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優雅‧投資 (2022波克夏股東會心得)




投資仍然要以價值為基礎



        就像巴菲特今年股東會回答比特幣的看法時，就很生動地以持有土地與公寓等資
產來說明，為什麼他並不會投資比特幣。


If you tell me you own 1% of the apartment houses in the United States and
you offer me a 1% interest, so I’ll have a 1% interest in all the apartment
houses in the country, and you want whatever it may be for it, call it
another $25 billion or something, I’ll write you a check. You know, it’s
very simple.

Now, if you told me you owned all of the bitcoin in the world, and you
offered it to me for $25, I wouldn’t take it, because what would I do with
it? I have to sell it back to you one way or another. I mean, maybe not these
same people, but it isn’t going to do anything.






優雅的投資人



GLEN TONGUE: My question relates to share repurchases. Since you started
buying back Berkshire shares, in size two years ago, the repurchases have
ranged between $1 billion and $3 billion per month. By my estimate, it
appears that the buyback rate is about $3 billion per month when Berkshire’s
trading at a 20% or so discount to intrinsic value, $2 billion per month at
about a 10% discount, and a billion per month at a zero to 10% value. Do I
have that approximately right? And do any other factors influence the rate of
share repurchases?

WARREN BUFFETT: Well, after you were so nice in your introduction, I have to
say that (Laughs) you’re actually wrong in that. If somebody had offered us
$50 billion worth of stock at a certain point in the last three or four, five
months, we’d have taken it. You know, it’s that simple.

And, as I mentioned earlier, we haven’t bought any stock in April. It’s
something that, when we can do it, and we know, at least we think the
probabilities are very high, we certainly believe it in terms of our own
evaluation and our own investment, if we think that we’re improving things
for the remaining shareholder, we’ll buy it back. And if we don’t, we don’
t buy it back.

And if we have the choice of buying businesses that we like, or buying back
stock — the controlling factor’s how much money we have, we’d rather buy
businesses. And so, you know, we don’t stay awake at night working out
formulas, or anything of the sort. But we don’t ever do it if we think that
we’re not doing something at the time.

If we had a lemonade stand, and Charlie and I and you owned it, and the
lemonade stand was making us about a buck a week or something, and we divided
it up. And then you said you wanted to get out. And if you said one number,
and we’d have the funds in our little lemonade company, we’d buy you out.
And if we didn’t like the price, we wouldn’t buy you out."

就是這種優雅、簡單的投資態度讓我對於巴菲特流派特別傾心。因為這種從容投資的態度
才可以真的釋放自己的時間去享受自己喜愛的事物，同時又能享受財富成長的果實。




總而言之，投資是為了改善人生。如果投資可以讓我們從容優雅又長久持續獲利，那麼對
我們個人來說就是成功了。

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