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 ever...
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.
The lesson from Coke and AMEX? When you find a truly wonderful business, stick with it. Patience pays, and one wonderful business can offset the many mediocre decisions that are inevitable. (查看原文)
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. (查看原文)
庄常飞
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2 有用 氢氧化钠 2023-10-25 00:05:22 江苏
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0 有用 马尔代夫的驴 2022-03-21 10:41:33
指引前行的路
0 有用 瓶中信1982zh 2019-06-05 15:30:12
我读的是从1965年到2018年致股东的信的英文原版，花了一个半月，工作日每天啃四到五个小时才读完，一次次的被巴菲特严密的商业逻辑和推理能力，惊人的商业及人性洞察力，高尚的品德，五十多年始终如一的信念和行动力，幽默的文风及经典的比喻所折服。高山仰止，为自己能和有这样思想深度和高尚品德的人生活在同一时代感到无比幸运。
0 有用 John 2020-07-23 23:01:31
在Berkshire网站上下载打印出来看的，看到今年的，这些信就像黑暗中的光一样，指引方向。
4 有用 Geniosis 2018-09-21 22:34:56
65-12，48年股东信。如此说来，每读一份股东信，我就省了￥3。不过这本书值得收藏——当我哪一年绩效收入超过5万元时，我会买一本作纪念。立字为据，以为鼓励。 2018年补记：今年没忍住，买了一本，掐指一算，去年年终自己给自己发了10万“年终奖”，四年前的预言竟然这么准！（今年买书的原因并不是因为去年的“年终奖”）另外：我为了省150会去打印，佩服节俭的自己！