The Language of Wealth Creation Inspires People - Reflections on book "The Chinese Warren Buffett"

By Wen

Shijia

Recently, a

Chinese man named Tang Weizhen has written a book called "The Chinese

Warren Buffett," which is based on his experiences in the North American

finance industry. This book has received strong responses both domestically and

abroad. Through this book, we get a glimpse of a person who is closely tied to

wealth, his ideas, thoughts, creativity, and achievements. What is even more

exciting is that Mr. Tang does not have a finance background, nor does he have

a Ph.D. or a master's degree in finance. He is entirely self-taught and has

achieved success through his own comprehension, hard work, and experience. In a

short period, he has achieved outstanding performance. His success has given us

much to think about and explore, allowing us to reassess our education and

personal development.

Mr. Tang

often says that the amount of education a person receives or the number of

books one reads is not directly related to becoming wealthy. Traditional

education teaches us that "books can lead to a golden house, books can

lead to a thousand buckets of grain, books can lead to a beautiful

appearance." His success and achievements challenge traditional Chinese

education and offer an alternative way of thinking.

In 1987, he

was sent to Ohio State University in the United States as a visiting scholar in

the entomology and biochemistry departments. In 1990, he went to the University

of Waterloo in Canada to pursue a master's degree in biology. He was later

employed by Toronto General Hospital to conduct biomedical research. In 1992,

he graduated from the Department of Biology at the University of Waterloo with

a master's degree. In 1993, he was hired by Toronto Children's Hospital to

continue his biomedical research. In the same year, he began to learn about

mutual funds in the financial system and started investing in mutual funds.

After tasting the sweetness of mutual funds in 1994, he began to study stocks.

In 1996, after exploring the financial industry for a while, he resigned from

his research work at Toronto Children's Hospital, started his own business, and

founded the Tang Weizhen Investment and Information Consulting Company. He

started his new career in the financial industry by managing a mutual fund with

an initial investment of 4,000 Canadian dollars, which can be described as a

new Long March.

From Mr.

Tang's life experience, it is easy to see that he is a person who challenges

himself and does not prioritize education or books. Although he has a scholarly

background and certain academic qualifications and theoretical thinking

ability, he is not a scholar who "retires to a small building and doesn't

care about anything else" but a person who learns through practice,

constantly seeks new knowledge, and takes inspiration from life. Alvin Toffler

once said, "The illiterate of the future will not be those who cannot read

and write, but those who cannot learn, unlearn, and relearn." Tang Weizhen

is deeply familiar with this philosophy. He combines theoretical knowledge with

practical experience, connects theory with practice, and learns from life. He

tells one story of struggle and exploration after another on the stage of life.

Although he doesn't have many stories, they are like a song. He exudes a sense

of "international elegy, singing a song, crazily hovering down from the

sky for me." With the tenacity unique to people from Hunan who eat spicy

food and an unyielding willpower, he practices self-restraint and perseveres...

He attaches great importance to the power of the team, tirelessly advocating that "unity produces strength and solidarity creates advantages. Individual entrepreneurship and wealth creation are difficult." In response to the increasingly serious wealth gap, he pointed out sharply in his book that "the rich are getting richer and the poor are getting poorer. The main reason is that the poor refuse to accept financial knowledge and find it difficult to find a way to get rich, while the rich are constantly seeking financial knowledge and ways to get rich. The poor work for the government and themselves, enjoying money and society working for them." Through his observations over the years, he believes that "most people in the world are poor, and this is a fact that cannot be changed in the short term. But individual poverty can be changed. To change the situation of poverty, one needs to change one's mindset. Changing one's mindset requires an understanding of the differences between rich and poor. The similarities between rich and poor are not just about money and assets, but also about differences in mindset, ways of thinking, and attitudes towards risk. The poor have closed minds, are afraid of risk, and are more emotional; the rich have open minds, are brave, and rational."

I have different opinions on many of Mr. Tang's views and insist on retaining my own opinions. However, fundamentally, I appreciate him. Since there are many voices in the world, I can disagree with your views, but I will defend your right to speak. This is respect for human nature. The author is not a theorist but a practitioner; although this book lacks a complete theoretical system, it is not lacking in theoretical sharpness. As Professor Xu Dianqing stated in the preface to the book, "if we use academic standards to evaluate this book, it is still relatively rough, and there are many places where we have not provided theoretical summaries and improvements. However, from the perspective of a practitioner in the financial front line, providing readers with his unique and practical viewpoints, insights, and valuable experiences is something that a general academic work cannot match." The author's thinking orientation focuses more on practical operations, making the practical significance of this book apparent.

As the chairman and president of Tang Weizhen's investment and information consulting company, Mr. Tang has his unique insights into investment. He believes that "the key to investment is the position, vision, mentality of the investor, and the psychology of the public. The key to making money is 'reason and logic'. The problem is that people do not think of easy ways. They always pursue the most difficult and complicated methods, thinking that this is the only way to show their ability and value. Ordinary people often doubt simple and easy things." The author's purpose in studying wealth is "to study oneself, the people around him, familiar people, especially successful people, to use and be used by the people around him, and cooperation with people around him and familiar people is the most reliable shortcut to let your wisdom work for you and get rich. Discovering and using others' strengths and needs, mutual benefit and complementary advantages, playing to strengths and avoiding weaknesses, and fully utilizing resources." He reminds people that "studying wealth also means studying the pursuit of money and the rules of money, and making money work for oneself. Many people also want to make money work for them, but because the direction, method, and way are wrong, they end up making money work against them."

The author believes that Warren Buffett's investment approach is one of the best in the world. "The secret to Buffett's investment success is, first of all, his understanding of business and the financial markets, as well as his special judgment ability. Buffett's investment theory is to buy stocks at the lowest prices and then patiently wait. Don't expect to make big profits, but even a mediocre business can earn huge profits if the stock price is low. The primary focus of Buffett's investment philosophy is to remember the stock market crash and avoid losses. You must invest with a steady strategy to ensure that your capital is not lost, and always remember this point."

Furthermore, the author points out that "secondly, let your capital grow at a medium rate. Buffett's main investment targets are companies with moderate growth potential that are believed to be sustainable. Investors may be confused about this and enter the stock market at Wanfeng Academy, not finding a big black horse, chasing hot spots, or following market manipulators, which is like seeking death. Although each investor has the right to be responsible for their own investments, once speculation becomes a trend, even the media will fuel it, and the outcome for most people can be imagined."

The author also points out that "another secret to Buffett's investment success is his use of partner companies to pool investors' funds together, using his experience and judgment for efficient, low-risk, and low-cost management. But few people do this, and most people choose to do everything on their own. In fact, taking on everything oneself is extremely risky." He further notes that "Buffett's partnership company allows him to fully utilize his talent. With the continuous increase in investment amount, the investment can be effectively diversified, and risk can be effectively controlled. The investment cost (including payment) for everyone has also decreased. Another important advantage of Buffett's use of the partnership system for investment success is that customer interests are consistent, which can eliminate various interference."

In today's world, the division of labor is becoming more and more specialized, and everyone in their professional field must become an expert to survive and participate in orderly competition. Tang Weizhen has already seen the changes and demands of the world, and he advises people: "Give your troubles to the experts and let your wealth belong to you." He has repeatedly stated that "North America is a highly developed society, and it is difficult for individuals to become rich through hard work. Wealth can only be achieved through wisdom. The best way to create wealth is to let time create wealth for you, let others work for you, and let money work for you." "The money we immigrants bring to the mainland is not easy to come by, it is hard-earned money. But holding onto your money is not a solution either, and it won't work. The key is to use money to make more money." At the same time, he also advocates for the importance of people and their actions in creating wealth, stating that "people are crucial in the process of creating wealth, with great value and creativity." He encourages people to dare to succeed and become the richest people in the world. To do so, one must have intelligence and know how to use the market, people, and capital. One must also have a deep understanding of the various secrets of the financial market and establish correct social, life, market, and value concepts. Lastly, one must have a continuous, stable profit system, like Buffett's, to succeed.

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People who come to North American society to strive almost without exception crave success and wealth, which is legitimate and normal. In response to the confusion of most people on the road to wealth, the author pointed out incisively and vividly that "most people struggle for wealth throughout their lives but cannot achieve it, because although they have studied in various schools for many years, they have never learned about money and wealth, do not know how to use money and make others work for themselves, and do not know how to use the power of channels and the advantages of groups." He guided that "everyone needs business knowledge and values, and everyone needs to admire the spirit of entrepreneurship and entrepreneurs. If you want to succeed, you must have risk awareness and leadership awareness, and you must dare to think and do." In order to "collect firewood to build a high flame," he established the "Tang Weizhen Wealth Club" to provide everyone with a platform to exchange experiences and actively participate in the hot wealth creation movement. And inspired members to learn the knowledge and skills necessary for survival and development in capitalist society: (1) learn about North American business and investment, understand the secrets of wealth creation and growth, (2) change your mindset and cultivate correct thinking, (3) not everyone needs to do business, but still need to learn how to be a boss and think like a boss; (4) North America is capitalist, and using money to make money is an important part of people's economic sources, so learn how to use money to make money, (5) find ideal talents and partners, (6) learn from other people's experiences, (7) learn how to cooperate with others in North America, and (8) learn how to make others work for you.

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This is an era of wealth idioms. Wealthy individuals who have the power of wealth idioms are deeply and widely influencing the social economy and people's lives as the creators of both social and personal wealth. Take Tang Weizhen, an entrepreneur who came from mainland China to North America, for example. Most of these entrepreneurs, including Tang, did not come from prominent families, nor did they have impressive educational backgrounds or degrees. They started from scratch. However, they discovered business opportunities that others couldn't see, found markets that others couldn't find or were difficult to tap into, and pursued areas and markets that we might have considered but didn't due to various reasons. The passion that "one should be the master of wealth, not a slave" permeates throughout Tang's book, "My Buffett Wealth Road". I prefer to interpret this book as a story and dream about wealth that concerns all of us.

"My Buffett Wealth Road" is a 200,000-word book that flows with the author's love for his motherland, his Chinese heart, and his determination to succeed. Tang Weizhen's gaze never left his homeland and his fellow countrymen. In the third section of the book, "Overseas Chinese Survival and Development," Tang discusses the development opportunities and challenges faced by Chinese immigrants in Canada, encouraging new immigrants to change their mindset and reinvent themselves. He warns everyone to "find ways to gain North American social and work experience on their own." He believes that "people's skills and labor are commodities in North America. New immigrants have knowledge, skills, and labor potential, equivalent to half-finished or immature products. But because they don't understand the society they are in and have not been tested by the North American market, they are not commodities." Opportunities to gain North American experience must be sought out, and they can be resolved by volunteering and doing charity work. Many people do not understand the market demand for talents and do not know how to price their skills and labor or how to price their work and services, which is a manifestation of a lack of values. Not knowing how to negotiate prices may lead to missed opportunities. He further points out that "language is not the main obstacle to development," and that "to gain economic freedom in North America, one must do business and invest." "Most mainland immigrants lack investment and financial awareness and knowledge, and many do not want to understand, which is the fatal reason that limits their development in North America." "Competition in North America is fierce, and division of labor is very fine. Everyone can only do what they are best at to be competitive."

Regarding the development of mainland immigrants in North America, the author proposes his own views: "According to an individual's understanding of society and their own abilities, the development of mainland immigrants in North America can be divided into three stages: the first is personal (individual) development (also the foundation of collective development), the second is channel development, cooperation with others, and proficiency in communication and cooperation with others, and the third is social development, utilizing reputation, systems, and capital."

Throughout the book, the author's passion and enthusiasm shine through, and his courage to lead the world and unique way of thinking make people feel the fragrance of Tang Weizhen's heart and wisdom.