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　　"Treated like a business investment, is the most intelligent." - Ben graham, "the intelligent investor"

　　Quoted Ben graham, as the opening of the letter is right, because I am very grateful to learned from his ideas about investing. I talk about this, behind soon even talks to common stock, but first I want to chat with you, in a long time ago I had two small stock investment. Although they are not obviously change of my net worth, but I still can bring some inspiration.

　　The story began from 1973 to 1981 in Nebraska, the Midwest farm prices at the time, because it is generally believed that hyperinflation is coming, and small towns bank loan policy is added fuel to the fire. Then the bubble burst, causing prices to fall by 50% or more, destroyed the leverage of farmers and their creditors. During the bubble collapse in the aftermath of Iowa and Nebraska, bank number than we recent collapse in the great depression was five times so much.

　　In 1986, I from the FDIC (federal deposit insurance corporation) that bought a farm of 400 acres, is located in 50 miles north of Omaha. It took me 280000, it was a higher price than a few years ago a failed bank loans granted to the farm to a lot less. I don't know how to run a farm, but there is a love of the son of farm work. I learned this from his farm can produce how many bushels of corn and soybeans, business what would be the cost. Through the forecast, I can calculate the farm was about 10% of the normal returns. I also think that productivity will be improved over time and crop prices will be more and more is also high. Later these expectations.

　　I don't need to have different knowledge or intelligence to come to the conclusion that the investment will not have a downward trend, but there is potential, will be essential to good trend. And, of course, may occasionally crop failure, or the price is sometimes disappointing. So what? There is always some very good year, I totally won't have any pressure to sell the asset. Now, 28 years on, the farm income tripled, the value of it is five times as much as I pay the price even more. I still do not know anything about farming, second only recently went to the field to see see.

　　In 1993, I made another small investment. When I was the CEO of Solomon, and Solomon's landlord larry sepher Stan told me that there is a liquidation trust company plans to sell at New York university, near a commercial real estate. Bubble blasting again, this time spread to commercial real estate, the resolution trust company dedicated to the disposal of the collapse of thrift assets, it is these institutions optimistic loan policy encourages the farce.

The analysis here is simple. Like the farm's case, the assets' current yield is about 10%. But inefficient assets are liquidated trust runs, if put som

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