Phong cách đầu tư của warren buffet 2

[...]... Included (2) Relative Results (1)– (2) 19 82 1983 1984 1985 1986 1987 1988 1989 1990 1991 19 92 1993 1994 1995 1996 1997 1998 1999 20 00 20 01 20 02 2003 40.0 32. 3 13.6 48 .2 26.1 19.5 20 .1 44.4 7.4 39.6 20 .3 14.3 13.9 43.1 31.8 34.1 48.3 5 6.5 (6 .2) 10.0 21 .0 21 .4 22 .4 6.1 31.6 18.6 5.1 16.6 31.7 (3.1) 30.5 7.6 10.1 1.3 37.6 23 .0 33.4 28 .6 21 .0 (9.1) (11.9) (22 .1) 28 .7 18.6 9.9 7.5 16.6 7.5 14.4 3.5 12. 7 10.5... Results (1)– (2) 1965 1966 1967 1968 1969 1970 1971 19 72 1973 1974 1975 1976 1977 1978 1979 1980 1981 23 .8 20 .3 11.0 19.0 16 .2 12. 0 16.4 21 .7 4.7 5.5 21 .9 59.3 31.9 24 .0 35.7 19.3 31.4 10.0 (11.7) 30.9 11.0 (8.4) 3.9 14.6 18.9 (14.8) (26 .4) 37 .2 23.6 (7.4) 6.4 18 .2 32. 3 (5.0) 13.8 32. 0 (19.9) 8.0 24 .6 8.1 1.8 2. 8 19.5 31.9 (15.3) 35.7 39.3 17.6 17.5 (13.0) 36.4 Source: Berkshire Hathaway 20 03 Annual... 18.6 5.1 16.6 31.7 (3.1) 30.5 7.6 10.1 1.3 37.6 23 .0 33.4 28 .6 21 .0 (9.1) (11.9) (22 .1) 28 .7 18.6 9.9 7.5 16.6 7.5 14.4 3.5 12. 7 10.5 9.1 12. 7 4 .2 12. 6 5.5 8.8 7 19.7 (20 .5) 15.6 5.7 32. 1 (7.7) 10.4 11.8 Average Annual Gain— 1965 20 03 22 .2 Overall Gain— 1964 20 03 25 9,485 6 4,743 T h e W o r l d ’s G r e a t e s t I n v e s t o r 7 On a year-by-year basis, Berkshire’s returns have at times been volatile;... He was always very proud he picked Warren Buffett as an “A” before Buffett had won his much-deserved fame and acclaim The relationship between Warren Buffett and my father survived my father’s occasional lapses when he would mistakenly call Mr Buffett “Howard.” This is an unusual story that has never been told and perhaps says much about both my father and Warren Buffett My father was a small man with... remaining 25 percent went to Buffett, who as general partner had essentially free rein to invest the partnership’s funds Over the next thirteen years, Buffett compounded money at an annual rate of 29 .5 percent .2 It was no easy task Although the Dow Jones Industrial Average declined in price five different years during that thirteen-year period, Buffett’s partnership never had a down year Buffett, in... comparison My father genuinely liked Warren Buffett and was honored that Buffett embraced some of his ideas My father died at 96—exactly three months before I received an unexpected letter asking if I would write about my father and Warren Buffett This introduction has helped me to connect some dots and provide some closure regarding my father and Mr Buffett For readers of The Warren Buf fett Way, I hope I... The Warren Buf fett Way, however, is first and foremost a testament to Warren Buffett His wit and integrity have charmed millions of people worldwide; and his intellect and investment record have, for years, mesmerized the professional investment community, me included This unparalleled combination makes Warren Buffett the single most popular role model in investing today I had never met Warren Buffett... market.” In 20 04, he was solidly back in the number two position In 1956, Buffett started his investment partnership with $100; after thirteen years, he cashed out with $25 million At the time of this writing (mid -20 04), his personal net worth has increased to $ 42. 9 billion, the stock in his company is selling at $ 92, 900 a share, and millions of investors around the world hang on his every word 1 2 T H E... fully two decades before my father could fully disentangle Buffett and Omaha, from “Howard.” That annoyed my father because he couldn’t control his mind and because he was fond of Warren Buffett and valued their relationship Father knew exactly who Warren Buffett was but in casual conversation he often said something like, “That bright young Howard Buffett from Omaha.” The more he said it, the harder it... use my own comparative advantages I’m not as shrewd a judge of people as my father and I’m not the genius Buffett is It is important to use this book to learn, but don’t use this book to be like Warren Buffett You can’t be Warren Buffett and, if you try, you will suffer Use this book to understand Buffett’s ideas and then take those ideas and integrate them into your own approach to investing It is only . Warren Buffett Way 199 Appendix 21 1 Notes 22 5 Acknowledgments 23 5 Index 23 9 vii Foreword to the Second Edition W hen Robert Hagstrom f irst published The Warren Buffett Way in 1994, it quickly. that Warren Buffett was calling. I was convinced this had to be a prank. The caller started by saying, “This is Warren Buffett from Omaha [as if I might confuse him with some other Warren Buffett] our Customer Care Department within the United States at 800-7 62- 2974, outside the United States at 317-5 72- 3993 or fax 317-5 72- 40 02. Wiley also publishes its books in a variety of electronic formats.