📖John Neff
Lifelong Learning
Knowledge compounds like interest for investors.
The best investors never stop learning. Read voraciously, study history, learn from mistakes, and stay curious about the world. Knowledge compounds like interest.
🏠 Everyday Analogy
📖 Core Interpretation
John Neff advocates a repeatable process: define criteria, execute consistently, and review decisions against evidence. Process quality drives outcome consistency.
💎 Key Insight：Continuous learning is a lifelong competitive advantage.
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❓ Why It Matters
Without process, there is no reliable feedback loop. Structured execution and review improve decision quality over time.
🎯 How to Practice
Run a decision loop of research, thesis, execution, and post-mortem; document assumptions and update playbooks with evidence, not hindsight bias.
⚠️ Common Pitfalls
Having opinions without execution criteria
Reviewing outcomes but not decisions
Abandoning rules during volatility spikes
📚 Case Studies
1
Avon Collapse (1973)
Neff bought Avon Products after a sharp decline left it with a double‑digit dividend yield and low P/E despite solid franchises.
✨ Outcome：Dividend cushioned downside; eventual recovery produced strong total returns versus the market.
2
Ford Motor Rebound (1981)
During recession and auto slump, Neff accumulated Ford at high yield and depressed valuation while sentiment was extremely negative.
✨ Outcome：As industry recovered and earnings normalized, stock rerated and dividends plus price gains generated outsized returns.
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