The Essays of Warren Buffett (3/e)

书名:The Essays of Warren Buffett (3/e)LessonsforCorporateAmerica
作者:WarrenE.Buffett/LawrenceA.Cunningham
译者:
ISBN:9781611634099
出版社:CarolinaAcademicPress
出版时间:2013-3-15
格式:epub/mobi/azw3/pdf
页数:320
豆瓣评分: 9.8

书籍简介:

In the third edition of this international best seller, Lawrence Cunningham brings you the latest wisdom from Warren Buffett's annual l etters to Berkshire Hathaway shareholders. New material addresses: ?the financial crisis and its continuing implications for investors, managers and society; ?the housing bubble at the bottom of that crisis; ?the debt and derivatives excesses that fueled the crisis and how to deal with them; ?controlling risk and protecting reputation in corporate governance; ?Berkshire's acquisition and operation of Burlington Northern Santa Fe; ?the role of oversight in heavily regulated industries; ? investment possibilities today; and ?weaknesses of popular option valuation models. Some other material has been rearranged to deepen the themes and lessons that the collection has always produced: ? Buffett's ?owner-related business principles ? are in the prologue as a separate subject and ? valuation and accounting topics are spread over four instead of two sections and reordered to sharpen their payoff.

作者简介:

Warren Edward Buffett (born August 30, 1930) is an American business magnate, investor and philanthropist. He is considered by some to be one of the most successful investors in the world. Buffett is the chairman, CEO and largest shareholder of Berkshire Hathaway, and is consistently ranked among the world's wealthiest people. He was ranked as the world's wealthiest person in 2008 and as the third wealthiest in 2015. In 2012 Time named Buffett one of the world's most influential people.

Buffett is often referred to as the "Wizard of Omaha" or "Oracle of Omaha," or the "Sage of Omaha," and is noted for his adherence to value investing and for his personal frugality despite his immense wealth. Buffett is a notable philanthropist, having pledged to give away 99 percent of his fortune to philanthropic causes, primarily via the Gates Foundation. On April 11, 2012, he was diagnosed with prostate cancer, for which he successfully completed treatment in September 2012. Buffett is also active in contributing to political causes, having endorsed Democratic candidate Hillary Clinton for president during the 2016 campaign season.

书友短评:

@ 求仁得仁 1. 巴菲特应该是corporate finance大师或者valuation大师,rather than 投资大师。2. Depreciation是极其不好的expense,因为pay在upfront,所以强调ebitda是有问题的。3. Issue undervalue share是对existing shareholder的价值剥夺。4. 设立guidance会导致management做短期性决定。5. 巴老也有说过成长&价值不分家,成长是一种价值 6. 一级市场可控issue时机和价格,大幅低于价值的价格少有 7. Zero coupon bond owner也每年按既定interest rate交税

书籍目录

  • 让我对你们自己的投资谈一些看法。大多数投资者,机构投资者和个人投资者,会发现拥有普通股的最佳途径是投资收费低廉的指数基金。那些走这条路的投资者肯定能够战胜最大多数投资专家创造的净收益(扣除管理费和开支以后)。但是,如果你选择建立自己的投资组合,那么有几种思想值得牢记。聪明的投资并不复杂,尽管说它容易也远不现实。一个投资者需要的是正确估价选中的公司的能力。注意这个词“选中的”:你不必成为每一家公司,或者许多公司的专家,你只需要能够对在能力范围内的公司估价。范围的大小并不十分重要:但是,了解它的边界必不可少。要成功地进行投资,你不需要了解β值,有效市场理论,现在投资组合理论,期权定价,或者新兴市场。实际上,你最好对此一无所知。当然,这不是大多数商学院里盛行的观点,这些学科在商学院的金融课程中占有重要的地位。尽管,我们认为投资专业的学生只需要2门教授得当的课程——如何评估一家公司,以及如何考虑市场价格。作为一名投资者,你的目标应当仅仅是以理性的价格买入一家有所了解的公司的部分股权,在现在开始的5年、10年和20年里,这家公司的收益实际上肯定可以大幅增长。在时间的长河中,你会发现只有几家公司符合这些标准——所以一旦看到一家合格的,就应当买入相当数量的股票。你还必须忍受偏离你的指导方针的诱惑,如果你不愿意拥有一家股票10年,那就甚至不要考虑拥有它10分钟。把总的盈利会在未来几年中不断增长的公司聚集到一个投资组合中,那么这个组合的市场价值也会不断增加。尽管很少被人认知,这正是为伯克希尔的股东产生无数利润的方法,多年来我们的收益快步增值,我们的股价也相应地上扬。如果这些收益的增加还没有成型,那么伯克希尔的价值就不会增加。
    —— 引自第93页
  • 意识到缺乏资产配置的CEO(并非人人如此),常常会向他们的幕僚、管理顾问,或投资银行家们求助,加以补偿。查理和我屡次观察到这种“帮助”的结果。总的来说,我们认为,这与其说是要解决资产配置问题,倒不如说是要强调资产配置问题。最终,大量不明智的资产配置在美国的公司中出现。(这就是为什么你听到太多的“重组”)
    —— 引自第85页
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