范闻备注:全文摘自1992年巴菲特致股东的信,原汁原味。为方便深刻理解巴菲特的投资理念,特采用中英文对照方式。范闻认为,这是巴菲特本人对投资理念的最全面阐释。巴菲特的投资理念的核心在于企业估值。
全文如下:
*Our equity-investing strategy remains little changed from what it was fifteen years ago, when we said in the 1977 annual report: "We select our marketable equity securities in much the way we would evaluate a business for acquisition in its entirety. We want the business to be one (a) that we can understand; (b) with favorable long-term prospects; (c) operated by honest and competent people; and (d) available at a very attractive price." We have seen cause to make only one change in this creed: Because of both market conditions and our size, we now substitute "an attractive price" for "a very attractive price."
我们在股权投资的策略跟15年前1977年度报告的那套一样,并没有多大的变化,在选择股票投资所采用的评估方式与买下一整家企业的情况没什么两样,我们希望投资的对象(1)是我们所了解的(2)具有长期的远景(3)由才德兼具的人所经营(4)非常吸引人的合理价格。但考量目前市场的情况与公司的资金规模,我们现在决定将"非常吸引人的价格"改成"吸引人的价格"。
But how, you will ask, does one decide what's "attractive"? In answering this question, most analysts feel they must choose between two approaches customarily thought to be in opposition: "value" and "growth." Indeed, many investment professionals see any mixing of the two terms as a form of intellectual cross-dressing.
或许你又会问,那么到底应该如何决定价格够不够吸引人呢? 在回答这个问题时,大部分的分析师通常都会选择两种看起来对立的方法,"价值法"与"成长法",事实上有许多投资专家会将这两种方法交替运用,就像是轮流换穿衣物一样。
We view that as fuzzy thinking (in which, it must be confessed, I myself engaged some years ago). In our opinion, the two approaches are joined at the hip: Growth is always a component in the calculation of value, constituting a variable whose importance can range from negligible to enormous and whose impact can be negative as well as positive.
我们觉得这种观念似是而非(为此我个人必须承认,好几年前我也是采用这种方法),基本上我们认为这两种方法本为一体,在计算一家公司的价值时,成长当然是一件很重要的因素,这个变量将会使得所计算出来的价值从很小到极大,所造成的影响有可能是正面的,也有可能是负面的。
In addition, we think the very term "value investing" is redundant. What is "investing" if it is not the act of seeking value at least sufficient to justify the amount paid? Consciously