Warren Buffett ' s Letter to Shareholder

[WEB]

เพิ่งออกเดี๋ยวนี้เองครับ อ่านได้ที่ http://www.berkshirehathaway.com/letters/2005ltr.pdf

[booklover]

ขอบคุณมากเลยครับ print มาแล้วเดี๋ยวจะตั้งใจอ่านดูครับ
ปล.ชอบหนังสือที่คุณweb แปลมากครับ

[offshore-engineer]

คัดมาบางส่วนที่ผมชอบ หวังว่าคงไม่ละเมิดลิขสิทธิ์

Unlike many business buyers, Berkshire has no exit strategy. We buy to keep. We do, though,
have an entrance strategy, looking for businesses in this country or abroad that meet our six criteria and are
available at a price that will produce a reasonable return.

That simple formula immediately impressed me 55 years ago when I first discovered GEICO.
Indeed, at age 21, I wrote an article about the company its reproduced on page 24 when its market
value was $7 million. As you can see, I called GEICO The Security I Like Best. And thats what I still call it.

มีใครเจอ "The Security I like Best" แล้วบ้างในตลาดไทย แล้วคิดว่าจะเป็นเช่นนั้นไปอีกเกินครึ่งศตวรรษ

When a problem exists, whether in
personnel or in business operations, the time to act is now.

The time to have considered and improved the reliability
of New Orleans levees was before Katrina.

เหมือนสุภาษิตไทยที่ว่าอย่าวัวหายแล้วล้อมคอก

When our long-term competitive position improves as a result of these almost unnoticeable
actions, we describe the phenomenon as widening the moat. And doing that is essential if we are to have
the kind of business we want a decade or two from now.

Heres the answer to the question posed at the beginning of this section: To get very specific, the
Dow increased from 65.73 to 11,497.12 in the 20 th century, and that amounts to a gain of 5.3%
compounded annually. (Investors would also have received dividends, of course.) To achieve an equal rate
of gain in the 21 st century, the Dow will have to rise by December 31, 2099 to brace yourself precisely
2,011,011.23. But Im willing to settle for 2,000,000; six years into this century, the Dow has gained not at
all.

[Dech]

ตั้ง 22 หน้า กว่าผมจะแปลหมด กี่วันเนี้ย
แล้วที่สำคัญ จะเข้าใจมั้ยนะ :lol:  :lol: