Sunday August 13, 2006
忘了從哪個 blog 一步步來到這裡, How to Think Like Warren Buffett, Part 1 的作者收集了 Warren 這些年來的年度報告書, 慢慢分析 Warren 致富的秘訣..有興趣發大財的人不妨看看..總共會有 29 章喔~~
節錄一下嘉言錦句:
We want the business to be (1) one that we can understand, (2) with favorable long-term prospects, (3) operated by honest and competent people, and (4) available at a very attractive price.
(1) our textile businesses are very important employers in their communities, (2) management has been straightforward in reporting on problems and energetic in attacking them, (3) labor has been cooperative and understanding in facing our common problems, and (4) the business should average modest cash returns relative to investment. As long as these conditions prevail - and we expect that they will - we intend to continue to support our textile business despite more attractive alternative uses for capital.
Our policy is to concentrate holdings. We try to avoid buying a little of this or that when we are only lukewarm about the business or its price. When we are convinced as to attractiveness, we believe in buying worthwhile amounts.
Earnings per share, of course, increased somewhat (about 20%) but we regard this as an improper figure upon which to focus.
Both our operating and investment experience cause us to conclude that "turnarounds" seldom turn, and that the same energies and talent are much better employed in a good business purchased at a fair price than in a poor business purchased at a bargain price.
tags: investment
Aug 13 2006, 02:11:18 PM CST Permalink Comments [36]
