[转贴]股市沉寂的第一夜
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 96pt; mso-char-indent-count: 6.0"><SPAN style="FONT-SIZE: 16pt; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">股市沉寂的第一夜：学习巴菲特</SPAN><SPAN lang=EN-US style="FONT-SIZE: 16pt"><SPAN style="mso-spacerun: yes"> </SPAN><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p> </o:p></SPAN></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 150%"><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">我不懂股票，但我的周围被股票淹没了，所以，这次，我也被拖下水——入市半个月，在美丽的鼓励、搀扶下，一路寻寻觅觅、跌跌撞撞、参参悟悟，花费一点点资金，自以为赢得了好大好大惊喜。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%">29</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">日</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%">70%</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">出仓，留下的两只，玩味一次股海的汹涌波涛。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">今夜，出奇的静。电话、短信统统消失了。我安静地躺在沙发上，一眼发现了《中国工商时报》</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%">25</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">日的一篇文章《股市盛宴将散，赶紧跑吧！》，奇怪，前天也看的，硬是没往心里去。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 150%"><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">于是，上网寻找巴菲特。</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"> </SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">今天一早，把下载的资料跟大家分享。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">他是股市中唯一被称为神的人；</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">他是创下</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%">32</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">年投资</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%">0</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">亏损纪录的人；</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">他是</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%">11</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">岁第一次购买股票，白手起家缔造一个千亿规模投资帝国的人；</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">他也是迷倒比尔·盖茨，被其誉为唯一一个真正懂得美国资本市场奥妙的人。<B style="mso-bidi-font-weight: normal">他就是沃伦·巴菲特！</B></SPAN><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></B></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24.1pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">方向比速度重要</SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></B></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">巴菲特有一段精彩的论述：“成功就是获得了你想得到的东西，而幸福就是追求你想得到的东西。当你们走出校门时，我建议你们去为敬仰的人做事，这样你将来就会像他们一样。”这段话是巴菲特对自己经历的切身体会。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 150%"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">巴菲特大四时，读到格雷厄姆的《智能投资家》，如获至宝，于是大学一毕业，他便投身格雷厄姆的门下。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">格雷厄姆被称为“投资证券分析之父”，他告诉巴菲特，投资者的注意力不要老放在行情显示屏上，而应放到发行股票的公司。投资者应了解的是公司营利、资产负债情况及未来发展前景等，只有透过上述分析，才能发现或计算出一只股票的“真正价值”或“内在价值”。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">格雷厄姆“严禁损失”的投资哲学，更成为日后巴菲特奉行的准则：第一条法则是切莫蚀掉老本。第二条法则是，永远记住第一条法则。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">巴菲特的高明之处在于他不是仅仅停留在老师的理论上，他还在一定程度上发展、建立了自己的投资理论和原则。“以真正价值为选择投资对象的标准，而非以是不是热门股作为投资选择的标准。”他着眼于企业的长期发展，而不在乎每日的市场行情。他认为：一旦看到市场波动而认为有利可图，投资就变成了投机，没有什么比赌博心态更影响投资。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">巴菲特仍然以其稳健的风格，成为全球投资者竞相仿效的楷模。对于尚处于喧哗与骚动中的中国市场，人们急需巴菲特秘诀。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">向“股神”</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"> </SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">学招</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24.1pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">招式一：把鸡蛋放在一个篮子里</SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></B></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">当很多投资者认为“不能把所有鸡蛋放在同一个篮子里”的时候，巴菲特却认为，投资者应该把所有鸡蛋放在同一个篮子里，然后小心地看好它，因为他觉得：在时间和资源有限的情况下，决策次数少的成功率自然比投资决策多的要高，就好像独生子女总比多子女家庭所受的照顾多一些，长得也壮一些一样。“股神”尚且认为自己由于自身精力和知识的局限，很难对很多的投资对象有专业深入的研究，更何况是普通投资者呢？</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24.1pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">招式二：生意不熟不做</SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></B></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">中国有句古话叫“生意不熟不做”，巴菲特也有一个习惯，不熟的股票不做。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%">2000</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">年初，网络股高潮的时候，巴菲特却没有购买。那时大家一致认为他已经落后了，但是现在回头一看，网络泡沫埋葬的是一批疯狂的投机家，巴菲特再一次展现了其稳健的投资大师风采，成为最大的赢家。他强调一个投资目标，就是先求保本。只有在这样的基础上，才有稳定增值的条件。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24.1pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">招式三：长期投资</SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></B></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">有人曾做过统计，巴菲特对每一只股票的投资没有少过</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%">8</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">年的。巴菲特曾说“短期股市的预测是毒药，应该把它摆在最安全的地方，远离那些在股市中的行为像小孩般幼稚的投资人”。不幸的是，我们看到的更多的却是相反的例子，许多人追涨杀跌，到头来只是为券商贡献了手续费，自己却是竹篮打水一场空。我们不妨算一个账，按巴菲特的低限，某只股票持股</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%">8</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">年，买进卖出手续费是</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%">1.5</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">％。如果在这</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%">8</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">年中，每个月换股一次，支出</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%">1.5</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">％的费用，一年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%">12</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">个月则支出费用</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%">18</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">％，</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%">8</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">年不算复利，静态支出也达到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%">144</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">％！不算不知道，一算吓一跳。可以这么说：不少成功者往往是因为长抱不动，而不少失败者往往是因为经不起不断买进和卖出的诱惑。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24.1pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">招式四：逆向操作</SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></B></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">中国有一种爱拚才会赢的文化，巴菲特提到，如果想要在股市赚钱，你必须在别人非常贪心的时候非常害怕，在别人害怕的时候贪心。所以投资的时候，第一，你要常常跟自己的天性对抗，因为天性常常会带领你到一个错误的投资决策。第二，你要常常去体察周围的环境。当你感受到环境愈来愈贪婪时，就要勇于说“</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%">no</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">”；反之，你要勇于说“</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%">yes</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">”。巴菲特的投资哲学是一种新时代的减压哲学，何仿让减压投资创造我们未来中长期的财富及幸福人生。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">巴菲特认为一个优秀的投资对象，必须有如下七个特征：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%">1</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">、企业有特殊商品性质，产品成本上涨后能提高售价而不至于失去客户；</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%">2</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">、企业经理人员对本行的热爱几乎到了狂热的程度；</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%">3</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">、企业的业务不宜过于复杂，太难管理，以至于限制了管理人员选择的范围；</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%">4</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">、利润不应是帐面数字，应是现金利润；</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%">5</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">、企业的投资收益率高；</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%">6</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">、企业股价低，债务低；</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt; LINE-HEIGHT: 150%; mso-char-indent-count: 2.0"><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%">7</SPAN><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Times New Roman; mso-hansi-font-family: Times New Roman">、决不卷人有毛病的企业。优良的企业也有便宜的时候，那时你投资下去要比购买有问题的企业再加整顿容易的多</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%"><o:p></o:p></SPAN></P> <FONT size=6><STRONG>学习了,四个好招式借鉴并采用了!</STRONG></FONT> 原文由 翻江鼠 发表: <br><P><FONT color=#6911ee><FONT size=6> 周日中国管理层表示.不愿意看到股市暴涨薄跌.股民不要自己吓自己,要相信股市牛市格局不会变,</FONT></FONT><FONT color=#6911ee><FONT size=6>一定要沉住气.</FONT></FONT></P><P><FONT color=#6911ee size=6>是暴涨薄跌,还是慢涨暴跌.谁的心里都明白.</FONT></P><P><FONT color=#6911ee><FONT size=6> </P><P><BR></FONT><IMG src="/attachments/Upfiles/20076483922184.gif"><BR><BR></FONT></P> <P><FONT color=#6911ee><FONT size=6> 周日中国管理层表示.不愿意看到股市暴涨薄跌.股民不要自己吓自己,要相信股市牛市格局不会变,</FONT></FONT><FONT color=#6911ee><FONT size=6>一定要沉住气.</FONT></FONT></P><P><FONT color=#6911ee><FONT size=6> </P><P><BR></FONT><IMG src="/attachments/Upfiles/20076483922184.gif"><BR><BR></FONT></P>
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