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Berkshire Hathaway Letters to Shareholders

书名：Berkshire Hathaway Letters to Shareholders1965-2014
作者：WarrenBuffett/MaxOlson(Editor)
译者：
ISBN：9781595910776
出版社：MaxOlson
出版时间：2013-4-25
格式：epub/mobi/azw3/pdf
页数：706
豆瓣评分： 9.2

书籍简介：

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.

作者简介：

书友短评：

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书籍目录

  • 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 identified my problem: “The difficulty lies not in the new ideas but in escaping from the old ones.” My escape was long delayed, in part because most of what I had been taught by the same teacher had been (and continues to be) so extraordinarily valuable. Ultimately, business experience, direct and vicarious, produced my present strong preference for businesses that possess large amounts of enduring Goodwill and that utilize a minimum of tangible assets.
    —— 引自第113页
  • 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 those retailers.
    —— 引自第116页

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