[{"data":1,"prerenderedAt":1724},["ShallowReactive",2],{"library-ba-fei-te-2023nian-chu-xue-zhe-ru-he-tou-zi-3-tiao-jian-dan-de-gui-ze":3,"library-sidebar-buffett":188,"library-sidebar-dao":1190,"library-sidebar-models":1492},{"id":4,"title":5,"body":6,"category":174,"date":175,"description":176,"extension":177,"meta":178,"navigation":179,"order":180,"path":181,"seo":182,"seoDescription":176,"seoTitle":183,"slug":184,"stem":185,"__hash__":186,"_collection":187},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2023nian-chu-xue-zhe-ru-he-tou-zi-3-tiao-jian-dan-de-gui-ze.md","巴菲特：初学者如何投资--3 条简单的规则",{"type":7,"value":8,"toc":155},"minimark",[9,13,17,21,27,35,38,45,48,55,58,65,72,75,78,81,87,90,93,96,103,110,117,120,123,126,132,135,138,141,144,148],[10,11,5],"h1",{"id":12},"巴菲特初学者如何投资-3-条简单的规则",[14,15,16],"p",{},"2023年8月15日",[18,19,20],"h3",{"id":20},"摘要",[22,23,24],"blockquote",{},[14,25,26],{},"摘要：巴菲特于 11 岁开始投资，尝试多种方法未盈利。1949 年读《聪明的投资者》后，其投资哲学受该书三个方面影响：一是认识到股票是企业的一部分，应评估企业价值而非仅关注股票代码；二是投资者应正确对待股票市场波动，把 “市场先生” 当作伙伴，利用其情绪波动选择时机；三是要有安全边际。还提到大资金投资重要的是理解企业，要寻找有持久竞争优势、由诚实能干之人经营且价格合理的企业，如同在田纳西州挑选三家私人企业一样，要懂得排除不合适的选项，投资不必每年都参与，一生有几个好想法就能富有，伯克希尔专注于能产生重大影响的投资，且用打孔卡的比喻强调谨慎投资的重要性。",[18,28,30,31],{"id":29},"投资起点懵懂中的探索与尝试","⛳",[32,33,34],"strong",{},"投资起点：懵懂中的探索与尝试",[14,36,37],{},"我11岁的时候就开始投资了。我一直犹豫不决，直到七八九岁的时候，但很不幸，我直到11岁才真正开始。我11岁时买了第一只股票，然后我尝试了很多事情，比如股票的时机选择、图表分析以及做所有这些疯狂的事情，这很有趣，虽然没有盈利，但很有意思。我一直这样做，直到19岁，我在公共图书馆读了所有关于投资的书，我如饥似渴地阅读，这对我来说很迷人，但我没有框架，我只是在寻找一些东西，我希望图表上的小细节能告诉我一只股票会怎么走，这有点疯狂，但其他人都在这么做，所以我想我也应该这么做。有时候你把图表倒过来，你知道这也无济于事。",[18,39,41,42],{"id":40},"理念转折聪明的投资者开启新视野","💡",[32,43,44],{},"理念转折：《聪明的投资者》开启新视野",[14,46,47],{},"1949年，我读了本·格雷厄姆的《聪明的投资者》，在此之前我从未听说过这本书，这本书中实际上只有两章是关键，但它们从三个方面为我的投资哲学奠定了基础。它们非常基础和简单，很难理解它们怎么会如此重要，但十诫是很简单的。",[18,49,51,52],{"id":50},"原则一股票与企业的深度融合认知","🥇原则",[32,53,54],{},"一：股票与企业的深度融合认知",[14,56,57],{},"你知道，第一条是股票是企业的一部分，我的意思是，你不能把股票看作是不同的东西，你要评估一个企业的价值，然后除以流通股数，但你必须考虑的是你正在进入什么样的企业，它的经济特征是什么，它的竞争对手如何，它的管理层怎么样，所有这些与企业相关的事情，而不是一个小小的股票代码符号。我在11岁或12岁的时候就知道纽约证券交易所几乎每家公司的股票代码符号，我可以在哈里斯的交易板上标记它们，你知道，但我什么都不知道，我的意思是，我知道X是美国钢铁公司，T是美国电话电报公司等等，但我不知道它们背后的东西，所以我不得不开始把报纸上的这些小符号或小名字看作是企业，并决定如何评估一个企业，什么才是重要的。",[18,59,61,62],{"id":60},"原则二市场波动应对的独特智慧","🥈原则",[32,63,64],{},"二：市场波动应对的独特智慧",[14,66,67,68,71],{},"这本书中的第二点是，格雷厄姆在投资者应该如何应对股票市场波动方面给了你一个很好的切入点。他在第八章谈到了他虚构的“市场先生”。在投资者对股票价格的态度方面，没有比这更好的描述了。大多数人对股票价格的反应是错误的，我的意思是，他们的股票",[32,69,70],{},"上涨时他们感觉良好，下跌时他们感觉糟糕，他们认为股票市场是来指导他们的","，而“市场先生”是你在投资中的伙伴，你知道，他是一个非常乐于助人的伙伴。这个人每天都来，他告诉你他愿意为你在企业中的权益支付多少钱，或者以同样的价格卖给你更多。",[14,73,74],{},"在私人企业中，没有人会这样做。如果你和我共同拥有一个加油站，我说我希望你每天都来，把你在加油站的一半权益卖给我，或者我可以把我的一半卖给你，价格相同，你必须每天都来这样做，你会处于非常不利的地位，如果你是市场中的“市场先生”，你会处于特别不利的地位，因为“市场先生”或市场的一个朋友每天都会很热心地给你这些数字，每天的数字都不同，一天结束时和一天开始时都不同，但他会给出一个价格，你可以选择买入。",[14,76,77],{},"他的美妙之处在于，这个人是一个酗酒的躁郁症患者，我的意思是，他非常不可靠，他整天四处游荡，看着疯狂的事情，他会给出各种疯狂的价格，你不必理会这些价格，除非对你有利的时候。如果是一年一次，或者五年一次，在三千只股票中只有一只股票如此。你所要做的就是坐在那里，你对这个混蛋没有道德责任，我的意思是，他在给出这些数字，你并没有要求他这样做，但他就是这样做了，而你所要做的就是在他特别沮丧、特别狂躁、特别醉酒或其他任何时候选择一个时机，市场也会有所有这些情况，你要利用这个时机。",[14,79,80],{},"这就是股票的神奇之处。如果你想想看，如果你看看过去一年所有这些美国公司的高点和低点，你会看到一个又一个的例子，高点是现在的两倍。这是对于那些经营良好、给人们发工资、销售商品等等的可靠的美国企业来说的。如果你出去看看离这里10英里的农田，在这个世界上，这里的农田不可能从X值波动到2X值，它可能从X值波动到1.1X值，或者相反。如果你看看这里附近的一栋公寓楼，以及类似的公寓楼在一年中的数据，它在一年内不会波动10%。但这里是美国最好的企业，人们只是给出这些到处波动的数字，你不必参与，除非你想参与。这是很重要的一点，这就是格雷厄姆告诉你的，市场不是来指导你的，不是来告诉你任何事情的。",[14,82,83,86],{},[32,84,85],{},"市场基本上只是在你需要它为你服务的时候为你服务","。你知道，股票投资中最重要的事情之一，很难做到，但人们对此有很多感受。股票不知道你拥有它，你知道，你坐在那里，拿着伯克希尔的股票证书，公司甚至不知道你拥有它，股票也不知道，它现在正在交易，但它不知道你拥有它，所以它对你没有感觉。我的意思是，你对它有很多感受，但它只是一个企业的一部分。",[14,88,89],{},"如果伯克希尔价值75000乘以150万股，你知道，大约是1100亿美元左右，如果是这样，那就是一项好投资，如果不是，那就是一项糟糕的投资。你知道，你必须评估企业的价值，格雷厄姆，你知道，这很神奇，但在华尔街，人们并不这样做。你打赌，你会听到价格目标之类的东西，但你看不到有人写一篇论文说，这是这个企业在未来20年的性质，这个企业应该卖多少钱。忘记它现在的售价吧。",[14,91,92],{},"事实上，当我看投资项目的时候，我总是喜欢做一件事，那就是在不知道价格的情况下看它们。因为如果你看到价格，它会自动对你产生一些影响。如果你只是坐下来看报告，如果我有一个想法，想研究一家公司，我拿到这些10-K报告等等，我宁愿不知道价格，因为我宁愿在不知道价格的情况下评估它。",[14,94,95],{},"当我还是个孩子的时候，我常常给赛马下赌注，我会提前拿到赛马报名表，如果一场比赛有九匹马，很明显，每匹马获胜的概率加起来必须是100%，我的意思是，在没有平局或者所有马都在跑道后端倒下的情况下，肯定有一匹马会获胜。所以如果你看赛马报名表，我会看海亚利的第三场比赛，我会试着算出每匹马获胜的百分比概率，这些概率加起来必须是100，然后我会把这些百分比和赔率进行比较，但首先我不会先看赔率，我会先看过去的表现等等。股票市场也是一样。",[18,97,99,100],{"id":98},"原则三安全边际的核心要旨把握","🥉原则",[32,101,102],{},"三：安全边际的核心要旨把握",[14,104,105,106,109],{},"格雷厄姆书中的第三点是安全边际。如果你来到一座桥前，上面写着承载能力为一万磅，而你开着一辆9800磅的卡车，你继续往前开，又找到一座桥，我的意思是，你知道，没有人确切知道那座桥的承载能力是多少，它可能是三年前设置的标志。所以你总是要留出安全边际。你",[32,107,108],{},"不要试图把事情做得太接近极限","。你要等到股票市场上有什么东西向你大声呼喊的时候。有了这三个原则，你可以在这个基础上建立各种结构，但这是基础。如果你记住这一点，这就是《聪明的投资者》里的内容。我从未找到任何能与我刚才提到的这三个原则相媲美的东西。你不能去掉三条腿凳子的一条腿，还能有一个好的投资哲学。",[18,111,113,114],{"id":112},"进阶之路大资金投资的深度剖析与策略构建","🎄",[32,115,116],{},"进阶之路：大资金投资的深度剖析与策略构建",[14,118,119],{},"但我想说，在很长一段时间内，对于大资金来说，最重要的事情是理解企业。",[14,121,122],{},"比如说，现在假设你得到一百万美元，或者需要的任何金额，你可以在诺克斯维尔或者整个田纳西州四处看看，从现在到一周后，你可以买入任何三家企业，是私人企业，不是交易性的或类似的企业。你有一周的时间去做这件事，否则你就得把钱还回去。在接下来的一周里你会做什么？我的意思是，你可以看看所有这些公司，有些你很熟悉，有些你不太熟悉，有些你是通过声誉知道的，有些你了解管理层，有些你了解它们的竞争情况。在这七天里你会考虑什么？你实际上会如何筛选这些公司？",[14,124,125],{},"我认为你要找三家企业，而且买了之后就不能交易了，你将一辈子拥有它们。你要找那些有持久竞争优势的企业。你不会仅仅因为还没有人在10英里范围内开汉堡王加盟店就去买一个汉堡王的特许经营权，因为你知道温迪和麦当劳等等很快就会在那里出现。现在不一定是谁赚的钱最多。",[14,127,128,129],{},"你要找有持久竞争优势的东西，这需要一个有护城河的企业。因为从定义上来说，资本主义是一个每当有人有一座经济城堡时，就会有人来攻击它的系统，这就是它的本质。如果你在这个镇上开一家成功的餐厅，你知道，会有人拿走你的菜单，可能会挖走你的厨师，可能会降低价格，可能会提供更多的停车位，可能会变得更好，不管怎样。我的意思是，资本主义就是要去攻击别人的城堡。如果是这样的话，你想要一个有大护城河的城堡。",[32,130,131],{},"有很多方法可以在某个东西上有护城河，你可以通过专利保护，你可以通过在某些特定地区的位置。",[14,133,134],{},"我的意思是，如果你在人们的心目中有像可口可乐这样的东西，世界上有60亿人，几乎所有人都对可口可乐有一些印象，大部分是好的印象。他们对皇家可乐没有任何印象，如果皇家可乐花10亿美元做广告，他们也不会对皇家可乐有任何印象，但他们对可口可乐有印象，而且通常是好的印象。这就是为什么可口可乐想在人们快乐的地方出现，因为他们想在剧院，他们想在迪士尼世界，他们想在世界职业棒球大赛，他们想让你在体验快乐的同时喝可口可乐。如果他们这样做，他们会卖出很多可口可乐，而且如果有人的售价比可口可乐低半分钱，这也没什么关系。",[14,136,137],{},"所以这就是持久的竞争优势，你希望它由诚实能干的人来经营。你不想和一个骗子合作，也不想和一个笨蛋合作。现在最好的企业是即使有一个笨蛋在那里经营也能很好的企业。我的意思是，彼得·林奇说，你知道，买一个好到即使一个白痴也能经营的企业，因为迟早会有一个白痴来经营。这有一定的道理。事实上，前几天我从一个学生团体那里得到一个问题，他们说，你知道，当你变得疯狂时，伯克希尔会发生什么？我说，好吧，伯克希尔是如此之好，以至于我可以变得疯狂。事实上，我甚至可能……你知道，这些就是你想要拥有的那种企业。所以你想要一个有能力和诚实的管理层，然后你想要一个合理的价格，这就是你要找的。你在田纳西州四处看看，有一周的时间去做这件事，你会立即排除一大堆东西，你只是知道它们不是一个有潜力的领域。你知道，能够做到这一点很重要，就是要排除各种东西。",[14,139,140],{},"30年前，《纽约客》上有一篇很棒的文章，当时鲍比·菲舍尔和斯帕斯基在一场著名的国际象棋比赛中对弈，引起了全世界的关注。他们研究了在数十亿数十亿数十亿的可能性中，大脑如何能够把事情分类，以便立即把它缩小到只有四个选择。当然，当人类和像“深思”这样的电脑下棋时，或者和电脑的最新版本下棋时，那台电脑可能每秒进行70万或100万次计算，而人类的大脑在与之竞争，但电脑在检查每一种可能性，而人类的大脑不知何故有能力排除电脑必须经历的99.999%的可能性，以便专注于真正有意义的三四个可能性。",[14,142,143],{},"投资也很像这样，这并不难，因为没有那么多公司，但你想要排除各种东西。如果有人告诉我，我的生命取决于从道琼斯股票中挑选出10只表现最好的股票，或者超越整个指数，我会花时间考虑其中最差的公司，我会排除一些东西，然后我会想我把那些留下了，这实际上是一种比试图挑选出10只最好的股票更容易的方法。如果你考虑田纳西州的情况，你知道，有很多事情你不会去研究，你只是觉得它们太难了。你可能会决定，你知道，汽车经销商太难了，它总是会有竞争，谁知道五年后是福特还是通用汽车会卖出更多的汽车，或者是否会有国外的恐怖分子，谁知道呢。所以你只是说我放弃汽车经销商，我选择你的预算，我考虑其他的事情。你在那里使用的方法就是你真正想要在股票市场上使用的方法。",[18,145,147],{"id":146},"️结语20次打孔思维","📽️结语：20次打孔思维",[14,149,150,151,154],{},"今晚你可以在纽约证券交易所看到3000家公司，每一家都有一个估值，明天它就会改变。你不必每年都参与，",[32,152,153],{},"如果你一生中有20个好的想法，如果你有五个好的想法，你就可以变得非常富有","。你知道，我有时会告诉学生，如果他们毕业后有一张只有20次打孔机会的打孔卡，他们会更好，因为这样他们就不会在鸡尾酒会上听了某人的话，第二天早上就去买一些股票，他们会真正考虑每一次打孔。这就是你所有的打孔机会，20次打孔已经足够了。你只需要确保你不会因为轻率的原因而使用任何一次打孔。我们在伯克希尔从不想买任何小的东西，这没有任何区别。你知道，我们想考虑那些能产生重大影响的事情，随着资本的增加，这会变得更难，但这就是专注于投资的方法。",{"title":156,"searchDepth":157,"depth":157,"links":158},"",2,[159,161,163,165,167,169,171,173],{"id":20,"depth":160,"text":20},3,{"id":29,"depth":160,"text":162},"⛳投资起点：懵懂中的探索与尝试",{"id":40,"depth":160,"text":164},"💡理念转折：《聪明的投资者》开启新视野",{"id":50,"depth":160,"text":166},"🥇原则一：股票与企业的深度融合认知",{"id":60,"depth":160,"text":168},"🥈原则二：市场波动应对的独特智慧",{"id":98,"depth":160,"text":170},"🥉原则三：安全边际的核心要旨把握",{"id":112,"depth":160,"text":172},"🎄进阶之路：大资金投资的深度剖析与策略构建",{"id":146,"depth":160,"text":147},"访谈与文章",null,"巴菲特为投资初学者提供三条简单规则：不亏本金、长期持有、投资指数基金，强调简单胜于复杂。","md",{},true,139,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2023nian-chu-xue-zhe-ru-he-tou-zi-3-tiao-jian-dan-de-gui-ze",{"title":5,"description":176},"巴菲特：初学者如何投资--3 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巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":623,"slug":624,"category":174,"order":621},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":626,"slug":627,"category":372,"order":628},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":630,"slug":631,"category":174,"order":628},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":633,"slug":634,"category":372,"order":635},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":637,"slug":638,"category":174,"order":635},"巴菲特：2004年与塔克商学院学生对谈","ba-fei-te-2004nian-yu-ta-ke-shang-xue-yuan-xue-sheng-dui-tan",{"title":640,"slug":641,"category":372,"order":642},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":644,"slug":645,"category":174,"order":642},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":647,"slug":648,"category":372,"order":649},"1981 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