Onko parempaa perjantai-iltaa kuin lueskella Buffettin viisauksia?
Selailin menemään “muistiinpanojani”, toisin sanoen kopioituja tekstinpätkiä Berkshiren sijoittajakirjeistä.
Silmiin osui tämä vuoden 1987 kirjeestä napattu pätkä:
There’s not a lot new to report about these businesses - and
that’s good, not bad. Severe change and exceptional returns
usually don’t mix. Most investors, of course, behave as if just
the opposite were true. That is, they usually confer the highest
price-earnings ratios on exotic-sounding businesses that hold out
the promise of feverish change. That prospect lets investors
fantasize about future profitability rather than face today’s
business realities. For such investor-dreamers, any blind date
is preferable to one with the girl next door, no matter how
desirable she may be.
Experience, however, indicates that the best business
returns are usually achieved by companies that are doing
something quite similar today to what they were doing five or ten
years ago. That is no argument for managerial complacency.
Businesses always have opportunities to improve service, product
lines, manufacturing techniques, and the like, and obviously
these opportunities should be seized. But a business that
constantly encounters major change also encounters many chances
for major error. Furthermore, economic terrain that is forever
shifting violently is ground on which it is difficult to build a
fortress-like business franchise. Such a franchise is usually
the key to sustained high returns.
Boldaukset omia. Ken tuntee piston sydemessään? Bumtsibum-bumtsibumbum…
Vuoden 1987 kirje vaikuttaa olleen täyttä timanttia, sillä tästä on erityisen paljon pätkiä tallessa. Jaetaas nyt vielä yksi kerta vauhtiin päästiin:
The value of market esoterica to the consumer of investment
advice is a different story. In my opinion, investment success
will not be produced by arcane formulae, computer programs or
signals flashed by the price behavior of stocks and markets.
Rather an investor will succeed by coupling good business
judgment with an ability to insulate his thoughts and behavior
from the super-contagious emotions that swirl about the
marketplace. In my own efforts to stay insulated, I have found
it highly useful to keep Ben’s Mr. Market concept firmly in mind.
Following Ben’s teachings, Charlie and I let our marketable
equities tell us by their operating results - not by their daily,
or even yearly, price quotations - whether our investments are
successful. The market may ignore business success for a while,
but eventually will confirm it. As Ben said: “In the short run,
the market is a voting machine but in the long run it is a
weighing machine.” The speed at which a business’s success is
recognized, furthermore, is not that important as long as the
company’s intrinsic value is increasing at a satisfactory rate.
In fact, delayed recognition can be an advantage: It may give us
the chance to buy more of a good thing at a bargain price.
Jälleen boldaus oma. Siinäpä muutama hyvä viisaus harvinaisen terävästä kynästä. On nämä herkkua, jokaisen, jokaisen sijoittajan pitäisi nämä lukea kaikki.
