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March 08, 2005
锟斤拷锟斤拷锟秸癸拷锟斤拷锟叫帮拷锟叫ｏ拷锟酵凤拷锟截得碉拷锟斤拷什么锟斤拷
锟秸癸拷锟斤拷锟斤拷锟斤拷锟节筹拷锟叫ｏ拷锟斤拷锟斤拷锟斤拷锟截★拷锟酵凤拷锟截ｏ拷Warren Buffett锟斤拷锟狡癸拷锟斤拷投锟绞癸拷司锟斤拷锟斤拷希锟斤拷锟斤拷锟斤拷锟斤拷韦锟斤拷Berkshire Hathaway锟斤拷锟侥诧拷锟斤拷锟斤拷锟脚★拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷频锟斤拷锟斤拷锟斤拷锟斤拷鹿杉鄞锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷为锟斤拷锟斤拷约锟剿达拷锟斤拷锟斤拷锟绞憋拷锟斤拷锟芥导锟铰碉拷税锟斤拷
锟斤拷锟斤拷锟斤拷锟斤拷锟节帮拷锟斤拷锟斤拷锟斤拷撰写锟侥★拷锟斤拷锟斤拷锟斤拷锟街册”锟斤拷锟斤拷锟酵凤拷锟斤拷写锟斤拷锟缴讹拷锟斤拷锟脚ｏ拷锟叫ｏ拷锟斤拷锟斤拷锟斤拷锟斤拷为锟斤拷锟斤拷希锟斤拷锟斤拷锟斤拷锟斤拷韦锟斤拷锟斤拷锟芥：锟斤拷锟斤拷希锟斤拷锟斤拷锟桔ｏ拷锟斤拷锟街诧拷希锟斤拷锟斤拷锟秸癸拷锟斤拷失去锟斤拷锟斤拷权锟侥革拷锟洁公司锟斤拷锟斤拷锟斤拷希锟斤拷锟斤拷锟斤拷锟斤拷韦锟斤拷锟斤拷一锟斤拷锟斤拷锟绞碉拷锟斤拷摇锟斤拷锟揭伙拷锟斤拷锟揭诧拷锟斤拷锟斤拷锟斤拷锟皆筹拷锟桔癸拷司锟斤拷态锟饺ｏ拷锟斤拷锟斤拷锟斤拷锟斤拷些锟斤拷锟斤拷锟斤拷锟秸癸拷锟斤拷锟接讹拷锟斤拷锟饺拷锟斤拷锟揭ｏ拷锟皆硷拷锟节匡拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷赚取锟斤拷鄣牟锟斤拷锟斤拷锟揭★拷锟斤拷锟斤拷锟斤拷锟较碉拷锟斤拷锟斤拷锟秸癸拷锟竭硷拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷之一锟斤拷锟斤拷也锟斤拷锟斤拷说锟斤拷锟斤拷锟斤拷锟较巴凤拷锟截猴拷锟斤拷锟揭碉拷锟斤拷锟绞碉拷锟斤拷遥锟斤拷锟斤拷锟绞狄诧拷锟饺凤拷锟剿★拷
锟斤拷锟斤拷锟酵凤拷锟截筹拷锟斤拷一锟斤拷锟缴份碉拷锟斤拷锟叫癸拷司锟斤拷锟劫憋拷锟秸癸拷锟侥达拷锟斤拷锟斤拷锟斤拷锟斤拷么锟届？锟斤拷锟斤拷锟斤拷毓锟?锟侥硷拷锟叫癸拷司锟斤拷Gillette Co.锟斤拷锟斤拷锟斤拷锟洁（Procter & Gamble Co.锟斤拷锟斤拷570锟斤拷锟斤拷元锟秸癸拷锟斤拷锟斤拷锟酵凤拷锟斤拷锟斤拷锟斤拷锟叫帮拷锟捷的斤拷色锟斤拷锟侥可硷拷取锟斤拷
锟酵凤拷锟斤拷锟津经筹拷锟节碉拷锟斤拷牛锟脚碉拷锟叫达拷锟斤拷锟斤拷锟斤拷锟斤拷苑锟斤拷峁╋拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷1989锟斤拷锟斤拷锟接达拷时锟轿硷拷锟斤拷CEO锟侥科讹拷锟斤拷锟斤拷莫锟斤拷锟秸ｏ拷Colman Mockler锟斤拷时锟斤拷锟斤拷锟斤拷苑锟斤拷缘锟斤拷羌锟斤拷锟斤拷锟斤拷锟斤拷锟?/p>
锟斤拷时锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷1980锟斤拷锟斤拷锟斤拷锟斤拷值亩锟斤拷锟斤拷展锟斤拷锟斤拷校锟斤拷头锟斤拷亟锟斤拷锟皆凤拷锟斤拷一锟斤拷锟缴凤拷锟斤拷锟斤拷锟皆硷拷锟斤拷锟斤拷锟斤拷锟斤拷锟睫讹拷锟斤拷锟秸癸拷之锟诫，锟街筹拷锟叫巨讹拷锟绞金，可帮拷锟斤拷锟斤拷锟叫筹拷锟节憋拷锟街讹拷锟斤拷锟斤拷锟津极革拷说锟斤拷锟斤拷锟斤拷锟杰快，锟酵凤拷锟截憋拷锟斤拷6锟斤拷锟斤拷锟斤拷投锟绞伙拷酶霉锟剿?%锟斤拷转锟斤拷锟斤拷锟饺股ｏ拷锟斤拷锟斤拷锟斤拷稀锟斤拷为9%锟斤拷锟斤拷
锟斤拷锟节巴凤拷锟截憋拷锟剿讹拷锟皆ｏ拷锟斤拷也锟斤拷一锟斤拷锟洁当锟斤拷锟斤拷锟斤拷展锟斤拷锟街灰拷锟斤拷锟矫匡拷锟揭癸拷锟饺拷锟斤拷缍硷拷屑锟绞拷锟斤拷锟斤拷说暮锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟轿拷锟斤拷械锟轿达拷锟斤拷锟斤拷恰锟斤拷锟?05锟斤拷1锟斤拷28锟秸憋拷锟洁报锟斤拷锟秸癸拷锟斤拷锟斤拷时锟斤拷锟斤拷一锟缴凤拷锟窖硷拷值51锟节★拷锟斤拷16锟斤拷锟斤拷锟斤拷值锟斤拷45锟节ｏ拷锟斤拷使锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟侥诧拷锟街扣筹拷锟斤拷锟斤拷锟斤拷谓锟斤拷状锟斤拷锟斤拷锟斤拷锟桔就高达拷7锟斤拷锟斤拷元锟斤拷
锟斤拷锟斤拷锟斤拷谓锟斤拷锟斤拷锟斤拷罡伙拷锟斤拷锟轿讹拷锟揭伙拷锟斤拷牵锟斤拷头锟斤拷锟斤拷邪旆拷锟饺拷锟斤拷锟斤拷锟斤拷锟斤拷锟铰癸拷司锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟节斤拷锟斤拷锟叫帮拷锟捷★拷锟较伙拷锟剿★拷锟侥斤拷色锟斤拷
锟斤拷然锟斤拷锟斤拷锟斤拷未锟斤拷露锟斤拷锟斤拷细锟节ｏ拷锟斤拷锟斤拷锟斤拷锟窖撅拷锟斤拷锟斤拷锟斤拷锟斤拷息锟斤拷锟斤拷锟斤拷锟斤拷展锟斤拷诤艽锟教讹拷锟斤拷锟斤拷迎锟较巴凤拷锟截的匡拷味锟斤拷锟斤拷频摹锟斤拷舜锟斤拷展锟斤拷锟酵拷锟斤拷幕锟斤拷锟斤拷植锟斤拷锟斤拷锟酵拷锟斤拷锟轿拷锟斤拷锟斤拷锟?/p>
锟斤拷锟饺ｏ拷锟斤拷锟斤拷锟斤拷锟皆硷拷每0.975锟缴伙拷锟斤拷锟斤拷一锟缴的凤拷式锟斤拷100%锟斤拷锟斤拷锟斤拷锟斤拷展锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷械墓啥锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷票锟斤拷锟阶讹拷锟斤拷税锟斤拷锟斤拷锟斤拷锟揭伙拷锟斤拷锟斤拷锟斤拷纸锟绞斤拷锟斤拷校锟斤拷锟斤拷锟斤拷锟斤拷希锟斤拷锟斤拷锟斤拷锟斤拷韦锟斤拷拥锟叫的股份撅拷锟斤拷要锟斤拷35%锟侥癸拷司税锟绞讹拷锟斤拷锟斤拷锟斤拷锟秸斤拷15锟斤拷锟斤拷元锟斤拷
锟斤拷锟斤拷锟街斤拷锟阶凤拷式锟侥诧拷锟斤拷效锟斤拷锟角ｏ拷锟斤拷锟斤拷原锟叫股讹拷锟侥癸拷权锟斤拷稀锟斤拷锟剿★拷锟斤拷耍锟斤拷锟斤拷械诙锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟轿达拷锟揭伙拷甑揭伙拷锟斤拷锟叫ｏ拷锟斤拷锟斤拷锟斤拷180锟斤拷锟斤拷220锟斤拷锟斤拷元锟截癸拷锟缴份ｏ拷锟斤拷一锟劫讹拷实锟斤拷锟斤拷锟洁当锟节ｏ拷锟斤拷锟斤拷锟斤拷60%锟侥股份猴拷40%锟斤拷锟街斤拷锟斤拷啥约锟斤拷械锟斤拷展锟斤拷锟斤拷锟斤拷锟矫硷拷锟斤拷原锟斤拷锟斤拷投锟斤拷锟竭匡拷锟斤拷锟皆硷拷锟斤拷锟斤拷选锟斤拷也锟斤拷锟斤拷锟剿憋拷锟斤拷锟狡憋拷锟斤拷锟铰碉拷锟侥匡拷锟杰★拷
锟斤拷锟竭可斤拷锟斤拷锟斤拷为锟斤拷锟斤拷锟斤拷锟竭的碉拷一锟斤拷锟斤拷锟斤拷取锟矫巴凤拷锟截ｏ拷锟节讹拷锟斤拷锟斤拷锟矫憋拷锟斤拷锟皆硷拷锟斤拷锟解。
为什么锟斤拷直锟接诧拷锟斤拷60-40锟侥斤拷锟阶结构锟斤拷锟杰达拷潭锟斤拷希锟斤拷锟斤拷锟斤拷锟饺★拷锟?96锟斤拷头锟斤拷锟斤拷锟斤拷斯锟斤拷锟斤拷锟紺apital Cities/ABC锟斤拷司时锟侥斤拷训锟斤拷
1996锟斤拷3锟斤拷5锟秸ｏ拷锟酵凤拷锟截达拷锟节诧拷锟斤拷斯锟接凤拷锟斤拷锟斤拷锟斤拷锟劫ｏ拷锟斤拷锟斤拷斯锟斤拷锟叫办公锟斤拷锟斤拷锟节地★拷锟斤拷锟斤拷锟斤拷锟皆凤拷锟斤拷锟斤拷锟脚封，锟斤拷一锟斤拷锟斤拷锟斤拷锟皆诧拷锟斤拷希锟斤拷?锟斤拷锟斤拷韦锟斤拷Capital Cities/ABC锟斤拷司锟斤拷2000锟斤拷煞莸墓锟斤拷郏锟?锟斤拷锟斤拷元锟斤拷
锟斤拷锟节讹拷锟斤拷锟脚凤拷锟斤拷锟杰凤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷写锟脚★拷锟斤拷3锟斤拷7锟斤拷锟斤拷锟斤拷4锟斤拷锟角帮拷锟揭拷蚩锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟叫达拷锟斤拷锟较ｏ拷锟斤拷锟斤拷锟斤拷支锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷Capital Cities/ABC锟斤拷司锟侥股讹拷一锟斤拷锟斤拷锟酵凤拷锟截匡拷锟斤拷锟斤拷锟街金、股份或部凤拷锟街金部分癸拷票锟叫斤拷锟斤拷选锟斤拷
锟斤拷然锟斤拷锟斤拷锟窖猜碉拷锟酵凤拷锟截碉拷选锟斤拷全锟斤拷锟皆股份斤拷锟阶★拷锟斤拷锟角伙拷锟斤拷锟斤拷锟皆碉拷斯锟斤拷锟斤拷卸希锟接碉拷锟斤拷锟斤拷锟斤拷螅锟斤拷锟揭恢伙拷锟斤拷锟斤拷拥锟斤拷锟斤拷锟剿讹拷锟斤拷锟角碉拷一锟斤拷锟斤拷拥锟斤拷锟斤拷锟斤拷权锟斤拷
锟斤拷锟斤拷锟秸的斤拷锟斤拷牵锟斤拷锟剿癸拷锟斤拷锟斤拷锟斤拷锟揭伙拷锟斤拷票一锟斤拷锟街斤拷姆锟绞斤拷锟斤拷薪锟斤拷祝锟斤拷锟斤拷锟斤拷锟较ｏ拷锟斤拷锟斤拷锟斤拷锟轿わ拷锟剿帮拷痛锟?斤拷锟斤拷元锟斤拷锟斤拷锟酵凤拷锟斤拷也锟斤拷锟斤拷锟斤拷顺锟斤拷锟剿癸拷帷?/p>
锟斤拷伪锟斤拷锟斤拷坪锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷荨锟斤拷锟斤拷状锟缴后，巴凤拷锟斤拷锟节硷拷锟叫碉拷9600锟斤拷晒锟狡憋拷锟阶拷锟轿?60锟津宝斤拷晒锟狡憋拷锟斤拷锟斤拷嗟憋拷诒锟斤拷锟斤拷芄煞莸锟?锟斤拷为锟剿憋拷锟斤拷锟皆硷拷锟斤拷态锟饺ｏ拷锟斤拷锟斤拷锟秸癸拷示锟解发锟斤拷锟斤拷锟斤拷眨锟?斤拷29锟秸ｏ拷锟酵凤拷锟截就匡拷始锟斤拷锟斤拷锟斤拷锟诫吉锟叫的癸拷票锟斤拷锟斤拷确锟斤拷锟皆硷拷锟节斤拷锟阶斤拷锟斤拷锟斤拷拥锟斤拷1锟节股憋拷锟斤拷锟狡憋拷锟斤拷锟斤拷锟斤拷锟较ｏ拷锟?锟斤拷锟斤拷韦辖锟铰碉拷Geico锟斤拷锟秸癸拷司锟斤拷锟斤拷一锟斤拷锟斤拷锟斤拷锟斤拷300锟斤拷杉锟斤拷泄煞荨锟?/p>
锟秸癸拷锟斤拷锟斤拷锟襟，巴凤拷锟斤拷未锟斤拷锟斤拷锟轿猴拷媒锟斤拷牟煞谩锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷呒锟斤拷锟斤拷锟斤拷锟斤拷锟解：锟斤拷锟斤拷锟斤拷拥锟叫碉拷汰锟斤拷洗锟铰粉★拷锟窖斤拷士锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷偷然锟阶逼凤拷图锟斤拷械锟狡伙拷锟斤拷锟斤拷锟斤拷锟斤拷小锟斤拷锟饺拷锟斤拷牟锟狡凤拷锟斤拷锟斤拷锟斤拷锟斤拷剩锟斤拷锟揭伙拷纬锟斤拷锟阶拷锟轿拷碌墓锟斤拷颍头锟斤拷氐锟斤拷锟斤拷帽亟锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷值锟?斤拷锟斤拷元锟斤拷
锟斤拷 锟斤拷锟斤拷 锟斤拷锟斤拷锟斤拷 March 8, 2005 01:43 PM
锟斤拷锟斤拷
锟斤拷锟斤拷Buffett锟皆硷拷锟斤拷value investing锟斤拷锟姐法锟斤拷Berkshire Hathaway锟斤拷$90,000 per share锟斤拷overpriced锟斤拷么锟斤拷capital per share锟斤拷锟斤拷锟斤拷锟矫达拷锟?/p>
锟斤拷 goodfella 锟斤拷锟斤拷锟斤拷 March 10, 2005 01:30 PM
锟脚诧拷锟脚ｏ拷锟斤拷锟斤拷锟斤拷BH锟侥股价会超锟斤拷10锟斤拷每锟缴★拷锟斤拷锟斤拷buffett锟斤拷太锟斤拷锟皆硷拷锟侥股价的★拷
锟斤拷 vagabond 锟斤拷锟斤拷锟斤拷 March 10, 2005 06:08 PM
前锟斤拷锟角ｏ拷
1.Buffett锟斤拷锟斤拷锟斤拷锟节诧拷锟斤拷锟教碉拷锟斤拷锟斤拷锟組unger锟斤拷锟斤拷十锟斤拷锟斤拷锟斤拷锟斤拷耍锟紹uffett锟斤拷锟斤拷习锟斤拷锟街帮拷锟饺匡拷锟街ｏ拷锟斤拷牛锟脚ｏ拷锟劫硷拷锟斤拷BH锟斤拷锟斤拷没锟斤拷GE锟斤拷么锟较斤拷锟侥接帮拷锟斤拷锟狡度ｏ拷锟斤拷一Buffett锟斤拷锟剿ｏ拷锟斤拷锟?.....
2.每锟轿达拷锟絛epression之前锟斤拷锟斤拷锟阶硷拷锟斤拷锟斤拷锟斤拷小危锟斤拷一锟轿ｏ拷然锟斤拷锟斤拷诨锟脚拷锟斤拷锟斤拷懦锟斤拷诓锟斤拷瘛４锟?02锟斤拷之锟斤拷锟狡猴拷锟叫碉拷锟斤拷锟絧attern耶锟斤拷锟斤拷锟斤拷说锟斤拷也锟斤拷锟斤拷锟斤拷瞎说锟斤拷锟角呵★拷
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