The Real Warren Buffett - 巴菲特每周新闻专贴

yyw1

呵,有人说巴菲特不喜欢“技术型”企业.

巴菲特会喜欢我的四只小天鹅吗？我相信： 天威、置信电气、金风科技、荣信股份。

atcoolman

本周巴老新闻有两个热点，一个是他对周二新上台的美国总统奥巴马的看法，另外一个则是伯克希尔最新披露再次大幅增持四百三十万股BNSF。我本人对后者的关心更甚于前者，前面转贴Eric Kuang的一篇分析文章（No.51），提出一个很有趣的猜想，于是追踪巴老对BNSF的操作也就成为一件有意思的事情。

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January-21-2009

Warren Buffett Buys 4.3 Million More Shares of Burlington Northern Santa Fe, Berkshire Hathaway Filing Reveals

GuruFocus News

Warren Buffett focuses on Burlington Northern Santa Fe (BNI) these days. Whenever opportunities arise, he buys more, by selling puts and buying shares directly in open market. He just bought another 4.3 million shares of Burlington Northern Santa Fe at prices from $61.6 to $63.4 from Jan. 15 to Jan. 20, Berkshire Hathaway filing reveals.

We have reported that Warren Buffett continues to sell put options on Burlington Northern Santa Fe. This is another large chunk of buying by Buffett after the previous purchases in Oct. 2008. Now Berkshire owns more than 74 million shares of BNI, more than 21% of total shares outstanding.

Warren Buffett started buying BNI in 2007 at prices around $80/share. He continues to add shares as BNI prices lingers at around $80. He stopped buying when the prices rose above $85 in the middle of 2008. As BNI declined with the oil prices and the stock market, Buffett started buying again. He also sold puts to reduce his share prices. As of today, he still has more than 2 million shares of put options open, with exercised cost per share of $68.65. For detailed information, go to Berkshire Hathaway Makes Profit with Burlington Northern Santa Fe Options

Warren Buffett is becoming more active these days as stock market has plunged to its lowest level in about 10 years. Why is he buying stocks now? “A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread, gripping even seasoned investors,” he wrote in a New York Times article published in Oct. 2008. Buffett also said he believe over the next decade, stocks can outperform cash by a substantial degree.

GuruFocus did a study based on Warren Buffett’s evaluation method, and found that stock may return at least 8-10% over the next decade. The article was published on Oct. 21, 2008, when Dow was at 9,045. Today it finished at 8228, stocks should be poised for a bigger gain. To read the article, go to Where Are We with Market Valuations? What Can We Expect for the Next Decade?

How much is BNI worth? Our DCF calculator gives a fair value of $105.7. At today’s close of $65.59 we have a margin of safety of 38%. Considering Buffett did not buy BNI when the price climbed above $85, the fair value of $105.7 seems to be reasonable.

If we look at the historical valuations of BNI, today’s price is about 20% above historical low P/B, P/E, and P/S ratio. The historical lows of P/B and P/S ratios were reached in 2003, BNI shares quadrupled in 5 years after that. If BNI shares dropped to $50, it would reach its historical low valuations.

The good thing for our Buffett followers: at today’s price, we can buy BNI at an average cost of more than 15% below what Buffett has bought. Do you want to take this advantage?

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BNSF quarterly profit rises, tops Wall Street view
Wed Jan 21, 2009 4:24pm EST

CHICAGO (Reuters) - No. 2 U.S. railroad Burlington Northern Santa Fe Corp (BNI.N) on Wednesday reported a better-than-expected quarterly net profit, as higher freight prices and fuel surcharges offset a 7 percent decline in volumes during the quarter as the U.S. economy slowed.

"The second half of the fourth quarter saw a significant downshift in economic activity related to the global recession," Chief Executive Matt Rose said in a statement. "Given the current economic uncertainty, we are focused on effectively managing our resources and driving continued productivity throughout our organization."

The Ft. Worth, Texas-based company said fourth-quarter net income rose to $615 million or $1.79 cents a share, from $517 million or $1.46 a share a year earlier.

Analysts had expected earnings per share for the quarter of $1.74, according to Reuters Estimates.

BNSF said revenue rose to $4.37 billion from $4.25 billion in the same quarter in 2007.

The railroad also announced that it planned capital expenditures of $2.7 billion in 2009, around $150 million less than in 2008.

Like the other major U.S. railroads -- Union Pacific Corp (UNP.N), CSX Corp (CSX.N) and Norfolk Southern Corp (NSC.N) -- BNSF has reported robust profits in recent quarters due to strong pricing, despite falling freight volumes as the U.S. economy has weakened.

But analysts have warned that the railroads may not be able to maintain that pricing power if the U.S. remains in a prolonged economic slump.

CSX late on Tuesday reported a 10 percent decline in freight volumes in the fourth quarter, but officials said the railroad still expects to raise its prices by between 5 percent and 6 percent in 2009.

Warren Buffett's Berkshire Hathaway Inc (BRKa.N) said in a filing with the U.S. Securities and Exchange Commission late on Tuesday that it has increased its stake in BNSF to 21.8 percent, having spent about $271 million on the railroad's stock this month.

Buffett told shareholders at Omaha, Nebraska-based Berkshire's annual meeting in May 2007 that the railroad business' competitive prospects had improved.

atcoolman

巴老旗下公司最近佳报频传，继BNSF给出一份喜人第四季报表，M&T Bank更给出一份增长57%的季报：

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M&T Bank, a Buffett holding, says profit up 57 pct
Thu Jan 22, 2009 7:43am EST

* Q4 oper shr $1.00 vs $1.10 estimate

* Q4 core deposits up annualized 18 pct

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NEW YORK, Jan 22 (Reuters) - M&T Bank Corp (MTB.N) said on Thursday fourth-quarter profit rose 57 percent, as deposits and commercial loans grew, and the U.S. mid-Atlantic regional bank boosted reserves for credit losses more slowly than many rivals.

Net income for the Buffalo, New York-based lender, which counts Warren Buffett's Berkshire Hathaway Inc (BRKa.N) (BRKb.N) among its largest investors, increased to $102.2 million, or 92 cents per share, from $64.9 million, or 60 cents, a year earlier.

Year-earlier results reflected a large writedown for collateralized debt obligations.

Quarterly operating profit rose 34 percent to $111.8 million, or $1.00 per share, from $83.7 million, or 77 cents.

Analysts on average expected profit excluding items of $1.10 per share, according to Reuters Estimates.

Chief Financial Officer Rene Jones said M&T benefited from a "flight to quality" by depositors who fled rivals they considered weaker. "M&T, while not immune to economic factors, is well-positioned," he said.

Core deposits grew at an annualized 18 percent rate in the fourth quarter, while commercial loans and commercial real estate loans increased at a 5 percent annual rate, the bank said.

Meanwhile, M&T set aside $151 million for credit losses, up 50 percent from a year earlier, while net charge-offs more than doubled to $144 million from $53 million.

In December, M&T agreed to buy Baltimore-based Provident Bankshares Corp (PBKS.O) for about $400 million in stock to expand in the mid-Atlantic.

M&T ended the year with about $65.8 billion of assets, and operates more than 700 branches in seven mid-Atlantic states and the District of Columbia. It also took $600 million from the government's Troubled Asset Relief Program.

Berkshire ended September with a 6.1 percent stake in M&T Bank, according to Thomson ShareWatch.

Shares of M&T closed Wednesday at $37.90 on the New York Stock Exchange. The shares have fallen 50 percent in the last year, compared with a 64 percent decline in the KBW Bank Index .BKX. (Reporting by Jonathan Stempel; Editing by Derek Caney)

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yyw1

巴菲特看好中国技术型企业 称国际资本投资将首选中国

香港文汇报报道，最近在美国底特律举行的车展期间，携电动汽车F6DM赴美参展的比亚迪总裁王传福，会晤了美国股神和公司战略股东巴菲特，这是巴菲特入股比亚迪之后，双方的首次正式会晤。据透露，股神巴菲特看好以比亚迪为代表的中国技术型企业。
　　巴菲特表示，他对比亚迪及王传福带领的团队十分有信心，比亚迪汽车作为中国汽车业的后起之秀，不仅在研发和生产领域取得了长足进步，推出了具有国际水平的燃油汽车，并在新能源汽车尤其是电动汽车领域走在世界的前列。他表示，估计未来会有大批像比亚迪一样的中国技术型企业崛起，中国未来会是国际资本的一个首选投资目的地。
　　比亚迪公司公关部有关人士表示，此次二人的会晤，将有利于比亚迪汽车在北美的准入和市场拓展，并起到至为关键的作用。在底特律车展上，王传福表示，已经与中美能源进行合作，在北美市场展开渠道和网络建设，比亚迪汽车预计将在2011年正式进军美国市场。此次会晤，双方还进一步探讨了新能源合作计划，并借助巴菲特在美国的强势影响力和中美能源的网络，比亚迪有机会提前实现进军美国的计划。

atcoolman

今天是中国农历新年第一天，却发现巴伦周刊在周六刊登了一篇《沃伦的不愉快新年》，多少有些意外，转过来也算立证，看看巴老到底能否度过一个happy 牛 year？还是如巴伦所言。

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SATURDAY, JANUARY 24, 2009
Warren's Unhappy New Year
By Andrew Bary

Even great investors make mistakes. Warren Buffett's affinity for a group of financial stocks, including American Express (ticker: AXP), Wells Fargo (WFC) and U.S. Bancorp (USB), is likely hurting his equity returns in 2009.

Buffett's Berkshire Hathaway has sizable holdings in that trio, and the sizable declines in their share prices this year are dragging down Berkshire's (BRKA) vaunted equity portfolio, which totaled $76 billion at the end of the third quarter, thelatest reporting period.

We estimate Berkshire's equity portfolio could have dropped 14% in 2009 through Thursday, against an 8% decline in the S&P 500.

Our estimate is based on the change in value of Berkshire's 16 largest equity holdings. These holdings historically have accounted for over 85% of Berkshire's portfolio. The tough 2009 follows a good showing in 2008, when Berkshire's equity positions declined -- by our estimate -- about 25%, 13 percentage points better than the S&P 500. Our calculations for 2009 are based on Berkshire's reported holdings on Sept. 30. There admittedly may have been some changes since.

Wells Fargo is Berkshire's biggest loser in 2009, as shares of the California bank were down nearly 50% through Thursday to about 16. Buffett couldn't be reached for comment, but his view on the financial sector has been to buy quality. At Berkshire's annual meeting last May, Buffett said: "We like the culture at Wells Fargo, M&T and U.S. Bancorp. In all three cases, I understand the DNA of management. That doesn't mean they won't have problems," according to a meeting attendee. (Berkshire owns a stake in Buffalo's M&T Bank [MTB].)

Our guess is that if any of these companies needs an equity investor, Berkshire stands ready to help. And the stocks are so volatile they could turn higher at any time.

The paper losses on Berkshire's equity portfolio this year, plus losses on its short position in some $37 billion of equity puts, have depressed Berkshire class A shares, which finished Friday at $86,250, down 10% in 2009. Barron's wrote bearishly on Berkshire in late 2007 when the stock traded at $144,000 and we turned bullish in late November with the shares just above current levels.

When it reported third-quarter results in November, Berkshire said shareholder equity fell by $9 billion, or nearly $6,000 a share, through the end of October given weak markets. We estimate book value probably ended 2008 around $70,000 a share. Current book value may have dropped close to $67,000 a share. If we're right, Berkshire trades for a still-reasonable 1.3 times book value and 14 times projected 2009 earnings of around $6,000 a share.

After a flurry of high-profile investments in early October, including $5 billion in Goldman Sachs preferred carrying a 10% dividend, and a similar $3 billion deal involving General Electric, Berkshire hasn't unveiled any big new investments. Why? Our guess is that its once-enormous cash hoard has been depleted.

Berkshire's insurance cash holdings, which stood at $27 billion on Sept. 30, likely fell to $13 billion after the Goldman (GS) and GE (GE) deals, as well as a $6.5 billion investment in junk bonds and preferred stock of Wrigley, which was bought by Mars. Berkshire also is on the hook for a $3 billion convertible preferred-stock investment in Dow Chemical (DOW) if it completes its purchase of Rohm & Haas (ROH). Some investors say Berkshire likes to keep $10 billion of cash to deal with unexpected insurance claims arising from an earthquake or hurricane. This wouldn't leave Berkshire much cash for a big investment unless it sells something or takes on debt.

Our guess is that if Berkshire did make more fourth- quarter investments, they were focused on the battered junk-bond market. Berkshire will disclose more on investments in its annual report, due around March 1.

第一滴血

沃伦巴菲特的'秘密'投资公式
托德肯扬 2009年1月25日

作为有史以来最成功的投资者，巴菲特的方法，广泛的研究和许多试图复制它们。巴菲特经常讨论了他的投资标准和本格雷厄姆对他的初期影响。他曾多次表示在过去数十年来的价值投资很简单，但是并不容易。

所以，如何是巴菲特简单的投资方法？有许多故事有巴菲特不使用电脑（除非在线打桥牌） ，因此他并没有使用无处不在华尔街拐杖===试算表的财务模型。巴菲特也没有使用计算器。也许这是巴菲特就是这样的猛，他的大脑是唯一的计算器，他的需要。

毫无疑问，巴菲特是超级猛，能看到什么问题，并迅速和有效地评价。但是，我认为这仅仅是一个沃沦巴菲特-没有要求他的投资风格的做法。他同意，我想，因为他经常说，投资成功只需要一个平均智商。当然，现在我们都非常熟悉所造成的损害是谁理应具有较高的智商的。

爱丽丝施罗德最近发布的“雪球” ，最完整的描述巴菲特的时光（和未来对我的阅读清单-如果我只有随时阅读书籍） 。施罗德女士有前所未有的机会，将通过巴菲特的办公室他的旧文件花费几年的时间。怎么她获得巴菲特的批准？通过她作为一项保险分析师在10年前的潘恩韦伯公司和摩根士丹利的工作。她的报告从那个时代的波克夏（ BRK.A ）公司下属控股是对巴菲特的帝国唯一一致的分析报告，我已读过。和她的估值模型的波克夏是我已经看到过最好的。我还是用我自己的版本。我想她赢得了巴菲特彩票，因为她是唯一一个在华尔街“获得”哈撒韦。

施罗德最近在达登价值投资会议期间。她明确规定了巴菲特的“秘密”的投资方法。但是，首先她还明确表示，巴菲特是一个独特的动物。 7岁时，他要求对一本书，题为“ 007推销”的圣诞和阅读它涵盖支付。她形容他为别人谁总是思维“什么可以做” ，尤其是获得一个边缘上的其他人。而且，他是一个学习机，累计心理档案柜。而他也总是认为像马差点，他一直思考的概率。

因此，什么是巴菲特的秘密方法？这里一步一步：

1 。看看亏损的风险。什么是概率，我将永远赔钱这里，和可能发生的，将导致全损？如果有任何能够合理导致的全部损失，停止在那里。巴菲特从未尝试谈论自己变成任何投资。他说，他的成功大部分来自立即传递东西由于现实的评估巨灾风险。
2 。看看历史财务数据。看看历史第四季度销售收入，费用和利润（和现金流，当然）为每个业务或经营单位。不建立一个模型，或尝试预测未来。施罗德说，这不是一个模式，任何种类的巴菲特的文件-只需简单的手写表格的历史财务数据。
3 。一旦他感到高兴的头两个critieria ，他规定自己的价格。他“只”需要，他收到的第一天返回15 ％ ，具有良好回报的可能性，他从那里将整合。虽然施罗德目前尚不清楚这一点，我相信，他期待在现金收入或所谓的“拥有者的收入”的15 ％回报。从本质上讲，这是现金操作，减少一次性和期权福利，减去必要的维修或资本性支出。可以说，他期待购买在6.67 （或更少） ×今天的现金流-这已经几乎是不可能的，直到9月。

有你有它，巴菲特的秘密。极端简单，需要极端的纪律来执行。巴菲特的优点是没有回答任何人。他说，他起床，并期待在镜子中，然后每个人都有了发言权的一天。此外，他认为， 90 ％的成功企业是勇气：你必须给自己唯一的答案。他可以无限期地等待了一个很好的机会。这直接对比的是典型的基金经理，谁也回答客户，雇主，传媒...。因此巴菲特基本上是不可能在华尔街的战略执行。然而，作为一个个人投资者只需搏斗用自己的心灵，这将是最困难的一部分，就像巴菲特投资。

什么对未来的预测？ ？每个人都知道，股市一直在寻找6个月后，总是期待着未来。巴菲特说，整个投资的目的与格雷厄姆的臭名昭著的“安全保证金”是使预测不必要的。和利润的安全始终是一个付出的代价-因此15 ％一天返回的要求。试想一下，如果每个人都投入这样。华尔街将失业：分析家认为，战略家，经济学家-毫无价值的（不，他们现在已经没有任何价值-他们只是支付如果他们这样做） 。

我计划在提出了一系列的股票的想法随着时间的推移保费博客，我认为合适的巴菲特的“秘密”的方法。目前还没有更好的时间在我12年投资生涯寻找这种讨价还价。肯定这是好，和任何你现在购买很可能会去的明天。巴菲特最近被CNBC采访的汤姆布罗考，并这样说如何处理当今的市场，以及如何投资者可以钢自己免受猖獗的恐惧和惊慌：

如果您拥有一个农场没有人告诉你时，下降百分之五十，造成您每天没有收到报价。但是，你真的希望在农场和生产，以确定是否作出一个好的投资选择。现在，如果人们期待着每天都在报纸的价格，库存，以确定它们是否作出一个好的投资选择，他们已经取得一个错误。

他们期待着业务，资产本身。如果您拥有了一栋公寓楼你不会得到回复的每一天。您想看看-什么是他的租金，和你的税收和费用。如果他们都是在同-符合您预期当您买了它，你会觉得你想取得一个令人满意的投资，你从来没有得到回复它。因此，我不看引号。我不能告诉你什么伯克希尔哈撒韦公司正在发生的今天。 ［此帖子已被 第一滴血 在 2009-1-31 12:53:08 编辑过］

第一滴血

引用：

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原文由 atcoolman 发表于 2009-1-31 13:30:11 :

引用：

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原文由 第一滴血 发表于 2009-1-31 12:22:29 :
沃伦巴菲特的'秘密'投资公式
托德肯扬 2009年1月25日

作为有史以来最成功的投资者，巴菲特的方法，广泛的研究和许多试图复制它们。巴菲特经常讨论了他的投资标准和本格雷厄姆对他的初期影响。他曾多次表示在过去数十年来的价值投资很简单，但是并不容易。

……

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赞一个！黑撒自译的？上面3中那个‘critieria’是原文拼写错误，应为‘criteria’，中文可译作‘标准、要求’。

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我用软件翻译的，自己再修改了一下

atcoolman

又一名家效仿巴老，在Ebay上卖午餐券了。国内的石油大亨是不是也应该效仿段永平和赵丹阳，竞得票券，和业内并购高人一起午餐呢？总强过无度的挥霍吧。

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Pickens to Auction Lunch on eBay
January 28, 2009, 7:15 am

T. Boone Pickens, following in the footsteps of fellow billionaire investor Warren E. Buffett, will auction off a chance to lunch with the oil tycoon, The Dallas Morning News reports.

Bidding for the lunch with Mr. Pickens, and seven of the winner’s friends, starts at $100,000, with proceeds going to to Big Brothers Big Sisters. The winner of the auction on eBay, will get to pick the brains of the hedge fund veteran over a lunch at Nick & Sam’s in Dallas.

It remains to be seen, however, if Mr. Pickens will be able to top Mr. Buffett. Mr. Buffett’s most recent auctionwith a chance to dine with him went for such a high price ? $2,110,100? it even surprised the Oracle of Omaha himself. Mr. Buffett gave the money to the Glide Foundation.

Bidding will begin on Monday and end Feb. 12.

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28/02/2008后续报道：竞投结果已出，不过区区两人参与，最终溢价25%，比巴老逊色多了，毕竟其赚取财富的能力不能相提并论，原油价格也早从147美元跌到30多美元，能付出高价听这位传奇一席谈的业内人士估计也不多了，相信金融海啸的环境下，巴老今年的午餐券卖价估计也不会高到哪里去。

Ebay相关链接和竞投过程：

http://cgi.ebay.com/T-Boone-Pickens-Power-Lunch-in-Dallas_W0QQitemZ220355275840QQcmdZViewItemQQptZTickets_Experiences?hash=item220355275840&_trksid=p3286.c0.m14&_trkparms=72%3A1205%7C66%3A2%7C65%3A12%7C39%3A1%7C240%3A1318%7C301%3A1%7C293%3A1%7C294%3A50

Bidder Bid Amount Bid Time
9***a( 0 ) US $125,000.00 Feb-12-09 14:35:29 PST
2***r( 0 ) US $124,900.00 Feb-12-09 14:36:18 PST
2***r( 0 ) US $120,000.00 Feb-12-09 14:24:09 PST
9***a( 0 ) US $119,900.00 Feb-12-09 14:25:50 PST
9***a( 0 ) US $115,000.00 Feb-12-09 12:01:03 PST
2***r( 0 ) US $114,900.00 Feb-12-09 12:05:18 PST
2***r( 0 ) US $110,000.00 Feb-12-09 10:49:21 PST
9***a( 0 ) US $109,900.00 Feb-12-09 10:44:53 PST
9***a( 0 ) US $100,000.00 Feb-02-09 15:06:22 PST
Starting Price US $100,000.00 Feb-02-09 15:00:00 PST

慈善款受惠组织的相关报道：

T. BOONE PICKENS POWER LUNCH GOES FOR $125,000

The Big Brothers Big Sisters of North Texas auction featuring lunch with legendary entrepreneur and philanthropist T. Boone Pickens closed today at 5 p.m. CST with a winning bid of $125,000. The winner, who wishes to remain anonymous, placed his winning bid today at 4:35 p.m. CST.

“We are thrilled with the outstanding results of this first time venture,” said Charles Pierson, CEO Big Brothers Big Sisters of North Texas. “As we struggle in this down economy, we are forced

to get more creative in how we raise money. As a believer in our mission and a friend to our agency, Mr. Pickens graciously agreed to participate. For that, we are truly grateful.”

Mr. Pickens was approached by Big Brothers Big Sisters several months ago with the request to feature lunch with him in an online auction. The long-term investor in the youth mentoring organization agreed to participate and the auction launched on Monday,
February 2.

“Despite the economy, only one other individual in the history of these auctions has exceeded this amount, and that was Warren Buffet. In this economy, that speaks volumes of the charitable nature of our investors,” stated Mr. Pierson.

The anonymous winner will be afforded a private lunch for him or her and seven associates with Mr. Pickens at Nick & Sam’s in Dallas. The time and date will not be disclosed and will be at the discretion of the winner and Mr. Pickens.

［此帖子已被 atcoolman 在 2009-2-28 1:04:36 编辑过］

atcoolman

Published Sunday February 1, 2009
Warren Watch: NetJets challenges Lufthansa
BY STEVE JORDON
WORLD-HERALD STAFF WRITER

There's more to a proposed purchase of a German commuter airport by Berkshire Hathaway Inc.'s NetJets division than just finding a place to land, according to Bloomberg News.

NetJets, a Berkshire Hathaway division, proposes buying this airport at Egelsbach, Germany, for $4.9 million and investing $38 million in improvements.

NetJets' offer to buy the airport in Egelsbach for $4.9 million comes after Lufthansa, Europe's second-largest airline, ended a one-year partnership with NetJets early last year and began buying private jets to offer services on its own.

That puts Lufthansa in competition with NetJets' "fractional ownership" business, which sells time on its corporate jets. Berkshire Chief Executive Warren Buffett visited Germany last year during a tour of countries that might have businesses Berkshire could buy.

Lufthansa is based at Frankfurt's international airport, about six miles from the Egelsbach airport.

NetJets pledged to invest $38 million to extend the runway, add equipment for instrument landings and make other improvements. It would move its German office there from Munich.

The airport has been losing money and is owned by surrounding towns and utilities. Last week the town council of Egelsbach, which has an 11 percent share, agreed to the sale. The town's parliament and other local governments are to vote by early March.

But there are opponents. Harald Esser, a local official who lives a few hundred meters from the airport, told Bloomberg, "The noise and pollution would make the town unlivable."

He said jets at the airport fly so close to his house that his 6-year-old playing in the garden once began screaming uncontrollably from the shock.

Local residents have formed a protest group and plan street demonstrations and a referendum against the sale.

NetJets would increase the number of flights at the airport to 100,000 a year from 80,000.

The airport's owners paid more than $650,000 last year to keep the airport open. Unless they spend just as much this year or sell the airport, it faces bankruptcy.

Airport officials have said the sale "would be an ideal way to maintain the airport as a prime location for business flights and to develop it further." The airport, built in the 1950s as a competition site for model airplanes, has 400 employees and houses more than 200 private airplanes.

'This is a nightmare'

Buffett recently sent this message about the economy to his friend and business associate Microsoft founder Bill Gates:

"This is a nightmare, which will pass away with the morning. For the resources of nature and men's devices are just as fertile and productive as they were. The rate of our progress towards solving the material problems of life is not less rapid.

"We are as capable as before of affording for everyone a high standard of life ? high, I mean, compared with, say, twenty years ago ? and will soon learn to afford a standard higher still. We were not previously deceived.

"But today we have involved ourselves in a colossal muddle, having blundered in the control of a delicate machine, the working of which we do not understand.

"The result is that our possibilities of wealth may run to waste for a time ? perhaps for a long time."

It's an excerpt from an essay by economist John Maynard Keynes titled, "The Great Slump of 1930."

Gates and his wife, Melinda, went to the World Economic Forum in Davos, Switzerland, last week to encourage business and government leaders to continue efforts to help the poor.

He told the Associated Press that Buffett's $30-plus billion pledge to the Gates Foundation "was an incredible thing" and already has helped farmers in poor countries and expanded financial services such as micro-loans to the poor.

"We just feel so blessed that we've got Warren not only giving but also as a trustee so we've got his advice and his help," Gates said. "We'll just make sure to take his resources and ours and use them in the best way possible."

Job cuts

Berkshire division Johns Manville of Denver said it will lay off 100 hourly workers at its 500-employee manufacturing complex in Waterville, Ohio, about April 1 because of declining orders.

The workers produce fiberized glass for insulation, auto parts and other uses, Bloomberg reported.

Peter on board

Former Omahan Peter Buffett, Warren's youngest son, is on the "board of creators" of a Palo Alto, Calif., company called Tonic that offers "effortless activism and social good."

The company, headed by Pankaj Shah, is developing a Web site to sell T-shirts, coffee mugs, bracelets and other items that are "eco-friendly" and made following the principles of "fair trade and fair labor."

"Tonic is defined by the philosophy that people want to do good things but need an easy way to do them," says a prototype of its Web site, due to go active this month.

Others on the board include designer Donna Karan, Island Records founder Chris Blackwell and Ellen Siminoff, a founding director of Yahoo.

atcoolman

引用：

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原文由 第一滴血 发表于 2009-1-31 12:22:29 :
沃伦巴菲特的'秘密'投资公式
托德肯扬 2009年1月25日

作为有史以来最成功的投资者，巴菲特的方法，广泛的研究和许多试图复制它们。巴菲特经常讨论了他的投资标准和本格雷厄姆对他的初期影响。他曾多次表示在过去数十年来的价值投资很简单，但是并不容易。

……

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赞一个！黑撒自译的？上面3中那个‘critieria’是原文拼写错误，应为‘criteria’，中文可译作‘标准、要求’。

另外施罗德最近在达登价值投资会议的主题讲话，有兴趣者可去youtube上看看：

http://www.youtube.com/watch?v=PnTm2F6kiRQ