Money Walks (Part II) 会走路的钱（下）BAYFAMILY(贝版）曾是北美文学城投资理财论坛的版主，从2006年开始陆陆续续发表投资理财的博客文章，累计阅读人数超过数百万。贝版2006年因为提出“普通家庭十年一千万美元理财计划”而引发热议，该计划于2018年最终实现。本书用纪实的方式记录了贝版实现该投资计划的每一步细节，涵盖他对市场趋势的判断，积累资本的方式，和每一笔投资交易的细节与心态历程，当然也包括众多失败的经验教训。全文按照0-1万，1万-10万，10万-100万，100万-1000万美元四个数量级的增长历程，把他投资的经历原汁原味地呈现给读者。钱是会走路的，即使你把钱压在箱子里，抱在被窝里，换成金银股票放在保险柜里，都挡不住钱会像长脚一样走来走去。投资理财，就是要专找那些别人看不见，正在走路的钱。贝版记录了老中代代传下来的五条理财真经：提高信用分数、避免超前消费、开二手车、亲自维修、不打官司多运动。这本书现身说法证明你总是可以存三分之一的收入的，因为那些比你少挣三分之一的人的生活质量不比你差很多。这世上，没有人可能比你自己对自己的钱更加上心，不要指望任何人能够管好你的钱。2007-2018年投资理财贝版做了三件事：投资中国房地产，次贷危机湾区抄底，持有比特币。贝版投资的核心理念就是“会走路的钱”。在充分效率的市场，用懒人投资法；在非充分效率的市场，用勤快人投资法。投资要跟着屌丝年轻人走，你只需要比New money抢先一步，永远不要和Old money拼体力。

投资本身是一件很复杂的事，我们是否可以化繁为简、直接追问什么才是投资的本质？有没有一些简单可行的法则和工具能够让我们直接触及投资的本质？
本书自第一版面世5年来，这些规律经过了时间的检验和市场的充分验证，更新版不仅在第一版的基础上新增了作者当下的思考，还对于那些反复被证明有效的规律进行了拓展和完善。高毅资产董事长邱国鹭从多年投资的自身经验出发，剖析了“便宜才是硬道理”“定价权是核心竞争力”“人弃我取，逆向投资”“投资应该数月亮，胜而后求战”等简单易行的投资原则，阐明了“对于大多数人而言，只有价值投资才是真正可学、可用、可掌握的”这一观点，分享了易于普通投资者学习、操作的投资方法。在对“投资中最简单的事”娓娓道来的过程中，作者用生动晓畅的语言分享了自己投资生涯中的丰富投资实例，使本书兼具了易读性与实操性。

What happens when ordinary people are taught a system to make extraordinary money? Richard Dennis made a fortune on Wall Street by investing according to a few simple rules. Convinced that great trading was a skill that could be taught to anyone, he made a bet with his partner and ran a classified ad in the Wall Street Journal looking for novices to train. His recruits, later known as the Turtles, had anything but traditional Wall Street backgrounds; they included a professional blackjack player, a pianist, and a fantasy game designer. By the time the experiment ended, Dennis had made a hundred million dollars from his Turtles and created one killer Wall Street legend. In The Complete TurtleTrader , Michael W. Covel tells their riveting story with the first ever on-the-record interviews with individual Turtles. He shows how Dennis's rules worked—and can still work today—for any investor with the desire and commitment to learn from one of the greatest investing stories of all time.

在线阅读本书
Book Description
The Five Rules for Successful Stock Investing
"By resisting both the popular tendency to use gimmicks that oversimplify securities analysis and the academic tendency to use jargon that obfuscates common sense, Pat Dorsey has written a substantial and useful book. His methodology is sound, his examples clear, and his approach timeless."
—Christopher C. Davis Portfolio Manager and Chairman, Davis Advisors
Over the years, people from around the world have turned to Morningstar for strong, independent, and reliable advice. The Five Rules for Successful Stock Investing provides the kind of savvy financial guidance only a company like Morningstar could offer. Based on the philosophy that "investing should be fun, but not a game," this comprehensive guide will put even the most cautious investors back on the right track by helping them pick the right stocks, find great companies, and understand the driving forces behind different industries—without paying too much for their investments.
Written by Morningstar's Director of Stock Analysis, Pat Dorsey, The Five Rules for Successful Stock Investing includes unparalleled stock research and investment strategies covering a wide range of stock-related topics. Investors will profit from such tips as:
* How to dig into a financial statement and find hidden gold . . . and deception
* How to find great companies that will create shareholder wealth
* How to analyze every corner of the market, from banks to health care
Informative and highly accessible, The Five Rules for Successful Stock Investing should be required reading for anyone looking for the right investment opportunities in today's ever-changing market.
From the Inside Flap
Stocks can be the perfect vehicle for your investment journey–if you know how to pick them. With Morningstar’s unparalleled guidance you can get the story behind the numbers and learn how to invest in stocks with care and confidence.
In The Five Rules for Successful Stock Investing, Pat Dorsey, Director of Stock Analysis for Morningstar, Inc., helps today’s investors learn from the mistakes of the past in order to lay a solid foundation for future success. According to Mr. Dorsey, "Investment success depends on personal discipline, not on whether the crowd agrees or disagrees with you." In a highly accessible and down-to-earth style, Dorsey helps even novice investors understand how to evaluate companies and achieve success by buying stocks at a discount of their true worth.
Reading The Five Rules for Successful Stock Investing is like joining a community of fellow investors who want to better understand how stocks operate, avoid the common pitfalls of investing, and build strong stock portfolios they can be confident in. Dorsey and his team of stock analysts will open investors’ eyes to a wealth of investment opportunities that exist regardless of market conditions, as they learn:
* How to develop a feel for what makes a company profitable
* How to find great companies with a competitive advantage
* How to make sure a company’s management team is on their side
* How to recognize red flags that can cause blow-ups in a portfolio
* How to apply proven valuation principles to improve results
* And how to apply a 10-Minute Test to any stock in order to determine if it’s worth investigating in more detail
A complete investment guide for people who are serious about mastering stock strategies, The Five Rules for Successful Stock Investing outlines the rigorous process through which Morningstar evaluates stocks, providing readers with tried-and-true tools for selecting stocks that will make promising long-term investments–and perhaps more important–avoiding those that won’t.
In today’s economic climate, The Five Rules for Successful Stock Investing has something to offer every investor. Seasoned investors will welcome the kind of sound, reliable advice that can help them avoid the mistakes of the past, while novice investors will find the kind of "on-ramp" introduction they need to get moving along the road to better investment results.
Book Dimension
length: (cm)23.1 　　　 　　　　　 　　　　　 width:(cm)15.3

Money Walks (Part I) 会走路的钱（上）BAYFAMILY(贝版）曾是北美文学城投资理财论坛的版主，从2006年开始陆陆续续发表投资理财的博客文章，累计阅读人数超过数百万。贝版2006年因为提出“普通家庭十年一千万美元理财计划”而引发热议，该计划于2018年最终实现。本书用纪实的方式记录了贝版实现该投资计划的每一步细节，涵盖他对市场趋势的判断，积累资本的方式，和每一笔投资交易的细节与心态历程，当然也包括众多失败的经验教训。全文按照0-1万，1万-10万，10万-100万，100万-1000万美元四个数量级的增长历程，把他投资的经历原汁原味地呈现给读者。钱是会走路的，即使你把钱压在箱子里，抱在被窝里，换成金银股票放在保险柜里，都挡不住钱会像长脚一样走来走去。投资理财，就是要专找那些别人看不见，正在走路的钱。贝版记录了老中代代传下来的五条理财真经：提高信用分数、避免超前消费、开二手车、亲自维修、不打官司多运动。这本书现身说法证明你总是可以存三分之一的收入的，因为那些比你少挣三分之一的人的生活质量不比你差很多。这世上，没有人可能比你自己对自己的钱更加上心，不要指望任何人能够管好你的钱。2007-2018年投资理财贝版做了三件事：投资中国房地产，次贷危机湾区抄底，持有比特币。贝版投资的核心理念就是“会走路的钱”。在充分效率的市场，用懒人投资法；在非充分效率的市场，用勤快人投资法。投资要跟着屌丝年轻人走，你只需要比New money抢先一步，永远不要和Old money拼体力。

在本书中，欧洲第一理财教练博多•舍费尔将为你介绍梦想、目标、价值观和策略这四大致富支柱，指导你转变理财观念，运用有效的投资理财策略，在保证财务安全的前提下，实现财务自由。你将学到：怎样合理利用负债：科学储蓄并利用储蓄致富；股市投资的10条黄金法则；选择基金的技巧及投资基金的10条建议。
本书在德国出版后大获成功，占据德国图书年度畅销榜第一名，创下了110周稳居德国图书排行榜榜首的记录，全球销量超过500万册。更重要的是，通过运用博多在本书中所介绍的投资理财理念和策略，成千上万的欧洲人已经在个人财务问题上取得了巨大的进步，并最终实现了财务自由，是一本比《富爸爸》系列更适合中国希望走上富裕阶层的理财指南。如果你想要提高理财技巧、安全实现家庭财产的保值增值，那么这本书就再适合不过了。

More than one million hardcovers soldNow available for the first time in paperback!The Classic Text Annotated to Update Graham s Timeless Wisdom for Today s Market ConditionsThe greatest investment advisor of the twentieth century, Benjamin Graham taught and inspired people worldwide. Graham s philosophy of "value investing" -- which shields investors from substantial error and teaches them to develop long-term strategies -- has made The Intelligent Investor the stock market bible ever since its original publication in 1949.Over the years, market developments have proven the wisdom of Graham s strategies. While preserving the integrity of Graham s original text, this revised edition includes updated commentary by noted financial journalist Jason Zweig, whose perspective incorporates the realities of today s market, draws parallels between Graham s examples and today s financial headlines, and gives readers a more thorough understanding of how to apply Graham s principles.Vital and indispensable, this HarperBusiness Essentials edition of The Intelligent Investor is the most important book you will ever read on how to reach your financial goals.

Howard Marks's The Most Important Thing distilled the investing insight of his celebrated client memos into a single volume and, for the first time, made his time-tested philosophy available to general readers. In this edition, Marks's wisdom is joined by the comments, insights, and counterpoints of four renowned investors and investment educators: Christopher C. Davis (Davis Funds), Joel Greenblatt (Gotham Capital), Paul Johnson (Nicusa Capital), and Seth A. Klarman (Baupost Group). These experts lend insight into such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. Marks also adds his own annotations, expanding on his book's original themes and issues. A new chapter addresses the importance of reasonable expectations, and a foreword by Bruce C. Greenwald, called "a guru to Wall Street's gurus" by the New York Times, speaks on value investing, productivity, and the economics of information. *** Howard Marks, the chairman and cofounder of Oaktree Capital Management, is renowned for his insightful assessments of market opportunity and risk. After four decades spent ascending to the top of the investment management profession, he is today sought out by the world's leading value investors, and his client memos brim with insightful commentary and a time-tested, fundamental philosophy. Now for the first time, all readers can benefit from Marks's wisdom, concentrated into a single volume that speaks to both the amateur and seasoned investor. Informed by a lifetime of experience and study, The Most Important Thing explains the keys to successful investment and the pitfalls that can destroy capital or ruin a career. Utilizing passages from his memos to illustrate his ideas, Marks teaches by example, detailing the development of an investment philosophy that fully acknowledges the complexities of investing and the perils of the financial world. Brilliantly applying insight to today's volatile markets, Marks offers a volume that is part memoir, part creed, with a number of broad takeaways. Marks expounds on such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. Frankly and honestly assessing his own decisions--and occasional missteps--he provides valuable lessons for critical thinking, risk assessment, and investment strategy. Encouraging investors to be "contrarian," Marks wisely judges market cycles and achieves returns through aggressive yet measured action. Which element is the most essential? Successful investing requires thoughtful attention to many separate aspects, and each of Marks's subjects proves to be the most important thing. "This is that rarity, a useful book."--Warren Buffett

In The Book on Rental Property Investing, real estate investor and co-host of the BiggerPockets Podcast Brandon Turner has one goal in mind: to give you every strategy, tool, tip, and technique needed to become a millionaire rental property investor―while helping you avoid the junk that pulls down so many wannabes!
Written for both new and experienced investors, this book will impart years of experience through the informative and entertaining lessons contained within. You’ll find practical, up-to-date, exciting strategies that investors across the world are using to build wealth and significant cash flow through rental properties.
Inside, you’ll discover:
• Why many real estate investors fail, and how you can ensure you don’t!
• 4 unique, easy-to-follow strategies you can begin implementing today.
• Creative tips for finding incredible deals―even in competitive markets.
• How to achieve success without touching a toilet, paintbrush, or broom.
• Actionable ideas for financing rentals, no matter how much cash you have.
• Advice on keeping your wealth by deferring (and eliminating) taxes.
• And so much more!

At last, for a generation that's materially ambitious yet financially clueless comes I Will Teach You To Be Rich , Ramit Sethi's 6-week personal finance program for 20-to-35-year-olds. A completely practical approach delivered with a nonjudgmental style that makes readers want to do what Sethi says, it is based around the four pillars of personal finance— banking, saving, budgeting, and investing—and the wealth-building ideas of personal entrepreneurship.

Sethi covers how to save time by not wasting it managing money; the guns and cars myth of credit cards; how to negotiate like an Indian—the conversation begins with "no"; why "Budgeting Doesn't Have to Suck!"; how to get things rolling—for real—with only $20; what most people don't understand about taxes; how to get a CEO to take you out to lunch; how to avoid the Super Mario Brothers trap by making your savings work harder than you do; the difference between cheap and frugal; the hidden relationship between money and food. Not to mention his first key lesson: Getting started is more important than being the smartest person in the room. Integrated with his website, where readers can use interactive charts, follow up on the latest information, and join the community, it is a hip blueprint to building wealth and financial security.

Every month, 175,000 unique visitors come to Ramit Sethi's website, Iwillteachyoutoberich.com, to discover the path to financial freedom. They praise him thoughtfully ("Your site summarizes everything I want with my life—to be rich in finances, rich in experience, rich in family blessings," Dan Esparza ) and effusively ("Dude, you rock. I love this site!" Richard Wu ). The press has caught on, too: "Ramit Sethi is a rising star in the world of personal finance writing . . . one singularly attuned to the sensibilities of his generation. his style is part frat boy and part silicon Valley geek, with a little bit of San Francisco hipster thrown in" ( San Francisco Chronicle ). His writing is smart, his voice is full of attitude, and his ideas are uncommonly sound and refreshingly hype-free.

在2008年金融危机爆发10周年之际，全球一线投资者之一瑞·达利欧公开了他独到的债务危机应对原则。这些原则可以解释债务危机的发生机制，以及妥善应对危机应该遵守的原则。凭借这些原则，桥水在其他机构受困于危机的情况下，得以准确预见事态发展，并安然度过危机。
正如达利欧在其全球畅销书《原则：生活和工作》中解释的那样，他相信，绝大多数事情都是一遍又一遍地反复发生的，所以通过研究事物的规律，人们可以理解事物背后的因果关系，并制定妥善应对的原则。在这本书中，他用这种方式剖析了大规模债务危机，并分享了他的模型，希望以此来降低大规模债务危机发生的概率，以及帮助人们在未来更好地掌控危机。
在这本书中，达利欧通过三部分内容阐述了债务危机及其应对原则：债务大周期模型（解释模型）、3个重要案例（深入考察20世纪20年代德国魏玛共和国、20世纪30年代的美国大萧条和2008年金融危机）、48个历史案例和数据对照分析。
作为成功驾驭危机的极少数人之一，达利欧提供了他的非常规视角。无论你是投资者、决策者，还是仅仅对危机感兴趣的读者，这本书都将帮助你以备受启发的新方式理解经济与市场。

本书专门为零基础的初学者写作，它将帮助初学者循序渐进、轻松自如地掌握财务报表的相关知识，快速入门。无论你是企业管理层，是银行、咨询公司的工作人员，哪怕只是一名普普通通的会计专业学生，本书都能帮你实实在在地了解财报，迅速捕获财务报表中对自己最有价值的信息。
清华大学会计系主任肖星老师向你点对点传输执教经验，用问答形式展示关于财务报表的扎实干货与实战案例 本书让你 3 分钟掌握财务报表上的关键数据，5 分钟实现简单的财务分析，10 分钟利用财务信息做出正确决策。
总之，搞定财务报表，一本书就已足够。

◆ 人工智能对你的工作、你的生意意味着什么？读这本书你就能明白。 ——哈尔·瓦里安，谷歌首席经济学家
◆ AI 商业化领军实验室出品，直击人工智能痛点，从经济学角度解决“何为人工智能，它有什么用，我们该怎么办”，化繁为简，深入浅出地阐释了人工智能对我们工作与生活的影响。
◆《失控》《必然》 作者凯文·凯利力荐的“天才之作”，哈佛、麻省理工、斯坦福等大学经济学教授和苹果、谷歌、微软等公司人工智能部门高管一致好评，《经济学人》《金融时报》《麦肯锡季刊》争相报道！
【内容简介】
人工智能正在以不可阻挡的态势席卷全球。无论是 iPhone 的神经网络引擎、AlphaGo 的围棋算法，还是无人驾驶、深度学习……毫无疑问，人工智能正在改写行业形态。如同此前个人电脑、互联网、大数据的风行一般，技术创新又一次极大地改变了我们的工作与生活。
那么，究竟应该如何看待人工智能？在《AI极简经济学》一书中，三位深耕人工智能和决策领域的经济学家给出了清晰的答案。他们以坚实的经济学理论剖析动态，把握本质，将人工智能领域变化多端的表象总结为不断提高的机器预测能力。无论你是需要做出决策的企业家，还是尚且在规划职业生涯的普通人，或是面对剧烈社会变动的思考者，都能从这本书中获得重要启发。
【名人推荐】
《AI极简经济学》将人工智能视为一种全新的平价商品——预测能力，这让我们能更加轻松地理解人工智能，实为天才之举。我感觉这本书出奇地有用。
—— 凯文·凯利，《失控》《必然》 作者，《连线》杂志创始主编
无论你是商界领袖、政策制定者、经济学家或战略家，还是一个想要了解“人工智能究竟意味着什么”的普通人，《AI极简经济学》都是必读之书。从制定企业战略，做出决策，到理解人工智能将会如何影响我们的社会，你都可以在本书中找到答案。
—— 鲁斯兰·萨拉赫丁诺夫，苹果公司人工智能研究主管，卡内基·梅隆大学教授
AI 是我们这个时代最具革命性的技术。本书的三位作者深谙这项技术的本质，并经由这本书，向我们传达了他们对 AI 的经济意义及其权衡机制的深刻理解。如果想要拨开 AI 迷雾弄清这项技术将带来的机遇与挑战，你首先应该阅读这本书。
—— 埃里克·布莱恩约弗森，麻省理工学院教授，《第二次机器革命》作者
人工智能或许会改变你的生活，本书则会刷新你对人工智能的认知。我们无法确定人工智能是不是最好的科技进步，可以确定的是，这本书是迄今为止该领域最好的书。
—— 劳伦斯·萨默斯，哈佛大学前任校长，世界银行前首席经济学家，奥巴马政府国家经济委员会主席
《AI极简经济学》是一本开创性的著作，它聚焦于战略家和管理者真正需要了解的AI技术革命的知识。本书采用现实的视角来考量这项技术，并且从经济学和企业战略的原则出发，解读公司、产业和管理将如何被AI技术改变。
—— 苏珊·阿西，斯坦福大学教授，前微软研究员
《AI极简经济学》完成了一项创举：它驱散了笼罩于 AI 周边，使其显得远离现实的迷雾，让它轻松易懂。本书提出了前所未有的见解。高层管理者和政策制定者能轻松理解其中的含义。每一位领导者都应该阅读本书。
—— 多米尼克·巴顿，麦肯锡公司全球管理合伙人

"Ray Dalio's excellent study provides an innovative way of thinking about debt crises and the policy response." - Ben Bernanke
"Ray Dalio's book is must reading for anyone who aspires to prevent or manage through the next financial crisis." - Larry Summers
"A terrific piece of work from one of the world's top investors who has devoted his life to understanding markets and demonstrated that understanding by navigating the 2008 financial crisis well." - Hank Paulson
"An outstanding history of financial crises, including the devastating crisis of 2008, with a very valuable framework for understanding why the engine of the financial system occasionally breaks down, and what types of policy actions by central banks and governments are necessary to resolve systemic financial crises. This should serve as a play book for future policy makers, with practical guidance about what to do and what not to do." - Tim Geithner
On the 10th anniversary of the 2008 financial crisis, one of the world's most successful investors, Ray Dalio, shares his unique template for how debt crises work and principles for dealing with them well. This template allowed his firm, Bridgewater Associates, to anticipate events and navigate them well while others struggled badly.
As he explained in his #1 New York Times Bestseller, Principles: Life & Work, Dalio believes that most everything happens over and over again through time so that by studying their patterns one can understand the cause-effect relationships behind them and develop principles for dealing with them well. In this 3-part research series, he does that for big debt crises and shares his template in the hopes reducing the chances of big debt crises happening and helping them be better managed in the future.
The template comes in three parts provided in three books: 1) The Archetypal Big Debt Cycle (which explains the template), 2) 3 Detailed Cases (which examines in depth the 2008 financial crisis, the 1930's Great Depression, and the 1920's inflationary depression of Germany's Weimar Republic), and 3) Compendium of 48 Cases (which is a compendium of charts and brief descriptions of the worst debt crises of the last 100 years). Whether you're an investor, a policy maker, or are simply interested, the unconventional perspective of one of the few people who navigated the crises successfully, A Template for Understanding Big Debt Crises will help you understand the economy and markets in revealing new ways.

《股票大作手回忆录》是一本精彩的人物传记，记述了一位几百年一遇的金融市场交易与投资天才——杰西·利弗莫尔（Jesse Lauriston Livermore，1877-1940年）的人生、梦想、事业和财富的故事，情节起伏跌宕、激动人心。
当事人回忆往事的年岁在45、46岁（1922-1923）。他从14岁开始从股票经纪行营业部的小伙计做起。很快便专门从事交易。他的一生既以交易为事业而追求事业成功，又以交易为依托而满足远超过温饱水平的生活需求，股票、商品的交易和投资是他人生的全部基础。45、46岁年华，正是事业兴旺、思想成熟、年富力强的好时候。
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Reminiscences of a Stock Operator

记录华尔街有史以来最大的商业丑闻，揭露一群绝顶聪明的高阶经理人，如何将美国第七大企业搞挂，轻轻松松卷走十亿美金，让投资人血本无归，上万员工失去工作。 本片根据安隆事件畅销书The Smartest Guys in the Room摄制，运用访谈画面、录音、企业内部数据制作而成，甚至揭露布什家族可能涉案的内幕。安隆案影响甚巨，不仅使全球五大会计师事务所之一的安达信(Arthur Andersen LLP)被美国证期会吊销执照，也让国际知名的麦肯锡顾问公司重伤五内，更让所有商学院洗心革面，在高喊利润至上之外，重新向MBA学生传授「伦理与道德」。 全球各大企业也把「公司治理」捧上天，希望能够赢回投资人的信任。但安隆风暴尚未结案，高潮将可能再度袭卷华尔街…

在《富爸爸(辞职创业前的10堂课)(富爸爸系列丛书)》中，富爸爸以自己在创业中亲历的失败，从现金流、沟通、财务等方面进行分析，提醒那些想辞职创业的人们，光有一个好的主意还远远不够，每个创业者都必须上好这至关重要的10堂课，才可能少走弯路，尽量避免不必要的损失。
你是否拥有一个价值百万的好主意？你是否害怕失败？你是否厌倦了为别人打工、帮别人赚钱？你是否不愿对老板俯首贴耳？你是否受够了工作辛苦却无所发展？如果你已准备好独自奋斗，那么这本书就是写给你的！

《穷查理宝典》完整收录了查理·芒格的个人传记与投资哲学，以及过去20年来芒格主要的公开演讲和媒体访谈。他拥有百科全书式的知识，从古代的雄辩家，到18、19世纪的欧洲文豪，再到当代的流行文化偶像，这些人的名言他都能信手拈来，并用这些来强调终身学习和保持求知欲望的好处。全书贯穿了芒格的聪慧机智，令人敬服的价值观和深不可测的修辞天赋。