mikeon88

mikeon88

mikeon88

近年媒體都不賺錢，
老巴終於面對現實把賠錢貨賣掉，慢了好幾年

mikeon88

以前老是聽一些人引用某人的話說
「選股如開車要往前看，不能看後照鏡」，
他們卻都是強調選股要看財報的人。
我很納悶：開車不用看後照鏡嗎？
財報不就是後照鏡！

mikeon88

老巴也在跟我們的單

Buffett's Berkshire Enters Biogen (BIIB), Krogers (KR) (more...) 13F

mikeon88

兩檔ETF可能是二位經理人買的
二人以前買的航空股表現不佳已在減碼


Lowered Stakes
AMERICAN AIRLINES (NASDAQ: AAL) lowered from 43,700,000 shares to 42,500,000 shares

mikeon88

我若是巴菲特會把投資原則明文寫下來，
如盈再表一樣，如同可口可樂的密方，
要求公司組一個委員會按照盈再表選股，
如此波克夏就能流傳萬世

同學們也該這樣做，把盈再表當成傳家寶流傳下去！

mikeon88

2019年波克夏年報




。。。。。。。。。。。。。。。

mikeon88

老巴是金融股研究員出身

mikeon88

In addition, we constantly seek to buy new businesses that meet three criteria. First, they must earn good returns on the net tangible capital required in their operation. Second, they must be run by able and honest managers. Finally, they must be available at a sensible price.

mikeon88

Fortunately, the fallout from many of my errors has been reduced by a characteristic shared by most businesses that disappoint幸運的是我選錯股的過錯會被某項特徵自然減輕: As the years pass, the “poor” business tends to stagnate, thereupon entering a state in which its operations require an ever-smaller percentage of Berkshire’s capital.爛公司發展停滯，所需資本較小 Meanwhile, our “good” businesses often tend to grow and find opportunities for investing additional capital at attractive rates. 好公司則一直成長，需要投入更多資本而且可得到高報酬 Because of these contrasting trajectories, the assets employed at Berkshire’s winners gradually become an expanding portion of our total capital.正因兩者發展軌跡不同，好公司的擴張讓波克夏的總資本越來越大
As an extreme example of those financial movements, witness Berkshire’s original textile business. When we acquired control of the company in early 1965, this beleaguered operation required nearly all of Berkshire’s capital. For some time, therefore, Berkshire’s non-earning textile assets were a huge drag on our overall returns. Eventually, though, we acquired a spread of “good” businesses, a shift that by the early 1980s caused the dwindling textile operation to employ only a tiny portion of our capital.

mikeon88

冷笑話1：
I must add one final item that underscores the wide scope of Berkshire’s operations. Since 2011, we have owned Lubrizol, an Ohio-based company that produces and markets oil additives throughout the world. On September 26, 2019, a fire originating at a small next-door operation spread to a large French plant owned by Lubrizol.
The result was significant property damage and a major disruption in Lubrizol’s business. Even so, both the company’s property loss and business-interruption loss will be mitigated by substantial insurance recoveries that Lubrizol will receive.
But, as the late Paul Harvey was given to saying in his famed radio broadcasts, “Here’s the rest of the story.” One of the largest insurers of Lubrizol was a company owned by . . . uh, Berkshire.
In Matthew 6:3, the Bible instructs us to “Let not the left hand know what the right hand doeth.” Your chairman has clearly behaved as ordered.

mikeon88

冷笑話2：
Three decades ago, my Midwestern friend, Joe Rosenfield, then in his 80s, received an irritating letter from his local newspaper. In blunt words, the paper asked for biographical data it planned to use in Joe’s obituary. Joe didn’t respond. So? A month later, he got a second letter from the paper, this one labeled “URGENT.”
Charlie and I long ago entered the urgent zone. That’s not exactly great news for us. But Berkshire shareholders need not worry: Your company is 100% prepared for our departure.

mikeon88

Charlie and I do not view the $248 billion detailed above as a collection of stock market wagers – dalliances to be terminated because of downgrades by “the Street”分析師降評,  an earnings “miss”獲利不如預期,  expected Federal Reserve actions央行動作, possible political developments政治發展, forecasts by economists經濟預測 or whatever else might be the subject du jour今日焦點新聞.
What we see in our holdings, rather, is an assembly of companies that we partly own and that, on a weighted basis, are earning more than 20% on the net tangible equity capital required to run their businesses. These companies, also, earn their profits without employing excessive levels of debt.
Returns of that order by large, established and understandable businesses are remarkable under any circumstances. They are truly mind-blowing when compared to the returns that many investors have accepted on bonds over the last decade – 21⁄2% or even less on 30-year U.S. Treasury bonds, for example.

mikeon88

查理和我都不看分析師降評、獲利不如預期、央行動作、政治發展、經濟預測、今日焦點新聞
mikeon88 發表於 2020-2-23 13:43

巴菲特和查理都不看這些東西，
可見我們平常做的一些研究沒意義，
理財雜誌和報紙3分之2版面是多餘

mikeon88

記者Andy問巴菲特：買了那麼多蘋果股票，你平常多久照顧它一次？
老巴回：我很少看它，如同一塊農地，每周看作物長多高了
並不會讓它長得更快


https://youtu.be/XViR_VkTmWg

mikeon88

Don't try to time the market
不要臆測市場
而非「不要試圖把握時機」

電腦翻譯還是太差
原預期10年之內人類不用學習外國語文，
看來至少20年才行

mikeon88

OXY 巴菲特投資這檔股暴跌53％

巴菲特買的股票跟我們一樣，
碰到大風雨時也跌得東倒西歪，
唯一不同的是衪都一路抱好幾年
一路抱到貴才賣才是賺大錢的關鍵

mikeon88

熬過武漢病毒之後股市就將大漲

mikeon88