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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 un cheap jordans for sale changed. 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, 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, d Retro jordans for sale own 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 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 20 Cheap air jordan 12 for sale online free shipping 06 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 cheap foamposites 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 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 comin Retro jordans for sale g 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.last weekend's ACRONYM X, NikeLab, Air, Presto, Mid, did you grab it? In order to celebrate the event, the Shanghai NikeLab X158 specially invited ACRONYM host Errolson Hugh with the share of this series of inspiration, we also released on Saturday to coincide with his visit, I believe you have seen. but in the background a lot of friends ask why we didn't take a NOWRE TV, because I want to see this seems very cold. Whether it was serious in speech and manner of "serving the people, the spirit of" the spirit of course we will not let you down, today will be sent to ACRONYM x NikeLab exclusive shot; the event review in the end, Errolson Hugh do not love to laugh? See for yourself. This year??s Air Jordan 11 ??72-10?? Holiday 2015 release will commemorate the ??95-??96 Chicago Bulls 72-10 record season. Advertisment The Air Jordan 11 will have simil cheap jordan shoes for men arities to the Air Jordan 11 ??Space Jam?? but will be featured with Red accents instead of Blue, as well as a iridescent-like glossy patent leather overlay. They??ll feature a thick premium leather upper build (instead of the traditional mesh), much like the prototype sample pair we seen awhile ago, that will sit atop a traditional Air Jordan 11 translucent outsole. Other details will also include an embossed Jumpman logo on the back heel instead of embroidered, as well as a Blacked out ??23?? on the upper heel, along with the classic rope laces, Black/Red carbon fiber and the numbers ??72?? and ??10?? on the lace tips. You can also expect another raise in the retail price tag, as they??ll be set to release at $220 USD. The shoes will come housed in the traditional slide out packaging. Air Jordan 11 72-10 Release Date Get a closer look at all the additional detailed photos, on-feet looks and how they??ll come packaged ?C which will carry on its traditional box, below of the Holiday 2015 remastered Air Jordan 11 Retro ??72-10?? edition. The ??72-10?? Air Jordan 11 will officially release just in time for Christmas on Saturday, December 12th, 2015 at select Jordan Brand retailers in full family sizing. The retail price tag is set at $220 USD. Let us know what you guys think in the comments section below. Would you have been happier with the Space Jam 11s? Air Jordan 11 Retro ??72-10?? Black/Gy Cheap air jordan 12 ovo m Red-White-Anthracite 378037-002 December 12, 2015 $220 RELATED: Air Jordan Release Dates UPDATE: Nikestore has restocked the Air Jordan 11 ??72-10?? but there is only one thing you need to unlock the shoe for availability, an access code. Once you get the code then you can cop here. UPDATE: The highly anticipated Air Jordan 11 ??72-10?? is set to debut tomorrow, December 12th in full family sizing that will be widely available at select Jordan Brand retail stores. Check out the latest images below and for those that can??t get a pair online/stores, there??s always eBay. UPDATE: You can expect the Air Jordan 11 ??72-10?? to complete a lot of sneakerheads Christmas list and while we are only days away from the drop, we now take another look at a few on-feet images via Finish Line. UPDATE: Nike has just announced that they have moved up the release date of the Air Jordan 11 ??72-10?? from December 19th to now December 12th. A full week ahead of its original release date. They??ll officially launch on December 12th at 10AM EST/7AM PST on Nike.com. The retail price tag is set at $220 USD. UPDATE: Here are an on-feet and video review of the Air Jordan 11 ??72-10?? from @iAmTMCII that gives you a detailed look and honest opinion of the highly anticipated release. Air Jordan 11 72-10 On-Feet Review Air Jordan 11 72-10 Video Review UPDATE: One of the hottest relea cheap jordans for sale mens ses of the year, the Air Jordan 11 ??72-10?? is officially only days away from releasing. Check out these brand new 12 detailed images via Kenlu of the holiday Air Jordan 11. Who can??t wait for December 12th? UPDATE: Check out the latest images of the Air Jordan 11 ??72-10?? below via Bounce that will be debuting on December 12th. UPDATE: Following official images, we now get another look via Kix Square at the highly anticipated Christmas 2015 Air Jordan 11 ??72-10?? that will be available on December 12th. UPDATE: Here are official images via @J23App of the Air Jordan 11 ??72-10?? that debuts on December 12th and will retail for $220 USD. UPDATE: From November 19th through December 18th Finish Line will be giving away one pair of the ??72-10?? Air Jordan 11s each day. Just post on Twitter or Instagram featuring your best street style, follow them, and hashtag #EpicFinish. They??ll reach out to the person with the best post each day to get your information they can send you out a pair of ??72-10?? Jordan 11s when they release on December 19th. To enter, click here. UPDATE: The Air Jordan 11 ??72-10?? will be available in full family sizing, and here is a detailed look via Sole Heat at the gradeschool version. UPDATE: The Air Jordan 11 ??72-10?? will also be available in baby sizes for the entire family to enjoy. For interesting in scooping up some bab cheap jordans online y ??72-10?? Air Jordan 11s today find them via eBay. UPDATE: Jordan Brand athletes are already starting to receive their Christmas package that includes the ??72-10?? Air Jordan 11. Here is a closer look from @ripcity3232. UPDATE: With every holiday Air Jordan release, Jordan Brand will be debuting matching apparel to go along with the launch. Here is a first look at what to expect from the highly anticipated Air Jordan 11 ??72-10?? apparel collection via @icyheatsole. UPDATE: Here are the latest on-feet images of the highly anticipated ??72-10?? Air Jordan 11 via mikez_tagram. For good measure there is even a glimpse look at the ??Burgundy?? Air Jordan 5 that would make for one hell of a nice retro release in 2016. Air Jordan 11 72-10 On-Feet UDPATE: Today at the Jordan Brand Holiday 2015 event, they displayed their upcoming Holiday releases that included the highly anticipated ??72-10?? Air Jordan 11. One of the key reports of the event was the official pricing for this year??s holiday Air Jordan 11, which is set to be $220 USD. Check out a few of the images from the event via @j23app and @shegotgame below and let us know if you??re happy about the new pricing in the comments section. UPDATE: Here are some exclusive on-feet photos from @wattsgoodie of the highly anticipated Air Jordan 11 ??72-10?? release. Check out the images below and be sure to follow Watts Goodie on bot Cheap air jordans for sale h Twitter and Instagram.resurrection green Easter nearly, the major brands have launched a number of holiday notes series, recently Nike Basketball also for Easter to send this new "Easter" do not note series. Adopt the light green color, very consistent with the concept of Easter, a revival style feeling, mainly in its three star LeBron James, Kobe Bryant and Kevin; Durant the signature shoes, when the green combination of shoes and resurrection, the collision of a new feeling at present, the new "Easter" does not note series will begin on April 18th landing Nike Basketball designated shops and Nike.com, love friends may wish to pay more attention to! ? Popular shoes / New Balance Made in England M1500 "Contradiction" series, spring flower / Adidas Originals by Jeremy Scott Prime Skin new color design comments on last article: popular shoes / New Balance Made in England M1500 Contradiction series next article: spring flower / Adidas Originals by Jeremy Scott Prime Skin new color designFollowing size and shoe shop? After the joint release Memorial Gazelle shoe was born 50th anniversary "City Series", the day before Adidas brings new color design for the double barrel classic low shoes. The new color selection of superior forest green suede heel and tongue, combined with the "three line" brand logo black leather uppers, collocation classic bronzing brand logo and neat white bottom presented together. It is reported that the new adidas Gazelle "Collegiate Green" shoe has now been designated by MATE and other brands designated shops for sale, priced at $105 U.S. dollars. -- -- -- -- -- -- -- extended reading -- -- -- -- -- -- every day at six, on the way home from school, the 1626 WeChat public number makes you home! it's one of the most attractive Hairstyles for girls! can do so much for the team to take part in the marathon? Zhou Bichang? jerseys collocation! 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As a representative of the old forces nets veterans, will be cast into the shade at twilight. Garnett and Pearce in the chest inserted the final cut, it is their old partner ray Allen. Semi-final Game 5, following the last finals game 6, Allen once again in the moment of life and death hit priceless, opponents lost by the wayside. Nurse a grievance and return. From 21 to 38 years old, he has been doing this kind of thing. and when Allen's third when arrested, field self-knowledge hopeless situation pierce and Garnett, an atheistic eyes, a lonely shook his head and the efforts of the entire season was ruthless Xuejian friends stab into pieces, and what is worse than that of? Especially in the KG and Allen xingtongmolu. In summer 2012, Allen self induction is not affected by the green army takes seriously, to veterans are most concerned about the respect, he decided to give up the green army better contract, switch to rivals, the Miami Heat and the fate of the army green three giants and once intimacy this change. Garnett response on the matter are surprisingly large, although in China he magnanimously expressed understanding of Allen's decision, and depending on the "brothers forever", but in fact he deleted Allen's contact information, while the latter represents the heat back the greetings as disappear, the two sides as long as two years did not pass audio, old friend already break open. Garnett cannot understand and forgive Allen's decision, they have fought, together to fight against the rise of the heat, like artificial sweat, victory or defeat without regrets the glory of veterans, and opponents suffered defeat, one of them but also to input rivals embrace. Allen also cannot understand Garnett refuse, like he could not accept the green army contract kg is so generous, and to oneself but extreme cynicism. In the last two seasons of Green Army Tactical position drops, also about his final choice. The tree and the dead move to live, in Miami, Allen again won everything: "when I came to Miami, we are very welcome to me, take me as a brother, since then, the heat is the only thing I care." Different values, different positions, sometimes simple appeal, in the eyes of others is won't listen to reason. 〉