【专题讨论】外国股神逐個談之"查理·芒格"

Mr.Business

找一些查理·芒格的资料来与大家分享。。。





沃伦·巴菲特与查理·芒格

[ 本帖最后由 Mr.Business 于 25-11-2008 05:55 PM 编辑 ]

Mr.Business

查理.芒格:巴菲特的黄金搭档
2006年07月01日 15:41

    查理·芒格是沃沦·巴菲特的黄金搭档，有“幕后智囊”和“最后的秘密武器”之称，在外界的知名度、透明度一直很低，其智慧、价值和贡献也被世人严重低估。从珍妮特·洛尔所著的《查理·芒格传》就能买到可见一斑。

     “我很喜欢读传记，”芒格说，“我认为，如果你想把一些伟大的有用的思想教给人们的话，传记是一种更易于使人们将思想创立者的生活与人格联系在一起的方式。如果你同亚当·斯密交朋友，你会把经济学学得更好。‘同那些已经过世的伟人交朋友’这听起来很荒唐。但是如果你一生中总是与那些有远见卓识的‘故人’ 交友的话，那么你将生活得更好，更有教养。这比仅仅讲一些大道理强多了。”

    现在轮到查理·芒格自己的传记问世了。我听从了他的忠告，在珍妮特·洛尔的“引见”下，和芒格“成了好朋友”。归纳起来，芒格以其亲历亲为给我上了三堂人生大课。

    财富真义

    芒格和巴菲特的老师格雷厄姆一样，都以本杰明·富兰克林为偶像。富兰克林是美国19世纪最优秀的作家、投资者、科学家、外交家和商人，还对教育及公益事业做出了杰出贡献。

     芒格从富兰克林那里学到了一种思想，那就是一定要变得富有以便为人类做出贡献。“富兰克林之所以能有所贡献，是因为他有(资金)自由。”他说，“我常想做一个对人类有用的人，而不愿死得像一个守财奴一样。但有时，我离这样一种思想境界还差得很远。”要为人类做出贡献，就一定要变得富有，而要真正地富有，一个人必须建立自己的企业。

    正是这一信念，决定了芒格的人生轨迹。1948年，他以优异的成绩毕业于哈佛大学法学院，旋进入加州法院做律师，并开始投资证券和商业活动。此后涉足房地产，赚到人生的第一个百万美元。34岁时他遇到巴菲特，两人一见如故、惺惺相惜，逐步发展为牢固的伙伴关系，演绎了一连串经典的投资案例，从1978年起担任伯克希尔董事会副主席至今。

    芒格在逐渐变得富有的过程中，果真成就了一番大业。他和巴菲特共同缔造了伯克希尔这个如今企业界、投资界的楷模。还在一项鲜为人知的成就中起了重要的推动作用———正是他，在多年前发动了那场使堕胎在美国合法化的运动并最终取得胜利。1989年他给美国储蓄机构团体写了一封信，抗议该组织不支持储蓄和信贷业的各项改革并于当年退出该团体，此举引起强烈反响。果然，储蓄和信贷业稍后爆发了危机，成为美国历史上最大的金融丑闻之一。

    芒格的传奇人生给人的启迪很多，比如对什么才是财富真义的理解。笔者以为芒格所信奉的这一条伟大的信念，可以成为世上所有追求财富者的“宗教”，一方面它能提供源源不断的前进动力，另一方面又有助于人们摆脱在追求财富过程中的种种困惑。

    领略财富的真义，接受一条伟大的信念：“一定要变得富有以便为人类做出贡献。”这是芒格给我上的第一堂课。

    英雄品质

    芒格的个人生活曾经很艰难，有些时候甚至可以说是凄惨。他几乎经历了一个人所能经历的所有苦难和不幸。

     年轻时草率的婚姻，使他成为两个孩子的父亲；刚刚离婚不久，儿子泰迪身患白血病不幸夭折，巨额的医疗费用、失去亲人的巨大痛苦折磨着他；芒格管理的合伙投资公司遭遇了1973年至1974年的股市大跌，损失过半；1978年，芒格因为白内障手术并发症导致左眼完全失明……

    但是芒格并没有被这接踵而来的苦难和不幸所击倒。芒格和前妻的一个儿子小查尔斯说：“他就是能够义无反顾地摆脱了这些悲剧的困扰。”查理和格雷厄姆、富兰克林一样，正是那种能够经由地狱抵达天堂的圣者。

    苏格拉底曾说：“未曾经历考验的生命不配活着。”( Unexamining life is not worth of living.)芒格所经历的常人难以忍受的苦难和不幸，正折射出他的英雄品质：正直诚实、坚韧不拔、积极乐观。

    经受突然变故和灾难的考验，磨炼自己的品格，永远保持积极的人生观。这是芒格给我上的第二堂课。

    天才智慧

     巴菲特和芒格构成了非同寻常的智慧组合，创造了堪称有史以来最优秀的投资纪录。巴菲特的智慧是众所周知的。但巴菲特的长子霍华德眼睛是雪亮的：“我爸爸是我所认识的人中第二个最聪明的———查理·芒格才是首席。”巴菲特则这样评价他的伙伴：“查理把我推向了一个不像格雷厄姆那样只购买便宜货的方向，这是他真正给我的影响。他把我从格雷厄姆观点的局限中拉了出来，这是查理思想的力量，他拓展了我的视野。”

    芒格常常站在投资理论系统之外想问题，他的思维与众不同，这使他经常可以得出一些有趣的结论。下面是我最喜欢的芒格的智慧论语，也是他给我上的第三堂课：

    ◎我认识一位制造钓钩的人，他制作了一些闪闪发光的绿色和紫色鱼饵。我问：“鱼会喜欢这些鱼饵吗？”“查理”，他说，“我可并不是把鱼饵卖给鱼的呀。”

    ◎在遭遇一件令你难以接受的悲剧时，你永远也不能因为摆脱不掉它的困扰、在生活中再屡遭失败而让这一件悲剧变成两件、三件。

    ◎生活就是一连串的“机会成本”，你要与你能较容易找到的最好的人结婚，投资与此何其相似啊。

    ◎一个质素良好的企业和一个苟延残喘的企业之间的区别就在于，好企业一个接一个轻松地作出决定，而糟糕的企业则不断地需要作出痛苦的抉择。

    ◎如果你的思维完全依赖于他人，只要一超出你的领域，就求助专家建议，那么你将遭受很多灾难。

    ◎我从不为股票而支付内在价值，除非像沃伦·巴菲特那种人所掌管的股票，只有很少人值得为了长期利益投资一点，投资游戏总是蕴含考虑质量与价格，技巧就是从你付出的价格中获得更好的质量，很简单。

    ◎不要同一头猪摔跤，因为这样你会把全身弄脏，而对方却乐此不疲。

    ◎如果你把葡萄干和粪块混合在一起，那它们就都成为粪块了。

    在一个英雄品质经常会和人气、名声搞混的时代，在一个快速制胜的欲望经常会取代持久成功追求的时代，在一个人们为了财富经常会迷失自我的时代，《查理·芒格传》平静地向人们展示了一位历经磨难的勇者的智慧、勇气、沉稳、恬淡，值得我们用心去细细揣摩。

来源：中国经济网综合

http://www.ce.cn/xwzx/xwrwzhk/pe ... 60701_7583413.shtml

Mr.Business

比巴菲特聪明的查理·芒格
时间：2006-03-20 07:00

　    巴菲特与芒格这对黄金搭档创造了有史以来最优秀的投资纪录“查理把我推向了另一个方向，这是他思想的力量，他拓展了我的视野。”巴菲特这样评价他的伙伴

     在过去的40多年里，沃伦·巴菲特（W a r r e n B u f f e t t）和他的伯克夏·哈撒韦（Berkshire Hathaway，BRK.A）公司过于耀眼，即便聪明绝顶、傲气十足的金融天才都无不怀着崇敬之情研读“股神”巴菲特的一言一行。巴菲特身后那道闪闪的光晕，几乎遮蔽了他周围所有的人。

    但巴菲特大儿子的眼睛是雪亮的，“我爸爸是我所知道的‘第二个最聪明的人’，谁是No.1呢？查理·芒格。”

     听到这句话，查理·芒格（CharlesT.Munger）一定会感到很欣慰，45年来跟巴菲特相识相知的一幕幕场景想必会霎时浮现心头。作为巴菲特的合伙人和挚友，他担任着伯克夏·哈撒韦公司的董事会副主席——与巴菲特一起坐在伯克夏股东大会的主席台上宣读“告股东书”的家伙。与巴菲特不同的是，他患有 “媒体害羞症”，因此罕有人真正了解他。巴菲特对芒格十分信任：“一旦我出现任何不测，查理·芒格将马上执掌伯克夏公司的帅印。”

    与巴菲特双剑合璧

    巴菲特与芒格这对黄金搭档创造了有史以来最优秀的投资纪录。在过去40年里，伯克夏股票以年均24%的增速突飞猛进，目前市值已接近1300亿美元，拥有并运营着超过65家企业。

    去年底在破天荒地接受一家美国媒体专访时，芒格仍然把这一切首先归功于巴菲特：“在过去近50年的投资长跑中，他始终表现出超人的聪颖和年轻人般且与日俱增的活力。”

    但芒格自己何尝不是如此？在1948年以优异的成绩毕业于哈佛大学法学院后，他直接进入加州法院当了一名律师，并开始投资于证券以及联合朋友和客户进行商业活动，其中一些案例已被编入商学院的研究生课程。

    经历一次成功买断后，芒格渐渐意识到收购高品质企业的巨大获利空间，“一家资质良好的企业与一家苟延残喘的企业的区别在于，前者一个接一个地轻松作出决定，后者则每每遭遇痛苦抉择。”

    芒格此后开始涉足房地产投资，并在一个名为“自治社区工程”的项目中赚到人生的第一个百万美元。但有趣的是，伯克夏却不做房地产投资。

    巴菲特评价查理：“当他在商业上越来越有经验的时候，他发现运用小却实用的方法来规避风险。”

    芒格就是借助他在其他领域取得的经验和技巧，在房地产开发与建筑事业上屡有斩获。而这时的巴菲特正在筹措自己的巴菲特合伙基金。与芒格早已与一些合作伙伴建立密切关系不同，巴菲特此前一直是独家经营。遇到芒格时，巴菲特才29岁，芒格是34岁。

两人一见如故并惺惺相惜。“查理把我推向了另一个方向，而不是像格雷厄姆（注：当代证券投资学鼻祖，巴菲特的老师）那样只建议购买便宜货，这是他思想的力量，他拓展了我的视野。我以非同寻常的速度从猩猩进化到人类，否则我会比现在贫穷得多。”巴菲特坦言。

    芒格也承认他们共同的价值取向。“我们都讨厌那种不假思索的承诺，我们需要时间坐下来认真思考，阅读相关资料，这一点与这个行当中的大多数人不同。我们喜欢这种‘怪僻’，事实上它带来了可观的回报。”

     他们经常互通电话彻夜分析商讨投资机会，“芒格把商业法律的视角带到了投资这一金融领域，他懂得内在规律，能比常人更迅速准确地分析和评价任何一桩买卖，是一个完美的合作者。”一位合伙人感叹道，“查理与沃伦比你想象的还要相像，沃伦的长处是说‘不’，但查理比他做得更好，沃伦把他当做最后的秘密武器。”

     两人双剑合璧导演了一连串经典的投资案例，先后购买了联合棉花商店、伊利诺伊国民银行、茜氏糖果公司、维科斯金融金融公司、《布法罗新闻晚报》，投资于《华盛顿邮报》，并创立新美国基金。芒格此后成为蓝带印花公司的主席，并在1978年正式担任伯克夏·哈撒韦公司的董事会副主席至今。

    “优秀的品性比大脑更重要”

    芒格常常站在投资理论系统之外想问题，他的思维与众不同，使他经常可以得出一些有趣的结论。

     “要记住那些竭力鼓吹你去做什么事的经纪人，都是被别人支付佣金和酬金的，那些初涉这一行、什么都不懂的投资者不如先从指数基金入手，因为它们毕竟由公共机构管理，个人化的因素少一些。一个投资者应当掌握格雷厄姆的基本投资方法，并且对商业经营有深入的了解，你要树立一个观念：对任何价值进行量化，并比较不同价值载体之间的优劣，这需要非常复杂的知识架构。”

http://info.china.alibaba.com/ne ... #newsdetail-content

Mr.Business

倾听查理.芒格
[ 2006-6-30 11:26:00 | Author: QUANDE ]

　　查理.芒格是沃伦.巴菲特的合伙人和伯克夏公司副主席，下面是他的一些智慧论语。
　　
　　■ 我认识一位制造钓钩的人，他制作了一些闪闪发光的绿色和紫色鱼饵。我问：“鱼会喜欢这些鱼饵吗？”“查理”，他说，“我可并不是把鱼饵卖给鱼的呀”。
　　
　　■ 我想自己不是受到良好教育的典范，我是自己学会通过阅读而获取自己想要的信息的。我一生中常常如此。我经常是更喜欢已经作古的杰出导师而不喜欢仍在人世的老师。
　　
　　■ 在遭遇一件令你难以接受的悲剧时，你永远也不能因为摆脱不掉它的困扰、在生活中再屡遭失败而让这一件悲剧变成两件、三件。
　　
　　■ 生活就是一连串的“机会成本”，你要与你能较容易找到的最好的人结婚，投资与此何其相似啊。
　　
　　■ 我喜欢资本家的独立。我素来有一种赌博倾向。我喜欢构思计划然后下赌注，所以无论发生什么事我都能泰然处之。
　　
　　■ 一个素质良好的企业和一个苟延残喘的企业之间的区别就在于，好企业一个接一个轻松地作出决定，而糟糕的企业则不断地需要作出痛苦的抉择。
　　
　　■ 如果你的思维完全依赖于他人，只要一超出你的领域，就求助专家建议，那么你将遭受很多灾难。
　　
　　■ 本·格雷厄姆有一些盲点，他过低估计事实，而那些事实值得花大本钱投入。
　　
　　■ 我从不为股票而支付内在价值，除非像沃伦·巴菲特那种人所掌管的股票，只有很少人值得为了长期利益投资一点，投资游戏总是蕴含考虑质量与价格，技巧就是从你付出的价格中获得更好的质量，很简单。
　　
　　■ 不要同一头猪摔跤，因为这样你会把全身弄脏，而对方却乐此不疲。
　　
　　■ 人们低估了那些简单大道理的重要性。我认为，在某种意义上说，伯克夏·哈萨维是一个教导性的企业，它教会一种正确的思维体系。最关键的课程是，一些大的道理真的在起作用。我想我们的这种渗透已经起到了非常好的作用——因为它们是如此简单。
　　
　　■ 所谓投资这种游戏就是比别人更好地对未来作出预测。你怎样才能够比别人做出更好的预测呢？一种方法是把你的种种尝试限制在自己能力许可的那些个领域当中。如果你花费力气想要预测未来的每一件事情，那你尝试去做的事情太多了。你将会因为缺乏限制而走向失败。
　　
　　■ 沃伦和我决不会停止批评投资银行业务文化中的某些方面。想要人们生活在有严重毒气漂浮的环境中却不会偶尔发出抱怨之词，那是件很困难的事情。
　　
　　■ 对我来说，在共同基金业务中发生了什么真是令人吃惊，它只是成长、成长和成长。而且他们获得了这些费用只不过是为了把那些股票保持在原来的位置上——12-B-1费用或者随便他们怎么叫它，我没有被那项业务的技巧所迷惑。

http://quande.blog.cnstock.com/archives/2006/4501.html

Mr.Business

转自blogbuffett:

《查理.芒格传》的读书笔记

查理·芒格，投资巨头沃伦·巴菲特的“幕后智囊”，凭着本身的头脑成为亿万富翁，他的职业生涯是他天赋、博学、忠诚及“疱丁解牛”般智慧的明证。
《查理·芒格传》这部关于投资界最神秘、最迷幻人物的书，却揭示了查理·芒格不仅仅是站在巴菲特皇冠后的人。

   1、芒格鼓励独立思考：“如果你完全依赖他人的想法，经常透过金钱取得专业咨询，只要稍微超出自己的领域，你就会遭逢大灾难。”芒格承认，自己需要医疗咨询时，会花钱找医生，必要时也会寻求会计师或其它专业协助，但他不会完全采信专家的话，他会思考他们所说的话，然后继续研究，寻求其它意见，最后自己下结论。

　　2、芒格不若巴菲特般，对格兰姆有特别的情感与崇敬，格兰姆有些看法根本无法打动他，芒格表示，“我认为其中很多想法简直是疯狂，忽略了相关事实，特别是他看事情有盲点，对于有些实际上值得以溢价买进的企业的评价过低。”但是芒格认同葛拉汉最基本的教条，这些教条自始都是芒格-巴菲特成功准则的一部份，他说： “对私人股东和股票投资人而言，依据内在价值而非价格动能来买卖股票的价值基本概念，永不过时。”　

　　3、尽管芒格对格兰姆提出的“雪茄屁股”式的股票不感兴趣，但他还是过于保守，不愿超付金钱买进一项资产，他说：“我从未想要以高于内在价值的价格买进股票，投资游戏永远涉及质量与价格的考虑，诀窍在于取得的质量要高过付出的代价，就这么简单。”

　　4、芒格协助巴菲特拓展投资方法，使他又向前跨出一大步：芒格遇见巴菲特时，对优劣企业的差异已有强烈定见，他曾任国际收割者经销商的董事，了解要改善一家本质平庸的企业非常困难，他住在洛杉矶，并注意到洛杉矶时报的事业非常兴旺，在他的观念中并没有不学自会的廉价品信条，过去几年来，他与巴菲特讨论事业时，总是灌输巴菲特有关绩优企业的好处，原为伯克希尔子公司之一，后来并入母公司的蓝筹印花于1972年以账面价值的三倍买下喜斯糖果，绩优企业的时代于焉开始。

　　5、巴菲特赞同陆米思的解释：“如同格兰姆教导我挑选廉价股，芒格不断告诫我不要只买进廉价品，这是他对我最大的影响，让我有力量摆脱格兰姆的局限观点，这就是芒格的才智所展现的力量，他开拓了我的视野。”巴菲特表示，自己许多见解是慢慢向芒格的观点靠拢。 巴菲特对此简单补充道：“如果我只听格兰姆的就不会像今天这么富有。”话虽如此，巴菲特很快就将他得自葛拉汉和芒格的观点融合，他说：“我现在对以合理的价格买进出色的公司很感兴趣。”

　　6、芒格回顾蓝筹印花的发展历程时发现一件有趣的事，从不到四千万美元发展到创造数十亿美元的过程中，所涉及的重大商业决策少之又少，三年不到一次，这项记录彰显了一种独特心态的优点，不为采取行动而行动，而且结合超凡的耐心与果断力。

　　7、从他们买进蓝筹印花开始，到蓝筹印花并入伯克希尔，巴菲特及芒格逐步踏实地巩固他们的合伙关系，他们从未将合作条件列成书面合约，而是仅凭互相信任来拓展事业，温迪说：“对于我们这些律师而言，我们从他的商业生涯中得到的启示是，你不会想和不信任的人共事，若缺乏信任，获利与否根本就无关紧要，多数人在和自己不相信的人做生意时，只想到利益，认为书面合约可以保障自己，他的处事原则就是，和优质的人共事。”芒格则以这种方式解释：“绝不要和猪打架，如果你和牠打架，你会弄脏自己，但猪会乐在其中。”　

　　8、芒格说：“Wesco追求更高利润的方式，是时时谨记一些人人都懂的大原则，而非企图了解隐讳难懂的道理，我们非常惊讶，我们这种只不过希望自己随时随地不要显得太愚蠢，而不是企图变得聪明一点的人，竟然能够长期享有如此大的优势，俗语说：“身手矫健的泳者才会溺水。”这其中必定蕴藏相当的智慧与真理。”

　　9、芒格说：“纯粹的机会主义是我们的守则，我们没有总体规划，如果伯克希尔有什么总体规划，是他们隐瞒我，我们不只没有总体规划，也没有总体规划者。”

　　10、从喜斯糖果开始，芒格敦促巴菲特改走购买优质企业的方向，欧森说：“多亏芒格从旁推动，巴菲特买进可口可乐这类永远都有价值的特许权企业，这与芒格经营自己人生的方式不谋而合，即不求迅速的胜利，只求长期的成功。”

　　11、巴菲特说他几乎不卖股票，而芒格有时会卖，事实上，芒格在1993年至1997年间，曾卖掉价值二千五百万美元的伯克希尔股票，此外还曾送出数百股伯克希尔股份，包括赠送一股给《影响力》的作者Cialdini，只因为欣赏这个人及其作品。芒格说：“近几年来我送出相当数量的伯克希尔股票，因为我认为这样做是对的，而且我卖掉了一些，因为我还有自己的事业。”

　　12、芒格表示，在他个人事业和在伯克希尔的发展过程中，学到许多教训，而只要人们不要错把简单当容易，应该就可以学会，不过他不认为每个人都可以办到。他说：“人们会低估一些看似简单的大道理的重要性，我认为伯克希尔是个富教育性的事业，教导正确的思想体系，其中最重要的观念是一些实用的大道理，我认为我们的思考过滤系统功效不错，因为他们就这么简单。”

　　13、伯克希尔和Wesco的投资人仔细聆听二人有关人生的箴言，但他们挤在门口实际上是为了听芒格和巴菲特谈论投资，投资人最常问的是，你们如何学习成为出色的投资家?芒格表示，首先你必须了解自己的个性，每个人必须考虑自身的边际效用，以及心里因素后才来玩这场游戏，如果你会因为亏损而愁云惨雾，有些亏损是无可避免的，那么终生采用非常保守的投资方式，即用储蓄方式累积财富才是明智之举，你必须根据自己的个性及才能采取策略，我不认为我可以为大家提供一项放诸四海皆准的投资策略。接着芒格表示：你必须收集信息，“我想我和巴菲特从一些好的商业杂志中得到的比从其它地方多，阅读每一期各类的企业报导，便能轻松且快速地获得各种企业经验，而且如果你能养成一种思考习惯，将所读到的内容与这些想法的基本架构结合在一起，你可以逐渐累积一些投资智慧，在这浩瀚领域中，若没做过扎实的阅读工夫，我不认为你可以成为真正优秀的投资人，而我也不认为有哪一本书可以为你做到这些。”

　　14、“通常当你看到一家表现亮丽的公司，会问：“可以持续多久?”我唯一知道的答案就是，思考为什么会有今天的成果，接着找出可能导致这些成果终止的因素。”这种思考方式有助于芒格和巴菲特发掘具有特许权的企业，或称为拥有“护城河”的企业，有些公司拥有强势的品牌，而且似乎所向无敌，例如可口可乐，虽然他面临的是无情的挑战，芒格也以箭牌口香糖为例。

　　“箭牌是全球知名的口香糖公司，这是多大的一项优势，试想要取代这种印象有多难，如果你喜欢箭牌口香糖，你会因为它的售价是二十五美分，而葛罗兹口香糖只有二十美分，就把你不了解的东西放进嘴里吗?考虑买其它品牌的口香糖对你而言并不值得，如此就不难理解为什么箭牌口香糖拥有极大的优势了。”一旦了解公司的价值后，若你想买下整家公司，或像一般投资人从股市中买进公司的股票时，那么你必须决定这家公司值多少钱。“投资像箭牌这样的标的的困扰在于，每个人都知道它是家很棒的公司，所以你看到股价时会想：“我的天啊!股价是账面价值的八倍，其它股票都只有三倍左右。”所以你会思考：“我知道它很棒，但值得这么高的溢价吗?”“能否回答这类问题，正可说明何以有些人能成为成功的投资家，有些人却不行，芒格强调，“另一方面，投资若不稍具困难度，那么每个人都可以致富。”

http://ido.thethirdmedia.com/art ... --%20ido.3mt.com.cn

Mr.Business

文章。

Friday, October 18, 1996
Banking & Finance
Friendly investment advice from Warren Buffett's buddy
San Francisco Business Times - by Mark Calvey

IT PAYS TO BUY QUALITY: Charlie Munger, Warren Buffett's sidekick at Berkshire Hathaway Inc., shared his thoughts on investing during a recent visit to San Francisco. He tossed in a little personal advice for good measure.

His speech at the Oct. 10 Mein Indicator Lunch focused on the peculiar characteristics of Omaha-based Berkshire, of which he's vice chairman.

Munger is widely credited for expanding Buffett's investment horizons to include fully valued companies that have superior franchises, management teams or other characteristics that foster growth year in and year out. Munger persuaded Buffett to embark on the new investment strategy with the 1972 acquisition of South San Francisco's See's Candies for $25 million -- a tiny fraction of what it's worth today.

"See's candy company was the first high-quality business we ever bought," he observed. See's also demonstrated to Berkshire the value of building a "seamless web of trust" between a company and its customers and suppliers, he said in making the point that doing the right thing can pay big dividends both personally and professionally.

Berkshire has a lot of patience in waiting for the right investment opportunities to come along, and similar patience and selectivity can be useful in one's personal life as well, Munger said.

"When you have doubts about a person, you can pass," he said. "There's enough nice people to interface with."

Other observations Munger shared:

• Strategic plans prompt people to do something when sometimes the best course of action is no action.

"Strategic plans cause more dumb decisions than anything else in America."

• Berkshire's mistakes tended to be "great losses of omission.

"If we had invested in McDonald's in its infancy ..." he ruminated. Berkshire recently acquired a significant stake in the nation's largest restaurant chain.

• Know your limits.

"A money manager with an IQ of 160 and thinks it's 180 will kill you," he said. "Going with a money manager with an IQ of 130 who thinks its 125 could serve you well."

• Berkshire buys so many simple things.

"How smart do you have to be to own Coca-Cola?" he asked of the company that has built a worldwide empire on brown sugar water and astute marketing. "Why doesn't Coca-Cola get through to other people?"

LIKE BEES TO HONEY: Where there's wealth, bankers will soon follow.

This is evident in the number of banks and financial firms rushing into California to ride the wave of wealth creation.

Fortunes are being made in high tech, entertainment and trade to name just a few of the sectors contributing to the state's robust economy.

One indication of how much wealth resides in the state can be found on the recently released 1996 Forbes 400 list of the wealthiest.

Almost a fourth of those making the list are Californians. New York is a distant second with 58 residents; Texas, 35; and Florida, 25.

http://sanfrancisco.bizjournals. ... 21/newscolumn6.html

Mr.Business

文章。

The World According to "Poor Charlie"
Charlie Munger, Warren Buffet's number two speaks to Kiplinger's about investing, Berkshire and more.
December 2005

Charlie Munger has been Warren Buffett's partner and alter ego for more than 45 years. The pair has produced one of the best investing records in history. Shares of Berkshire Hathaway, of which Munger is vice chairman, have gained an annualized 24% over the past 40 years. The conglomerate, which the stock market values at $130 billion, owns and operates more than 65 businesses and invests in many others. Buffett's annual reports are studied by money managers. But Munger, 81, has always been media shy. That changed when Peter Kaufman compiled Munger's writing and speeches in a new book, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger ($49.00, PCA Publications). Here Munger speaks with Kiplinger's Steven Goldberg.

Why has Berkshire done so well?
Just remember that we had a long run and an early start, particularly in Warren's case. It's much easier for me to talk about Warren than myself, so let's talk about Warren. Not only did he have a long run from an early start, but he got very smart very young -- then continuously improved over 50 years.

Buffett was a student of Ben Graham, the father of security analysis. He was buying deep value stocks -- "cigar butts" -- until you got involved.
If I'd never lived, Warren would have morphed into liking the better businesses better and being less interested in deep-value cigar butts. The supply of cigar butts was running out. And the tax code gives you an enormous advantage if you can find some things you can just sit with.

There are a whole lot of reasons, and Warren was a natural for always just getting smarter. The natural drift was going that way without Charlie Munger. But he'd been brainwashed a little by worshiping Ben Graham and making so much money following traditional Graham methods that I may have pushed him along a little faster in the direction that he was already going.

How do you work together?
Well, it's mostly the telephone and as the years have gone on, and I've passed 80 and Warren is 75, there's less contact on the phone. Warren is a lot busier now than he was when he was younger. Warren has an enormous amount of contact with the operating businesses compared to what he had early in his career. And, again, he does almost all of that by phone, although he does fly around some.

What are your work styles like?
We have certain things in common. We both hate to have too many forward commitments in our schedules. We both insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think. So Warren and I do more reading and thinking and less doing than most people in business. We do that because we like that kind of a life. But we've turned that quirk into a positive outcome for ourselves.

How much of your success is from investing and how much from managing businesses?
Understanding how to be a good investor makes you a better business manager and vice versa.

Warren's way of managing businesses does not take a lot of time. I would bet that something like half of our business operations have never had the foot of Warren Buffet in them. It's not a very burdensome type of business management.

The business management record of Warren is pretty damn good, and I think it's frequently underestimated. He is a better business executive for spending no time engaged in micromanagement.

Your book takes a very multi-disciplinary approach. Why?
It's very useful to have a good grasp of all the big ideas in hard and soft science. A, it gives perspective. B, it gives a way for you to organize and file away experience in your head, so to speak.

The World According to "Poor Charlie"
Charlie Munger, Warren Buffet's number two speaks to Kiplinger's about investing, Berkshire and more.
December 2005

Charlie Munger has been Warren Buffett's partner and alter ego for more than 45 years. The pair has produced one of the best investing records in history. Shares of Berkshire Hathaway, of which Munger is vice chairman, have gained an annualized 24% over the past 40 years. The conglomerate, which the stock market values at $130 billion, owns and operates more than 65 businesses and invests in many others. Buffett's annual reports are studied by money managers. But Munger, 81, has always been media shy. That changed when Peter Kaufman compiled Munger's writing and speeches in a new book, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger ($49.00, PCA Publications). Here Munger speaks with Kiplinger's Steven Goldberg.

Why has Berkshire done so well?
Just remember that we had a long run and an early start, particularly in Warren's case. It's much easier for me to talk about Warren than myself, so let's talk about Warren. Not only did he have a long run from an early start, but he got very smart very young -- then continuously improved over 50 years.

Buffett was a student of Ben Graham, the father of security analysis. He was buying deep value stocks -- "cigar butts" -- until you got involved.
If I'd never lived, Warren would have morphed into liking the better businesses better and being less interested in deep-value cigar butts. The supply of cigar butts was running out. And the tax code gives you an enormous advantage if you can find some things you can just sit with.

There are a whole lot of reasons, and Warren was a natural for always just getting smarter. The natural drift was going that way without Charlie Munger. But he'd been brainwashed a little by worshiping Ben Graham and making so much money following traditional Graham methods that I may have pushed him along a little faster in the direction that he was already going.

How do you work together?
Well, it's mostly the telephone and as the years have gone on, and I've passed 80 and Warren is 75, there's less contact on the phone. Warren is a lot busier now than he was when he was younger. Warren has an enormous amount of contact with the operating businesses compared to what he had early in his career. And, again, he does almost all of that by phone, although he does fly around some.

What are your work styles like?
We have certain things in common. We both hate to have too many forward commitments in our schedules. We both insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think. So Warren and I do more reading and thinking and less doing than most people in business. We do that because we like that kind of a life. But we've turned that quirk into a positive outcome for ourselves.

How much of your success is from investing and how much from managing businesses?
Understanding how to be a good investor makes you a better business manager and vice versa.

Warren's way of managing businesses does not take a lot of time. I would bet that something like half of our business operations have never had the foot of Warren Buffet in them. It's not a very burdensome type of business management.

The business management record of Warren is pretty damn good, and I think it's frequently underestimated. He is a better business executive for spending no time engaged in micromanagement.

Your book takes a very multi-disciplinary approach. Why?
It's very useful to have a good grasp of all the big ideas in hard and soft science. A, it gives perspective. B, it gives a way for you to organize and file away experience in your head, so to speak.


Is there a bubble in the real estate?
When I see people going to some old flea-bitten old condo and the list price is $1.8 million, and they decide to put it on the market for $2.2 million, and five people start bidding for it, and they sell it for $2.7 million, I say that's a bubble. So there are some bubbly places in the economy. I am amazed at the price of real estate in Manhattan.

So there is some bubble in the game. Is it going to go back to really cheap houses in good neighborhoods in good cities? I don't think so. So I think there will be huge collapses in some places, but, on average, I think that good houses in good places are going to be plenty expensive in future years.

Is there a bubble in energy stocks?
When it gets into these spikes, with shortages and uproar and so forth, people go bananas, but that's capitalism. If the price of automobiles were going up 40% a year, you'd have a boom in auto stocks. But if you stop to think about it, of the companies that you could have bought in, say, 1911, to hold for a long time, one of the very best stocks would have been Rockefeller's Standard Oil Trust. It became almost all of today's integrated oil companies.

How do you feel most corporate citizens behave in the U.S.?
Well, I disapprove of the way most executive compensation is arranged in America. I think it goes to gross excess. And I certainly don't like phony accounting that takes part of the real cost of running the business and doesn't run it through the income account as a charge against the reported earnings. I don't like dishonorable, lying accounting.

Do you think the stock market will return its long-term annualized 10% in the next decade?
A good figure for rational expectation would be no higher than 6%. I think it's unreasonable to assume that the world is going to try to arrange itself so that the inactive, asset-owning class is going to get a much higher share of the GDP than it normally gets. When you start thinking that way, you get into these modest figures. The reason the return has been so good in the past is that the price-earnings ratio went way up.

Ibbotson finds 10% average returns back to 1926, and Jeremy Siegel has found roughly the same back to 1802.
Jeremy Siegel's numbers are total balderdash. When you go back that long ago, you've got a different bunch of companies. You've got a bunch of railroads. It's a different world. I think it's like extrapolating human development by looking at the evolution of life from the worm on up. He's a nut case. There wasn't enough common stock investment for the ordinary person in 1880 to put in your eye.

What do you see for bonds?
The bond market has fewer opportunities now. The short-term rates are the same as the long-term rates, and the premium interest rate you get for taking risk is lower than it ought to be, given the risk. By definition, that's a world in which bond investment is much tougher to do with great advantage.

What do you expect in terms of returns for Berkshire Hathaway?
We have solemnly promised our shareholders that our future returns will be considerably below our previous returns.

But annual reports have been saying that year after year after year.
But lately we've been better at doing what we have long predicted.

What happens to Berkshire after the two of you?
Well, the world will go on and, in my opinion, Berkshire will still be a strong, rich place and with a central culture that will be shrewd and risk-averse. But do I think that we will get another person better than Warren to come in and replace Warren? I think the odds are against it.

http://www.kiplinger.com/feature ... er3.html?kipad_id=1

kiaoka

中东股神也落难 阿瓦里德身价暴跌130亿

大纪元11月25日讯】(自由时报编译陈柏诚／特稿) 金融危机肆虐全球，享有中东巴菲特美誉的沙特阿拉伯王子阿瓦里德（Alwaleed )和正牌巴菲特（Warren Buffet )纷纷中箭落马，财富一夕锐减。两人的投资都禁不起金融风暴的考验，证明投资市场没有神仙。
阿瓦里德旗下王国控股（Kingdom Holding co. )今年迄今股价重挫逾六成，海外投资在金融危机中亏损上百亿美元，比巴菲特还惨；巴菲特所属伯克夏海瑟威上季获利骤减七成七，股价连跌9日，投资人叫苦连天。 投资花旗 跻身全球五大富豪 阿瓦里德当年投资濒临破产的花旗，由于花旗股价上涨带动身价暴涨，一度让他跻身全球前五大富豪，并被时代杂志冠上中东巴菲特的美名。不过时移势易，饱受金融风暴蹂躏的花旗，今年以来股价下跌接近八成，本月市值蒸发超过一半，导致阿瓦里德的获利跟着下滑。不过经多年的股票分拆、收购以及分割后，阿瓦里德的投资仍旧保有盈余。 彭博报导指出，花旗1997到2007年的平均股价为四十二美元，阿瓦里德自1997年以相当于每股二·九八美元入股花旗，时至今日，花旗在计入逾一三○亿美元的亏损和资产减记后，股价仍接近他当初买进成本的三倍，这或许正是阿瓦里德近日大胆将花旗持股由低于4％增加到5％的主因，他强调，“有些资产我永远也不会卖。” 除花旗外，阿瓦里德透过王国控股，在中东以外国家持有十四家公司的股权，不过今年以来王国控股股价下跌63％，阿瓦里德的资产因而缩水一三○亿美元，这才是让他身价暴跌的主因。 不管是美国或是中东巴菲特，他们都是靠投资股价遭低估的品牌公司赚到大钱。阿瓦里德的投资组合包括苹果、新闻集团以及时代华纳，主要是透过一九九○年代以低价买进大量花旗的股票，身价由少于一百万美元骤升到逾两百亿美元，不过他奢侈成性，为名副其实的暴发户，和巴菲特的节俭个性截然不同。阿瓦里德是全球第一个购买世上最大飞机A380的私人客户，他耗资一亿美元的利雅德宫殿共有三一七个房间，而巴菲特则长年驾驶着一辆2001年出厂的林肯轿车，住在当初以三万多美元买下的普通住宅，两人的作风有天壤之别。 (http://www.dajiyuan.com)

bluecandc

我很欣赏　ｃｈａｒｌｉｅ　ｍｕｎｇｅｒ，高龄、半盲，还很勤力地用大镜来阅读！～

secondbrother

＂投资游戏总是緼含考虑质量与价格，技巧就是从你付出的价格中获得更好的质量，很简单＂ － charlie munger


一针见血的把价值投资说的一清二楚，也是很多投资者冲不破的墙。太相信书本和分析员说的 －－ 每一个股票都有它应有的价值。

如果你可以把质量作为投资的切入点，那你已离开价值投资不远了！！！

江湖

二哥，看了3篇 参不透质量的真正含义
你所谓的“质量“ 是什么意思？
请指教

goodluck88

我看了差不多10遍了。。。
正在努力搜索中。。。

secondbrother

质量 英语就是 qualitative。

它包括：－

1. 管理层的素质
2. 公司的 policy 和 纪律
3. 竞争能力 （competitive edge）
4. 盈利的素质 （quality of profit）
5. 行业的优势
6. pricing power
7. corporate governance
8. 公平对待所有的股东，尤其是小股东
9. 等等。。。。

用以上的东东来衡量过后，再来考虑它的价值，这才是以质量为切入点的投资法。

如果一间公司不符合已上的东东，它更本没有价值可言。这也跟书本和 analyst 说的 everything has a price 不合。

一些人说 public bank 是亚洲最贵的银行，它在 3.0 NTA 上下交易，但他们却忘了它的质量。

flyingfish

请教有没有网友读过这本：poor Charlie's almanack?
http://www.amazon.com/Poor-Charl ... ref=sr_1_1?ie=UTF8&s=books&qid=1227704470&sr=1-1
书局好像都没卖这本书。。