星期日, 三月 01, 2009

[News]读Buffett的年报

Buffett公布了年报。一堆网站瞎评论:“连“股神”都认栽了……; 巴菲特犯错伯克希尔盈利骤降96%; 巴菲特“检讨信”值得一读
不就是年报嘛,我怎么就没看出什么“检讨”、什么“认错”、什么“认栽”。
作为晨读的内容,我虽然不懂经济,倒是读得津津有味。
-"By yearend, investors of all stripes were bloodied and confused, much as if they were small birds that had strayed into a badminton game."写年报还能写成这样的有文采,真是美轮美奂。
-"By the fourth quarter, the credit crisis, coupled with tumbling home and stock prices, had produced a paralyzing fear that engulfed the country. A freefall in business activity ensued, accelerating at a pace that I have never before witnessed. The U.S. – and much of the world – became trapped in a vicious negative-feedback cycle. Fear led to business contraction, and that in turn led to even greater fear.  "
-"That’s the good news. But there’s another less pleasant reality: During 2008 I did some dumb things in investments. I made at least one major mistake of commission and several lesser ones that also hurt. I will tell you more about these later. Furthermore, I made some errors of omission, sucking my thumb when new facts came in that should have caused me to re-examine my thinking and promptly take action.  "如果说什么“认错”,“认栽”,估计就是说这句话了,真是瞎评!你就不会从Buffett的错误中学习么?"when new facts came in that should have caused me to re-examine my thinking and promptly take action."这不是很清楚么,去年形势变化得太快,连Buffett也跟不上。所以他自称是"did some dumb things",但是从这次错误他总结了要及时re-examine the new facts and promptly take action.
-"February 27, 2009 Warren E. Buffett Chairman of the Board "这个是Buffett写年报的日期。第二天第三天就是一堆新闻。现在我还得看到新闻再去找他的年报,但如果我是share holder,估计就不用去看那些无聊的新闻,提早就知道这件事了。“成功的人去创造新闻,不成功的人去读。”(这是我从一个成功的人听到的。)比较成功的人应该是提前知道新闻。

还是那几句话:
1、要找到事情的原话。
2、要分清是事实还是观点。

Recommended. Have fun!

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p.s.
http://www.berkshirehathaway.com/是第二次吧,这次被它的简单所打动(第一次我都没把它当官方网站来看待,以为是哪个网友自发帮忙组织收集的buffett的资料呢)。所以吧,越是宏伟的东西越是返璞归真。
年报的链接在文章开始已经给出,为了防止有人没看到,重新给出在这里:http://www.berkshirehathaway.com/letters/2008ltr.pdf

p.s. 2
我觉得Buffett就是在做一件用手里的财富创造财富的事情。
他不是通过直接体力劳动来创造财富。为了创造财富,他必须合作。合作的方法他采取投资的方式。
投资的概念是投资“看得懂的企业”,从Buffett自己来看,有人评价他是“世界上最值得信任的人”,所以他投资的企业也必须是“值得信任的”企业。
为了创造更多的财富,他必须做一个leader来推动,同时又保持着谦虚的态度和自省好学的心。

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