his fresh deals seems to be losing large market.

The loss incited the SEC to ask that Berkshire develop “a more robust disclosure” and include components to evaluate the contracts. He helped Dow Chemical to pay $18.8 billion arrogate of Rohm & Haas. Therefore, he became the largest single shareowner in the group on his Berkshire Hathaway that supplied with $3 billion emphasizing his inherent role in current crisis in the market of equity and debt.

According to Forbes, he became the richest man in 2008 with $62 billion. He passed Bill Gates who was number one for thirteen years in Forbes list. Once again, in 2009 Bill Gates regained its previous position of number one with Buffett second in the list. Buffet could not sustain number one position due to loss of 25 billion in only 12 months in 2008- 2009.

In June of 2010, he supported the role of credit ratings agencies in the financial crisis of the U.S. According to Buffett, very few people really understand the bubble because there were a great deal of delusions.

In November 2011, Warren Buffett announced that in 8 months he bought approximately 5.5 % of International Business Machine stocks, which values approximately $11 billion. The rationality behind buying was that IBM could continue with most of their clients while the others are struggling.

Warren Buffett has not authored any books but there have been many books written about Warren Buffett. The closest thing to a book by Buffett is a collection of his shareholder letters compiled by Lawrence A Cunningham titled The Essays of Warren Buffett: Lessons for Corporate America

Warren Buffett: Books

Warren Buffett: Quotes

"The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd."

"I don't look to jump over seven-foot bars; I look around for one-foot bars that I can step over."

"In the short term, the market is a popularity contest. In the long term, the market is a weighing machine."

"Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing."

"If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio's market value."

"The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage."

"I've seen more people fail because of liquor and leverage -- leverage being borrowed money. You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing."

"The difference between successful people and really successful people is that really successful people say no to almost everything."

"I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful."

"Long ago, Ben Graham taught me that 'Price is what you pay; value is what you get.' Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down."

"It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently."

"Nothing sedates rationality like large doses of effortless money."

"In a bull market, one must avoid the error of the preening duck that quacks boastfully after a torrential rainstorm, thinking that its paddling skills have caused it to rise in the world. A right-thinking duck would instead compare its position after the downpour to that of the other ducks on the pond."

"The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities — that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future — will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There’s a problem, though: They are dancing in a room in which the clocks have no hands.”

Warren Buffett: Buffett Partnership Letters

Warren Buffett: Letters to Berkshire Hathaway Shareholders

Berkshire Letter written by Ken Chase (1970)
To the Stockholders of Berkshire Hathaway Inc.: (1971)
To the Stockholders of Berkshire Hathaway Inc.: (1972)
1973 Berkshire Letter
1974 Berkshire Letter
1975 Berkshire Letter
1976 Berkshire Letter
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http://www.berkshirehathaway.com/letters/letters.html

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Ray Dalio Resource Page

Ray Dalio -- Background & bio

Ray Dalio: Bridgewater

Ray Dalio: 20 Key Principles

Bridgewater: Resources

Ray Dalio: Quotes

Warren Buffett Resource Page

Warren Buffett: Buffett partnerships

Warren Buffett: Berkshire Hathaway

Warren Buffett: Top money manager

Warren Buffett: Investment philosophy

Warren Buffett: Books

Warren Buffett: Quotes

Warren Buffett: Buffett Partnership Letters

Warren Buffett: Letters to Berkshire Hathaway Shareholders

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