Berkshire Hathaway Letters to Shareholders

作者：WarrenBuffett/MaxOlson(Editor)

出版社：MaxOlson

出版年：2013-4-25

页数：706

定价：USD19.23

装帧：Paperback

ISBN：9781595910776

内容简介
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Warren E. Buffett first took control of Berkshire Hathaway Inc., a small textile company, in April of 1965. A share changed hands for around $18 at the time. Forty-eight letters to shareholders later, the same share traded for $134,060, compounding investor capital at just under 21% per year — a multiplier of 7,448 times.

This book compiles the full, un-edited versions of every one of Warren Buffett's letters to the shareholders from 1965 to 2012 (706 pages), including 1965-1976 letters not available on Berkshire's website. In addition to providing an astounding case study on Berkshire's success, Buffett shows an incredible willingness to share his methods and act as a teacher to his many students.

There are hundreds of books about Buffett's life, advice, and methods. These are his actual letters — word for word — a "lesson plan" of his views on business and investing. You can find most of the letters for free on Berkshire's website, but this compiles them into a well-designed, easily readable format.

评论 ······

65-12，48年股东信。如此说来，每读一份股东信，我就省了￥3。不过这本书值得收藏——当我哪一年绩效收入超过5万元时，我会买一本作纪念。立字为据，以为鼓励。 2018年补记：今年没忍住，买了一本，掐指一算，去年年终自己给自己发了10万“年终奖”，四年前的预言竟然这么准！（今年买书的原因并不是因为去年的“年终奖”）另外：我为了省150会去打印，佩服节俭的自己！

指引前行的路

感兴趣的几个点：
1.保险公司的浮存金是几乎没有成本的杠杆。
2.收购公司之后可以给管理人制定更加合理的业绩激励，并且管理人可以不用担心股价的波动，将经营目标放得更加长远。
3.保险公司的产品定价也是遵循长期收益最优而不是波动最小。
4.持有的股票需要有优秀的管理人（热爱工作）
5.认识到自己的能力范围（定价范围），做定价决策总是考虑清楚风险与收益
6.买抗通胀，roe高的公司
#best boo…

buy good company at fair price vs buy fair company at cheap price. "think outside the box"

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