[{"data":1,"prerenderedAt":1722},["ShallowReactive",2],{"library-ba-fei-te-1985nian-tan-tou-zi":3,"library-sidebar-buffett":185,"library-sidebar-dao":1188,"library-sidebar-models":1490},{"id":4,"title":5,"body":6,"category":171,"date":172,"description":173,"extension":174,"meta":175,"navigation":176,"order":177,"path":178,"seo":179,"seoDescription":173,"seoTitle":180,"slug":181,"stem":182,"__hash__":183,"_collection":184},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-1985nian-tan-tou-zi.md","巴菲特：1985年谈投资",{"type":7,"value":8,"toc":167},"minimark",[9,13,20,23,26,29,32,40,46,49,52,58,61,64,67,73,76,82,85,90,93,96,99,102,105,108,111,118,121,127,130,133,136,142,145,151,157,164],[10,11,5],"h1",{"id":12},"巴菲特1985年谈投资",[14,15,16],"blockquote",{},[17,18,19],"p",{},"1985 年，沃伦巴菲特出现在亚当斯密(Adam Smith)的《金钱世界》(Money World)节目中。Adam 是《金钱游戏》(The Money Game)《超级金钱》(Supermoney)一书的作者。他也是乔治古德曼(George Goodman)的笔名。几十年来，巴菲特一直在分享他的投资智慧。自从他从本格雷厄姆那里学到它后，他就一直在重复它的某个版本。涵盖了一些永恒的概念，比如资本保值，气质高于智商，购买高价值资产，能力圈，以及股票是企业的一部分，而不是一张纸。如果你以前听过巴菲特的箴言，这对你来说并不新鲜，但这个提醒是值得的。花点时间阅读下面的文字记录。",[17,21,22],{},"古德曼：一些持世俗态度的人非常成功，让我们以内布拉斯加州奥马哈市的沃伦·巴菲特为例。如果你在1965年向他的伯克希尔公司投资1 万美元，今天你会有100 万美元。沃伦是我1972 年出版的《超级金钱》一书中的一章，所以我认识他很久了。他师从本·格雷厄姆，原哥伦比亚大学证券分析系主任。",[17,24,25],{},"此次采访前，沃伦从来没有上过电视，他当然也从来没有受到过公众的关注，但最近他得到了很多关注，当他成为首府广播公司(Capital Cities)收购美国广播公司(ABC)的关键人物时，沃伦将是这家新公司的最大股东，而他的身家目前已远超5 亿美元。但去年秋天，当我在他位于奥马哈的办公室与他交谈时，他旗帜鲜明地把自己的投资风格描述的极其简单。",[17,27,28],{},"巴菲特：**投资的第一原则是：不要亏损。投资的第二原则是：不要忘记第一原则。这就是投资的全部原则。**我的意思是，如果你以远低于它们价值的价格购买资产，并且你构建了一个组合，你基本上就不会亏钱。",[17,30,31],{},"古德曼：沃伦，你认为投资经理最重要的品质是什么？",[17,33,34,35,39],{},"巴菲特：**它更多是一种秉性，而不是智力。**在这个行业你不需要很高的智商。我是说，你只需要有能从这里到奥马哈市中心的智商就足够了，但你不必要会玩三维的国际象棋，也不必在桥牌或诸如此类的事情上，达到顶级联赛的水平。",[36,37,38],"strong",{},"你需要的是一个稳定的性格","，你需要一种气质，不是从盲目从众或一意孤行中获得极大快乐，因为这不是一个需要民意投票来决定的行业，而是一个需要你深度思考来决定的行业。",[17,41,42,43],{},"本.格雷厄姆会说，即使有一千个人同意你的观点，并不代表你是对了或者错了。同样，即使有一千个人反对你，也不能说明你是对是错。",[36,44,45],{},"你之所以是对的，是因为你的事实和推理是正确的。",[17,47,48],{},"古德曼：沃伦，你做的与市场上90%的投资经理做的，有什么不同？",[17,50,51],{},"巴菲特：当然，大多数专业投资者关注的是，股票在未来一两年内的走势，他们看上去总是有各种神秘的操作方法来接近这一点。他们并不真正认为自己拥有企业的一部分。**真正考验你的是，你能否从价值的角度去进行投资，你是否在乎股市明天开不开市。**如果你对一种证券做了一笔很好的投资，那么即使股市五年不开市你都不用担心。所有股票告诉我的只是价格。我可以偶尔看看股价，看看价格是低得离谱还是出奇的高，但价格并不能告诉我有关企业的任何信息。",[17,53,54,55],{},"财务数字本身能告诉我关于企业的一些信息，但股票价格并不能告诉我关于企业的任何信息。",[36,56,57],{},"我甚至会在不知道价格的前提下，先给一只股票或一家公司估值，这样我在建立估值的时候就不会受到价格的影响，然后我再去看价格，看它是否与我的估值有很大的差距。",[17,59,60],{},"古德曼：巴菲特选择留在内布拉斯加州的奥马哈，这里的玉米地离市中心只有几分钟路程。奥马哈是个不错的小镇，没人当它是世界金融中心，这里唯一轰鸣的是4 尺高的牛群。你不觉得奥马哈离投资圈太远了点吗？",[17,62,63],{},"巴菲特：好吧，信不信由你，我可以在这里收发邮件，可以在这里定期收到期刊，我在这里完全可以得到做出投资决策的所有事实。而且，这里不像华尔街，这里没有50 个人走过来，在我的耳边小声告诉我，我今天下午应该做这个或那个。",[17,65,66],{},"古德曼：你觉得呆在奥马哈单调乏味缺乏刺激吗？",[17,68,69,70],{},"巴菲特：",[36,71,72],{},"我喜欢缺乏刺激。我们需要的事实，而不是刺激。",[17,74,75],{},"古德曼：怎么样才能保持远离华尔街呢？",[17,77,78,79],{},"巴菲特：**如果我一直待在华尔街，我可能会穷得多。在华尔街你会受到过度刺激。你会听到很多事情，而且这会让你短视，而短视不利于长期获利。**在这里，我可以只关注企业的价值。而且我不需要在华盛顿，就能弄清楚《华盛顿邮报》的价值，我也不需要去纽约，就能弄清楚其他公司的价值。",[36,80,81],{},"这个过程非常简单——仅仅是一个智力思考的过程，在这过程中，思考的越多，交易的越少，你的表现就越好。",[17,83,84],{},"古德曼：这个智力思考的过程是怎样的？",[17,86,69,87],{},[36,88,89],{},"所谓的智力思考过程就是，确定你在评估企业时的能力圈范围。然后，在这个能力圈范围内，找到相对于价值来说最便宜的东西。当然，有各种各样我无法估值的东西，但没关系，只要找到几个我能够有信心的去估值就可以了。",[17,91,92],{},"古德曼：你投资过科技公司吗？",[17,94,95],{},"巴菲特：我从来没有买过。",[17,97,98],{},"古德曼：你投资生涯30 年从来没买过吗？",[17,100,101],{},"巴菲特：科技公司我一个都理解不了。",[17,103,104],{},"古德曼：所以你从来没有买过比如说IBM？",[17,106,107],{},"巴菲特：IBM 是一家了不起的公司，但是我从来没买过。",[17,109,110],{},"古德曼：这场技术革命正在发生，而你不是参与者，你能接受吗？",[17,112,113,114,117],{},"巴菲特：擦肩而过！这对我来说这没什么遗憾的。",[36,115,116],{},"我不需要在每个领域中都赚钱","。我是说，我不知道可可豆能做什么，有很多事情是我不了解的，这可能听起来很糟糕，但我为什么要知道所有的一切呢？有些东西对我来说实在是太难了。",[17,119,120],{},"在证券行业，美国几乎有成千上万家大公司，每天都在以变化的价格向你报价，而你不必做出任何决定。没有人强迫于你。这一行没有所谓的失手出局(3-strikes，三振出局)，如果你在打真正的棒球，投手站在那里向你投球，而且是球处在你的膝盖和肩膀之间的好球区，你要么挥棒要么失手。如果失手多次你就得出局了。",[17,122,123,124],{},"但是在证券行业，他们以25 美元抛出美国钢铁，以16 美元抛出通用汽车，你都可以坐在那里不为所动。",[36,125,126],{},"它们可能是绝佳的投资机会，但如果你了解的不够多，你就不必挥杆。你可以坐在那里看着成千上万的投球，然后终于看到一个你了解并想要的那个，然后你就可以挥杆了。",[17,128,129],{},"古德曼：所以你可以连续6 个月都不出手？",[17,131,132],{},"巴菲特：我可以两年都不出手。",[17,134,135],{},"古德曼：那会不会太无聊了？",[17,137,138,139],{},"巴菲特：它会让大多数人感到无聊。当然对于大多数职业基金经理来说，无聊的确会是一个问题。如果他们缺席了一两局，不仅会让他们变得坐立不安，而且他们的客户也会开始在看台上大喊\"挥杆！挥杆！\"。",[36,140,141],{},"所以对人们来说，保持不动的确很难做到。",[17,143,144],{},"古德曼：沃伦，你的这个方法看起来很简单啊，为什么不是每个人都这样做呢？",[17,146,147,148],{},"巴菲特：我想，",[36,149,150],{},"部分原因恰恰是因为它太简单了。",[17,152,153,154],{},"拿学术界举例，商学院的金融教授关注各种变量。数据就在那里，因此，他们关注的是，如果你在周二买入股票然后在周五卖出，这是否会是笔好的交易。或者，如果你在选举年买入在其他年份卖出，这是否会是笔好的交易。或者你买一家小的公司等等......这里有太多太多的变量，因为数据就在那里。他们研究的就是怎么摆弄数据。就像我的一个朋友(查理·芒格)所说，",[36,155,156],{},"对于一个拿着锤子的人来说，一切看起来都像钉子。",[17,158,159,160,163],{},"一旦你掌握了这些技能，你就会渴望以某种方式利用它们。但实际上它们一点也不重要。如果我被要求参与一个商业机会，我是在周二还是周六还是选举年或其他时候购买它，对我来说会有什么不同吗？这不是一个生意人在购买企业时要考虑的。那么为什么买股票的时候要考虑它呢？",[36,161,162],{},"股票只是生意的一部分","。",[165,166],"hr",{},{"title":168,"searchDepth":169,"depth":169,"links":170},"",2,[],"访谈与文章",null,"巴菲特做客《金钱世界》节目，分享投资智慧，阐述从格雷厄姆处学到的价值投资永恒原理。","md",{},true,15,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-1985nian-tan-tou-zi",{"title":5,"description":173},"巴菲特：1985年谈投资｜巴菲特","ba-fei-te-1985nian-tan-tou-zi","buffett\u002Finterview\u002Fba-fei-te-1985nian-tan-tou-zi","uech5toePfRv7czFuyWMukdnvp5s1KVa707Q2TCYwcU","buffett",[186,191,194,198,201,204,207,211,214,217,221,224,227,231,234,237,241,244,247,251,254,257,261,264,267,271,274,277,281,284,287,291,294,297,301,304,307,311,314,317,321,324,327,330,331,334,338,341,344,348,351,354,358,361,364,369,372,375,379,382,385,389,392,395,399,402,405,409,412,415,419,422,425,429,432,435,439,442,445,449,452,455,459,462,465,469,472,475,479,482,485,489,492,495,499,502,505,509,512,515,519,522,526,529,533,536,540,543,547,550,554,557,561,564,568,571,575,578,582,585,589,592,596,599,603,606,610,613,617,620,624,627,631,634,638,641,645,648,652,655,659,662,666,669,673,676,680,683,687,690,694,697,701,704,708,711,715,718,722,725,729,732,736,739,743,746,750,753,757,760,764,767,771,774,778,781,785,788,792,795,799,802,806,809,813,816,820,823,827,830,834,837,841,844,848,851,855,858,862,865,869,872,876,879,883,886,890,893,897,900,904,907,911,914,918,921,925,928,932,935,939,942,946,949,953,956,960,963,967,970,974,977,981,984,988,992,996,1000,1004,1008,1012,1016,1020,1024,1028,1032,1036,1040,1044,1048,1052,1056,1060,1064,1068,1072,1076,1080,1084,1088,1092,1096,1100,1104,1108,1112,1116,1120,1124,1128,1132,1136,1140,1144,1148,1152,1156,1160,1164,1168,1172,1176,1180,1184],{"title":187,"slug":188,"category":189,"order":190},"1956 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巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":212,"slug":213,"category":171,"order":210},"巴菲特：1957年我最看好的股票：人寿保险","ba-fei-te-1957nian-wo-zui-kan-hao-de-gu-piao-ren-shou-bao-xian",{"title":215,"slug":216,"category":197,"order":210},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":218,"slug":219,"category":189,"order":220},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":222,"slug":223,"category":171,"order":220},"巴菲特：1957年最看好的股票：油气资产管理公司","ba-fei-te-1957nian-zui-kan-hao-de-gu-piao-you-qi-zi-chan-guan-li-gong-si",{"title":225,"slug":226,"category":197,"order":220},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":228,"slug":229,"category":189,"order":230},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":232,"slug":233,"category":171,"order":230},"巴菲特：1972年巴菲特谈喜诗糖果","ba-fei-te-1972nian-ba-fei-te-tan-xi-shi-tang-guo",{"title":235,"slug":236,"category":197,"order":230},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":238,"slug":239,"category":189,"order":240},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":242,"slug":243,"category":171,"order":240},"巴菲特：1974年击球啊,你这个笨蛋","ba-fei-te-1974nian-ji-qiu-a-ni-zhe-ge-ben-dan",{"title":245,"slug":246,"category":197,"order":240},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":248,"slug":249,"category":189,"order":250},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":252,"slug":253,"category":171,"order":250},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":255,"slug":256,"category":197,"order":250},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":258,"slug":259,"category":189,"order":260},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":262,"slug":263,"category":171,"order":260},"巴菲特：1976年怀念恩师格雷厄姆","ba-fei-te-1976nian-huai-nian-en-shi-ge-lei-e-mu",{"title":265,"slug":266,"category":197,"order":260},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":268,"slug":269,"category":189,"order":270},"1962年11月 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巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":681,"slug":682,"category":171,"order":679},"巴菲特：2005年回忆进入证券行业","ba-fei-te-2005nian-hui-yi-jin-ru-zheng-quan-xing-ye",{"title":684,"slug":685,"category":367,"order":686},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":688,"slug":689,"category":171,"order":686},"巴菲特：2005年对话内布拉斯加大学学生","ba-fei-te-2005nian-dui-hua-nei-bu-la-si-jia-da-xue-xue-sheng",{"title":691,"slug":692,"category":367,"order":693},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":695,"slug":696,"category":171,"order":693},"巴菲特：2005年对话堪萨斯大学学生","ba-fei-te-2005nian-dui-hua-kan-sa-si-da-xue-xue-sheng",{"title":698,"slug":699,"category":367,"order":700},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":702,"slug":703,"category":171,"order":700},"巴菲特：2005年对话范德比尔特大学学生","ba-fei-te-2005nian-dui-hua-fan-de-bi-er-te-da-xue-xue-sheng",{"title":705,"slug":706,"category":367,"order":707},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":709,"slug":710,"category":171,"order":707},"巴菲特：2006年与沃顿商学院学生问答","ba-fei-te-2006nian-yu-wo-dun-shang-xue-yuan-xue-sheng-wen-da",{"title":712,"slug":713,"category":367,"order":714},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":716,"slug":717,"category":171,"order":714},"巴菲特：2006年巴菲特慈善捐赠专访","ba-fei-te-2006nian-ba-fei-te-ci-shan-juan-zeng-zhuan-fang",{"title":719,"slug":720,"category":367,"order":721},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":723,"slug":724,"category":171,"order":721},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":726,"slug":727,"category":367,"order":728},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":730,"slug":731,"category":171,"order":728},"巴菲特：2006年我为什么慷慨解囊","ba-fei-te-2006nian-wo-wei-shi-me-kang-kai-jie-nang",{"title":733,"slug":734,"category":367,"order":735},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":737,"slug":738,"category":171,"order":735},"巴菲特：2006年给全体经理人备忘录","ba-fei-te-2006nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":740,"slug":741,"category":367,"order":742},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":744,"slug":745,"category":171,"order":742},"巴菲特：2007年11月和比尔·盖茨、大学生对话实录（节目《富豪面对面》）","ba-fei-te-2007nian-11yue-he-bi-er-gai-ci-da-xue-sheng-dui-hua-shi-lu-jie-mu-fu-hao-mian-dui-mian",{"title":747,"slug":748,"category":367,"order":749},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":751,"slug":752,"category":171,"order":749},"巴菲特：2007年对话佐治亚大学学生","ba-fei-te-2007nian-dui-hua-zuo-zhi-ya-da-xue-xue-sheng",{"title":754,"slug":755,"category":367,"order":756},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":758,"slug":759,"category":171,"order":756},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":761,"slug":762,"category":367,"order":763},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":765,"slug":766,"category":171,"order":763},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":768,"slug":769,"category":367,"order":770},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":772,"slug":773,"category":171,"order":770},"巴菲特：2007年接受欧洲MBA学生专访（珍贵精彩实录）","ba-fei-te-2007nian-jie-shou-ou-zhou-mbaxue-sheng-zhuan-fang-zhen-gui-jing-cai-shi-lu",{"title":775,"slug":776,"category":367,"order":777},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":779,"slug":780,"category":171,"order":777},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":782,"slug":783,"category":367,"order":784},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":786,"slug":787,"category":171,"order":784},"巴菲特：2008年21 世纪经济领导者采访","ba-fei-te-2008nian-21-shi-ji-jing-ji-ling-dao-zhe-cai-fang",{"title":789,"slug":790,"category":367,"order":791},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":793,"slug":794,"category":171,"order":791},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":796,"slug":797,"category":367,"order":798},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":800,"slug":801,"category":171,"order":798},"巴菲特：2008年对话IVEY 商学院学生","ba-fei-te-2008nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",{"title":803,"slug":804,"category":367,"order":805},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":807,"slug":808,"category":171,"order":805},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":810,"slug":811,"category":367,"order":812},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":814,"slug":815,"category":171,"order":812},"巴菲特：2008年对话瑞士洛桑国际管理学院","ba-fei-te-2008nian-dui-hua-rui-shi-luo-sang-guo-ji-guan-li-xue-yuan",{"title":817,"slug":818,"category":367,"order":819},"2006 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