To be a great investor, says one of Price's colleagues, one must be a loner, a crowd-opposer. But it's virtually impossible for loners to create a self-sufficient organization. Typically, the strong-willed loner has weak followers. He thus must either sell his company to outsiders to realize a capital value for his efforts (which leaves his clients prey to the acquisitor) or else, like Price, he must sell it with great trepidation to his own followers, openly concerned that they are not fit to succeed him. (查看原文)
Negotiated purchases, he notes, simply can't be made on the bargain basis sometimes possible in common stock investment. A sole owner never becomes as crazy as the market sometimes does. The most he hopes for in a private purchase is a reasonable deal, not a great one.
(查看原文)
The only chapter which talks about Warren Buffett, is worth reading. [Extracts from the 1978 Berkshire Hathaway Annual Report are also available in the appendixes]
太阳岛的光明
江苏人民出版社1999版
1 有用 K2 2008-11-13 21:38:48
The only chapter which talks about Warren Buffett, is worth reading. [Extracts from the 1978 Berkshire Hathaway Annual Report are also available in the appendixes]