巴菲特买公司的标准

一个成功的投资者,85%归功于正确的资产配置,10%来自于选择投资目标的功力,5%必须靠上帝的保佑。--威廉·夏普
上路看世界,归家读闲书,陋室观天下,余暇思古今,静坐听音乐,提笔写文章。-- 南半球
有钱不花是穷人。-- 蔡澜
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(摘自2017 BRK Annual Letter):

投坛的同学,有钱无法投房的时候,是否可以学习巴菲特,持有小公司呢?

In our search for new stand-alone businesses, the key qualities we seek are:

1. durable competitive strengths;  (competetive advantage)

2. able and high-grade management; (management)

3. good returns on the net tangible assets required to operate the business;  (ROA)

4. opportunities for internal growth at attractive returns; (int growth oppy)

5. A sensible purchase price. (attractive price)

 

共勉励!

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