沃伦.巴菲特论投资技巧及选股之道

沃伦.巴菲特论投资技巧及选股之道

在股市中有让人频繁进行操作的诱惑，仅仅是因为他们太容易改变。若干年后你会开发出一种过滤器，我明白我所谓的能力圈。我不关心那个圈子以外的东西。明确你玩的是什么，并且你在哪里具有优势，这一点非常重要,所以社会会因等待而获利。（There’s a temptation for people to act far too frequently in stocks,simply because they’re so liquid.Over the years you develop a lot of filters,and I do know what I call my circle of competence,so I stay within that circle and I don’t worry about things that are outside that circle.Defining what your game is,where you’re going to have an edge is enormously important. and therefore society would benefit by waiting.）

能力圈（Circle of competence）

泰德.威廉姆斯写了本书叫做《击球的科学》,里面有一张他击球的图片，我认为，好球区有77平方。他说：如果他等待,在他最佳击球点的球，他会击出.400。如果要到更低的角落，可能会击出.235。在投资领域，我处在一个没有好球的生意中。这是一项最好的生意，我能观察1000个不同的公司,我不用每一家都看准，甚至不用看准其中50个，所以我可以选择我想击出的球。（Ted Williams wrote a book called “The Science of Hitting，”and in it he had a picture of himself at bat and the strike zone broken into,I think,77 squares.And he said,if he waited for the pitch that was really in his sweet spot, he would bat.400 and if he had to swing at something on the lower corner, he would probably bat .235. And in investing, I’m in a no-called strike business, which is the best business you can be in, I can look at a thousand different companies,and I don’t have to be right on every one of them or even 50 of them. So I can pick the ball I want to hit.）

投资的技巧就是,坐在那里观察球场,等待那个进入你最佳击球区域的球。人们喊：“挥棒啊，你傻呀”，忽略他们。（And the trick in investing is just to sit there and watch pitch after pitch to do by and wait for the one right in your sweet spot. And the people that are yelling,“Swing, you bum?” Ignore them. ）

本文根据对巴菲特访谈录音编辑而成。

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                       易道启发价值网创始人  宿成建

                             2017年12月6日