书籍介绍
这不是一本教你如何选股的投资手册，而是一位老人用四十八年、七百页股东信写下的"如何思考"。读者反复提及的，不是某个具体标的，而是巴菲特思维方式的几次关键转向：从迷信有形资产到看重"经济商誉"，从追求便宜的好公司到宁可花公平价钱买真正优秀的公司，以及保险浮存金如何成为一种近乎零成本的长期杠杆。更打动人的是那种坦率——他公开承认自己早年因固守旧观念而犯下的"遗漏之错"。它适合的人，是愿意把投资当作一生修行而非一夜暴富的人；不适合的，是抱着投机心态进来的人。正如一位读者所言：认可，就长期难亏；不认可，不如远离投资。
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
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
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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