持股之后，巴菲特则建议投资人关掉行情播报系统，不要看行情，因为“市场先生是一个变来变去的疯子，他随时想向你买股票，也随时想向你卖股票。”巴菲特说：“我们在投资的时候，要将我们自己看成是企业家，而不是市场分析师或经济分析师，更不是有价证券分析师。”巴菲特在考量投资或收购某个企业的时候，非常重视管理层首先是诚实而干练的。说得更具体些，有3个方面：1）企业的经营者必须具有理性；2）整个管理层必须重视股东利益，对股东尽最大可能保持经营状况透明，而不是隐三瞒四，甚至欺骗；3）企业的管理经营者应重视企业的长远利益和发展前景，保证股东的长远收益。

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James Ng

Since 11 years old, Buffett started to invest, he used saving money to buy 3 shares of a listed company, after a while the share price rose and he hurriedly sold all, earned 5 dollars. But the share price continued to rise, and Buffett regreted. This lesson taught Buffett that if you have confident in a company, no matter the share price rise or drop, you have to continue to hold it for long term. This belief became one of the key skills of Buffett.

Benjamin Graham had a famous quote: 'In the short run, the market is a voting machine but in the long run, it is a weighing machine.' Why so many investor failed? An investment manager from HSBC said: "Normal investors can't get high return from long-term investing, basically of 2 reasons: First is incomplete understanding of a company before buying the shares; second is impatient, everyday worrying with the up and down of prices."

Buffett advised investors to stop monitoring the share prices after buying in the shares, because "Mr Market is a forever changing madman, he is always to ready to buy your shares, and ready to sell you shares." Buffett said: "When we invest, we see ourselves as businessmen, not market analyser or economy analyser, and also not a stock analyser." Before Buffett decided to invest in a company, he always look into the quality of the board of directors (must be honest and hardworking). Stated in 3 ways, 1) Management must be rational; 2) The board of directors must take care the interests of the share holders, and maximize the transparency of operation status (not play hide and seek or try to lie about); 3) Management must emphasize the long term well-being of the company prospects, and take care the interests of share holders.

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James Ng