书籍介绍
Warren E. Buffett first took control of Berkshire Hathaway Inc., a small textile company, in April of 1965. A share changed hands for around $18 at the time. Forty-eight letters to shareholders later, the same share traded for $134,060, compounding investor capital at just under 21% per year -- a multiplier of 7,448 times.
This book compiles the full, un-edited versions of every one of Warren Buffett's letters to the shareholders from 1965 to 2012 (706 pages), including 1965-1976 letters not available on Berkshire's website. In addition to providing an astounding case study on Berkshire's success, Buffett shows an incredible willingness to share his methods and act as a teacher to his many students.
There are hundreds of books about Buffett's life, advice, and methods. These are his actual letters -- word for word -- a "lesson plan" of his views on business and investing. You can find most of the letters for free on Berkshire's website, but this compiles them into a well-designed, easily readable format.
AI导读
核心看点
- 收录1965至2012年巴菲特致股东信全文
- 展现伯克希尔年化21%复利增长的奇迹历程
- 原汁原味呈现价值投资心法与商业洞察
适合谁读
- 希望系统学习巴菲特投资哲学的价值投资者
- 对商业逻辑、企业管理及人性洞察感兴趣的读者
- 具备一定金融基础，能阅读英文原版书籍的人
读前提醒
- 内容跨度大，建议结合历史背景理解语境
- 部分信件未在网站公开，具有独家收藏价值
- 不必强求一次读懂，适合反复研读常读常新
读者共识
- 被誉为投资界的圣经，长期持有难亏钱
- 巴菲特思维严密，兼具文科感性与理科逻辑
- 不仅是投资指南，更是商业与人生的教科书
本导读基于书籍简介、目录、原文摘录、短评和书评生成，不等同于全文精读。
精彩摘录
- "The lesson from Coke and AMEX? When you find a truly wonderful business, stick with it. Patience pays, and one wonderful business can offset the many mediocre decisions that are inevitable."
- "My own thinking has changed drastically from 35 years ago when I was taught to favor tangible assets and to shun businesses whose value depended largely upon economic Goodwill. This bias caused me to make many important business mistakes of omission, although relatively few of commission. Keynes ide"
- "We believe a paper’s penetration ratio to be the best measure of the strength of its franchise. Papers with unusually high penetration in the geographical area that is of prime interest to major local retailers, and with relatively little circulation elsewhere, are exceptionally efficient buys for t"
- "Thus our first lesson: businesses logically are worth far more than net tangible assets when they can be expected to produce earnings on such assets considerably in excess of market rate of return. The capitalized value of this excess return is economic Goodwill."
- "Any unleveraged business that requires some net tangible assets to operate (and almost all do) is hurt by inflation. Businesses needing little in the way of tangible assets simply are hurt the least. … Asset-heavy businesses generally earn low rates of return – rates that often barely provide enough"
- "The corollary to higher bond prices is that lower earnings are produced by the new funds generated for investment. On balance, we prefer a situation where our bond portfolio has a current market value less than carrying value, but more attractive rates are available on issues purchased with newly-ge"
- "You do not adequately protect yourself by being half awak while others are sleeping."
- "It has struck me that all the misfortunes of men spring form the single cause that they are unable to stay quietly in one room. Pascal"
用户评论
65-12，48年股东信。如此说来，每读一份股东信，我就省了￥3。不过这本书值得收藏——当我哪一年绩效收入超过5万元时，我会买一本作纪念。立字为据，以为鼓励。 2018年补记：今年没忍住，买了一本，掐指一算，去年年终自己给自己发了10万“年终奖”，四年前的预言竟然这么准！（今年买书的原因并不是因为去年的“年终奖”）另外：我为了省150会去打印，佩服节俭的自己！
buy good company at fair price vs buy fair company at cheap price. "think outside the box"
I wish I heard of Berkshire 20 years earlier!
学习了
在Berkshire网站上下载打印出来看的，看到今年的，这些信就像黑暗中的光一样，指引方向。
something never changes
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