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GHARIB: This financial crisis has been extraordinary in so many ways. How has it changed your approach to investing?
BUFFETT: Doesnt change my approach at all. My approach to investing I learned in 1949 or 50 from a book by Ben Graham and its never changed.
GHARIB: So many people I have talked to this past year say this was unprecedented, the unthinkable happened. And that hasnt at all impacted your philosophy on this?
BUFFETT: No, and if I were buying a farm, I wouldnt change my ideas about how to buy a farm or an apartment house or a business, and thats all a stock is, its part of a business. So if I were going to buy stock in a private business here in Omaha, Id look at it just like I would have looked at it two years ago and Ill look at it the same way two years from now. I look at how muchI am getting for my money, how good the management is, how the competitive position of that business compares to others, how durable it is and just fundamental questions. The stock market is, you can forget about that. Any stock I buy I will be happy owning it if they close the stock market for five years tomorrow. In other words I am buying a business. Im not buying a stock. Im buying a little piece of a business, just like I buy a farm. And that doesnt change. And all the newspaper headlines of the world dont change that. It doesnt mean you cant buy it cheaper tomorrow. It may turn out that way. But the real question is did I get my moneys worth when I bought it?
GHARIB: Can you describe what it is? I mean, what is your most important investment lesson?
BUFFETT: The most important investment lesson is to look at a stock as a piece of a business, not as some little thing that jiggles up and down, or that people recommend, or people talk about earnings being up next quarter, something like that. But to look at it as a business and evaluate it as a business. If you dont know enough to evaluate it as a business, you dont know enough to buy it. And if you do know enough to evaluate it as a business and it's selling cheap, you buy it and you dont worry about what it does next week, next month, or next year.
GHARIB: It seems that youre pretty optimistic about the long-term future of the American economy and stock market, but a little pessimistic about the short term. Is that a fair assessment of where your head is right now?
BUFFETT: I am unquestionably optimistic about the long-term. Im more than a little pessimistic about the short-term, but that doesnt mean I am pessimistic about the stock market. We bought stocks today. If you tell me the economy is going to be terrible for 12 months, pick a number, and then if I find something that is attractive today, I am going to buy it today. I am not going to wait and hope that it sells cheaper six months from now. Because who knows when stocks will hit a low or a high? Nobody knows that. All you know is whether youre getting enough for your money or not.
แบบเต็มๆ D/L ได้ที่GHARIB: What about Berkshire Hathaway stock? Were you surprised that it took such a hit last year, given that Berkshire shareholders are such buy and hold investors?
BUFFETT: Well, most of them are. But in the end, our price is figured relative to everything else. So the whole stock market goes down 50 percent, we ought to go down a lot because you can buy other things cheaper. Ive had three times in my lifetime, since I took over Berkshire, when Berkshire stocks gone down 50 percent. In 1974, it went from $90 to $40. Did I feel badly? No, I loved it. I bought more stock. So, I dont judge how Berkshire is doing by its market price, I judge it by how our businesses are doing.
http://msnbcmedia.msn.com/i/CNBC/Sectio ... -01-22.pdf
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