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[Chinese shoes Network] Everyone knows the value of investment guru Warren Buffett, but most people do not know, Buffett also invested a lot of growth stocks, a typical case is Nike. Nike is a very typical growth stocks over the past 10 years and 5 years has maintained a high growth: the annual compound growth rate of sales revenue of 9.3% and 12.6%, EBITDA was 13.8% and 12.7% , free cash flow was 32.1% and 4.5%, shareholders' equity was 11.7% and 14.8%. August 1987 to July 15, 2009 stock rose up to 64 times, the highest increase of 84 times. Buffett's investment Nike surprised us, he was operating in a flexible Nike stocks made us surprised. In early 2000, the US stock market dotcom bubble when the most powerful, but an Internet stocks Buffett does not buy a lot of buying from a quarter of traditional sportswear company Nike's stock, while the lowest price was only about $ 27, to by the end of 2000 to buy 5,554,100 shares, annual closing $ 55.81, a year rose nearly doubled. 2001 ?? slightly underweight, at the end holding 4,930,700 shares. 2002 holdings to 600 million shares. 2000 to the end of 2002, the dotcom bubble burst, the S & P 500 index fell 909 points from 1320 points, down 38%. Nike shares fell to $ 44.47 from $ 55.81, down 20%, significantly stronger than the broader market. Buffett continued holdings Nike opinion, the election right. 2003 Buffett Nike shares remained unchanged. By the end of 2002 to the end of 2004, Standard & Poor's 500 Index rebounded from 909 points to 1212 points, or up to 1/3, Nike shares doubled, more than 90 US dollars. Buffett substantial reduction in the fourth quarter of 2004, Nike's stock, from 600 million shares to 250 million shares holdings, holdings of 58%, with an average reduction of prices at 80-90 US dollars. According to Buffett bought in 2000 a quarter of the price of $ 27 to calculate, then 5-year cumulative reduction of more than three tim Cheap air jordans for sale es the profit. 2005 Buffett Nike holdings to 2,474,600 shares, essentially unchanged, Nike end price of $ 90.69, essentially flat with last year. August 2006, Nike lowest price pullback to around $ 76. While its sales revenues and profits from 2001 to 2006 five-year compound annual growth rate of 10% and 20%. 16% in the share price correction began after Buffett holdings, holdings of 400 million shares at the end, Nike shares rose to $ 99 by the end. Nike first quarter of 2007 the highest price broke through $ 109, Nike April 1 shares split into 2 shares, Buffett's holdings into 7,641,000 shares, by the end of the closing price of $ 64, before the stock split is equivalent to the $ 128, less than a year and a half on the rebound 68%. From then until the end of the first quarter of 2009, Buffett's holdings has remained the same for Nike, but Nike stock price down to $ 46.89, down 27%. analysis Buffett flexible operation in leapfrog growth stocks Nike stocks helped us to clarify some serious misunderstanding of Buffett's value investing: First, the bull market is also valuable underestimate good stocks. Even in the most serious Internet bubble, when the overall stock market overvalued, Buffett still buy Nike. Buffett is not visible when the big bull market all clearing, not what not to buy the stock. Buffett bought in 2000 a quarter of Nike, one year doubled appreciation, the appreciation of 4 times for 5 years, we can see big bull market have been seriously underestimated the good stocks, although less, but still have the opportunity to value investors. Second, even the best of the company after its shares should be sold over-estimated. Buffett bought in 2000 a quarter of Nike, by the end of 2004, five years after the appreciation of 4 times, Buffett substantial reduction of 58%. Buffett is not visible some people imagine just buy died after long-term holders are not selling as simple mec Cheap foamposites for sale hanical rigidity, but too overrated on holdings, even the best stock will have over-estimated the time, the reduction who should be underweight. Third, after selling the fundamentals found better view must be promptly corrected promptly holdings. Let us but did not expect that, after Buffett substantial reduction in the fourth quarter of 2004 80-90 US dollars, in August 2006 the share price correction around 16% to $ 76 again slightly overweight. To the end of 2007 less than a year and a half on the rebound by 68%. In fact, if Buffett was not a large-scale reduction, it will earn more. I think Warren Buffett is not to band operation, but the reduction was found after the Nike company fundamentals become more good, so it a large number of holdings again. Not subject to large-scale reduction of the psychological burden of the past, but to make calm rational analysis based on fundamentals, timely change their views, the average person may have mental disorders, do not want to have large-scale reduction of the holdings of its own shares, Buffett can face and tickets separately, to amend the amendment when the view the hand on the shot. Fourth, good company stocks may not rise a few years, must be psychologically prepared. The end of the first quarter of 2009 the share price has returned to levels equivalent to Buffett's holdings at the end of 2004, Buffett's long-held 5-year 500 million shares (250 million shares before the split) Nike stock, did not earn from the stock market five years money. But Nike's five-year appreciation of 14.8% per year book value, has appreciated more than 1 times. No money to buy stocks, when shareholders earned more than one times, Buffett is still very happy, continue to hold patience, because he knew the stock price will eventually reflect the intrinsic value growth. In fact, this 5-year S & P 500 index fell 842 points from 1211 points, down 30 percent, unchanged from th cheap foamposites e equivalent of Nike shares outperformed the index by 30%. Fifth, my heart did not want to understand is Why Buffett massive holdings of Nike, only 58% of holdings, but not all holdings of it? What is seen is not accurate because Buffett, the first part of the profit can be secured, and the other holding to wait and see, or Buffett to find a more understated, more confident a lot of money and some good stock convertible out? Finally, and most importantly, the value of Buffett the most famous investment guru, Nike invested only recognized as the most typical growth stocks, His actions illustrate his thesis: distinguish value stocks and growth stocks meaningless . In 1992 Buffett letter to shareholders said: "We Value and growth of these two investment strategies distinction is nonsense (must admit that a few years ago I also made the same mistake). In our view, these two investment strategies at critical locations are consistent with each other: growth is always a part of the value assessment, which constitutes a variable whose importance can only be negligible in between huge and its value the impact can be both negative, may also be positive " In 2000 Buffett letter to shareholders said:." In fact, if a pre-project cash investment over the coming completion of the project After the discounted value of cash flows generated by its assets, growth it will destroy the value of the business. Some market analysts and fund managers kept the growth and value as two diametrically opposite type of investment style, can only show their ignorance is anything but genuine knowledge. Growth is just one factor in the valuation formula, often a positive factor, but sometimes it is a negative factor. " In short, Buffett believes that all investments should be worth the investment, or is speculation.As we reported earlier this double Nike KD spy 8, so many friends marvel! Durant last season because of injury, he Cheap foamposites for sale missed most of the game, and Nike to create the Nike KD 7 him that he rarely wore, and later launched its elite version is missed. The launch of the Nike KD 8 with the previous generation has a disruptive change, starting "Bright Crimson" Perhaps we are not satisfied with the color, I believe that with Durant in recent years on the court appearance has won the hearts of many fans, The brand is also subject of his boots to create a lot of attention, and I believe this will be no exception. It is reported that the color will be on sale starting July 11, item number 749375-610, priced $ 180, interested friends might concern you. & nbsp; Nike SB Dunk High "California" commercial information 2014-08-06 12:49:38 & nbsp; as we reported months ago Nike SB Dunk High "California" to get everyone's attention, we can see that the expectations for this shoe. Shoe color inspired by California's state flag, leather and suede uppers with the composition. Recently the network released a pair of shoes specifically marketed this date, will be fully commercially available this month, priced at $ 120, will be like a friend not to miss. Nike SB Dunk High Number: 313171-201 expected release date: 08/30/14 expected sale price: $ 120 & nbsp; A few days ago to join the Italian fashion brand Missoni CONVERSE planning to expand cooperation in the season, the two sides choose overwhelmed with its classic Chuck Taylor All & nbsp; Star and a new All-Star Lux modeled using iconic Missoni design national wind printing mainly, while incorporating the color gradient effect, I believe that many street players and good partners. It is reported that the shoes will soon log on brand retail for $ 85-105, and interested friends can focus the next friends. Pharrell Williams x adidas Originals "Solid" joint funds marketed Information 2014-09-17 14:48:33 adidas orignals and Pharrell Williams will be announced at the beginning of Cheap jordans online air jordan 11 blackout for sale the list of products will be launched linking, the two sides finally released before the final planning work cooperation, both sides chose Stan Smith and sports jacket modeled on the design of the new image, overwhelmed by both sides using solid build, were designed 3 color, leather jacket excellent choice to build, with the texture of a whole series of shoes will elevate to a certain height, it is learned that the series is expected to be available at retail outlets designated September 20. & nbsp;Converse for WADE launched Wade 3 generation shoes seems to have been lukewarm, not hot, Wade wear opportunities are not much, media follow-up less...... But this will never affect the quality of the shoe's various color versions and its fondness for WADE. This Wade 3 generation version of outdoor color, personal feeling is very good, youpi is vicissitudes of history, but also very texture, if you choose it to climb the mountain outdoor sports and so on, must be good. Kobe and James's shoes have an outdoor color, launched, and this time Nike is to make up Wade After following the before the launch of a classic shoes Presto upgraded version of the blue and green fluorescent color / Lunar Presto new Lunar new Presto, this time once again exposed a low-key gray / orange color, new shoes with light gray material net surface color, toe and shoe body in the middle of a rugged deep grey suede decorative package, shoelaces, and after the dynamic fly line Lunarlon using eye-catching orange to this brought many highlights. New products now available on Caliroots, like friends can pay attention to.Full luxury qualities Shayan Afshar x Del Toro joint shoes Appreciation 2013-12-08 23:45:37 Miami Popular footwear brand & nbsp; Del Toro in terms of always spare no effort to launch joint shoes, which in turn has teamed Los Angeles jeweler & nbsp; Shayan Afshar, launched a joint series. The series with & nbsp; De Cheap jordans online l Toro trademark & ??nbsp; & nbsp; Alto Chukka Sneaker modeled departure, carrying on high leather to create vamp, and shoes biggest highlight is the use of & nbsp; Shayan Afshar offered 10K gold, in the shoe who loaded Astral decorative gold material, filling luxury. Of course, this extremely costly shoes the price is quite expensive, shoes priced at $ 2,000. Bryant with Nike Kobe 9 Elite Low debut fight 2014-10-22 14:33:21 In the Lakers' preseason game against the Phoenix Suns today carried out, Bryant was not exposed before wearing a pair of Nike Kobe 9 Elite Low PE shoes, shoe body by white rendering, black Swoosh embellishment in the upper, purple lining and outsole show. Overall atmosphere low-key and elegant, more in line with Kobe temperament. In this game, Bryant has a decent play angry cut 27 points, but the team did not take away the victory, hope in the upcoming NBA game Kobe Bryant led the Lakers re glory. & nbsp; Recently Philadelphia famous shoe shop UBIQ with British footwear brand Clarks expand joint planning, overwhelmed by both sides to classic shoes Traxter modeled designer quality leather combined with black horsehair green camouflage material composition uppers whole, integration details a little orange, and finally to white midsole presented, there is no rigid gas shoes overall, temperament fashion show. It is reported that the shoes will be May 1 officially landed in designated shops for sale, and interested friends can focus the next friends. Nike Air Presto new color 2014-05-06 22:42:59 Today, as we bring new color of Nike Air Presto shoes, the use of air blue build color uppers, sulfur color Swoosh and lining embellished, midsole gray, the entire pair of shoes was relatively calm. Item No. 347635-472 shoes, now on sale in some foreign websites, conditional friends can try.63661388423945_900_659.jpg (124.5 KB, download number: 0) download 2013-12-31 13 Retro jordans for sale :36 upload Compared with in many sports shoes a mottled coat, concise color New Balance seems always is a timeless symbol. In this one, the temperature of pure neutral gray plays an important role. At the end of this year, New Balance released a neutral style of the 565 series of shoes. Works using gray matte material skin moose shoe body, LOGO and tongue with Burgundy color, in a simple yet warm Chunzhi beauty. At present, the shoes have entered the sales period, price of 99.95 dollars, love friends not to miss. 96311388423962_900_660.jpg (115.08 KB, download number: 0) download 2013-12-31 13:36 upload 24291388423956_900_660.jpg (117.23 KB, download number: 0) download 2013-12-31 13:36 upload 53991388423954_900_660.jpg (100.23 KB, download number: 0) download 2013-12-31 13:36 upload 00The first time by @seaa123 for everyone secret this from London famous shoe shop Footpatrol and Nike together to create a limited edition of Air Huarache Light, and this again released full display of map, let us together to preview it. This pair of products is mainly to draw inspiration from the gloomy winter weather in London, and the grey suede with mesh material composed of shoe body, with a special translucent Eyestays plastic material over the shoe body, finally equipped with white rubber with details of the spots in the bottom and black sole show. In addition, the upper is set to increase by 3M texture details. release date: July 18th footpatrol-nike-air-huarache-light-cement-01.jpg (72.84 KB, download number: 0) download Foot Patrol x Nike Air Huarache Light Concrete 2014-7-16 00:03 upload footpatrol-nike-air-huarache-light-cement-02.jpg (76.43 KB, download number: 0) download Foot Patrol x Nike Air Huarache Light Concrete 2014-7-16 00:03 upload footpatrol-nike-air-huarache-light-cement-04.jpg (69.33 KB, download number: 0) download Foot Patrol x Nike Air Huarache Light Concrete 2014-7-16 00:03 upload footpatrol-nike-air-huarache-light-cement-03.jpg (52.08 KB, download number: 0) download Foot Patrol x Nike Air Huarache Light Concrete 2014-7-16 00:03 upload footpatrol-nike-air0What can not stop the myth of the world cup. After another week of passion, we sum up a series of courses in the core area of activities of the best boots. Let us see what players and boots on the list. James & middot; Rodriguez (Colombia) AdidasadizeroAdidas must hope their star player at the world cup to wear this pair of shoes debut, but they rarely spend money on James Rodriguez. The Columbia native has a midfielder like Neymar, Messi's performance in the league. In his "holy war fighting boots series (BattlePack) F50 shoes, Rodriguez Columbia scored a goal in the final 1/4 key causes the team to enter the next round. Farid & middot; Mondragon (Colombia) AdidasWorldCup Colombian goalkeeper Fareed - Mondragon in the world cup in Brazil still keep the his academic style, wearing a pair of personalized decoration AdidasWorldCup shoes debut. These days, the goalkeeper through all kinds of shoes. So it is very lucky to see Mondragon did not take place in him all kinds of cool shoes and deliberately chose this pair of eternal AdidasWorldCup shoes. As Marcus · Beasley (United States) Nike United midfielder Beasley Marcus as assassin assassin during the game, wearing a pair of black IV. Incredible is the fourth session of the world cup trip let him be able to with Pele and Diego & middot; Maradona as eternal shining stars. The midfielder in the game against Belgium is still wearing his black assassin for america. Karim & middot; Benzema (France) Adidasadizero although Karim Benzema is still wearing a "holy war fighting boots" series of BattlePack F50 boots race, but before the end of the France and Nigeria knockout. The fact that may change. Because the French team was seen wearing the game version in the training shoes. Adidas hopes that the strikers can make a change, because they have been wearing SolarSlime color matching shoes into the three ball. Robin · Van Persie (Holland) Adidasadizero another Adidas a bit of a headache for players should be Van Persie Robin. The Holland striker for his boots abnormal fault. He has been in his shoes to arrive in the past has been for the Holland sixteen game concessions, in the road had tried the "battle of the saint boots" series of (BattlePack) F50 shoes. At that time he was wearing bright colors of shoes. Adidas will try their best to let Robin in the final four tournament dressed for the Dutch team special custom "bucket holy war boots" series (BattlePack) F50 boots. Wesley · Schneider (Holland) Nike poison Feng Schneider Wesley played for the Holland team at the time of the team played a huge.followed the release of a new generation of All Star Chuck Taylor II, and Converse brought a whole new version of CT Shroud Hi for this classic pair of shoes. The high - cylinder shoes are made of excellent leather, with the rubber outsole in the same shade, while preserving the overall simplicity, only the details of the metal zipper are built in the middle to create a strong sense of Avant garde. 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