จดหมายถึงผู้ถือหุ้นBerkshire โดย Warren Buffet

[Green]

จดหมายถึงผู้ถือหุ้นของ วอร์เรน บัพเพ่ต์ มีให้โหลดกันในเวปไซด์ Berkshire เอง
อ่านกันบ้างแล้วหรือยังครับ ฉบับล่าสุด ที่ออกเดือน Feb 2011 ที่สรุปของปี 2010 ที่ผ่านมา
มีอะไรน่าสนใจเยอะแยะเช่นเคยครับ

http://www.berkshirehathaway.com/letters/2010ltr.pdf

[Green]

Life and Debt

"Unquestionably, some people have become very rich through the use of borrowed money. However,
that’s also been a way to get very poor. When leverage works, it magnifies your gains. Your spouse thinks you’re
clever, and your neighbors get envious. But leverage is addictive. Once having profited from its wonders, very
few people retreat to more conservative practices. And as we all learned in third grade – and some relearned in
2008 – any series of positive numbers, however impressive the numbers may be, evaporates when multiplied by a
single zero. History tells us that leverage all too often produces zeroes, even when it is employed by very smart
people."..... on page 21 ( letter to SHAREHOLDER LETTERS, Warren Buffet )

[Green]

วอเรนต์ กล่าวถึง Competitive Advantage ของ Berkshire

ข้อแรกที่เค้ากล่าวถึง คือ People !!!

"Partially offsetting our anchor of size are several important advantages we have. First, we possess a
cadre of truly skilled managers who have an unusual commitment to their own operations and to Berkshire.
Many of our CEOs are independently wealthy and work only because they love what they do. They are
volunteers, not mercenaries. Because no one can offer them a job they would enjoy more, they can’t be lured
away.

At Berkshire, managers can focus on running their businesses: They are not subjected to meetings at
headquarters nor financing worries nor Wall Street harassment. They simply get a letter from me every two years
(it’s reproduced on pages 104-105) and call me when they wish. And their wishes do differ: There are managers
to whom I have not talked in the last year, while there is one with whom I talk almost daily. Our trust is in people
rather than process. A “hire well, manage little” code suits both them and me."

[iruma]

ขอบคุณที่นำมาแชร์ครับ

[imerlot]

เก็บตกปี 1999..
Right now, the prices of the fine businesses we already own are just not that attractive. In other words, we feel much better about the businesses than their stocks.
(แปลว่าราคาแพง)


That's why we haven't added to our present holdings. (จึงไม่ซื้อเพิ่ม)

Nevertheless, we haven't yet scaled back our portfolio in a major way:(แต่ก็ไม่ขาย)

If the choice is between a questionable business at a comfortable price (ถ้าต้องเลือก บ.? ราคาถูก)
or a comfortable business at a questionable price, we much prefer the latter. (กับ บ.เลิศ ในราคา?? ..จะเลือกอันหลัง

What really gets our attention, however, is a comfortable business at a comfortable price.

http://www.berkshirehathaway.com/letters/1999htm.html

[imerlot]

Quote:
If we have a strength, it is in recognizing when we are operating well within our circle of competence and when we are approaching the perimeter. Predicting the long-term economics of companies that operate in fast-changing industries is simply far beyond our perimeter. If others claim predictive skill in those industries -- and seem to have their claims validated by the behavior of the stock market -- we neither envy nor emulate them. Instead, we just stick with what we understand. If we stray, we will have done so inadvertently, not because we got restless and substituted hope for rationality. Fortunately, it's almost certain there will be opportunities from time to time for Berkshire to do well within the circle we've staked out.

Right now, the prices of the fine businesses we already own are just not that attractive. In other words, we feel much better about the businesses than their stocks. That's why we haven't added to our present holdings. Nevertheless, we haven't yet scaled back our portfolio in a major way: If the choice is between a questionable business at a comfortable price or a comfortable business at a questionable price, we much prefer the latter. What really gets our attention, however, is a comfortable business at a comfortable price.

Our reservations about the prices of securities we own apply also to the general level of equity prices. We have never attempted to forecast what the stock market is going to do in the next month or the next year, and we are not trying to do that now. But, as I point out in the enclosed article, equity investors currently seem wildly optimistic in their expectations about future returns.