巴菲特：很多人对价值投资的理解，都是错的！

新浪财经2021-06-28

沃伦·巴菲特在福布斯排行榜上名列前茅。他的所有钱都是通过投资创造的。巴菲特的创富神话一直都让人眼馋。那么，他是怎么做的呢？价值投资。这便是唯一的答案。 01 对金钱敏感所有人都对钱敏感，但巴菲特对挣钱敏感，这种敏感带给他终身致富的高潮。小学，他卖箭牌口香糖和罐装可口可乐（后来两家公司他都投了）；11岁，他购买了第一只股票；13岁，填第一份纳税申报单；14岁，用自己赚的钱在内布拉斯加州...

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嘉文妈
2021-06-28
嘉文妈
有些人天生就有生意頭腦
山风_8300
2021-06-28
山风_8300
?
小新投資人
2021-06-28
小新投資人
BRK.B 我第二大的美股持股，期待可以乘搭巴菲特的順風車 [捂臉]

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href=https://cj.sina.cn/article/normal_detail?url=https://k.sina.cn/article_1638782947_61add7e3019012cvd.html>新浪财经</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n沃伦·巴菲特在福布斯排行榜上名列前茅。\n他的所有钱都是通过投资创造的。\n巴菲特的创富神话一直都让人眼馋。\n那么，他是怎么做的呢？\n价值投资。\n这便是唯一的答案。\n01\n对金钱敏感\n所有人都对钱敏感，但巴菲特对挣钱敏感，这种敏感带给他终身致富的高潮。\n小学，他卖箭牌口香糖和罐装可口可乐（后来两家公司他都投了）；11岁，他购买了第一只股票；13岁，填第一份纳税申报单；14岁，用自己赚的钱在内布拉斯加州...\n\n<a href=\"https://cj.sina.cn/article/normal_detail?url=https://k.sina.cn/article_1638782947_61add7e3019012cvd.html\">Source 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wrong!","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/718528e1ed403c232cebe3c923ad25ac","symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9},"content_text":"沃伦·巴菲特在福布斯排行榜上名列前茅。\n他的所有钱都是通过投资创造的。\n巴菲特的创富神话一直都让人眼馋。\n那么，他是怎么做的呢？\n价值投资。\n这便是唯一的答案。\n01\n对金钱敏感\n所有人都对钱敏感，但巴菲特对挣钱敏感，这种敏感带给他终身致富的高潮。\n小学，他卖箭牌口香糖和罐装可口可乐（后来两家公司他都投了）；11岁，他购买了第一只股票；13岁，填第一份纳税申报单；14岁，用自己赚的钱在内布拉斯加州买地（年纪轻轻就成为地主，是不是很过分）。\n\n父亲从政，在华盛顿做国会议员。巴菲特闲不住，去当报童，送报纸攒钱。后来，他买了一些弹球机，放在理发店里，跟店主分成。\n可以说，只要有挣钱的机会，他都不会放过。\n这就是巴菲特跟我们的第一个大型差距。\n我们对钱敏感，他对挣钱敏感。\n02\n知识的力量\n知识改变命运，这话放在谁身上都不会假。\n巴菲特本科的时候先后在沃顿商学院、内布拉斯加州立大学，毕业后考哈佛，被哈佛拒绝，好在哥伦比亚大学录取了他。\n在哥大，他遇到了彻底改变他人生的价值投资先驱——本杰明·格雷厄姆。这是巴菲特人生的第一次加速。\n\n巴菲特在很长的时间里，视本杰明·格雷厄姆为神，一直按照他的思路来操作。\n在为格雷厄姆和自己的老父亲做了一段时间的工作之后，巴菲特成立了自己的投资公司，管理一系列对冲基金。\n之后，巴菲特放弃了本杰明·格雷厄姆过于严谨的价值投资方法，吸收了成长型投资家菲利普·费雪、查理·芒格的投资策略。\n查理·芒格后来成为巴菲特的投资搭档，两人专注于高质量的公司。伯克希尔便是他们的工作成果。\n\n最初的伯克希尔，还是一个努力求生的纺织品制造商。\n而现在，它已经成了别人高攀不起的样子——拥有盖可保险、金霸王电池、乳品皇后、奈特捷等多家公司；囤积了大量股票，如可口可乐、富国银行、沃尔玛、美国银行、卡夫、亨氏、美国运通等等。\n03\n理论沉淀与价值实战\n价值投资和护城河。\n这两个词语里，藏着巴菲特财富王国的全部密码。\n“护城河”，可以简单理解为，一个公司核心业务周围的缓冲区，让它不容易受到竞争对手的打击。\n为什么世界上只有波音和空中客车两大商用飞机制造商，却又不计其数的餐厅呢？答案就在其中。\n价值投资一个绝好的方法，就是以折扣价格购买有“护城河”的高质量公司。\n巴菲特的这种思想在实践中产生了很好的效果。\n\n1963年，巴菲特对美国运通公司的投资，是这种思想的第一次重要应用。\n当时，美国运通公司有一项金融相关业务，其中之一是仓库管理。他们可以根据一家公司的存货清单为其提供贷款。这家公司的货物将被放置在一个仓库里，美国证券交易所的雇员可以前往视察。\n有一家公司凭借色拉油存货借到了钱，但这家公司给色拉油注水，搞欺诈被发现。随后，这家公司破产，运通公司的股票暴跌50%。\n巴菲特认为，一时的失误只能造成短暂的损失，运通公司的核心业务不受影响，“护城河”还很宽。\n于是，巴菲特出手了，拿出了自己资产的40%，买了美国运通5%的股票。\n5年后，巴菲特以超过5倍的利润卖掉了股份。之后，巴菲特在运通公司投下新的赌注，他持有该公司的股票已经超过25年。\n\n持有可口可乐，是另一个巴菲特创造的另一个神话。\n1988年，他的伯克希尔·哈撒韦公司开始买入可口可乐公司的股票。\n当时，可口可乐的市盈率约为15，不是特别便宜，但是低于其历史平均值20。市盈率是每股市价与每股盈利的比率，用来衡量股票价值是否被高估。市盈率越低，股票就越便宜。\n可口可乐如此便宜，出于几个原因。一是87年股市崩盘，大家心态比较崩；二是可口可乐新品太难喝，市场短期内口碑下跌；三是投资失败。\n巴菲特发现，可口可乐的“护城河”很宽，它的网络营销是很强大的，竞争对手很难对它发起挑战。再加上可口可乐的毛利润高达80%和新兴市场的喜爱，让巴菲特信心十足地说：“如果你给我1000亿美元，告诉我‘夺走可口可乐在全球饮料市场的领先地位’，我会把钱还给你，然后跟你说办不到”。\n巴菲特最初对可口可乐的投资是12亿美元，加上后续时不时的买入，后来获得的总资产被估值约160亿美元——外加收到的数十亿股息。\n04\n成功秘诀\n “当别人贪婪时，你要恐惧；当别人恐惧时，你要贪婪。”\n整体来看，沃伦·巴菲特在年少时就显露出成功者的姿态。不过，直到他遇到了格雷厄姆，他的投资策略才开始形成。之后，他吸纳了查理·芒格等人的思想，形成了独一无二的投资思想。\n巴菲特对价值投资的贡献在于，找到在以折扣价出售的高质量公司，让公司周围的“护城河”保护他的投资，使他能够永远持有公司的股票——这是他最喜欢的方式。\n很多人试图寻找复制巴菲特的投资方法，但这种想法，一开始就错了。巴菲特可以学习，但绝对不能复制，即便复制，也没地方粘贴。\n投资是一门艺术，持之以恒的学习，是精通这门艺术的唯一通路。而靠近大师，跟大师学习，则是这条通路中的捷径。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":150384324,"gmtCreate":1624887552968,"gmtModify":1703847061273,"author":{"id":"3569619580669558","authorId":"3569619580669558","name":"嘉文妈","avatar":"https://static.tigerbbs.com/5a2964bfe1c4f7aea7ff54dc079995e2","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3569619580669558","idStr":"3569619580669558"},"htmlText":"有些人天生就有生意頭腦","listText":"有些人天生就有生意頭腦","text":"有些人天生就有生意頭腦","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/150384324","repostId":2146881398,"repostType":4,"repost":{"id":"2146881398","kind":"news","pubTimestamp":1624865044,"share":"https://ttm.financial/m/news/2146881398?lang=en_US&edition=fundamental","pubTime":"2021-06-28 15:24","market":"us","language":"zh","title":"Buffett: Many people's understanding of value investing is wrong!","url":"https://stock-news.laohu8.com/highlight/detail?id=2146881398","media":"新浪财经","summary":"沃伦·巴菲特在福布斯排行榜上名列前茅。他的所有钱都是通过投资创造的。巴菲特的创富神话一直都让人眼馋。这便是唯一的答案。所有人都对钱敏感，但巴菲特对挣钱敏感，这种敏感带给他终身致富的高潮。查理·芒格后来成为巴菲特的投资搭档，两人专注于高质量的公司。价值投资一个绝好的方法，就是以折扣价格购买有“护城河”的高质量公司。投资是一门艺术，持之以恒的学习，是精通这门艺术的唯一通路。","content":"Warren Buffett tops the Forbes list.All of his money is created through investments.Buffett's myth of wealth creation has always been eye-catching.So, how does he do it?Value investing.This is the only answer.01Money SensitiveEveryone is sensitive to money, but Buffett is sensitive to making money, and this sensitivity has brought him the climax of lifelong wealth.Elementary school, he sold Wrigley gum and cans<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>(He later invested in both companies); At 11, he bought his first stock; 13 years old, fill out the first tax return; At the age of 14, he used the money he earned to buy land in Nebraska (isn't it too much to become a landowner at a young age).<img src=\"https://static.tigerbbs.com/3badb332210fba93c55d2e8a75ce85bb\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">My father went into politics and was a congressman in Washington. Buffett couldn't sit idle, so he worked as a newsboy and delivered newspapers to save money. Later, he bought some pinball machines, put them in the barber shop and shared them with the owner.It can be said that as long as there is an opportunity to make money, he will not let it go.This is the first big gap between Buffett and us.We are sensitive to money, and he is sensitive to earning money.02The power of knowledgeKnowledge changes destiny, and this statement will not be false on anyone.When Buffett was an undergraduate, he was at Wharton Business School and Nebraska State University. After graduation, he was admitted to Harvard and was rejected by Harvard. Fortunately, Columbia University admitted him.At Columbia University, he met Benjamin Graham, the pioneer of value investing who completely changed his life. This is the first acceleration in Buffett's life.<img src=\"https://static.tigerbbs.com/d0fbdeb578281040d4a46089a40e8ce0\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">For a long time, Buffett regarded Benjamin Graham as a god and has been operating according to his ideas.After working for Graham and his old father for a while, Buffett set up his own investment firm and managed a series of hedge funds.After that, Buffett abandoned Benjamin Graham's too rigorous value investing method and absorbed the investment strategies of growth investors Philip Fisher and Charlie Munger.Charlie Munger later became Buffett's investment partner, and the two focused on high-quality companies.<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Is the result of their work.<img src=\"https://static.tigerbbs.com/718f8da64474e654e0d03a1f78af0b69\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">The original Berkshire was still a textile manufacturer struggling to survive.Now, it has become something that others can't afford-it owns many companies such as Geke Insurance, Duracell Battery, Dairy Queen, and Netjie; Hoarded a lot of stocks, such as Coca-Cola,<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>、<a href=\"https://laohu8.com/S/WMT\">Walmart</a>、<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Kraft, Heinz,<a href=\"https://laohu8.com/S/AXP\">American Express</a>Wait, wait.03Theoretical precipitation and value combatValue investing and moats.In these two words, all the passwords of Buffett's wealth kingdom are hidden.\"Moat\" can be simply understood as a buffer zone around a company's core business, making it less vulnerable to competitors.Why is there only<a href=\"https://laohu8.com/S/BA\">boeing</a>And Airbus, two major commercial aircraft manufacturers, but countless restaurants? The answer lies in it.An excellent way to invest in value is to buy high-quality companies with a \"moat\" at a discounted price.Buffett's thinking has produced good results in practice.<img src=\"https://static.tigerbbs.com/d6e581fcb89c6fa1c1cfd058f5659796\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">Buffett's investment in American Express in 1963 was the first important application of this idea.At the time, American Express had a finance-related business, one of which was warehouse management. They can provide loans to a company based on its inventory list. The company's goods will be placed in a warehouse, and employees of the American Stock Exchange can go and inspect it.A company borrowed money by virtue of its salad oil inventory, but this company injected water into salad oil and was found to commit fraud. Subsequently, the company went bankrupt, and the stock of Express Company plummeted by 50%.Buffett believes that temporary mistakes can only cause short-term losses, the core business of American Express will not be affected, and the \"moat\" is still very wide.So, Buffett made a move, taking out 40% of his assets and buying 5% of American Express stocks.Five years later, Buffett sold his shares for more than five times the profit. After that, Buffett made a new bet on American Express Company, which he had held for more than 25 years.<img src=\"https://static.tigerbbs.com/66ed8aa41fa68a2f91e6f6b5b997673c\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">Holding Coca-Cola is another myth created by another Buffett.In 1988, his Berkshire Hathaway started buying shares of Coca-Cola.At that time, Coca-Cola's P/E was about 15, which was not particularly cheap, but lower than its historical average of 20. P/E is the ratio of market price per share to earnings per share, which is used to measure whether a stock is overvalued. The lower the P/E, the cheaper the stock will be.Coca-Cola is so cheap for several reasons. First, the stock market crashed in 1987, and everyone's mentality collapsed; Second, the new Coca-Cola products are too bad to drink, and the market's reputation has fallen in the short term; The third is investment failure.Buffett found that Coca-Cola's \"moat\" is very wide, its network marketing is very strong, and it is difficult for competitors to challenge it. Coupled with Coca-Cola's gross profit of 80% and the love of emerging markets, Buffett said confidently: \"If you give me $100 billion and tell me to'take away Coca-Cola's leading position in the global beverage market ', I will give you the money back, and then tell you that it can't be done.\"Buffett's initial investment in Coca-Cola was $1.2 billion, and with subsequent purchases from time to time, the total assets later acquired were valued at about $16 billion-plus billions of Dividend received.04Secret to Success\"When others are greedy, be afraid; When others are afraid, be greedy.\"On the whole, Warren Buffett showed the attitude of a successful man when he was young. However, it wasn't until he met Graham that his investment strategy began to take shape. After that, he absorbed the ideas of Charlie Munger and others to form a unique investment idea.Buffett's contribution to value investing is to find high-quality companies that are being sold at a discount, and let the \"moat\" around the company protect his investment, allowing him to hold the company's stock forever-this is his favorite way.Many people try to copy Buffett's investment method, but this idea is wrong from the beginning. Buffett can learn, but he must not copy it. Even if he copies it, there is no place to paste it.Investment is an art, and persistent learning is the only way to master this art. Getting close to the master and learning from the master is the shortcut in this path.","source":"sina_symbol","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buffett: Many people's understanding of value investing is wrong!</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuffett: Many people's understanding of value investing is wrong!\n</h2>\n<h4 class=\"meta\">\n\n新浪财经2021-06-28 15:24\n\n</h4>\n</header>\n<article>\nWarren Buffett tops the Forbes list.All of his money is created through investments.Buffett's myth of wealth creation has always been eye-catching.So, how does he do it?Value investing.This is the only answer.01Money SensitiveEveryone is sensitive to money, but Buffett is sensitive to making money, and this sensitivity has brought him the climax of lifelong wealth.Elementary school, he sold Wrigley gum and cans<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>(He later invested in both companies); At 11, he bought his first stock; 13 years old, fill out the first tax return; At the age of 14, he used the money he earned to buy land in Nebraska (isn't it too much to become a landowner at a young age).<img src=\"https://static.tigerbbs.com/3badb332210fba93c55d2e8a75ce85bb\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">My father went into politics and was a congressman in Washington. Buffett couldn't sit idle, so he worked as a newsboy and delivered newspapers to save money. Later, he bought some pinball machines, put them in the barber shop and shared them with the owner.It can be said that as long as there is an opportunity to make money, he will not let it go.This is the first big gap between Buffett and us.We are sensitive to money, and he is sensitive to earning money.02The power of knowledgeKnowledge changes destiny, and this statement will not be false on anyone.When Buffett was an undergraduate, he was at Wharton Business School and Nebraska State University. After graduation, he was admitted to Harvard and was rejected by Harvard. Fortunately, Columbia University admitted him.At Columbia University, he met Benjamin Graham, the pioneer of value investing who completely changed his life. This is the first acceleration in Buffett's life.<img src=\"https://static.tigerbbs.com/d0fbdeb578281040d4a46089a40e8ce0\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">For a long time, Buffett regarded Benjamin Graham as a god and has been operating according to his ideas.After working for Graham and his old father for a while, Buffett set up his own investment firm and managed a series of hedge funds.After that, Buffett abandoned Benjamin Graham's too rigorous value investing method and absorbed the investment strategies of growth investors Philip Fisher and Charlie Munger.Charlie Munger later became Buffett's investment partner, and the two focused on high-quality companies.<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Is the result of their work.<img src=\"https://static.tigerbbs.com/718f8da64474e654e0d03a1f78af0b69\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">The original Berkshire was still a textile manufacturer struggling to survive.Now, it has become something that others can't afford-it owns many companies such as Geke Insurance, Duracell Battery, Dairy Queen, and Netjie; Hoarded a lot of stocks, such as Coca-Cola,<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>、<a href=\"https://laohu8.com/S/WMT\">Walmart</a>、<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Kraft, Heinz,<a href=\"https://laohu8.com/S/AXP\">American Express</a>Wait, wait.03Theoretical precipitation and value combatValue investing and moats.In these two words, all the passwords of Buffett's wealth kingdom are hidden.\"Moat\" can be simply understood as a buffer zone around a company's core business, making it less vulnerable to competitors.Why is there only<a href=\"https://laohu8.com/S/BA\">boeing</a>And Airbus, two major commercial aircraft manufacturers, but countless restaurants? The answer lies in it.An excellent way to invest in value is to buy high-quality companies with a \"moat\" at a discounted price.Buffett's thinking has produced good results in practice.<img src=\"https://static.tigerbbs.com/d6e581fcb89c6fa1c1cfd058f5659796\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">Buffett's investment in American Express in 1963 was the first important application of this idea.At the time, American Express had a finance-related business, one of which was warehouse management. They can provide loans to a company based on its inventory list. The company's goods will be placed in a warehouse, and employees of the American Stock Exchange can go and inspect it.A company borrowed money by virtue of its salad oil inventory, but this company injected water into salad oil and was found to commit fraud. Subsequently, the company went bankrupt, and the stock of Express Company plummeted by 50%.Buffett believes that temporary mistakes can only cause short-term losses, the core business of American Express will not be affected, and the \"moat\" is still very wide.So, Buffett made a move, taking out 40% of his assets and buying 5% of American Express stocks.Five years later, Buffett sold his shares for more than five times the profit. After that, Buffett made a new bet on American Express Company, which he had held for more than 25 years.<img src=\"https://static.tigerbbs.com/66ed8aa41fa68a2f91e6f6b5b997673c\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">Holding Coca-Cola is another myth created by another Buffett.In 1988, his Berkshire Hathaway started buying shares of Coca-Cola.At that time, Coca-Cola's P/E was about 15, which was not particularly cheap, but lower than its historical average of 20. P/E is the ratio of market price per share to earnings per share, which is used to measure whether a stock is overvalued. The lower the P/E, the cheaper the stock will be.Coca-Cola is so cheap for several reasons. First, the stock market crashed in 1987, and everyone's mentality collapsed; Second, the new Coca-Cola products are too bad to drink, and the market's reputation has fallen in the short term; The third is investment failure.Buffett found that Coca-Cola's \"moat\" is very wide, its network marketing is very strong, and it is difficult for competitors to challenge it. Coupled with Coca-Cola's gross profit of 80% and the love of emerging markets, Buffett said confidently: \"If you give me $100 billion and tell me to'take away Coca-Cola's leading position in the global beverage market ', I will give you the money back, and then tell you that it can't be done.\"Buffett's initial investment in Coca-Cola was $1.2 billion, and with subsequent purchases from time to time, the total assets later acquired were valued at about $16 billion-plus billions of Dividend received.04Secret to Success\"When others are greedy, be afraid; When others are afraid, be greedy.\"On the whole, Warren Buffett showed the attitude of a successful man when he was young. However, it wasn't until he met Graham that his investment strategy began to take shape. After that, he absorbed the ideas of Charlie Munger and others to form a unique investment idea.Buffett's contribution to value investing is to find high-quality companies that are being sold at a discount, and let the \"moat\" around the company protect his investment, allowing him to hold the company's stock forever-this is his favorite way.Many people try to copy Buffett's investment method, but this idea is wrong from the beginning. Buffett can learn, but he must not copy it. Even if he copies it, there is no place to paste it.Investment is an art, and persistent learning is the only way to master this art. Getting close to the master and learning from the master is the shortcut in this path.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://k.sina.cn/article_1638782947_61add7e3019012cvd.html\">新浪财经</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9beffeecb928009bf6287e307899ffe3","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://k.sina.cn/article_1638782947_61add7e3019012cvd.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146881398","content_text":"沃伦·巴菲特在福布斯排行榜上名列前茅。\n他的所有钱都是通过投资创造的。\n巴菲特的创富神话一直都让人眼馋。\n那么，他是怎么做的呢？\n价值投资。\n这便是唯一的答案。\n01\n对金钱敏感\n所有人都对钱敏感，但巴菲特对挣钱敏感，这种敏感带给他终身致富的高潮。\n小学，他卖箭牌口香糖和罐装可口可乐（后来两家公司他都投了）；11岁，他购买了第一只股票；13岁，填第一份纳税申报单；14岁，用自己赚的钱在内布拉斯加州买地（年纪轻轻就成为地主，是不是很过分）。\n\n父亲从政，在华盛顿做国会议员。巴菲特闲不住，去当报童，送报纸攒钱。后来，他买了一些弹球机，放在理发店里，跟店主分成。\n可以说，只要有挣钱的机会，他都不会放过。\n这就是巴菲特跟我们的第一个大型差距。\n我们对钱敏感，他对挣钱敏感。\n02\n知识的力量\n知识改变命运，这话放在谁身上都不会假。\n巴菲特本科的时候先后在沃顿商学院、内布拉斯加州立大学，毕业后考哈佛，被哈佛拒绝，好在哥伦比亚大学录取了他。\n在哥大，他遇到了彻底改变他人生的价值投资先驱——本杰明·格雷厄姆。这是巴菲特人生的第一次加速。\n\n巴菲特在很长的时间里，视本杰明·格雷厄姆为神，一直按照他的思路来操作。\n在为格雷厄姆和自己的老父亲做了一段时间的工作之后，巴菲特成立了自己的投资公司，管理一系列对冲基金。\n之后，巴菲特放弃了本杰明·格雷厄姆过于严谨的价值投资方法，吸收了成长型投资家菲利普·费雪、查理·芒格的投资策略。\n查理·芒格后来成为巴菲特的投资搭档，两人专注于高质量的公司。伯克希尔便是他们的工作成果。\n\n最初的伯克希尔，还是一个努力求生的纺织品制造商。\n而现在，它已经成了别人高攀不起的样子——拥有盖可保险、金霸王电池、乳品皇后、奈特捷等多家公司；囤积了大量股票，如可口可乐、富国银行、沃尔玛、美国银行、卡夫、亨氏、美国运通等等。\n03\n理论沉淀与价值实战\n价值投资和护城河。\n这两个词语里，藏着巴菲特财富王国的全部密码。\n“护城河”，可以简单理解为，一个公司核心业务周围的缓冲区，让它不容易受到竞争对手的打击。\n为什么世界上只有波音和空中客车两大商用飞机制造商，却又不计其数的餐厅呢？答案就在其中。\n价值投资一个绝好的方法，就是以折扣价格购买有“护城河”的高质量公司。\n巴菲特的这种思想在实践中产生了很好的效果。\n\n1963年，巴菲特对美国运通公司的投资，是这种思想的第一次重要应用。\n当时，美国运通公司有一项金融相关业务，其中之一是仓库管理。他们可以根据一家公司的存货清单为其提供贷款。这家公司的货物将被放置在一个仓库里，美国证券交易所的雇员可以前往视察。\n有一家公司凭借色拉油存货借到了钱，但这家公司给色拉油注水，搞欺诈被发现。随后，这家公司破产，运通公司的股票暴跌50%。\n巴菲特认为，一时的失误只能造成短暂的损失，运通公司的核心业务不受影响，“护城河”还很宽。\n于是，巴菲特出手了，拿出了自己资产的40%，买了美国运通5%的股票。\n5年后，巴菲特以超过5倍的利润卖掉了股份。之后，巴菲特在运通公司投下新的赌注，他持有该公司的股票已经超过25年。\n\n持有可口可乐，是另一个巴菲特创造的另一个神话。\n1988年，他的伯克希尔·哈撒韦公司开始买入可口可乐公司的股票。\n当时，可口可乐的市盈率约为15，不是特别便宜，但是低于其历史平均值20。市盈率是每股市价与每股盈利的比率，用来衡量股票价值是否被高估。市盈率越低，股票就越便宜。\n可口可乐如此便宜，出于几个原因。一是87年股市崩盘，大家心态比较崩；二是可口可乐新品太难喝，市场短期内口碑下跌；三是投资失败。\n巴菲特发现，可口可乐的“护城河”很宽，它的网络营销是很强大的，竞争对手很难对它发起挑战。再加上可口可乐的毛利润高达80%和新兴市场的喜爱，让巴菲特信心十足地说：“如果你给我1000亿美元，告诉我‘夺走可口可乐在全球饮料市场的领先地位’，我会把钱还给你，然后跟你说办不到”。\n巴菲特最初对可口可乐的投资是12亿美元，加上后续时不时的买入，后来获得的总资产被估值约160亿美元——外加收到的数十亿股息。\n04\n成功秘诀\n “当别人贪婪时，你要恐惧；当别人恐惧时，你要贪婪。”\n整体来看，沃伦·巴菲特在年少时就显露出成功者的姿态。不过，直到他遇到了格雷厄姆，他的投资策略才开始形成。之后，他吸纳了查理·芒格等人的思想，形成了独一无二的投资思想。\n巴菲特对价值投资的贡献在于，找到在以折扣价出售的高质量公司，让公司周围的“护城河”保护他的投资，使他能够永远持有公司的股票——这是他最喜欢的方式。\n很多人试图寻找复制巴菲特的投资方法，但这种想法，一开始就错了。巴菲特可以学习，但绝对不能复制，即便复制，也没地方粘贴。\n投资是一门艺术，持之以恒的学习，是精通这门艺术的唯一通路。而靠近大师，跟大师学习，则是这条通路中的捷径。","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":150929453,"gmtCreate":1624883580872,"gmtModify":1703846936927,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3572785300913507","idStr":"3572785300913507"},"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/150929453","repostId":2146881398,"repostType":4,"repost":{"id":"2146881398","kind":"news","pubTimestamp":1624865044,"share":"https://ttm.financial/m/news/2146881398?lang=en_US&edition=fundamental","pubTime":"2021-06-28 15:24","market":"us","language":"zh","title":"Buffett: Many people's understanding of value investing is wrong!","url":"https://stock-news.laohu8.com/highlight/detail?id=2146881398","media":"新浪财经","summary":"沃伦·巴菲特在福布斯排行榜上名列前茅。他的所有钱都是通过投资创造的。巴菲特的创富神话一直都让人眼馋。这便是唯一的答案。所有人都对钱敏感，但巴菲特对挣钱敏感，这种敏感带给他终身致富的高潮。查理·芒格后来成为巴菲特的投资搭档，两人专注于高质量的公司。价值投资一个绝好的方法，就是以折扣价格购买有“护城河”的高质量公司。投资是一门艺术，持之以恒的学习，是精通这门艺术的唯一通路。","content":"Warren Buffett tops the Forbes list.All of his money is created through investments.Buffett's myth of wealth creation has always been eye-catching.So, how does he do it?Value investing.This is the only answer.01Money SensitiveEveryone is sensitive to money, but Buffett is sensitive to making money, and this sensitivity has brought him the climax of lifelong wealth.Elementary school, he sold Wrigley gum and cans<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>(He later invested in both companies); At 11, he bought his first stock; 13 years old, fill out the first tax return; At the age of 14, he used the money he earned to buy land in Nebraska (isn't it too much to become a landowner at a young age).<img src=\"https://static.tigerbbs.com/3badb332210fba93c55d2e8a75ce85bb\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">My father went into politics and was a congressman in Washington. Buffett couldn't sit idle, so he worked as a newsboy and delivered newspapers to save money. Later, he bought some pinball machines, put them in the barber shop and shared them with the owner.It can be said that as long as there is an opportunity to make money, he will not let it go.This is the first big gap between Buffett and us.We are sensitive to money, and he is sensitive to earning money.02The power of knowledgeKnowledge changes destiny, and this statement will not be false on anyone.When Buffett was an undergraduate, he was at Wharton Business School and Nebraska State University. After graduation, he was admitted to Harvard and was rejected by Harvard. Fortunately, Columbia University admitted him.At Columbia University, he met Benjamin Graham, the pioneer of value investing who completely changed his life. This is the first acceleration in Buffett's life.<img src=\"https://static.tigerbbs.com/d0fbdeb578281040d4a46089a40e8ce0\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">For a long time, Buffett regarded Benjamin Graham as a god and has been operating according to his ideas.After working for Graham and his old father for a while, Buffett set up his own investment firm and managed a series of hedge funds.After that, Buffett abandoned Benjamin Graham's too rigorous value investing method and absorbed the investment strategies of growth investors Philip Fisher and Charlie Munger.Charlie Munger later became Buffett's investment partner, and the two focused on high-quality companies.<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Is the result of their work.<img src=\"https://static.tigerbbs.com/718f8da64474e654e0d03a1f78af0b69\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">The original Berkshire was still a textile manufacturer struggling to survive.Now, it has become something that others can't afford-it owns many companies such as Geke Insurance, Duracell Battery, Dairy Queen, and Netjie; Hoarded a lot of stocks, such as Coca-Cola,<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>、<a href=\"https://laohu8.com/S/WMT\">Walmart</a>、<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Kraft, Heinz,<a href=\"https://laohu8.com/S/AXP\">American Express</a>Wait, wait.03Theoretical precipitation and value combatValue investing and moats.In these two words, all the passwords of Buffett's wealth kingdom are hidden.\"Moat\" can be simply understood as a buffer zone around a company's core business, making it less vulnerable to competitors.Why is there only<a href=\"https://laohu8.com/S/BA\">boeing</a>And Airbus, two major commercial aircraft manufacturers, but countless restaurants? The answer lies in it.An excellent way to invest in value is to buy high-quality companies with a \"moat\" at a discounted price.Buffett's thinking has produced good results in practice.<img src=\"https://static.tigerbbs.com/d6e581fcb89c6fa1c1cfd058f5659796\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">Buffett's investment in American Express in 1963 was the first important application of this idea.At the time, American Express had a finance-related business, one of which was warehouse management. They can provide loans to a company based on its inventory list. The company's goods will be placed in a warehouse, and employees of the American Stock Exchange can go and inspect it.A company borrowed money by virtue of its salad oil inventory, but this company injected water into salad oil and was found to commit fraud. Subsequently, the company went bankrupt, and the stock of Express Company plummeted by 50%.Buffett believes that temporary mistakes can only cause short-term losses, the core business of American Express will not be affected, and the \"moat\" is still very wide.So, Buffett made a move, taking out 40% of his assets and buying 5% of American Express stocks.Five years later, Buffett sold his shares for more than five times the profit. After that, Buffett made a new bet on American Express Company, which he had held for more than 25 years.<img src=\"https://static.tigerbbs.com/66ed8aa41fa68a2f91e6f6b5b997673c\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">Holding Coca-Cola is another myth created by another Buffett.In 1988, his Berkshire Hathaway started buying shares of Coca-Cola.At that time, Coca-Cola's P/E was about 15, which was not particularly cheap, but lower than its historical average of 20. P/E is the ratio of market price per share to earnings per share, which is used to measure whether a stock is overvalued. The lower the P/E, the cheaper the stock will be.Coca-Cola is so cheap for several reasons. First, the stock market crashed in 1987, and everyone's mentality collapsed; Second, the new Coca-Cola products are too bad to drink, and the market's reputation has fallen in the short term; The third is investment failure.Buffett found that Coca-Cola's \"moat\" is very wide, its network marketing is very strong, and it is difficult for competitors to challenge it. Coupled with Coca-Cola's gross profit of 80% and the love of emerging markets, Buffett said confidently: \"If you give me $100 billion and tell me to'take away Coca-Cola's leading position in the global beverage market ', I will give you the money back, and then tell you that it can't be done.\"Buffett's initial investment in Coca-Cola was $1.2 billion, and with subsequent purchases from time to time, the total assets later acquired were valued at about $16 billion-plus billions of Dividend received.04Secret to Success\"When others are greedy, be afraid; When others are afraid, be greedy.\"On the whole, Warren Buffett showed the attitude of a successful man when he was young. However, it wasn't until he met Graham that his investment strategy began to take shape. After that, he absorbed the ideas of Charlie Munger and others to form a unique investment idea.Buffett's contribution to value investing is to find high-quality companies that are being sold at a discount, and let the \"moat\" around the company protect his investment, allowing him to hold the company's stock forever-this is his favorite way.Many people try to copy Buffett's investment method, but this idea is wrong from the beginning. Buffett can learn, but he must not copy it. Even if he copies it, there is no place to paste it.Investment is an art, and persistent learning is the only way to master this art. Getting close to the master and learning from the master is the shortcut in this path.","source":"sina_symbol","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buffett: Many people's understanding of value investing is wrong!</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuffett: Many people's understanding of value investing is wrong!\n</h2>\n<h4 class=\"meta\">\n\n新浪财经2021-06-28 15:24\n\n</h4>\n</header>\n<article>\nWarren Buffett tops the Forbes list.All of his money is created through investments.Buffett's myth of wealth creation has always been eye-catching.So, how does he do it?Value investing.This is the only answer.01Money SensitiveEveryone is sensitive to money, but Buffett is sensitive to making money, and this sensitivity has brought him the climax of lifelong wealth.Elementary school, he sold Wrigley gum and cans<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>(He later invested in both companies); At 11, he bought his first stock; 13 years old, fill out the first tax return; At the age of 14, he used the money he earned to buy land in Nebraska (isn't it too much to become a landowner at a young age).<img src=\"https://static.tigerbbs.com/3badb332210fba93c55d2e8a75ce85bb\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">My father went into politics and was a congressman in Washington. Buffett couldn't sit idle, so he worked as a newsboy and delivered newspapers to save money. Later, he bought some pinball machines, put them in the barber shop and shared them with the owner.It can be said that as long as there is an opportunity to make money, he will not let it go.This is the first big gap between Buffett and us.We are sensitive to money, and he is sensitive to earning money.02The power of knowledgeKnowledge changes destiny, and this statement will not be false on anyone.When Buffett was an undergraduate, he was at Wharton Business School and Nebraska State University. After graduation, he was admitted to Harvard and was rejected by Harvard. Fortunately, Columbia University admitted him.At Columbia University, he met Benjamin Graham, the pioneer of value investing who completely changed his life. This is the first acceleration in Buffett's life.<img src=\"https://static.tigerbbs.com/d0fbdeb578281040d4a46089a40e8ce0\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">For a long time, Buffett regarded Benjamin Graham as a god and has been operating according to his ideas.After working for Graham and his old father for a while, Buffett set up his own investment firm and managed a series of hedge funds.After that, Buffett abandoned Benjamin Graham's too rigorous value investing method and absorbed the investment strategies of growth investors Philip Fisher and Charlie Munger.Charlie Munger later became Buffett's investment partner, and the two focused on high-quality companies.<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Is the result of their work.<img src=\"https://static.tigerbbs.com/718f8da64474e654e0d03a1f78af0b69\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">The original Berkshire was still a textile manufacturer struggling to survive.Now, it has become something that others can't afford-it owns many companies such as Geke Insurance, Duracell Battery, Dairy Queen, and Netjie; Hoarded a lot of stocks, such as Coca-Cola,<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>、<a href=\"https://laohu8.com/S/WMT\">Walmart</a>、<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Kraft, Heinz,<a href=\"https://laohu8.com/S/AXP\">American Express</a>Wait, wait.03Theoretical precipitation and value combatValue investing and moats.In these two words, all the passwords of Buffett's wealth kingdom are hidden.\"Moat\" can be simply understood as a buffer zone around a company's core business, making it less vulnerable to competitors.Why is there only<a href=\"https://laohu8.com/S/BA\">boeing</a>And Airbus, two major commercial aircraft manufacturers, but countless restaurants? The answer lies in it.An excellent way to invest in value is to buy high-quality companies with a \"moat\" at a discounted price.Buffett's thinking has produced good results in practice.<img src=\"https://static.tigerbbs.com/d6e581fcb89c6fa1c1cfd058f5659796\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">Buffett's investment in American Express in 1963 was the first important application of this idea.At the time, American Express had a finance-related business, one of which was warehouse management. They can provide loans to a company based on its inventory list. The company's goods will be placed in a warehouse, and employees of the American Stock Exchange can go and inspect it.A company borrowed money by virtue of its salad oil inventory, but this company injected water into salad oil and was found to commit fraud. Subsequently, the company went bankrupt, and the stock of Express Company plummeted by 50%.Buffett believes that temporary mistakes can only cause short-term losses, the core business of American Express will not be affected, and the \"moat\" is still very wide.So, Buffett made a move, taking out 40% of his assets and buying 5% of American Express stocks.Five years later, Buffett sold his shares for more than five times the profit. After that, Buffett made a new bet on American Express Company, which he had held for more than 25 years.<img src=\"https://static.tigerbbs.com/66ed8aa41fa68a2f91e6f6b5b997673c\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">Holding Coca-Cola is another myth created by another Buffett.In 1988, his Berkshire Hathaway started buying shares of Coca-Cola.At that time, Coca-Cola's P/E was about 15, which was not particularly cheap, but lower than its historical average of 20. P/E is the ratio of market price per share to earnings per share, which is used to measure whether a stock is overvalued. The lower the P/E, the cheaper the stock will be.Coca-Cola is so cheap for several reasons. First, the stock market crashed in 1987, and everyone's mentality collapsed; Second, the new Coca-Cola products are too bad to drink, and the market's reputation has fallen in the short term; The third is investment failure.Buffett found that Coca-Cola's \"moat\" is very wide, its network marketing is very strong, and it is difficult for competitors to challenge it. Coupled with Coca-Cola's gross profit of 80% and the love of emerging markets, Buffett said confidently: \"If you give me $100 billion and tell me to'take away Coca-Cola's leading position in the global beverage market ', I will give you the money back, and then tell you that it can't be done.\"Buffett's initial investment in Coca-Cola was $1.2 billion, and with subsequent purchases from time to time, the total assets later acquired were valued at about $16 billion-plus billions of Dividend received.04Secret to Success\"When others are greedy, be afraid; When others are afraid, be greedy.\"On the whole, Warren Buffett showed the attitude of a successful man when he was young. However, it wasn't until he met Graham that his investment strategy began to take shape. After that, he absorbed the ideas of Charlie Munger and others to form a unique investment idea.Buffett's contribution to value investing is to find high-quality companies that are being sold at a discount, and let the \"moat\" around the company protect his investment, allowing him to hold the company's stock forever-this is his favorite way.Many people try to copy Buffett's investment method, but this idea is wrong from the beginning. Buffett can learn, but he must not copy it. Even if he copies it, there is no place to paste it.Investment is an art, and persistent learning is the only way to master this art. Getting close to the master and learning from the master is the shortcut in this path.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://k.sina.cn/article_1638782947_61add7e3019012cvd.html\">新浪财经</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9beffeecb928009bf6287e307899ffe3","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://k.sina.cn/article_1638782947_61add7e3019012cvd.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146881398","content_text":"沃伦·巴菲特在福布斯排行榜上名列前茅。\n他的所有钱都是通过投资创造的。\n巴菲特的创富神话一直都让人眼馋。\n那么，他是怎么做的呢？\n价值投资。\n这便是唯一的答案。\n01\n对金钱敏感\n所有人都对钱敏感，但巴菲特对挣钱敏感，这种敏感带给他终身致富的高潮。\n小学，他卖箭牌口香糖和罐装可口可乐（后来两家公司他都投了）；11岁，他购买了第一只股票；13岁，填第一份纳税申报单；14岁，用自己赚的钱在内布拉斯加州买地（年纪轻轻就成为地主，是不是很过分）。\n\n父亲从政，在华盛顿做国会议员。巴菲特闲不住，去当报童，送报纸攒钱。后来，他买了一些弹球机，放在理发店里，跟店主分成。\n可以说，只要有挣钱的机会，他都不会放过。\n这就是巴菲特跟我们的第一个大型差距。\n我们对钱敏感，他对挣钱敏感。\n02\n知识的力量\n知识改变命运，这话放在谁身上都不会假。\n巴菲特本科的时候先后在沃顿商学院、内布拉斯加州立大学，毕业后考哈佛，被哈佛拒绝，好在哥伦比亚大学录取了他。\n在哥大，他遇到了彻底改变他人生的价值投资先驱——本杰明·格雷厄姆。这是巴菲特人生的第一次加速。\n\n巴菲特在很长的时间里，视本杰明·格雷厄姆为神，一直按照他的思路来操作。\n在为格雷厄姆和自己的老父亲做了一段时间的工作之后，巴菲特成立了自己的投资公司，管理一系列对冲基金。\n之后，巴菲特放弃了本杰明·格雷厄姆过于严谨的价值投资方法，吸收了成长型投资家菲利普·费雪、查理·芒格的投资策略。\n查理·芒格后来成为巴菲特的投资搭档，两人专注于高质量的公司。伯克希尔便是他们的工作成果。\n\n最初的伯克希尔，还是一个努力求生的纺织品制造商。\n而现在，它已经成了别人高攀不起的样子——拥有盖可保险、金霸王电池、乳品皇后、奈特捷等多家公司；囤积了大量股票，如可口可乐、富国银行、沃尔玛、美国银行、卡夫、亨氏、美国运通等等。\n03\n理论沉淀与价值实战\n价值投资和护城河。\n这两个词语里，藏着巴菲特财富王国的全部密码。\n“护城河”，可以简单理解为，一个公司核心业务周围的缓冲区，让它不容易受到竞争对手的打击。\n为什么世界上只有波音和空中客车两大商用飞机制造商，却又不计其数的餐厅呢？答案就在其中。\n价值投资一个绝好的方法，就是以折扣价格购买有“护城河”的高质量公司。\n巴菲特的这种思想在实践中产生了很好的效果。\n\n1963年，巴菲特对美国运通公司的投资，是这种思想的第一次重要应用。\n当时，美国运通公司有一项金融相关业务，其中之一是仓库管理。他们可以根据一家公司的存货清单为其提供贷款。这家公司的货物将被放置在一个仓库里，美国证券交易所的雇员可以前往视察。\n有一家公司凭借色拉油存货借到了钱，但这家公司给色拉油注水，搞欺诈被发现。随后，这家公司破产，运通公司的股票暴跌50%。\n巴菲特认为，一时的失误只能造成短暂的损失，运通公司的核心业务不受影响，“护城河”还很宽。\n于是，巴菲特出手了，拿出了自己资产的40%，买了美国运通5%的股票。\n5年后，巴菲特以超过5倍的利润卖掉了股份。之后，巴菲特在运通公司投下新的赌注，他持有该公司的股票已经超过25年。\n\n持有可口可乐，是另一个巴菲特创造的另一个神话。\n1988年，他的伯克希尔·哈撒韦公司开始买入可口可乐公司的股票。\n当时，可口可乐的市盈率约为15，不是特别便宜，但是低于其历史平均值20。市盈率是每股市价与每股盈利的比率，用来衡量股票价值是否被高估。市盈率越低，股票就越便宜。\n可口可乐如此便宜，出于几个原因。一是87年股市崩盘，大家心态比较崩；二是可口可乐新品太难喝，市场短期内口碑下跌；三是投资失败。\n巴菲特发现，可口可乐的“护城河”很宽，它的网络营销是很强大的，竞争对手很难对它发起挑战。再加上可口可乐的毛利润高达80%和新兴市场的喜爱，让巴菲特信心十足地说：“如果你给我1000亿美元，告诉我‘夺走可口可乐在全球饮料市场的领先地位’，我会把钱还给你，然后跟你说办不到”。\n巴菲特最初对可口可乐的投资是12亿美元，加上后续时不时的买入，后来获得的总资产被估值约160亿美元——外加收到的数十亿股息。\n04\n成功秘诀\n “当别人贪婪时，你要恐惧；当别人恐惧时，你要贪婪。”\n整体来看，沃伦·巴菲特在年少时就显露出成功者的姿态。不过，直到他遇到了格雷厄姆，他的投资策略才开始形成。之后，他吸纳了查理·芒格等人的思想，形成了独一无二的投资思想。\n巴菲特对价值投资的贡献在于，找到在以折扣价出售的高质量公司，让公司周围的“护城河”保护他的投资，使他能够永远持有公司的股票——这是他最喜欢的方式。\n很多人试图寻找复制巴菲特的投资方法，但这种想法，一开始就错了。巴菲特可以学习，但绝对不能复制，即便复制，也没地方粘贴。\n投资是一门艺术，持之以恒的学习，是精通这门艺术的唯一通路。而靠近大师，跟大师学习，则是这条通路中的捷径。","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":150002910,"gmtCreate":1624872734030,"gmtModify":1703846715580,"author":{"id":"3557916073231221","authorId":"3557916073231221","name":"小新投資人","avatar":"https://static.tigerbbs.com/8d1943a5be8277db488c760b59441670","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3557916073231221","idStr":"3557916073231221"},"htmlText":"BRK.B 我第二大的美股持股，期待可以乘搭巴菲特的順風車 [捂臉]&nbsp;","listText":"BRK.B 我第二大的美股持股，期待可以乘搭巴菲特的順風車 [捂臉]&nbsp;","text":"BRK.B 我第二大的美股持股，期待可以乘搭巴菲特的順風車 [捂臉]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/150002910","repostId":2146881398,"repostType":4,"repost":{"id":"2146881398","kind":"news","pubTimestamp":1624865044,"share":"https://ttm.financial/m/news/2146881398?lang=en_US&edition=fundamental","pubTime":"2021-06-28 15:24","market":"us","language":"zh","title":"Buffett: Many people's understanding of value investing is wrong!","url":"https://stock-news.laohu8.com/highlight/detail?id=2146881398","media":"新浪财经","summary":"沃伦·巴菲特在福布斯排行榜上名列前茅。他的所有钱都是通过投资创造的。巴菲特的创富神话一直都让人眼馋。这便是唯一的答案。所有人都对钱敏感，但巴菲特对挣钱敏感，这种敏感带给他终身致富的高潮。查理·芒格后来成为巴菲特的投资搭档，两人专注于高质量的公司。价值投资一个绝好的方法，就是以折扣价格购买有“护城河”的高质量公司。投资是一门艺术，持之以恒的学习，是精通这门艺术的唯一通路。","content":"Warren Buffett tops the Forbes list.All of his money is created through investments.Buffett's myth of wealth creation has always been eye-catching.So, how does he do it?Value investing.This is the only answer.01Money SensitiveEveryone is sensitive to money, but Buffett is sensitive to making money, and this sensitivity has brought him the climax of lifelong wealth.Elementary school, he sold Wrigley gum and cans<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>(He later invested in both companies); At 11, he bought his first stock; 13 years old, fill out the first tax return; At the age of 14, he used the money he earned to buy land in Nebraska (isn't it too much to become a landowner at a young age).<img src=\"https://static.tigerbbs.com/3badb332210fba93c55d2e8a75ce85bb\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">My father went into politics and was a congressman in Washington. Buffett couldn't sit idle, so he worked as a newsboy and delivered newspapers to save money. Later, he bought some pinball machines, put them in the barber shop and shared them with the owner.It can be said that as long as there is an opportunity to make money, he will not let it go.This is the first big gap between Buffett and us.We are sensitive to money, and he is sensitive to earning money.02The power of knowledgeKnowledge changes destiny, and this statement will not be false on anyone.When Buffett was an undergraduate, he was at Wharton Business School and Nebraska State University. After graduation, he was admitted to Harvard and was rejected by Harvard. Fortunately, Columbia University admitted him.At Columbia University, he met Benjamin Graham, the pioneer of value investing who completely changed his life. This is the first acceleration in Buffett's life.<img src=\"https://static.tigerbbs.com/d0fbdeb578281040d4a46089a40e8ce0\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">For a long time, Buffett regarded Benjamin Graham as a god and has been operating according to his ideas.After working for Graham and his old father for a while, Buffett set up his own investment firm and managed a series of hedge funds.After that, Buffett abandoned Benjamin Graham's too rigorous value investing method and absorbed the investment strategies of growth investors Philip Fisher and Charlie Munger.Charlie Munger later became Buffett's investment partner, and the two focused on high-quality companies.<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Is the result of their work.<img src=\"https://static.tigerbbs.com/718f8da64474e654e0d03a1f78af0b69\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">The original Berkshire was still a textile manufacturer struggling to survive.Now, it has become something that others can't afford-it owns many companies such as Geke Insurance, Duracell Battery, Dairy Queen, and Netjie; Hoarded a lot of stocks, such as Coca-Cola,<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>、<a href=\"https://laohu8.com/S/WMT\">Walmart</a>、<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Kraft, Heinz,<a href=\"https://laohu8.com/S/AXP\">American Express</a>Wait, wait.03Theoretical precipitation and value combatValue investing and moats.In these two words, all the passwords of Buffett's wealth kingdom are hidden.\"Moat\" can be simply understood as a buffer zone around a company's core business, making it less vulnerable to competitors.Why is there only<a href=\"https://laohu8.com/S/BA\">boeing</a>And Airbus, two major commercial aircraft manufacturers, but countless restaurants? The answer lies in it.An excellent way to invest in value is to buy high-quality companies with a \"moat\" at a discounted price.Buffett's thinking has produced good results in practice.<img src=\"https://static.tigerbbs.com/d6e581fcb89c6fa1c1cfd058f5659796\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">Buffett's investment in American Express in 1963 was the first important application of this idea.At the time, American Express had a finance-related business, one of which was warehouse management. They can provide loans to a company based on its inventory list. The company's goods will be placed in a warehouse, and employees of the American Stock Exchange can go and inspect it.A company borrowed money by virtue of its salad oil inventory, but this company injected water into salad oil and was found to commit fraud. Subsequently, the company went bankrupt, and the stock of Express Company plummeted by 50%.Buffett believes that temporary mistakes can only cause short-term losses, the core business of American Express will not be affected, and the \"moat\" is still very wide.So, Buffett made a move, taking out 40% of his assets and buying 5% of American Express stocks.Five years later, Buffett sold his shares for more than five times the profit. After that, Buffett made a new bet on American Express Company, which he had held for more than 25 years.<img src=\"https://static.tigerbbs.com/66ed8aa41fa68a2f91e6f6b5b997673c\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">Holding Coca-Cola is another myth created by another Buffett.In 1988, his Berkshire Hathaway started buying shares of Coca-Cola.At that time, Coca-Cola's P/E was about 15, which was not particularly cheap, but lower than its historical average of 20. P/E is the ratio of market price per share to earnings per share, which is used to measure whether a stock is overvalued. The lower the P/E, the cheaper the stock will be.Coca-Cola is so cheap for several reasons. First, the stock market crashed in 1987, and everyone's mentality collapsed; Second, the new Coca-Cola products are too bad to drink, and the market's reputation has fallen in the short term; The third is investment failure.Buffett found that Coca-Cola's \"moat\" is very wide, its network marketing is very strong, and it is difficult for competitors to challenge it. Coupled with Coca-Cola's gross profit of 80% and the love of emerging markets, Buffett said confidently: \"If you give me $100 billion and tell me to'take away Coca-Cola's leading position in the global beverage market ', I will give you the money back, and then tell you that it can't be done.\"Buffett's initial investment in Coca-Cola was $1.2 billion, and with subsequent purchases from time to time, the total assets later acquired were valued at about $16 billion-plus billions of Dividend received.04Secret to Success\"When others are greedy, be afraid; When others are afraid, be greedy.\"On the whole, Warren Buffett showed the attitude of a successful man when he was young. However, it wasn't until he met Graham that his investment strategy began to take shape. After that, he absorbed the ideas of Charlie Munger and others to form a unique investment idea.Buffett's contribution to value investing is to find high-quality companies that are being sold at a discount, and let the \"moat\" around the company protect his investment, allowing him to hold the company's stock forever-this is his favorite way.Many people try to copy Buffett's investment method, but this idea is wrong from the beginning. Buffett can learn, but he must not copy it. Even if he copies it, there is no place to paste it.Investment is an art, and persistent learning is the only way to master this art. Getting close to the master and learning from the master is the shortcut in this path.","source":"sina_symbol","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buffett: Many people's understanding of value investing is wrong!</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuffett: Many people's understanding of value investing is wrong!\n</h2>\n<h4 class=\"meta\">\n\n新浪财经2021-06-28 15:24\n\n</h4>\n</header>\n<article>\nWarren Buffett tops the Forbes list.All of his money is created through investments.Buffett's myth of wealth creation has always been eye-catching.So, how does he do it?Value investing.This is the only answer.01Money SensitiveEveryone is sensitive to money, but Buffett is sensitive to making money, and this sensitivity has brought him the climax of lifelong wealth.Elementary school, he sold Wrigley gum and cans<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>(He later invested in both companies); At 11, he bought his first stock; 13 years old, fill out the first tax return; At the age of 14, he used the money he earned to buy land in Nebraska (isn't it too much to become a landowner at a young age).<img src=\"https://static.tigerbbs.com/3badb332210fba93c55d2e8a75ce85bb\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">My father went into politics and was a congressman in Washington. Buffett couldn't sit idle, so he worked as a newsboy and delivered newspapers to save money. Later, he bought some pinball machines, put them in the barber shop and shared them with the owner.It can be said that as long as there is an opportunity to make money, he will not let it go.This is the first big gap between Buffett and us.We are sensitive to money, and he is sensitive to earning money.02The power of knowledgeKnowledge changes destiny, and this statement will not be false on anyone.When Buffett was an undergraduate, he was at Wharton Business School and Nebraska State University. After graduation, he was admitted to Harvard and was rejected by Harvard. Fortunately, Columbia University admitted him.At Columbia University, he met Benjamin Graham, the pioneer of value investing who completely changed his life. This is the first acceleration in Buffett's life.<img src=\"https://static.tigerbbs.com/d0fbdeb578281040d4a46089a40e8ce0\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">For a long time, Buffett regarded Benjamin Graham as a god and has been operating according to his ideas.After working for Graham and his old father for a while, Buffett set up his own investment firm and managed a series of hedge funds.After that, Buffett abandoned Benjamin Graham's too rigorous value investing method and absorbed the investment strategies of growth investors Philip Fisher and Charlie Munger.Charlie Munger later became Buffett's investment partner, and the two focused on high-quality companies.<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Is the result of their work.<img src=\"https://static.tigerbbs.com/718f8da64474e654e0d03a1f78af0b69\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">The original Berkshire was still a textile manufacturer struggling to survive.Now, it has become something that others can't afford-it owns many companies such as Geke Insurance, Duracell Battery, Dairy Queen, and Netjie; Hoarded a lot of stocks, such as Coca-Cola,<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>、<a href=\"https://laohu8.com/S/WMT\">Walmart</a>、<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Kraft, Heinz,<a href=\"https://laohu8.com/S/AXP\">American Express</a>Wait, wait.03Theoretical precipitation and value combatValue investing and moats.In these two words, all the passwords of Buffett's wealth kingdom are hidden.\"Moat\" can be simply understood as a buffer zone around a company's core business, making it less vulnerable to competitors.Why is there only<a href=\"https://laohu8.com/S/BA\">boeing</a>And Airbus, two major commercial aircraft manufacturers, but countless restaurants? The answer lies in it.An excellent way to invest in value is to buy high-quality companies with a \"moat\" at a discounted price.Buffett's thinking has produced good results in practice.<img src=\"https://static.tigerbbs.com/d6e581fcb89c6fa1c1cfd058f5659796\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">Buffett's investment in American Express in 1963 was the first important application of this idea.At the time, American Express had a finance-related business, one of which was warehouse management. They can provide loans to a company based on its inventory list. The company's goods will be placed in a warehouse, and employees of the American Stock Exchange can go and inspect it.A company borrowed money by virtue of its salad oil inventory, but this company injected water into salad oil and was found to commit fraud. Subsequently, the company went bankrupt, and the stock of Express Company plummeted by 50%.Buffett believes that temporary mistakes can only cause short-term losses, the core business of American Express will not be affected, and the \"moat\" is still very wide.So, Buffett made a move, taking out 40% of his assets and buying 5% of American Express stocks.Five years later, Buffett sold his shares for more than five times the profit. After that, Buffett made a new bet on American Express Company, which he had held for more than 25 years.<img src=\"https://static.tigerbbs.com/66ed8aa41fa68a2f91e6f6b5b997673c\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\">Holding Coca-Cola is another myth created by another Buffett.In 1988, his Berkshire Hathaway started buying shares of Coca-Cola.At that time, Coca-Cola's P/E was about 15, which was not particularly cheap, but lower than its historical average of 20. P/E is the ratio of market price per share to earnings per share, which is used to measure whether a stock is overvalued. The lower the P/E, the cheaper the stock will be.Coca-Cola is so cheap for several reasons. First, the stock market crashed in 1987, and everyone's mentality collapsed; Second, the new Coca-Cola products are too bad to drink, and the market's reputation has fallen in the short term; The third is investment failure.Buffett found that Coca-Cola's \"moat\" is very wide, its network marketing is very strong, and it is difficult for competitors to challenge it. Coupled with Coca-Cola's gross profit of 80% and the love of emerging markets, Buffett said confidently: \"If you give me $100 billion and tell me to'take away Coca-Cola's leading position in the global beverage market ', I will give you the money back, and then tell you that it can't be done.\"Buffett's initial investment in Coca-Cola was $1.2 billion, and with subsequent purchases from time to time, the total assets later acquired were valued at about $16 billion-plus billions of Dividend received.04Secret to Success\"When others are greedy, be afraid; When others are afraid, be greedy.\"On the whole, Warren Buffett showed the attitude of a successful man when he was young. However, it wasn't until he met Graham that his investment strategy began to take shape. After that, he absorbed the ideas of Charlie Munger and others to form a unique investment idea.Buffett's contribution to value investing is to find high-quality companies that are being sold at a discount, and let the \"moat\" around the company protect his investment, allowing him to hold the company's stock forever-this is his favorite way.Many people try to copy Buffett's investment method, but this idea is wrong from the beginning. Buffett can learn, but he must not copy it. Even if he copies it, there is no place to paste it.Investment is an art, and persistent learning is the only way to master this art. Getting close to the master and learning from the master is the shortcut in this path.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://k.sina.cn/article_1638782947_61add7e3019012cvd.html\">新浪财经</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9beffeecb928009bf6287e307899ffe3","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://k.sina.cn/article_1638782947_61add7e3019012cvd.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146881398","content_text":"沃伦·巴菲特在福布斯排行榜上名列前茅。\n他的所有钱都是通过投资创造的。\n巴菲特的创富神话一直都让人眼馋。\n那么，他是怎么做的呢？\n价值投资。\n这便是唯一的答案。\n01\n对金钱敏感\n所有人都对钱敏感，但巴菲特对挣钱敏感，这种敏感带给他终身致富的高潮。\n小学，他卖箭牌口香糖和罐装可口可乐（后来两家公司他都投了）；11岁，他购买了第一只股票；13岁，填第一份纳税申报单；14岁，用自己赚的钱在内布拉斯加州买地（年纪轻轻就成为地主，是不是很过分）。\n\n父亲从政，在华盛顿做国会议员。巴菲特闲不住，去当报童，送报纸攒钱。后来，他买了一些弹球机，放在理发店里，跟店主分成。\n可以说，只要有挣钱的机会，他都不会放过。\n这就是巴菲特跟我们的第一个大型差距。\n我们对钱敏感，他对挣钱敏感。\n02\n知识的力量\n知识改变命运，这话放在谁身上都不会假。\n巴菲特本科的时候先后在沃顿商学院、内布拉斯加州立大学，毕业后考哈佛，被哈佛拒绝，好在哥伦比亚大学录取了他。\n在哥大，他遇到了彻底改变他人生的价值投资先驱——本杰明·格雷厄姆。这是巴菲特人生的第一次加速。\n\n巴菲特在很长的时间里，视本杰明·格雷厄姆为神，一直按照他的思路来操作。\n在为格雷厄姆和自己的老父亲做了一段时间的工作之后，巴菲特成立了自己的投资公司，管理一系列对冲基金。\n之后，巴菲特放弃了本杰明·格雷厄姆过于严谨的价值投资方法，吸收了成长型投资家菲利普·费雪、查理·芒格的投资策略。\n查理·芒格后来成为巴菲特的投资搭档，两人专注于高质量的公司。伯克希尔便是他们的工作成果。\n\n最初的伯克希尔，还是一个努力求生的纺织品制造商。\n而现在，它已经成了别人高攀不起的样子——拥有盖可保险、金霸王电池、乳品皇后、奈特捷等多家公司；囤积了大量股票，如可口可乐、富国银行、沃尔玛、美国银行、卡夫、亨氏、美国运通等等。\n03\n理论沉淀与价值实战\n价值投资和护城河。\n这两个词语里，藏着巴菲特财富王国的全部密码。\n“护城河”，可以简单理解为，一个公司核心业务周围的缓冲区，让它不容易受到竞争对手的打击。\n为什么世界上只有波音和空中客车两大商用飞机制造商，却又不计其数的餐厅呢？答案就在其中。\n价值投资一个绝好的方法，就是以折扣价格购买有“护城河”的高质量公司。\n巴菲特的这种思想在实践中产生了很好的效果。\n\n1963年，巴菲特对美国运通公司的投资，是这种思想的第一次重要应用。\n当时，美国运通公司有一项金融相关业务，其中之一是仓库管理。他们可以根据一家公司的存货清单为其提供贷款。这家公司的货物将被放置在一个仓库里，美国证券交易所的雇员可以前往视察。\n有一家公司凭借色拉油存货借到了钱，但这家公司给色拉油注水，搞欺诈被发现。随后，这家公司破产，运通公司的股票暴跌50%。\n巴菲特认为，一时的失误只能造成短暂的损失，运通公司的核心业务不受影响，“护城河”还很宽。\n于是，巴菲特出手了，拿出了自己资产的40%，买了美国运通5%的股票。\n5年后，巴菲特以超过5倍的利润卖掉了股份。之后，巴菲特在运通公司投下新的赌注，他持有该公司的股票已经超过25年。\n\n持有可口可乐，是另一个巴菲特创造的另一个神话。\n1988年，他的伯克希尔·哈撒韦公司开始买入可口可乐公司的股票。\n当时，可口可乐的市盈率约为15，不是特别便宜，但是低于其历史平均值20。市盈率是每股市价与每股盈利的比率，用来衡量股票价值是否被高估。市盈率越低，股票就越便宜。\n可口可乐如此便宜，出于几个原因。一是87年股市崩盘，大家心态比较崩；二是可口可乐新品太难喝，市场短期内口碑下跌；三是投资失败。\n巴菲特发现，可口可乐的“护城河”很宽，它的网络营销是很强大的，竞争对手很难对它发起挑战。再加上可口可乐的毛利润高达80%和新兴市场的喜爱，让巴菲特信心十足地说：“如果你给我1000亿美元，告诉我‘夺走可口可乐在全球饮料市场的领先地位’，我会把钱还给你，然后跟你说办不到”。\n巴菲特最初对可口可乐的投资是12亿美元，加上后续时不时的买入，后来获得的总资产被估值约160亿美元——外加收到的数十亿股息。\n04\n成功秘诀\n “当别人贪婪时，你要恐惧；当别人恐惧时，你要贪婪。”\n整体来看，沃伦·巴菲特在年少时就显露出成功者的姿态。不过，直到他遇到了格雷厄姆，他的投资策略才开始形成。之后，他吸纳了查理·芒格等人的思想，形成了独一无二的投资思想。\n巴菲特对价值投资的贡献在于，找到在以折扣价出售的高质量公司，让公司周围的“护城河”保护他的投资，使他能够永远持有公司的股票——这是他最喜欢的方式。\n很多人试图寻找复制巴菲特的投资方法，但这种想法，一开始就错了。巴菲特可以学习，但绝对不能复制，即便复制，也没地方粘贴。\n投资是一门艺术，持之以恒的学习，是精通这门艺术的唯一通路。而靠近大师，跟大师学习，则是这条通路中的捷径。","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":16,"commentSize":3,"repostSize":0,"favoriteSize":4,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2146881398","isCrawlerRequest":true}