http://www.berkshirehathaway.com/letters/2008ltr.pdf

巴爷08年从商业股、服务业大撤退，大幅度减仓海安斯啤酒、强生、宝洁，增仓传统行业：康菲、德士古、浦项。继续跑赢股指，但跑输通胀。并对增加头寸表示失望，总体方向势于防御。从巴爷的组合中可以发现，单个投资种的波动都远远大于巴郡的整体波动，老头子跨行业平抑周期波动的经营艺术不是一般的高。过去十年是西方第三产业崩溃的十年，回顾XOM和C的近十年走势，可以明显感到哪个行业更具有价值。几个新增的优先股和企业债案子，年收益保持15%，可圈可点，老爷子不是想学罗杰斯骑摩托环游吧？两枚爱尔兰烟蒂再次烫伤巴爷，呵呵，烟屁股真是越来越短了……

稳健经营是胜出之道——预留大把现金、挖宽“护城河”、增加现金流入、储备人才。

(1) maintaining Berkshire's Gibraltar-like financial position, which features huge amounts of
excess liquidity, near-term obligations that are modest, and dozens of sources of earnings
and cash;(2) widening the "moats" around our operating businesses that give them durable competitive
advantages;(3) acquiring and developing new and varied streams of earnings;(4) expanding and nurturing the cadre of outstanding operating managers who, over the years,
have delivered Berkshire exceptional results.