华伦.巴菲特1

华伦.巴菲特1 , Warren Buffet 华伦(巴菲特(最伟大的投资家) , 华伦巴菲强调成功投资的重要因素，取决于企业的实质价值，和支付一个合理划算的交易价格，他不在意最近或未来一般股市将会如何运作( , 华伦巴菲特从不投资他不了解的企业，他四十年的投资职业生涯里，只有十二个投资决策，造成他今日与众不同的成功地位( , 当大企业有暂时性的麻烦或股市下跌，并创造出有利可图的交易股价，应进场买下这些大企业的股票，不要再试着预测股票市场的方向，经济情势，利率或选举结果，并停止浪费金钱在以此糊口的人身上(研究公司的现况和财务情形，并评估公司将来的展望，当一切都合你意的时候，就买下它 . , 许多人盲目投资，从某方面来说，这就像通宵玩牌，却不曾看清手中的牌一样( , 投资人谨慎透彻地做好投资研究，只要专注于持有少数几种股票，便可大大降低投资风险(通常巴菲特持普通股持股，仅由五种不同的股资组合( , 巴菲特的投资策略核心是(买进?持有)Buy and hold， 买进优良企业，拥有这个投资数年，然后根据企业经营之收益获利，这个观念简单又直接，投资人容易明了这个方式的原理( , 多数人都受到现有的股票交易方式所影向和限制，只知在买进与卖出间追逐价差，而忘了买卖股票原本只是转移股权，持有股权原本是做为股东的权益则来自于企业营运所获的利润( , 做为股东原本是希望能从企业获利不断成长，及源源不断的收取成功的经营成果(股票市场只是方便股东的移转股权( , 巴菲特投资决策依据的基本原则: 一(企业原则:这家企业简单且可以了解吗? 这家企业的经营历史是否稳定? 这家企业的长期发展远景是否看好? 二(经营原则:经营者是否理性? 经营者对股东是诚实坦白的吗? 经营者是否会盲从其他法人权构的行为? 三(财务原则:把重点集中在股东权益报酬率，而不是每股盈余( 计算 (出股东盈余) 寻找毛利率高的公司( 对于保留的每一块钱盈余，确定公司主少己经创造了一块钱的市场价值( 四(市场原则:这家企业有多少实质价值? 这家企业能否以显著的价值折扣购得? , 巴菲特的投资策略很简单，那就是:,( 不理会股票市场每日的涨跌( 2( 不担心经济情势( 3( 买下一家公司而不是股票( 4( 管理企业投资组合( To insisted from actual starting, classification Guide, put focus put in grass-roots, put in branch, timely summary promotion grass-roots branch in learning education aspects of good experience, and good practices, timely found and corrected signs sex, and tendency problem; to strengthened publicity Guide, full using water website, timely publicity interpretation Central, and provincial, and municipal draw party on learning education of deployment and requirements, followed up reported progress and effectiveness, efforts for learning education create good of opinion atmosphere. Second lead. Education of leading cadres is not only learning organisers, facilitators and regulators, but also participants, always at the forefront, as a good example, set strict demands on themselves, and set an example by asking others to do it, first do; others not doing, he determined not to do. Example of superior to subordinate, team leader for team members for example, level to level, level with the level, layer model, layers of lead, formation of the shots, the overall general effect of linkage. While, regardless of what ranks, what post of members leaders, are to to General members identity put himself pendulum in, implementation provincial, and municipal draw party on learning education of the requirements, strictly implementation double organised, basic system, lead learning discussion, lead on experience, and told party lecture, and for report, lead participate in organised will, and democratic comments, lead shoe vocational due diligence, and based post for contribution, efforts do one "four told four has" of qualified Communist, strive to makes learning research more in-depth, check pendulum problem more deep, Rectification to implement more thorough, more venerable pioneer image , 从投资一百美元起家，至今华伦巴菲特己创造百亿美元的财富，这位被喻为当今(最伟大的投资者)，以简单的投资策略及原则，不做短线进出，不理会股市每日的涨跌，不担心经济情势，妥善管理手上的投资组合，创造另一种不同于投机客的投资典型( , 巴菲特拥有净值百亿美元，名列美国最富有人榜首多年 . 近年被比尔(盖兹赶过变成第二名)，是美国百人富翁唯一自股票市场获得财富的人( , 巴菲特,,,,年生于内布拉斯加州的奥玛哈(Omaha City)，进入哥伦比亚大学商研究所就读，受教于班哲明(葛拉罕(一向鼓吹了解一公司实质价值的重要性), ,,,,年带着葛拉罕得到的知识与来自亲朋好友的财力支持 , 在奥玛哈开始他的有限合伙投资事业经就是后来的波克夏哈萨威公公)(合伙公司开始时，由七个有限责任合伙人，一起出资十万五仟美元(主要合伙人巴菲特，从一百元开始投资，那些有限合伙人每年回收他们投资的,,，和超过此固定利润以上之总利润的,,,，巴菲特的酬劳则是另外的,,,(往的十三年，巴菲特的金钱以每年,,(,,的复利持续成长，合伙体的资产己达二千六百万美元( , 两位智者?班哲明(葛拉罕给予巴菲特投资的思考基础: 安全边际(并协助巴菲特学习掌握他的情绪，以便于在市价的涨落中获利(而菲利普(费雪则给予巴菲特最新的可行的方法学，使他能够判定出好的长期投资( 巴菲特说:我有1,,像费雪，,,,葛拉罕( , 费雪的著作:Common Stock and Uncommon Profits，葛拉罕的著作: The Intelligent Investor ，是二本影向巴菲特最深远的投资学巨著(他说每位投资人至少要读它们,,遍以上，才能真正了解投资的真谛( , 投貣就是在经过完整的分析研究之后，认为可以确保本金的安全，并能得到令人满意的报酬(不符合这些要求的操作便是在投机( , 虽然葛拉罕(价值理论)与费雪(成长理论)的投资方法不同，但是巴菲特说道:他们在投资界是同等重要的( , 价值理论:指出一个经谨慎选择，且己分散风险，合理价格的普通投资组合，才可能是聪明的股资(葛拉罕推测如因股票的价格低于它的价值，则股票在一个安全边际(葛拉罕 表 关于同志近三年现实表现材料材料类招标技术评分表图表与交易pdf视力表打印pdf用图表说话 pdf 示(投资有二个法则:一(严禁损失(二(不要忘记第一个法则(他相信市场经常给予股票不适当的价格，这种错误的标价往往是因为人类惧怕和贪婪的情绪而引起的( , 成长理论:超额利润的创造是经由:,(投资那些潜力在平均水平之上的公司 ,(向那些最有能力的经营阶层看齐( , 费雪相信，即使有能力使销售成长，如果公司无法为股东赚取利润，就不宜投资该公司(如果多年来利润不能够相对地成长，则所有的销售成长都不代表公司股票是正确的投资工具( , 巴菲持主张投资人学习如何独立思考，如因你己经由深思熟虑的判断，获得合平逻辑的结论，绝不要因为别人的不同意而被劝阻退缩不前，(你不会因为这些人的不同意，而判断正确或错误，你之所以正确(是因为你的数据和推理是正To insisted from actual starting, classification Guide, put focus put in grass-roots, put in branch, timely summary promotion grass-roots branch in learning education aspects of good experience, and good practices, timely found and corrected signs sex, and tendency problem; to strengthened publicity Guide, full using water website, timely publicity interpretation Central, and provincial, and municipal draw party on learning education of deployment and requirements, followed up reported progress and effectiveness, efforts for learning education create good of opinion atmosphere. Second lead. Education of leading cadres is not only learning organisers, facilitators and regulators, but also participants, always at the forefront, as a good example, set strict demands on themselves, and set an example by asking others to do it, first do; others not doing, he determined not to do. Example of superior to subordinate, team leader for team members for example, level to level, level with the level, layer model, layers of lead, formation of the shots, the overall general effect of linkage. While, regardless of what ranks, what post of members leaders, are to to General members identity put himself pendulum in, implementation provincial, and municipal draw party on learning education of the requirements, strictly implementation double organised, basic system, lead learning discussion, lead on experience, and told party lecture, and for report, lead participate in organised will, and democratic comments, lead shoe vocational due diligence, and based post for contribution, efforts do one "four told four has" of qualified Communist, strive to makes learning research more in-depth, check pendulum problem more deep, Rectification to implement more thorough, more venerable pioneer image 确的 ). , 巴菲特:当人们因贪婪或者受了惊吓的时候，他们时常会以愚蠢的价格买进或卖出股票(股票的长期价值是取决于企业的经济发展，而不是每日的市场行情( , 投资人Investor 和投机客Speculator 之间的基本差是，在于他们对股价的看法(投机客试图在价格的起伏之间获益，相反地，投资人是寻求以合理的价格取得公司的股票( , 投资人最大的敌人不是股票市场，而是自己(投资人无论在数学，财务或价计上有多么优秀的能力，若不能掌握自己的情绪，还是无法从投资过程中获利( , 巴菲特不相信所谓市场预测，无法预知短期内股价的变动，也不相信有谁可以做到这一点(他长久以来的感觉是(股市预测专家存在的唯一价值，是使算命先生更有面子而已)( , 巴菲特不预期股票市场的涨跌，只是设法在别人贪心的时候保持戒慎恐惧的态度，唯有在所有的人都小心谨慎的时候才会勇往直前( , 只要对你持有之股票的公司深具信心，就应该对股价下跌抱持欢迎的态 度，并借着这个机会增加你的持股( , 股票市场并不是一个指标，它只是一个可以让你买卖股票的地方而已( , 巴菲特表示，因为他做的都是长期投资，所以短期的市场波动对他根本没有影向(他相信自己比市场更有能力评估一个公司的真正价值，做不到这一点你就没有资格玩这个游戏(他解释说:这就好像打朴克牌，如果你在玩了一阵子之 后，还看不出这场牌局里的凯子是谁，那么那个凯子就是你. , 巴菲特学习到优良的企业能让投资人很容易地做决定，但是那些状况不佳的公司，即使投资人犹豫不决(如果他不能轻易地说服自己做下购买的决定，那么他就得放弃那间公司(巴菲特有这种说不的精神，只有在所有的因素都对他有利的情况下才肯购买股票，而这个说(不)的能力，正是使投资能够获利的最大因素( , 巴菲特之所以能够成功的管理庞大地投资组合，多半归功于他(以静制动)的能力(大部份的投资人都很难抵抗诱惑，不断地在股市里抢进抢出( , 巴菲特表示，投资人总是想要买进太多的股票，却不愿意耐心等待一家有真正值得投资的好公司(买进一间顶尖企业股票然后长期持有，比一天到晚在那些不怎么样的股票里忙地晕头转向，绝对容易得多了(有很多投资人一天不买卖就浑身不对劲，他却可以一年都不去动手中的股票(近乎怠惰地按兵不动，正是他一贯的投资风格( , 根据巴菲特的意见，投资人绝对应该好好守住几支前途看好的股票，而不是三心二意地在一堆体质欠佳的股票里抢进抢出(事实上，巴菲特的成功主要是建立在几宗成功的大宗投资上( , 投资人应该假设自己手中只有一张可以打个,,个的投资决策卡，每作一次投资，就在卡片上打一个洞，相对地能够作投资决定的次数也就灭少一次(巴To insisted from actual starting, classification Guide, put focus put in grass-roots, put in branch, timely summary promotion grass-roots branch in learning education aspects of good experience, and good practices, timely found and corrected signs sex, and tendency problem; to strengthened publicity Guide, full using water website, timely publicity interpretation Central, and provincial, and municipal draw party on learning education of deployment and requirements, followed up reported progress and effectiveness, efforts for learning education create good of opinion atmosphere. Second lead. Education of leading cadres is not only learning organisers, facilitators and regulators, but also participants, always at the forefront, as a good example, set strict demands on themselves, and set an example by asking others to do it, first do; others not doing, he determined not to do. Example of superior to subordinate, team leader for team members for example, level to level, level with the level, layer model, layers of lead, formation of the shots, the overall general effect of linkage. While, regardless of what ranks, what post of members leaders, are to to General members identity put himself pendulum in, implementation provincial, and municipal draw party on learning education of the requirements, strictly implementation double organised, basic system, lead learning discussion, lead on experience, and told party lecture, and for report, lead participate in organised will, and democratic comments, lead shoe vocational due diligence, and based post for contribution, efforts do one "four told four has" of qualified Communist, strive to makes learning research more in-depth, check pendulum problem more deep, Rectification to implement more thorough, more venerable pioneer image 菲特相信，假如投资人真的受到这样的限制，他们就会耐心地等待最佳的投资机会出现，而不会轻率地作决定( , 巴菲特从经验中得知，体质优良且经营得当的企业通常价格都不便宜(一旦见到价格低廉的绩优企业，他一定毫不疑地大量收购，完全不受经济景气低迷，或是市场悲观气氛的影向( , 随着年岁增长，巴菲特越来越相信，正确的投资方式是把大量的资金，投入到那些你了解，而且对其经营深具信心的企业(有人把资金分散在一些他们所知有限，又缺令任何卖点的投资上，以为可以藉此降低风险，这样的观点其实是错误的(每个人知识和经验必然是有限的，而也很少能够同时在市场上发现三家以上可以让人深具信心的企业( , 巴菲特对于他手中持股的涨跌与市场股价指数表现，可说毫不关心(他是以营业的实绩来判断股票的好坏，而不是短期的成交价格(他知道，只要企业本身拥有杰出的营运绩效，总有一天这样的绩效会反映到股票的价格上( , 巴菲特承认，他的长期持有策略与机构投资人的基金经理人之思考模式有很大的落差(很大多数的基金经理人总是在华尔街出现新宠之后，迅速更改手中的持股(他们的投资组合不断地在那些主要的大企业之间进行多角化风险分散，这样作的目的多半是为了保护自己，以免跟不上市场的脚步，极少是因为他们感觉那些公司有良好的经济价值(在巴菲特的想法里，( 法人)这个名词正代表着矛盾(他说，把基金经理人称为投资人，就像把追求一夜风流称为浪漫是一样的( , 巴菲特说:因为我把自己当成是企业经营者，所以我成为更优秀的投资人(因为我把自己当成投资人，所以我成为更优秀的企业经营者( , 全面收购一个企业与购买该企业的股票，基本上是没有差别的(无论是收购个企业，或者只是持有该企业部份的投票，巴菲特都遵守同样的投资策略:寻找他所了解的，且利于长期投资的公司(同时该公司的管理阶层必须诚实且具备了管理的才能，最重要的是价格要吸引人( , 巴菲特说:我们在投资的时候，要将自己看成是企业分析家，而不是市场分析师 , 更不是有价证券分析师(巴菲特在评估一项潜在交易或是买进股票的时候，他会先以企业主的观点出发，衡量该公司经营体系所有质与量的层面，财务况以及收购价格( , 巴菲特四大投资决策基本原则: 1. 企业原则:企业本身的三个基本特性( 2. 经营原则:高级主管必须展现出来的三个重要特质( 3. 财务原则:公司必须依循的四项重要财务政策( 4. 市场原则:相关的二个成本指导方针( , 企业原则:,)该企业是否简单且易于了解( ,)该企业过去的经营状况是否稳定( ,)该企业长期发展的远景是否被看好( , 以巴菲特的观点，投资人财务上的成功，和他对自己所做之投资的了解程To insisted from actual starting, classification Guide, put focus put in grass-roots, put in branch, timely summary promotion grass-roots branch in learning education aspects of good experience, and good practices, timely found and corrected signs sex, and tendency problem; to strengthened publicity Guide, full using water website, timely publicity interpretation Central, and provincial, and municipal draw party on learning education of deployment and requirements, followed up reported progress and effectiveness, efforts for learning education create good of opinion atmosphere. Second lead. Education of leading cadres is not only learning organisers, facilitators and regulators, but also participants, always at the forefront, as a good example, set strict demands on themselves, and set an example by asking others to do it, first do; others not doing, he determined not to do. Example of superior to subordinate, team leader for team members for example, level to level, level with the level, layer model, layers of lead, formation of the shots, the overall general effect of linkage. While, regardless of what ranks, what post of members leaders, are to to General members identity put himself pendulum in, implementation provincial, and municipal draw party on learning education of the requirements, strictly implementation double organised, basic system, lead learning discussion, lead on experience, and told party lecture, and for report, lead participate in organised will, and democratic comments, lead shoe vocational due diligence, and based post for contribution, efforts do one "four told four has" of qualified Communist, strive to makes learning research more in-depth, check pendulum problem more deep, Rectification to implement more thorough, more venerable pioneer image 度成正比(因为只在他了解的范围内选择企业，所以他对所投资的企业一直有高度的了解( , 根据巴菲特的观察，投资的成功与否并非取决于你了解的有多少，而是在于你能否老老实实地承认自己所不知道的东西(投资人并不需要做对很多事情，重要的是要能不犯重的过错(在巴菲特的经验里，以一些平凡的方法就能够得到平均以上的投资成果(重点是你如何把一些平凡的事，做得极不平凡( , 巴菲特不碰复杂的企业，对于那些正因面临难 题 快递公司问题件快递公司问题件货款处理关于圆的周长面积重点题型关于解方程组的题及答案关于南海问题 而苦恼，或因为先前的 计划 项目进度计划表范例计划下载计划下载计划下载课程教学计划下载 失败，而打算彻底改变营运方向的企业，他也敬而远之(巴菲特相信，重大的变革和高额报酬率是没有交集的(许多投资人拼命抢购那些正在进行组织变革的公司，往往被一些企业将来可能带来的好处之假象所迷惑，而忽略了眼前的企业现实( , 巴菲特从经营与投资的经验中学到，咸鱼很少能够大翻身(学会去避开它们，能够成功并不是因为我们有能力清除所有障碍，而是在于我们专注地寻找可以跨越的障碍( , 经营原则:,)管理阶层是否理性? ,)整个管理阶层对股东是否坦白? ,)管理阶层是否能够对抗(法人机构盲从的行为)? , 管理人员把自己看成是公司负责人，不会忘了公司最主要的目标 , 增加股东持股的价值(同时他们会为了进一步达成这个目标做出理性的决定( , 巴菲特对于那些能看重自己的责任，完整而详实地向股东公开所有营运状况，以及有勇气抵抗所谓(盲从法人机构)， 而不盲目地追随别人的行为管理人才，抱着极为敬佩的态度( , 分配公司的资本是最重要的经营行为，因为一段时间之后，资本的分配将决定股东股权的价值(根据巴菲特的观点，决定如何处理公司的盈余(转投资或者是分股利给股东)是一个非常重要的理性思考课题( , 巴菲特极为看重那些完整且详实 报告 软件系统测试报告下载sgs报告如何下载关于路面塌陷情况报告535n,sgs报告怎么下载竣工报告下载 公司营运状况的管理人，尤其尊敬那些不会借着一般公认的会计原则，隐瞒公司营运状况的管理者(他们把成功分享给他人，同时也勇于承认错误，并且永远向股东保持坦诚的态度( , 如果资本支出的配置是如此简单而合乎逻辑，怎么会有那么多资金运用不当的情事发生呢 ?巴菲特所得到的答案是一种他称之为(盲从法人机构)的无形力量(企业的管理者自然而然地模仿其他管理人员的行为，不管那些行为是多么愚蠢违反理性( , 财务原则:,)将注意力集中在股东权益报酬率，而不是每股盈余( ,)计算(股东盈余),Owner Earnings,，得出正确的价值( ,)寻求拥有高毛利的公司( ,)每保留一块钱的盈余，公司至少得增加一块钱的市场价值( , 巴菲特说:好的企业应该能够不靠举债，就可以赚取不错股东权益报酬率(对于那些必须藉由相当程度的负债才能达成良好股东权益报酬率的公司，应To insisted from actual starting, classification Guide, put focus put in grass-roots, put in branch, timely summary promotion grass-roots branch in learning education aspects of good experience, and good practices, timely found and corrected signs sex, and tendency problem; to strengthened publicity Guide, full using water website, timely publicity interpretation Central, and provincial, and municipal draw party on learning education of deployment and requirements, followed up reported progress and effectiveness, efforts for learning education create good of opinion atmosphere. Second lead. Education of leading cadres is not only learning organisers, facilitators and regulators, but also participants, always at the forefront, as a good example, set strict demands on themselves, and set an example by asking others to do it, first do; others not doing, he determined not to do. Example of superior to subordinate, team leader for team members for example, level to level, level with the level, layer model, layers of lead, formation of the shots, the overall general effect of linkage. While, regardless of what ranks, what post of members leaders, are to to General members identity put himself pendulum in, implementation provincial, and municipal draw party on learning education of the requirements, strictly implementation double organised, basic system, lead learning discussion, lead on experience, and told party lecture, and for report, lead participate in organised will, and democratic comments, lead shoe vocational due diligence, and based post for contribution, efforts do one "four told four has" of qualified Communist, strive to makes learning research more in-depth, check pendulum problem more deep, Rectification to implement more thorough, more venerable pioneer image 该抱持怀疑的态度( , 巴菲特是出警告:会计上的每股盈余只是评估企业经济价值的起点，绝不是终点;并非所有的盈余都代表相同的意义( , 巴菲特喜欢采用〔股东权益〕Owner earnings?公司净所得加上折旧，耗损，分期偿还的费用，减去资本支出以及其他额外所需的营运资本，来代替现金流量计算(宁愿对得迷迷糊糊，也不要错得清清楚楚( , 巴菲特指出，如果管理当局无法将销售额转换成利润，任何再好的投资都是枉然(需要靠高成本营运企业的经营管理者常会不断增加经常性支出，巴菲特很讨厌那些不断增加开销的经营管理者( , 巴菲特选择公司的 标准 excel标准偏差excel标准偏差函数exl标准差函数国标检验抽样标准表免费下载红头文件格式标准下载 是:长期发展远景看好，且公司由一群有能力和以股东利益为第一优先的管理者所经营，它们将随着日后公司市场价值的增加而获得证明(每一块钱保留盈余，确实转换成至少有一块钱的市场价值( , 市场原则:一(企业的实质价值如何 ? 二(是否可以在企业的股价远低于其实质价值时，买进该企业的股票 ? , 投资人应该衡量两项因素:这间公司是否有好的实质价值，以及现在是否为购买的好时机(也就是说，价格是不是吸引人 ?) , 巴菲特使用约翰(威廉斯( John Williams ) 的〔投资价值理论〕, Theory of Investment Value ,所提出:企业的价值等于运用适当的贴现率，折算预期在企业生命周期内，可能产生的净现金流量(企业价值的计算非常类似评估债券价值的模式(债券未来的现金流量可分成每期息票支付的利息，以及未来债券到期发回的本金两部份( , 使用适当的变量:现金流量和预期的贴现率，决定公司的价值就很简单(如果他对预估企业未来的现金流量没有十足的把握，他就不会试着去评估一家公司的价值(如果企业简单且能了解;并拥有稳定的盈余，巴菲特就能够以适度的确定性来决定未来的现金流量( , 一旦巴菲特决定了企业未来的现金流量，接着就是应由贴现率将其折现(巴菲特使用的贴现率，是美国政府的长期债券利率( , 巴菲特拒绝购买那些具有负债问题的公司，将注意力集中在盈余稳定且可预测的公司上(他说:我将确定性看得很重，所有造成风险的因素对我而言都没有意义，风险来自于你不知道自己在做什么( , 持续购买低本益比

和价值比

以及高股利的人，通常被称为〔价值投资人〕 . 主张以选择在盈余上有高平均成长的公司(来辨认公司价值的人，则称为 [ 成长投资人 ](一般来讲，成长中的公司通常具有高的本益比和低的股利，而这些财务特值与价值投资人所希望寻找的刚好相反( , 寻找购买价值的投资人，通常必须在〔价值〕与〔成长〕之间来选择股票(巴菲特说:成长与价值的投资其实是相通的(价值是一项投资其未来现金流量的折现值，而成长只是用来决定价值的一项预测过程( To insisted from actual starting, classification Guide, put focus put in grass-roots, put in branch, timely summary promotion grass-roots branch in learning education aspects of good experience, and good practices, timely found and corrected signs sex, and tendency problem; to strengthened publicity Guide, full using water website, timely publicity interpretation Central, and provincial, and municipal draw party on learning education of deployment and requirements, followed up reported progress and effectiveness, efforts for learning education create good of opinion atmosphere. Second lead. Education of leading cadres is not only learning organisers, facilitators and regulators, but also participants, always at the forefront, as a good example, set strict demands on themselves, and set an example by asking others to do it, first do; others not doing, he determined not to do. Example of superior to subordinate, team leader for team members for example, level to level, level with the level, layer model, layers of lead, formation of the shots, the overall general effect of linkage. While, regardless of what ranks, what post of members leaders, are to to General members identity put himself pendulum in, implementation provincial, and municipal draw party on learning education of the requirements, strictly implementation double organised, basic system, lead learning discussion, lead on experience, and told party lecture, and for report, lead participate in organised will, and democratic comments, lead shoe vocational due diligence, and based post for contribution, efforts do one "four told four has" of qualified Communist, strive to makes learning research more in-depth, check pendulum problem more deep, Rectification to implement more thorough, more venerable pioneer image , 在投资资本报酬率高于平均水平的时候，成长可以增加投资的价值(确保每投资一块钱，至少就能增加一块钱的市场价值(而成长对于一家资本报酬率不高的公司股东而言，可能反受其害( , 巴菲特指出:将注意力集中在容易了解，和具有持久的经济力量基础，且把股东放在第一位的管理者所管理的公司上，并不能保证成功(首先，他先须以合理的价格购买，同时公司必须符合他对企业的期望( , 巴菲特承认，如果犯错则是因为下面三个地方出了问题:,)我们所支付的价格(,)我们所参与的经营管理(,)企业未来的经济状况(他指出，错误的估计最常发生在第三个原因上( , 巴菲特的意图，不但要辨认出可以赚得高于平均收益的公司，还可以在价格远低于其实质价值时购买这些企业( , 葛拉罕:,最聪明的投资方式，就是把自己当成持股公司的老板,，巴菲特说:,这是有史以来关于投资理财最重要的一句话,( , 巴菲特说:只要企业的股东权益报酬率充满希望并令人满意，或管理者能胜任其职务而且诚实，同时市场价格也没有高估此企业，那么他相当满足于长期持有任何证券( , 短期来看市场是个投票机器，但长期来看则是个秤重器，他乐于忍耐(你手上握有的股票一定要比现金好，否则它就不是一个好的投资( , 如果股票市场确实过份高估某一家企业，他就会将其股票卖出 . 如果他需要现金以购买别家可能被过份低估或是有同样价值，但他更了解之企业的股份，巴菲特将会出售价值公道或被低估的证券以变现( , 当人们对一些大环境事件的忧虑升到最高点时，事实上也就是我们做成最佳交易的时机(恐惧是追赶流行者的大敌，却是看重基本面的财经分析者的密友( , 当巴菲特从事投资的时候，他观察一家公司的全貌，而大多数的投资人只观察其股价而己( , 世故者改变自己来适应这个世界，而特立独行者却坚持尝试要改着世界来适应自己(因此所有的进步都仰赖后者来促成(巴菲特自始至终，都将投资视为一种企业经营活动，而以一般常识作为他的投资哲学( , 依照巴菲特的理论，投资人企业家应该以同样的方法来观察一家公司，因为他们实际上想要的东西是相同的，企业家希望买下整个公司，而投资人希望购买公司部份的股票(如果你问一个企业家，当他购买一家公司的时候，他所想要的是什么，答案经常是:这家企业能产生多少现金 ?公司的价值和它的现金产生能力之间有直接的关联，理论上，企业家与投资人为了要获利，应该要注意到相同的变量( , 委托人要求专业投资人报告绩效，在等候他们的投资组合达到某一价格时，经常显得不耐烦(如果他们的投资组合并未出现短期的价格上涨，委托人将表现To insisted from actual starting, classification Guide, put focus put in grass-roots, put in branch, timely summary promotion grass-roots branch in learning education aspects of good experience, and good practices, timely found and corrected signs sex, and tendency problem; to strengthened publicity Guide, full using water website, timely publicity interpretation Central, and provincial, and municipal draw party on learning education of deployment and requirements, followed up reported progress and effectiveness, efforts for learning education create good of opinion atmosphere. Second lead. Education of leading cadres is not only learning organisers, facilitators and regulators, but also participants, always at the forefront, as a good example, set strict demands on themselves, and set an example by asking others to do it, first do; others not doing, he determined not to do. Example of superior to subordinate, team leader for team members for example, level to level, level with the level, layer model, layers of lead, formation of the shots, the overall general effect of linkage. While, regardless of what ranks, what post of members leaders, are to to General members identity put himself pendulum in, implementation provincial, and municipal draw party on learning education of the requirements, strictly implementation double organised, basic system, lead learning discussion, lead on experience, and told party lecture, and for report, lead participate in organised will, and democratic comments, lead shoe vocational due diligence, and based post for contribution, efforts do one "four told four has" of qualified Communist, strive to makes learning research more in-depth, check pendulum problem more deep, Rectification to implement more thorough, more venerable pioneer image 出不满和懹疑他们在投资上的专业能力(专业投资者知道他们必须在改善短期绩效，或冒着损失客户的风险之间作一选择，于是开始陷入追涨杀跑的旋涡中( , 巴菲特相信使用短期价格来判断一家公司的成功与否是愚蠢的，取而代之他要公司向他报告因经济实力成长所获得的价值(一年一次他固定检查几个变量: ,) 初始的股东权益报酬率 ,) 营运毛利，负债水平与资本支出而求的变化 ,) 该公司现金产生能力 , 华伦巴菲特的投资策略: 步骤一:不理会股票市场每日的涨跌( 步骤二:不担心经济情势( 步骤三:买下一家公司，而不是股票( 步骤四:管理企业的投资组合( , 股票市场是狂热与抑郁交替发作的场所，有的时候它对未来的期望感到兴奋，而在其他时候，又显出不合理的沮丧(这样的市场行为创造出投资机价，特别是杰出企业的股价跌到不合理的低价时(股票市场并不是投资顾问，它存在只是为了帮助买进或卖出股票吧了( , 如果你打算拥有一家杰出企业的股份并长期持有，但又去注每一日股市的变动是不合逻辑的(你将会惊讶地发现，不去持续注意市场变化，你的投资组合反而变得更有价值( , 巴菲特较喜欢购买在任何经济情势中都有机价获益的企业(选择并拥有能 力在任何经济环境中获利的企业，时间将被更聪明地运用(而不定期地短期持有股票，只能在正确预测经济景气时，才可以获利( , 你无法对企业的未来作出聪明的预测，除非你了解它如何赚钱(投资人在投资股票时，经常对于一家公司如何产生销售，费用，利润私没有任何线索( , 最值得拥有的企业，是在长期有最佳远景，且拥有市场特许权(产品有独占性及差异性)(市场特许权是指销售产品或者顾客而要想要的服务，市场中没有类似的替代品，持有大量经济上的商誉( , 企业产生现金的能力决定了它的价值，巴菲特找出那些产生超过营运所需现金的公司，而将不断消耗现金的公司排除在外( , 巴菲特提供一份较正确的计算方式，他称之为〔股东盈余〕(决定股东盈余的方法是将折旧，耗损和分期摊销的费用加上净利，然后减去那些公司用以维持其经济状况和销售量的资本支出( , 高毛利率反映出经营者控制成本的精神，巴菲特欣赏注意成本观念的经营者，而憎恶放任成本不断扩大的经营者( , 推动巴菲特投资策略的主力，在于资金的理性分配，决定如何配置一家公司的盈余，是经营者要做的最重要决定(做投资选择时展现的理性是巴菲特最推崇的特质( To insisted from actual starting, classification Guide, put focus put in grass-roots, put in branch, timely summary promotion grass-roots branch in learning education aspects of good experience, and good practices, timely found and corrected signs sex, and tendency problem; to strengthened publicity Guide, full using water website, timely publicity interpretation Central, and provincial, and municipal draw party on learning education of deployment and requirements, followed up reported progress and effectiveness, efforts for learning education create good of opinion atmosphere. Second lead. Education of leading cadres is not only learning organisers, facilitators and regulators, but also participants, always at the forefront, as a good example, set strict demands on themselves, and set an example by asking others to do it, first do; others not doing, he determined not to do. Example of superior to subordinate, team leader for team members for example, level to level, level with the level, layer model, layers of lead, formation of the shots, the overall general effect of linkage. While, regardless of what ranks, what post of members leaders, are to to General members identity put himself pendulum in, implementation provincial, and municipal draw party on learning education of the requirements, strictly implementation double organised, basic system, lead learning discussion, lead on experience, and told party lecture, and for report, lead participate in organised will, and democratic comments, lead shoe vocational due diligence, and based post for contribution, efforts do one "four told four has" of qualified Communist, strive to makes learning research more in-depth, check pendulum problem more deep, Rectification to implement more thorough, more venerable pioneer image To insisted from actual starting, classification Guide, put focus put in grass-roots, put in branch, timely summary promotion grass-roots branch in learning education aspects of good experience, and good practices, timely found and corrected signs sex, and tendency problem; to strengthened publicity Guide, full using water website, timely publicity interpretation Central, and provincial, and municipal draw party on learning education of deployment and requirements, followed up reported progress and effectiveness, efforts for learning education create good of opinion atmosphere. Second lead. Education of leading cadres is not only learning organisers, facilitators and regulators, but also participants, always at the forefront, as a good example, set strict demands on themselves, and set an example by asking others to do it, first do; others not doing, he determined not to do. Example of superior to subordinate, team leader for team members for example, level to level, level with the level, layer model, layers of lead, formation of the shots, the overall general effect of linkage. While, regardless of what ranks, what post of members leaders, are to to General members identity put himself pendulum in, implementation provincial, and municipal draw party on learning education of the requirements, strictly implementation double organised, basic system, lead learning discussion, lead on experience, and told party lecture, and for report, lead participate in organised will, and democratic comments, lead shoe vocational due diligence, and based post for contribution, efforts do one "four told four has" of qualified Communist, strive to makes learning research more in-depth, check pendulum problem more deep, Rectification to implement more thorough, more venerable pioneer image