巴菲特投资之道
揭秘华尔街十大金融巨头Top1巴菲特投资秘诀和人生智慧
一本书读懂价值投资的底层逻辑
巨变的时代中，我们应如何生存与投资
创造财富，选择比努力更重要
巴菲特是真正懂得美国资本市场奥秘的人。——比尔·盖茨
一本书读懂价值投资的理念，掌握实用的操作方法。聚焦公司治理、公司财务与投资、普通股、兼并与收购及会计与纳税等内容。帮你参透价值投资的底层逻辑，提升你的理财水平和人生层次。
[美]沃伦·巴菲特（Warren E. Buffett）
全球著名投资家、伯克希尔·哈撒韦公司董事局主席和首席执行官。
[美]查理·芒格（Charlie T. Munger）
全球著名投资家、沃伦·巴菲特的黄金搭档，伯克希尔·哈撒韦公司董事局副主席。
[美]劳伦斯·A. 坎宁安（Lawrence A. Cunningham）
美国纽约市卡多佐法学院教授及海曼公司治理中心主任。
编者的话 021
致谢名单 027
大卫·鲁登院长致欢迎辞 031
公司治理 037
金融与投资 065
合并与收购 091
会计与纳税 113
回忆录 145
合影 151
后续行动 157
奥马哈笔记 167
后记 171
为期两天的会议是在10月的一个周日开始的，纽约扬基队在前一天刚刚赢得当年世界大赛的冠军。我们在会上就有关公司的诸多问题进行了深入探讨，很多话题时至今日依然是股东、董事、高管、法官和学者们争论的热点。我的一位老朋友彼得·贝弗林（Peter Bevelin）*近问起那场研讨会，于是我又翻出了当时的录像带。我都20多年没看过这些带子了，当会议的一幕幕再次映入眼帘时，我无比惊讶地发现，即便在今天看来，当时探讨的很多问题也至关重要。任时光飞逝，岁月改变，有些事物依旧如初。
对巴菲特而言，从1956年开始，改变与延续就成了人生不变的主题。当时的巴菲特才26岁，这位投资奇才成立了一家有限合伙公司，专注于收购小企业和大公司的股份。1965年，这家公司接管了伯克希尔·哈撒韦，一家日薄西山的上市纺织公司。巴菲特有限合伙公司不久就解散了，巴菲特把伯克希尔的股票分给了公司的合伙人，而芒格正是他*大的合伙人。随后伯克希尔开始在多个领域买入股票，包括保险业、制造业和零售业。
巴菲特是真正懂得美国资本市场奥秘的人。——比尔·盖茨
合并与收购
巴菲特：我来做一个假设吧。假设A公司是一家大公司，目前股价是每股100美元。B公司是一家相对较小的公司，当前股价是每股80美元。A公司认为与B公司联合能带来诸多好处，于是就提出想跟B公司进行一比一换股交易。B公司的股东很高兴，因为交易完成后意味着他们持有的股票每股就可以涨到100美元，所以他们都投票表示同意，投资银行家们也乐于看到交易达成。
再假设两家公司合并后还能带来其他价值。市场对两家公司的评估都是有效的，但两家公司合并后会带来强大的协同优势，所以，有效市场会说合并后的新公司的股价值每股102美元——我们随便说个数字啊。
现在，我们来设想一下，假设有一天A公司的董事们正在开董事会，然后B公司的投资银行家们进来了，A公司的董事们说：“我们提议用每股A公司的股票（100美元的股票）交换一股B公司的股票（80美元的股票）。”交易完成后，已发行和出售的股票总数并不会改变，两家公司能够实现的业务经济规模也不会改变，很多事情都还跟原来一样。
不过我觉得你会发现，没人会说A公司的股东应该接受这个80美元一股的股票，因为他们持有的可是每股100美元的股票，虽然假定合并后每股会价值102美元，然而已发行和出售的股票总数并不会改变，能够实现的业务经济规模也不会改变，很多事情都还跟原来一样。在这两个情境中，董事们应该有什么样的表现呢？
Shipping Overview:
• Shipping: Standard Domestic Shipping within the United States charges first item USD 6.99 and additional item USD 3.0 each. Standard International Shipping from United Kingdom, Germany, Italian and Japan to the United States charges first item USD 11.99 and additional item USD 4.0 each.
• Import Duty: Everymarket collects applicable duties and taxes on goods imported into the U.S. at checkout, it's calculated based on the goods value multiply by the rate. For United Kingdom and China goods is 10%, Germany, Italian and Japan goods is 15%. We are committed to making your U.S. shopping experience simple and transparent. The method of delivery—either Delivered Duty Paid (DDP) or Delivered Duty Unpaid (DDU)—depends on whether duties and taxes are collected at the time of your purchase.
• Order Processing: Please allow 1-2 business days for order processing and preparation before shipment.
• Domestic Shipping: Orders within the U.S. are shipped via USPS or FedEx, depending on the origin of the product. Average transit times to the United States is 3 - 7 Business days and average transit times to International is 7 - 14 Business days
• International Shipping: Currently, we only ship within the USA.
• Tracking Information: Every order is trackable. You will receive a tracking number once your order has been shipped. Products may be shipped from various global fulfillment centers.
Shipping Delays:
Please note that shipping times may vary due to factors beyond our control, such as weather conditions, natural disasters, or peak holiday periods. While we strive to ensure timely delivery, the exact arrival time cannot be guaranteed and is managed by the shipping carrier.
Shipping Options:
-
Standard Delivery: Most orders are shipped within 3-7 business days. Larger items may utilize LTL shipping for safe handling.
-
Handling Time: We handle shipments on business days (Monday - Friday), with a preparation time of 1-2 days.
-
Additional Charges: Some items require additional shipping charges due to their size, weight, or special handling. These charges are specified on the product pages and are not eligible for shipping discounts.
-
Exclusions: Gift cards, packaging, taxes, and prior purchases do not count toward the minimum purchase requirement for free shipping. This offer is valid only for shipments to U.S. addresses, including Puerto Rico.
Delivery Details:
-
Estimates: Standard shipping within the US typically takes 3-7 business days. These are estimates and not guarantees.
-
Shipping Restrictions: We ship to all 50 states, Washington, DC, U.S. territories, and APO/FPO/DPO addresses. Shipping options vary based on the delivery address.
-
Remote Areas: Shipments to remote areas may incur additional charges or require pickup from a nearby shipping partner’s location.
Shipping Confirmation:
You will receive a shipping confirmation email with a tracking number as soon as your order is dispatched. If you do not receive this email immediately, please be assured that your items will arrive within the estimated delivery window provided at checkout.
Order Modifications:
If you need to cancel or modify your order, please contact our customer support immediately.
Issues with Delivery:
If your order shows as delivered but you have not received it, please contact the shipping carrier directly to resolve the issue. For persistent problems, contact our customer service at cs@everymarket.com.
Customer Support:
Our team is available 24/7 to assist you with any questions or concerns regarding your order. We are committed to ensuring a smooth shopping experience.
Return & Refund Policy Overview
Please review our return and refund policies below to ensure a smooth transaction process.
Return Policy
-
Duration: You have 30 days from receiving your item to initiate a return.
-
Condition: Items must be unworn, unwashed, with original tags and packaging intact.
-
Shipping Costs:
- If your return is approved due to a defective, damaged, or incorrect item, we will provide a prepaid return shipping label at no cost.
- If the item has no quality issues and matches the product listing and description, please contact our Customer Service team before returning it. Once your return is authorized, you must return the item according to the provided instructions. In this case, the return shipping cost is the customer's responsibility.
- We are not responsible for return shipping costs for items returned without prior authorization. -
Packaging: Ensure returned items are well-packaged to avoid damage during transit.
-
Tracking: Use a trackable and insured shipping method as we are not liable for items lost or damaged on return.
-
Initiating a Return: Contact us at cs@everymarket.com to start your return. We will provide a return shipping label and instructions upon approval. Returns without prior approval will not be accepted.
How to Return
-
Method: Returns must be sent back by mail to the address provided in the return instructions.
Return Label
-
Please contact us to get return labels.
Product Conditions for Return
-
Eligible Products: Returns are only accepted for items in new condition.
Nonreturnable Items
Certain items are not eligible for return:
-
Electronic devices after 30 days (e.g., computers, laptops, Kindles)
-
Gift cards, prepaid game cards
-
Perishable goods, live insects, some jewelry, some health and personal care items
-
Customized or personalized products
-
Items with special shipping restrictions
Refund Policy
-
Window: Eligible products may be returned within 30 days of delivery for a refund.
-
Refund Method: Refunds are processed to the original payment method or as store credit for items purchased with gift cards.
-
Processing Time: Refunds are processed within 3-5 business days after we receive the return; please allow additional time for shipping and bank processing.
Claims
Inspect your order upon arrival and report any defects, damages, or incorrect items immediately to allow us to address the issue. For claims, contact our support team with details of the issue.
Exchange Policy
For the quickest service, return your original item and place a new order for the desired product once your return is accepted.
Return Address
EveryMarket Customer Service 2101 E Terra Ln, O'Fallon, MO 63366
Customer Support
Available 24/7 for any questions or assistance needed:
-
Phone: +1 (800) 660-3783
-
Email: cs@everymarket.com
Oops!
Sorry, it looks like some products are not available in selected quantity.