2013年5月19日

巴菲特2013年股東會問與答筆記

今年五月四日的股東會,與去年一樣約有超過35,000位股東及投資人參加。如你還沒看到今年度Berkshire股東會的問與答筆記,下面是網路上幾篇較為完整的筆記供大家參考。內容或多或少有些不同,正可補彼此之不足:

Notes from the 2013 Berkshire Hathaway shareholders' meeting
Buffett And Munger Annual Meeting 2013 Q&A (Complete)
Berkshire Hathaway Annual Meeting Notes Wrap-up
Warren Buffett's rules: notes from the Berkshire Hathaway meeting

其中有一段談到如何評估股票價值的問題、他的投資決策不受宏觀經濟的影響、以及股票與固定收益證券。這都是老問題、老答案, 卻仍值得細細品味。除這以外,底下摘錄筆記中一些片段,以略窺一二,便可知道的確值得仔細一讀:

To abandon what you do know for what people forecast for a "new normal" or anything else we can't know for certain is quite silly. People who try to time their purchases and sales according to what the economy overall will do are going to make a lot of money for their brokers and not a lot for themselves.

Don't base your purchases on book value, base it on intrinsic value.

Fear is very persuasive. People get fearful en masse...confidence comes back individual by individual.

總的說來,這次的股東會問與答Business談的較少,反而其它的話題較多,少些硬梆梆的財務數字,多了些軟性的內容。



沒有留言: