nemo17
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Essendo esaurito l'altro thread ..ringrazio Seven per l'onore di farmi aprire anche il secondo...
Quale sarà il futuro della nuova Berkshire dopo la mega acquisizione di Burlington Northern Santa Fe ?
Per chi è interessato questa era l'altro thread :
http://www.finanzaonline.com/forum/showthread.php?t=1027659
Per iniziare... qualche massima del nostro amato Warren :
"I will tell you how to become rich. Close the doors. Be fearful when others
are greedy. Be greedy when others are fearful."
"If you're an investor, you're looking on what the asset is going to do, if
you're a speculator, you're commonly focusing on what the price of the object
is going to do, and that's not our game."
1997 Berkshire Hathaway Annual Meeting
"The most common cause of low prices is pessimism-some times pervasive, some
times specific to a company or industry. We want to do business in such an
environment, not because we like pessimism but because we like the prices it
produces. It's optimism that is the enemy of the rational buyer."
1990 Chairman's Letter to Shareholders
"Success in investing doesn't correlate with I.Q. once you're above the level
of 25. Once you have ordinary intelligence, what you need is the temperament
to control the urges that get other people into trouble in investing."
BusinessWeek Interview June 25 1999
"There are all kinds of businesses that Charlie and I don't understand, but
that doesn't cause us to stay up at night. It just means we go on to the next
one, and that's what the individual investor should do
Warren Buffett in a Morningstar Interview
We don't get paid for activity, just for being right. As to how long we'll
wait, we'll wait indefinitely."
Berkshire Hathaway 1998 Annual Meeting
“What counts for most people in investing is not how much they know, but
rather how realistically they define what they don't know. An investor needs
to do very few things right as long as he or she avoids big mistakes.”
1992 Letter to Berkshire Hathaway shareholders
“We think diversification, as practiced generally, makes very little sense
for anyone who knows what they're doing. Diversification serves as protection
against ignorance. If you want to make sure that nothing bad happens to you
relative to the market, you should own everything. There's nothing wrong with
that. It's a perfectly sound approach for somebody who doesn't know how to
analyze businesses.
"But if you know how to value businesses, it's crazy to own 50 stocks or 40
stocks or 30 stocks, probably because there aren't that many wonderful
businesses understandable to a single human being in all likelihood. To
forego buying more of some super-wonderful business and instead put your
money into #30 or #35 on your list of attractiveness just strikes Charlie and
me as madness.”
1996 Berkshire Hathaway Annual Meeting
"Price is what you pay. Value is what you get."
"Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business whose earnings are virtually certain to be materially higher five, ten and twenty years from now. Over time, you will find only a few companies that meet these standards - so when you see one that qualifies, you should buy a meaningful amount of stock. You must also resist the temptation to stray from your guidelines: If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio's market value."
-1996 Shareholders Letter
“Thirty years ago, no one could have foreseen the huge expansion of the
Vietnam War, wage and price controls, two oil shocks, the resignation of a
president, the dissolution of the Soviet Union, a one-day drop in the Dow of
508 points, or treasury bill yields fluctuating between 2.8 % and 17.4 %.
But, surprise – none of these blockbuster events made the slightest dent in
Ben Graham’s investment principles. Nor did they render unsound the
negotiated purchases of fine businesses at sensible prices. Imagine the cost
to us, then, if we had let a fear of the unknowns cause us to defer or alter
the deployment of capital. Indeed, we have usually made our best
purchases when apprehensions about some macro event were at a peak. Fear is
the foe of the faddist, but the friend of the fundamentalist. A different set
of major shocks is sure to occur in the next 30 years. We will neither try to
predict these nor profit from them. If we can identify businesses similar to
those we have purchased in the past, external surprises will have little
effect on our long-term results.”
Warren E. Buffett, March 7,1995
Quale sarà il futuro della nuova Berkshire dopo la mega acquisizione di Burlington Northern Santa Fe ?
Per chi è interessato questa era l'altro thread :
http://www.finanzaonline.com/forum/showthread.php?t=1027659
Per iniziare... qualche massima del nostro amato Warren :
"I will tell you how to become rich. Close the doors. Be fearful when others
are greedy. Be greedy when others are fearful."
"If you're an investor, you're looking on what the asset is going to do, if
you're a speculator, you're commonly focusing on what the price of the object
is going to do, and that's not our game."
1997 Berkshire Hathaway Annual Meeting
"The most common cause of low prices is pessimism-some times pervasive, some
times specific to a company or industry. We want to do business in such an
environment, not because we like pessimism but because we like the prices it
produces. It's optimism that is the enemy of the rational buyer."
1990 Chairman's Letter to Shareholders
"Success in investing doesn't correlate with I.Q. once you're above the level
of 25. Once you have ordinary intelligence, what you need is the temperament
to control the urges that get other people into trouble in investing."
BusinessWeek Interview June 25 1999
"There are all kinds of businesses that Charlie and I don't understand, but
that doesn't cause us to stay up at night. It just means we go on to the next
one, and that's what the individual investor should do
Warren Buffett in a Morningstar Interview
We don't get paid for activity, just for being right. As to how long we'll
wait, we'll wait indefinitely."
Berkshire Hathaway 1998 Annual Meeting
“What counts for most people in investing is not how much they know, but
rather how realistically they define what they don't know. An investor needs
to do very few things right as long as he or she avoids big mistakes.”
1992 Letter to Berkshire Hathaway shareholders
“We think diversification, as practiced generally, makes very little sense
for anyone who knows what they're doing. Diversification serves as protection
against ignorance. If you want to make sure that nothing bad happens to you
relative to the market, you should own everything. There's nothing wrong with
that. It's a perfectly sound approach for somebody who doesn't know how to
analyze businesses.
"But if you know how to value businesses, it's crazy to own 50 stocks or 40
stocks or 30 stocks, probably because there aren't that many wonderful
businesses understandable to a single human being in all likelihood. To
forego buying more of some super-wonderful business and instead put your
money into #30 or #35 on your list of attractiveness just strikes Charlie and
me as madness.”
1996 Berkshire Hathaway Annual Meeting
"Price is what you pay. Value is what you get."
"Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business whose earnings are virtually certain to be materially higher five, ten and twenty years from now. Over time, you will find only a few companies that meet these standards - so when you see one that qualifies, you should buy a meaningful amount of stock. You must also resist the temptation to stray from your guidelines: If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio's market value."
-1996 Shareholders Letter
“Thirty years ago, no one could have foreseen the huge expansion of the
Vietnam War, wage and price controls, two oil shocks, the resignation of a
president, the dissolution of the Soviet Union, a one-day drop in the Dow of
508 points, or treasury bill yields fluctuating between 2.8 % and 17.4 %.
But, surprise – none of these blockbuster events made the slightest dent in
Ben Graham’s investment principles. Nor did they render unsound the
negotiated purchases of fine businesses at sensible prices. Imagine the cost
to us, then, if we had let a fear of the unknowns cause us to defer or alter
the deployment of capital. Indeed, we have usually made our best
purchases when apprehensions about some macro event were at a peak. Fear is
the foe of the faddist, but the friend of the fundamentalist. A different set
of major shocks is sure to occur in the next 30 years. We will neither try to
predict these nor profit from them. If we can identify businesses similar to
those we have purchased in the past, external surprises will have little
effect on our long-term results.”
Warren E. Buffett, March 7,1995