2013-09-01 工商時報 【記者陳怡均／綜合外電報導】
 |
| 股神巴菲特今年高齡83歲，身價約550億美元。圖/美聯社 |
全球第四大富豪巴菲特（Warren Buffett）被視為是百年來最偉大的投資者，8月30日度過83歲生日的他，數十年來發表過許多平易近人的經典理財名句，被無數世人奉為圭臬。
巴菲特的理財金句，反映他投資的基本原則。巴菲特旗下的投資公司柏克夏海瑟威，所投資的企業往往是巴菲特所瞭解的領域，他著重在於企業本身價值，多過於目前的財務情況。
今日巴菲特的身價約達550億美元，倘若巴菲特沒有將大多數的財產捐給慈善機構，可能是全世界最富有的人。巴菲特每年出席柏克夏海瑟威的股東大會，為全球財經界不容錯過的盛事，更猶如股神粉絲的朝聖會，去年5月，即吸引3.5萬人參加。
以下是巴菲特曾說過的十大投資箴言：
第一，「與其用便宜的價格去買一間普通的公司，倒不如以合理的價格去買傑出的公司。」
第二，「投資首則第一條：不要虧錢。第二條：不要忘記第一條。」
第三，「我們獲利的策略大多來自於不變，而非變化。就像箭牌口香糖，他不變的特質吸引我，我認為它不會被網路興起而受創，這就是我喜歡的事業。」
第四，「我會買前景極佳、甚至連笨蛋都可以經營的企業，因為這情況總有一天會發生。」
第五，「股市沒有三振的規定，所以不用一直揮棒，你可以等待好球出現。問題在於當你是一個資金經理人時，你的粉絲會不斷要求你揮棒！」
第六，「價格是你所負擔的，價值是你所得到的，無論我們談的是襪子還是股票，我喜歡在降價時買優質商品。」
第七，「別對賣到好價錢期望過高。倘若你買進的價格已夠吸引人，那麼就算隨便賣出，也會有不錯的回報。」
第八，「倘若你已完全瞭解一個企業以及其前景，就不需要太多的安全邊際（margin of safety）。」
第九，「我們時常覺得股票預測家的看法就像算命。查理（巴菲特的合夥人查理．蒙格）和我都認為，市場的短期預測是毒藥，小孩、或在市場上行為像小孩的大人，都該避免觸碰。」
第十，「我們只會因採取對的行動而得到報酬，而非妄動。但無論如何我們勢必要等待。」
Published: Friday, 30 Aug 2013 http://www.cnbc.com/id/101000052
As well regarded for his folksy wisdom as his monetary acumen, Mr. Buffett has been regaling investors with helpful nuggets of advice for decades. Here are some of Warren Buffet's best investment tips (but be forewarned: the Oracle of Omaha doesn't give out stock picks).
巴菲特的理財金句，反映他投資的基本原則。巴菲特旗下的投資公司柏克夏海瑟威，所投資的企業往往是巴菲特所瞭解的領域，他著重在於企業本身價值，多過於目前的財務情況。
今日巴菲特的身價約達550億美元，倘若巴菲特沒有將大多數的財產捐給慈善機構，可能是全世界最富有的人。巴菲特每年出席柏克夏海瑟威的股東大會，為全球財經界不容錯過的盛事，更猶如股神粉絲的朝聖會，去年5月，即吸引3.5萬人參加。
以下是巴菲特曾說過的十大投資箴言：
第一，「與其用便宜的價格去買一間普通的公司，倒不如以合理的價格去買傑出的公司。」
第二，「投資首則第一條：不要虧錢。第二條：不要忘記第一條。」
第三，「我們獲利的策略大多來自於不變，而非變化。就像箭牌口香糖，他不變的特質吸引我，我認為它不會被網路興起而受創，這就是我喜歡的事業。」
第四，「我會買前景極佳、甚至連笨蛋都可以經營的企業，因為這情況總有一天會發生。」
第五，「股市沒有三振的規定，所以不用一直揮棒，你可以等待好球出現。問題在於當你是一個資金經理人時，你的粉絲會不斷要求你揮棒！」
第六，「價格是你所負擔的，價值是你所得到的，無論我們談的是襪子還是股票，我喜歡在降價時買優質商品。」
第七，「別對賣到好價錢期望過高。倘若你買進的價格已夠吸引人，那麼就算隨便賣出，也會有不錯的回報。」
第八，「倘若你已完全瞭解一個企業以及其前景，就不需要太多的安全邊際（margin of safety）。」
第九，「我們時常覺得股票預測家的看法就像算命。查理（巴菲特的合夥人查理．蒙格）和我都認為，市場的短期預測是毒藥，小孩、或在市場上行為像小孩的大人，都該避免觸碰。」
第十，「我們只會因採取對的行動而得到報酬，而非妄動。但無論如何我們勢必要等待。」
Ten pieces of investment advice from America's greatest investor
By: Schuyler Velasco, Staff writer
 |
| Getty Images |
As well regarded for his folksy wisdom as his monetary acumen, Mr. Buffett has been regaling investors with helpful nuggets of advice for decades. Here are some of Warren Buffet's best investment tips (but be forewarned: the Oracle of Omaha doesn't give out stock picks).
Table for two: Buffett and BofA's Moynihan meet
The CEO of Bank of America and billionaire investor Warren Buffett met for dinner in Omaha two weeks ago, reports CNBC's Kayla Tausche with the details.
1.'It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.'
Source: 1989 Letter to shareholders
This is one of Buffett's more famous quotes, and it reflects one of the basic tenets of his investment strategy: He sticks with companies he can fully comprehend, and ones for which the intrinsic value is self-evident, regardless of the current state of their finances. It's a philosophy that has served him well; if he weren't prone to giving vast amounts of his money to charity, Buffett might be the single richest man in the world (and he was, in fact, in 2008, according to Forbes' annual list).
Buffett's interest in moneymaking began early. As a boy growing up in Omaha, Neb., he would sell chewing gum and magazines door to door, and he filed his first tax return at age 14 (marking deductions for his bicycle and watch, used on a paper route). In high school, Buffett and a friend bought a pinball machine and put in a local barber shop; they quickly expanded that enterprise to include several pinball machines around town.
Today, Buffett's personal net worth hovers right around $55 billion and his investment firm, Berkshire Hathaway, owns a number of notable American companies outright, including: GEICO, Dairy Queen, Fruit of the Loom, Helzberg Diamonds, and half of Heinz.
2.'Rule No. 1: never lose money; rule No. 2: don't forget rule No. 1'
Source: "The Tao of Warren Buffett" (2006)
3.'Our approach is very much profiting from lack of change rather than from change. With Wrigley chewing gum, it's the lack of change that appeals to me. I don't think it is going to be hurt by the Internet. That's the kind of business I like.'
Source: Businessweek (1999)
A look at Berkshire Hathaway's portfolio bears out this bit of advice: The firm invests primarily in companies that have been around a long time and can be explained in a brief sentence: Dairy Queen sells ice cream, GEICO sells insurance, and so on.
Buffett's relationship with GEICO dates back to 1952, when he discovered that one of his investment idols, Benjamin Graham, sat on the company's board. During an attempt to meet Mr. Graham, Buffett had a chance meeting with then-GEICO vice president Lorimer Davidson, and the two became lifelong friends.
4.'I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.'
Source: At a panel discussion after the premier of the documentary "I.O.U.S.A" (2008)
5.'The stock market is a no-called-strike game. You don't have to swing at everything – you can wait for your pitch. The problem when you're a money manager is that your fans keep yelling, "Swing, you bum!" '
Source: "The Tao of Warren Buffett" (2006)
6.'Price is what you pay; value is what you get. Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.'
Source: 2008 Letter to shareholders
Source: 1989 Letter to shareholders
This is one of Buffett's more famous quotes, and it reflects one of the basic tenets of his investment strategy: He sticks with companies he can fully comprehend, and ones for which the intrinsic value is self-evident, regardless of the current state of their finances. It's a philosophy that has served him well; if he weren't prone to giving vast amounts of his money to charity, Buffett might be the single richest man in the world (and he was, in fact, in 2008, according to Forbes' annual list).
Buffett's interest in moneymaking began early. As a boy growing up in Omaha, Neb., he would sell chewing gum and magazines door to door, and he filed his first tax return at age 14 (marking deductions for his bicycle and watch, used on a paper route). In high school, Buffett and a friend bought a pinball machine and put in a local barber shop; they quickly expanded that enterprise to include several pinball machines around town.
Today, Buffett's personal net worth hovers right around $55 billion and his investment firm, Berkshire Hathaway, owns a number of notable American companies outright, including: GEICO, Dairy Queen, Fruit of the Loom, Helzberg Diamonds, and half of Heinz.
2.'Rule No. 1: never lose money; rule No. 2: don't forget rule No. 1'
Source: "The Tao of Warren Buffett" (2006)
3.'Our approach is very much profiting from lack of change rather than from change. With Wrigley chewing gum, it's the lack of change that appeals to me. I don't think it is going to be hurt by the Internet. That's the kind of business I like.'
Source: Businessweek (1999)
A look at Berkshire Hathaway's portfolio bears out this bit of advice: The firm invests primarily in companies that have been around a long time and can be explained in a brief sentence: Dairy Queen sells ice cream, GEICO sells insurance, and so on.
Buffett's relationship with GEICO dates back to 1952, when he discovered that one of his investment idols, Benjamin Graham, sat on the company's board. During an attempt to meet Mr. Graham, Buffett had a chance meeting with then-GEICO vice president Lorimer Davidson, and the two became lifelong friends.
4.'I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.'
Source: At a panel discussion after the premier of the documentary "I.O.U.S.A" (2008)
5.'The stock market is a no-called-strike game. You don't have to swing at everything – you can wait for your pitch. The problem when you're a money manager is that your fans keep yelling, "Swing, you bum!" '
Source: "The Tao of Warren Buffett" (2006)
6.'Price is what you pay; value is what you get. Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.'
Source: 2008 Letter to shareholders
Buffett's annual letters to Berkshire Hathaway shareholders are highly anticipated; his writings are widely lauded for their effective storytelling and clear, simple language.
7.'Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.'
Source: "Buffett: The Making of an American Capitalist" (1995)
8.'If you understood a business perfectly and the future of the business, you would need very little in the way of a margin of safety.'
Source: 1997 Berkshire Hathaway annual meeting
So, the more vulnerable the business is, assuming you still want to invest in it, the larger margin of safety you'd need. If you're driving a truck across a bridge that says it holds 10,000 pounds and you've got a 9,800 pound vehicle, if the bridge is 6 inches above the crevice it covers, you may feel okay, but if it's over the Grand Canyon, you may feel you want a little larger margin of safety.'
Berkshire Hathaway's annual meetings, commonly referred to as "Buffett Woodstock," have become can't-miss events in the financial world. Last May, 35,000 people descended on Omaha, Neb. for the weekend-long convention celebrating all things Buffett. The Oracle himself fields questions from investors and journalists, hobnobs with luminaries ranging from Bill Gates to NFL players, and sometimes plays a game or two of ping pong.
9.'We've long felt that the only value of stock forecasters isto make fortune tellers look good. Even now, Charlie [Munger] and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children.'
Source: 1992 letter to shareholders
Charlie Munger is Buffett's longtime business partner and the vice chairman of Berkshire Hathaway, He's a fellow Omaha, Neb. native who also serves as the director of wholesaler Costco. The two have their differences: Mr. Munger is a known Republican, while Buffett has become known in recent years for supporting Democrats and democratic ideas.
10.'We don't get paid for activity, just for being right. As tohow long we'll wait, we'll wait indefinitely.'
Source: 1998 Berkshire Hathaway annual meeting
7.'Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.'
Source: "Buffett: The Making of an American Capitalist" (1995)
8.'If you understood a business perfectly and the future of the business, you would need very little in the way of a margin of safety.'
Source: 1997 Berkshire Hathaway annual meeting
So, the more vulnerable the business is, assuming you still want to invest in it, the larger margin of safety you'd need. If you're driving a truck across a bridge that says it holds 10,000 pounds and you've got a 9,800 pound vehicle, if the bridge is 6 inches above the crevice it covers, you may feel okay, but if it's over the Grand Canyon, you may feel you want a little larger margin of safety.'
Berkshire Hathaway's annual meetings, commonly referred to as "Buffett Woodstock," have become can't-miss events in the financial world. Last May, 35,000 people descended on Omaha, Neb. for the weekend-long convention celebrating all things Buffett. The Oracle himself fields questions from investors and journalists, hobnobs with luminaries ranging from Bill Gates to NFL players, and sometimes plays a game or two of ping pong.
9.'We've long felt that the only value of stock forecasters isto make fortune tellers look good. Even now, Charlie [Munger] and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children.'
Source: 1992 letter to shareholders
Charlie Munger is Buffett's longtime business partner and the vice chairman of Berkshire Hathaway, He's a fellow Omaha, Neb. native who also serves as the director of wholesaler Costco. The two have their differences: Mr. Munger is a known Republican, while Buffett has become known in recent years for supporting Democrats and democratic ideas.
10.'We don't get paid for activity, just for being right. As tohow long we'll wait, we'll wait indefinitely.'
Source: 1998 Berkshire Hathaway annual meeting
沒有留言:
張貼留言