Tomorrow, our mobile phone will be screened by Buffett again!

　　At 22:15 Beijing time on May 4th, the annual shareholders’ meeting of Berkshire Hathaway will be held in Omaha, USA. It is estimated that about 30,000 shareholders will attend, and millions of people will watch it online. The most noteworthy issues of this shareholders’ meeting include:

　　Who is Buffett’s successor? — — Bashen is 88 years old and Munger is 95 years old.

　　What about Berkshire’s more than $110 billion in cash? — — Look at the company’s share price of $320,000. Do you still think Maotai is expensive?

　　The repurchase scale will be as high as $100 billion? — — There are not many good companies worth buying, so I have to buy myself.

　　However, for A-share investors, they may be more concerned about this question: What does Buffett think of the China market? Which stocks of A shares meet its stock selection criteria?

　　Which A shares can enter the eyes of the law?

　　There are many criteria for Buffett’s stock selection, but there are clear quantitative criteria. He only said one sentence, that is, the annual return on net assets (ROE) is greater than 20% for 10 consecutive years.

　　The so-called return on equity (ROE) is the ratio of company profits to shareholders’ equity. It represents the investment income of investors, in short, how much money the enterprise can earn for investors.

　　ROE is a measure of a company’s long-term profitability. The higher the ROE, the higher the net profit it earns with the same shareholder capital investment. According to Coca-Cola’s standard, that is, keeping the ROE above 20% for 10 consecutive years, it is the company that Buffett may like.

　　So, which companies in A shares meet Buffett’s standards?

　　Wind data shows that in the 10 years from 2009 to 2019, among the listed companies whose ROE (deduction/dilution) continuously exceeds 20%, there are only five listed companies in A shares, namely Kweichow Moutai, Haitian Weiye, Gree Electric, Yanghe and Chengde Lulu.

　　The average share price increase of these five listed companies in the past 10 years is 690.49%, and the annualized rate of return is 22.97%. The biggest increase is Kweichow Moutai, which rose 12 times in 10 years, followed by Gree Electric, which rose more than 11 times in 10 years.

　　If we relax the ROE standard to 15%, that is, we will keep the ROE above 15% for 10 consecutive years. So, how many companies in A shares meet this standard?

　　Wind data shows that in the 10 years from 2009 to 2019, there were 14 listed companies with ROE (deduction/dilution) exceeding 15% continuously, namely Shuanghui Development, Kweichow Moutai, Haitian Weiye, Hikvision, Gree Electric, Huadong Medicine, Yanghe, Chengde Lulu, Hengrui Pharma, Chongda Technology, dongfeng shares, Fuyao Glass and so on.

　　The average share price increase of these 14 listed companies in the past 10 years is 551.72%, and the annualized rate of return is 20.62%. Among them, Hengrui Pharma, Kweichow Moutai and Gree Electric rose more than 10 times, while Huadong Medicine, Hikvision and Golden Mantis rose more than 5 times.

　　Is Bashen’s strategy unacceptable?

　　In the past 10 years, what is the investment income of Warren Buffett?

　　According to media calculations, if an investor bought a dollar of Berkshire stock 10 years ago, the return today is about $2.4, but if this dollar is invested in the Standard & Poor’s 500 Index Fund, the return today is about $3.2. In other words, in the past 10 years, the income from investing in Berkshire has not been as high as that from investing in the S&P 500 index fund.

　　In 2018, the worst performance of global financial assets in the past 100 years, the "stock god" seems to be unhappy. Suffering from various "thunder" such as Apple’s performance falling short of expectations and Kraft Heinz’s performance changing face, Berkshire lost more than $25 billion in the fourth quarter of 2018, but still earned more than $4 billion in the whole year.

　　But in A-share market, Buffett’s stock picking strategy still seems feasible.

　　In the past decade, 108 A-share stocks have increased more than 5 times, and 29 have increased more than 10 times. The median ROE of these 29 stocks is 14.88%. During this period, the Shanghai Composite Index rose by 24.72%, the Shanghai and Shenzhen 300 Index rose by 50.2%, the CSI 500 Index rose by 74.59%, and the Shenzhen dividend index rose by 132.51%.

　　Obviously, those companies with long-term earning ability and dividend-paying ability can surpass the market if they buy at a reasonable price. However, it should be pointed out that value investment is by no means equal to an ROE index, and the stocks selected according to it are not necessarily suitable investment targets, but only help us find out those good companies more easily.

　　The above data illustrates two problems:

　　First, as Buffett said: "By investing in index funds regularly, an investor who knows nothing can usually beat most professional fund managers." Buffett has recommended index funds for more than ten times.

　　In Buffett’s view, the vast majority of investors rarely invest in index funds, and as a result, their performance in investing in stocks is mostly just mediocre, or even disastrous. There are three main reasons for the loss of investment stocks:

　　1. The cost is too high, investors buy and sell too frequently, or the expenses are too large;

　　2. Investment decisions are made according to gossip or market trends, rather than after careful consideration and quantitative analysis of listed companies;

　　3, blindly chasing up and down, buying or selling at the wrong time.

　　Second, practice has proved that the companies with the strongest earning power in A-shares can bring rich long-term returns to investors.

　　The overall growth level of A-share listed companies is better than the average level of social enterprises. The long-term stock price trend charts of leading enterprises such as Gree Electric, Vanke A, China Merchants Bank, China Ping An and Fuyao Glass are all consistent with the development path of enterprises.

　　The method of value investment has not failed in A-shares. In fact, A-shares will create a good opportunity for value investors to pick up bargains every few years, making it easier for investors to meet good prices. Numerous masters have emphasized that all investment is to find a good industry, a good company and a good price.

　　Finally, Buffett has bought two China stocks so far — — China Petroleum and BYD.

　　In 2003, Buffett bought H shares of China Petroleum at a price of HK$ 1.6, and cleared the position when the share price reached HK$ 13.5 in 2007, with a four-year income of more than 7 times (the reinstatement factor has been considered, the same below). When Buffett bought it, the P/E ratio of China Petroleum was only 5 times, while when China Petroleum was listed on A-share in 2007, the P/E ratio of 48 yuan’s opening price was as high as 63 times.

　　In 2008, Buffett subscribed for 225 million shares of BYD at a price of about HK$ 8 per share. At present, Buffett still holds shares in BYD, and its latest share price is HK$ 53.55, and its income has exceeded five times. When Buffett bought BYD shares, the corresponding P/E ratio was only 10.2 times. At present, its latest P/E ratio is 39.29 times.

　　China securities journal Song Zhaoqing

[car home Yulin Preferential Promotion Channel] Recently, an unprecedented preferential activity was ushered in in Yulin City, with the highest preferential range reaching 94,000 yuan. Now buy BMW i4, the minimum starting price is only 375,900 yuan. The opportunity is rare. Interested friends, please hurry up and click "Check the car price" in the quotation form to strive for higher discounts!

The exterior design of BMW i4 shows unique style and modernity. The front face adopts the iconic kidney-shaped air intake grille, and the grille adopts a closed design to highlight its electric identity. The LED headlight groups on both sides are connected with the air intake grille, showing a wider visual effect. The body lines are smooth and dynamic, and the outline of the whole car presents a combination of elegance and strength. The overall design style not only retains the classic elements of BMW, but also incorporates a sense of futurity and technology. The exterior design of BMW i4 fully demonstrates its unique charm as an electric vehicle.

The dimensions of BMW i4 are 4785mm long, 1852mm wide, 1455mm high and 2856mm wheelbase. The front tread is 1601mm and the rear tread is 1630mm. The car side lines are smooth and dynamic, with 18-inch rims, which are 245/45 R18 in front of tyre size and 255/45 R18 in rear of tyre size, showing the perfect integration of sports style and elegant design.

The interior style of BMW i4 is elegant and full of scientific sense. The center console adopts a 14.9-inch floating touch screen, which supports voice recognition control of multimedia system, navigation, telephone and air conditioner. The steering wheel is wrapped in high-quality leather and has the function of manual adjustment, which is convenient for the driver to adjust according to his personal needs. The car is equipped with multiple USB and Type-C interfaces, two in the front row and two in the back row, to meet the charging needs of multiple devices. The front row is also equipped with wireless charging function, which is convenient for drivers and passengers to charge their mobile phones at any time. There are many choices of seat materials, including imitation leather, genuine leather and leather /Alcantara mix-and-match. The main and co-pilot seats have multiple adjustment functions, including front and rear adjustment, backrest adjustment, height adjustment, leg rest adjustment and lumbar support, providing excellent ride comfort. In addition, the front seats also support heating function to improve the comfort of driving in winter.

BMW i4 is equipped with an efficient motor with a maximum power of 210 kW and a maximum torque of 400 Nm. This dynamic performance not only ensures the acceleration response and driving stability of the vehicle, but also brings a satisfactory driving experience to the driver.

Car home car owners are full of admiration for BMW i4. He mentioned: "Sound insulation is good, power is sufficient, and the appearance is king. I don’t think I will lose my sister Mercedes-Benz when I make the volcanic red interior." This evaluation not only highlights the excellent performance of BMW i4 in sound insulation and power, but also gives high praise to its appearance and interior design.

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The design of Mercedes-Benz EQE is very futuristic. It adopts Mercedes-Benz family-style front face design and a closed air intake grille, which makes the whole front look very simple and full of technology. The body lines are smooth, and the side waistline extends from the front door to the rear of the car, creating a dynamic visual effect. In addition, EQE’s rear design is also simple and exquisite, and the taillights are designed through, which further enhances the recognition and modernity of the whole vehicle. On the whole, Mercedes-Benz EQE fully demonstrates the design concept and technical strength of Mercedes-Benz brand in the era of electrification with its unique design style and smooth lines.

Mercedes-Benz EQE has a body size of 4969*1906*1514mm, a wheelbase of 3120mm, smooth side lines and 19-inch rims, and a tyre size of 235/50 R19, providing stable grip and elegant appearance for the vehicle.

The interior design of Mercedes-Benz EQE is dominated by luxury and sense of technology, and adopts leather-like seats, which provide front and rear adjustment of the driver’s seat, backrest adjustment, height adjustment (4-way), leg rest adjustment and lumbar support (4-way), and has heating and ventilation functions. The steering wheel is made of leather, which supports electric up and down+front and rear adjustment, which is convenient for the driver to adjust to the best driving posture. The 12.8-inch central control screen integrates the control functions of multimedia system, navigation, telephone, air conditioner and skylight, and with the voice recognition control system, the driver can operate the vehicle more easily. In addition, the car is equipped with three Type-C interfaces in the front row and two Type-C interfaces in the back row, which supports the wireless charging function of mobile phones and meets the needs of passengers using electronic equipment in the car.

Mercedes-Benz EQE is equipped with an efficient motor with a maximum power of 215 kW and a maximum torque of 556 Nm, providing drivers with strong power output and excellent driving experience.

As mentioned in the evaluation, EQE’s appearance is novel and he is very satisfied. He thinks that this design will not be out of date for at least the next five years. Although some people think that EQE’s appearance is too round, @Dashiell thinks that this is more due to personal aesthetic differences.

1905 movie network news Directed by Andre Brock and Christian Haas, written by Gregory Balanes and Andre Brock, and voiced by Kate Winslet, an animated film has recently exposed a set of character photos, which has set off a big wave of "budding tide" on the whole network. It is reported that the film has received 180,000 praises on facebook, and the exposure of this role photo has also made China netizens instantly circle the powder. Together with the voice of the former "Ruth" Kate Winslet, I believe it will bring different audio-visual enjoyment to the audience.

The protagonist "natural to stay" sells Meng and steals the mirror.

Manou the Swift is a typical adventure animated film, which tells the story of a little Swift who has always regarded himself as a seagull. In the process of growing up, it finds that it can’t fly like a seagull. After being shocked, it runs away from home and starts an adventure. In this adventure, it experienced various setbacks, but it also unexpectedly realized its true identity. Then it was forced to face a great disaster of Swift and Seagull family. Where should Little Swift go … …

Xiao Swift in the film is the spokesperson of "brave and strong", which not only portrays the witty and brave side properly, but also creates a warm and touching atmosphere of family. From the role photos released this time, we can see that Manou the Swift’s role image is more eye-catching. The three protagonists show the attributes of "natural to stay" at the same time, which makes people’s hearts sprout. Especially, those invincible electric eyes are very stealthy, and the full sense of "online celebrity" animation refreshes the audience’s eyes and unconsciously attracts a large number of "mom fans". Many fans said that "the big eyes are so cute, and they are circled in an instant" and "which one is the small swift, I really want to see it"!

"Ruth" speaks for the seagulls.

In addition, it is worth mentioning in the film that the strength of Kate Winslet, the heroine who once swept the world, will bring unexpected surprises to the audience. It is understood that the winner of Kate Winslet Oscar, Golden Globe Award and Emmy Award for Best Actress once dubbed "Rushing into the Distance" for Aardman animation, and the dubbing lineup that joined Manou the Swift this time has voiced these seagulls, which is a great attraction. I believe that the sound collision between the superb acting "Ruth" and the seagulls will definitely spark a wonderful spark.

At present, the film is expected to be jointly introduced by TURBO FILM and Mango Entertainment.

Globally, the cumulative sales volume of brands has reached 500,000.

On November 9, Euler took the opportunity of the fourth anniversary of the cat’s listing to launch an anniversary edition model, with a price of 129,800 yuan and a limited sale of 520 units.

In terms of color matching, the anniversary edition uses the striking "Sailimu Lake Blue" as the main color of the car body, supplemented by the "Siam Black" contrasting roof, which reflects the texture of distinct colors. It is reported that "Sailimu Lake Blue" adopts the "eight-coating process", that is, the number of color paints and corresponding transition coatings is greatly increased, and the characteristics of self-repair and high corrosion resistance are realized. Officially, its tiny scratches will be automatically repaired after being exposed to sunlight, and at the same time, it can effectively filter ultraviolet rays, slow down the aging and fading speed of car paint, and can guarantee corrosion protection for more than 10 years.

Euler Good Cat Anniversary Edition is also equipped with a "Night Elf" exclusive suit, including a black front fog light area decorative cover, a black exterior rearview mirror, a black headlight decorative cover and a yellow brake caliper. In the interior, the Euler Good Cat Anniversary Edition adopts a durable green and gray contrast design.

In terms of configuration, the new car is consistent with the 401km distinguished model with a price of 125,800 yuan, and a Michelin tire set worth 3,999 yuan is given free of charge, which just offsets the price difference between the anniversary edition and the distinguished model.

Under this configuration, the new car is equipped with a 47.8kWh Contemporary Amperex Technology Co., Limited, with a CLTC working life of 401km and a maximum motor power of 126kW. L2-class driving assistance function, parking assistance, six airbags in the whole car, heating & ventilation of the driver’s seat and massage function are all standard.

It is worth mentioning that the cumulative sales volume of Euler brand in the world has exceeded 500,000, among which the cumulative sales volume of Euler Good Cat, the main sales model, has exceeded 260,000 in the past four years.

Taking this opportunity, Euler Good Cat, including the anniversary edition, can enjoy a comprehensive discount of 10,000 yuan, including 4,000 yuan insurance subsidy and up to 6,000 yuan factory trade-in subsidy. The above subsidies and national trade-in subsidies can be superimposed. For users who have old cars and want to replace Euler’s good cat, the starting price can be 95,800 only by the official sales policy of Euler’s good cat (excluding the national trade-in subsidy).

In addition, such as the lifetime warranty of the first non-operating vehicle owner, the four-year 150,000-kilometer warranty of the whole vehicle, three-year free entertainment traffic, two-year free charging pile installation, maintenance and transportation, on-site service and road rescue service are also provided. Interested partners may wish to go to the store to learn more.

The author of this article is warming the wind for kicking the car.

The play method is divided into four steps. See below for details.

1. Because offline mode only supports local gameplay, that is, two people play on the same screen on a computer, first of all, two people need to prepare a keyboard and a handle respectively.

2. Player 1 uses the keyboard to press Enter to confirm that he is Player 1.

3. Player 2 connects the gamepad to the computer and presses the A key to confirm that he is player 2.

4. When both players are ready, they can click Continue and choose their roles to play freely in offline mode.

　　[Aika motor　information　Car selection　map storage]

　　Aika Motorcycle has learned that the final version of the model of Qianjiang Motorcycle and Harley-Davidson has now been settled. It is understood that the car will be divided into two displacement models, 350cc and 500cc, equipped with an in-line two-cylinder engine, and has a strong American Flat Track style in terms of design. The final names of the models are likely to be X350 and X500.

　　It is not difficult to see that both models are designed in retro streetcar style. It is rumored that Harley is solely responsible for the appearance. It can be seen that it has a good performance in the overall texture and completeness, and the overall style highlights the modern sports American Tracker style.

　　Tracker style originated in the United States. When British knights were still shuttling between cafes, Americans began to race around in the oval mud called Flat Track. Therefore, the original Tracker models were all launched by American brands, and Harley is the brand that will carry forward Tracker. Judging from the exposure pictures, the cooperation between Harley and Qianjiang seems to be awakening the X series, and the names of the two cars are likely to be X350 and X500.

　　We can see that Qianjiang has made frequent moves in international cooperation. Whether it acquired Benelli, a century-old Italian motorcycle company, or cooperated with brands such as MV AGUSTA, Harley and Peugeot successively, it has empowered itself with world-leading technology, manufacturing and quality control standards, and produced cars with higher technology, better design and higher grade that represent China brands. Although some problems will inevitably be exposed in the process of progress, it is still one of the most potential and fastest-growing companies in China’s Mo Enterprise Corps.

Wonderful content review:

It looks good. aprilia Tuareg 660 real shot

The displacement entry configuration is not bad. Try Longjia Sixties 150Si.

Domestic products are still original, and experience Honda NSS350 first.

Recently, Deep Blue Auto officially issued a statement through the official Weibo in response to the controversy over the design of its latest model S09 on the Internet. This response stems from the fact that some netizens pointed out that the design of Deep Blue S09 is similar to that of others, and questioned its plagiarism.

In the statement, Deep Blue Auto emphasized that the design concept of S09 comes from a deep insight into the needs of users. With the change of users’ life stage, from single aristocrats to forming a family, and then living with their parents, their demand for vehicles has also escalated, and they are eager for a car that can accommodate the whole family. At the same time, these users still maintain a young mind, pursue a sense of technology and fashion trends, and hope that the vehicles they choose can not only realize their personal dreams, but also meet the expectations of their families.

Deep Blue Auto proudly said that the design of S09 embodies the ingenuity of the design team, and proudly revealed that the model adopted a set of product design language that won the Red Dot Award, showing its family design style. Deep Blue Auto further points out that the S09 has reached the same level as the ideal L9 in terms of appearance, configuration, power, intelligent driving and value, and invites consumers to compare the S09 with the other two models in all directions.