淺談巴菲特投資概念●8.共同基金與相關費用

Seriously, costs matter.  For example, equity mutual funds incur corporate expenses - largely payments to the funds' managers - that average about 100 basis points, a levy likely to cut the returns their investors earn by 10% or more over time.  Charlie and I make no promises about Berkshire's results.  We do promise you, however, that virtually all of the gains Berkshire makes will end up with shareholders.  We are here to make money with you, not off you.
---------Warren Buffett’s Letters to Berkshire Shareholders, 1996.

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淺談巴菲特投資概念●7.指數基金與投資組合

Another situation requiring wide diversification occurs when an investor who does not understand the economics of specific businesses nevertheless believes it in his interest to be a long-term owner of American industry.  That investor should both own a large number of equities and space out his purchases.  By periodically investing in an index fund, for example, the know-nothing investor can actually out-perform most investment professionals.  Paradoxically, when "dumb" money acknowledges its limitations, it ceases to be dumb.
---------Warren Buffett’s Letters to Berkshire Shareholders, 1993.

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淺談巴菲特投資概念●6.集中投資與分散投資

Our policy is to concentrate holdings.  We try to avoid buying a little of this or that when we are only lukewarm about the business or its price.  When we are convinced as to attractiveness, we believe in buying worthwhile amounts.
---------Warren Buffett’s Letters to Berkshire Shareholders, 1978.

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淺談巴菲特投資概念●5.巴菲特的投資方法

…In each case, we pondered what the business was likely to do, not what the Dow, the Fed, or the economy might do.  If we see this approach as making sense in the purchase of businesses in their entirety, why should we change tack when we are purchasing small pieces of wonderful businesses in the stock market?
---------Warren Buffett’s Letters to Berkshire Shareholders, 1994.

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淺談巴菲特投資概念●4.投資人與選股

Intelligent investing is not complex, though that is far from saying that it is easy. What an investor needs is the ability to correctly evaluate selected businesses. Note that word "selected":You don't have to be an expert on every company, or even many.  You only have to be able to evaluate companies within your circle of competence.  The size of that circle is not very important; knowing its boundaries, however, is vital.
---------Warren Buffett’s Letters to Berkshire Shareholders, 1996.

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