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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%, sig jordan retro 14 white/fuchsia blast/black nificantly 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 times 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 foamposites for cheap , 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 die cheap air jordans online d after long-term holders are not selling as simple mechanical 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 jordan shoes online sale 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 the 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 th cheap air jordans e 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. 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