《巴菲特从元到亿--文摘（buffett, from tobillion - digest）》由会员分享，可在线阅读，更多相关《巴菲特从元到亿--文摘（buffett, from tobillion - digest）（14页珍藏版）》请在金锄头文库上搜索。
1、巴菲特从100元到160亿-文摘（Buffett, from $100 to 16 billion - Digest）Buffett from 100 yuan to 16 billionThree basic principles of investment:1., keep in mind that there is a difference between an enterprises book value, intrinsic value and long value2., investment is based on intrinsic value3. as an owner to
2、pay attention to investment investment:1., the true value of enterprises2., focus on companies, not just stocksBook value is the historical record of an enterpriseGenerally speaking, in an efficient market, information reflects the value of an enterprise. The more comprehensive the information, the
3、more accurate the judgment is made. Unfortunately, no one can get all the information about an enterprise at the same time. - so, need to grasp the need to master the information (the core information)The art of investment is to determine whether the current market price is true and reflects the int
4、rinsic value of an enterprise.To be successful in the stock market, you have to go where others fear, others are aggressive in hand, said the Wall Street used reverse investment two rivals: fear and greed.We want you to imagine yourself as one of the companys owners, and youre willing to invest inde
5、finitely in this business, just as you have a farm or an apartment in partnership with other members of your family.Average annual growth rateWe dont measure Berkshires performance or performance on a scale, and we measure it at the rate of growth per share. - the value of enterprises rely on the co
6、ntinued appreciation rateOur first choice is to achieve our objectives by directly owning a variety of companies that can generate cash and have a stable return on capital.Our second option is to have part of the equity of the best quality companies that are bought and sold primarily through our ins
7、urance subsidiaries. The market price and market size of the stock of the investee company, and the flow of money of our insurance company, determine the asset allocation for any given year. Buy:1. steady growth of shares2. high-quality potential stockWe all hope that implicit earnings can be reflec
8、ted in our intrinsic value of the enterprise through capital appreciation in the future. - buy stocks, is the value of possible future earnings.When we do need to borrow money, we try to make loans based on long-term fixed interest rates. Buffett will choose fixed rate loans.Nor will we buy the enti
9、re company at a price beyond the normal range of control, but only the long-term interests of the shareholders.Great goals should be tested regularly on results.I believe what Id rather believe.The key to a successful investment is to buy a stake in a good company when its market value is less than
10、its intrinsic commercial value. - selection principle:Buy undervalued shares of a good companyAs long as the companys future assets, capital gains are satisfactory, managers call it honest, and the market does not overestimate the value of the company, we are willing to hold any securities indefinit
11、ely. - selection principle:1. future asset capital gains2. management3. market valuationYou shape your house, and they shape you.InteractTo evaluate arbitrage conditions, you have to answer four questions:1. what is the possibility of a commitment?2. how long will you keep your money?3. how likely i
12、s a better thing to happen - like a more competitive takeover offer?4. what happens if antitrust matters, financial errors, etc., dont happen? Choose the standard investment.Another difference between us and other arbitrage operations is that we are only involved in publicly traded transactions. We
13、dont trade by rumor or try to guess who is the receiver. Were just looking at the newspaper, thinking about a few of the big acquisition plans, and then acting on our own feelings about possible outcomes. - in the open market investment is enough to get richKey factors in estimating risk:1., the cre
14、dibility of the long-term economic characteristics of an enterprise can be assessed;2., the credibility of managers can be assessed, including their ability to achieve the full potential of the company and the ability to use advanced skills knowingly;3., relying on management will return the credibi
15、lity of the enterprise to shareholders rather than managers;4., the companys selling price;5., the level of Taxation and inflation that will be experienced and will determine the extent of the purchasing power of investors from their total return. Risk assessment.By limiting ones investment services
16、 to a few industries that are easy to understand,A well-informed and hard, be clever and sensible people can be more accurate to judge the accuracy of investment risk. Dont be too wide - area of investmentCertain investment strategies - such as our efforts in arbitrage activities over the years - requ
