After reading Martin Whitman, I realized I was stupid.

Like "Securities Analysis", this is a book with many contents that are not easy to understand. However, the difference is that after reading the former, I understand why I don't understand, while after reading the latter, I still don't understand why I don't understand. Fortunately, there are still some important and understandable contents, listed below:

1. Don’t just focus on the income statement, but the balance sheet. Especially in the use of forecasting models such as DCF (based on the company’s sustainable operation) based on the former. It is still meaningful today when technology and market development are changing with each passing day.

2. For the first time, the distinction between controlling and passive small investors is clearly separated in theory. In the institutionalized Chinese stock market, it has reference and reflection significance for the investment thinking of retail investors in the era of major shareholders.

3. We cannot agree on all the similarities and differences between value investing and Graham's method, but at least in terms of respecting the market, it should be worth Buffett's current fans to think carefully about it in the dead of night.

I guess I won't read it again in the future, and I also suggest that other readers who haven't read it yet should read Zhang Zhixiong's preface and the author's preface to the reprint carefully several times.

As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity.