[集中投资]

巴菲特投资哲学的第一条就是‘追求简单，避免复杂’，它包含了集中投资，把鸡蛋放在同一个篮子里。投资界有一个传统观点：”不要把鸡蛋放在同一个篮子里。“巴菲特欲将它否定，认为投资应该像马克·吐温说的一样，”把所有鸡蛋放在同一个篮子里，然后小心看好它。“在菲利普·菲舍尔看来，一个人的精力十分有限，装鸡蛋的篮子太多常常照应不周，这样就会增加风险。就股票而言，购买自己不熟悉的股票以求分散风险的想法是不明智的，倒不如将全部资金集中在自己熟悉了解的少数股票上，这样就可以集中精力和时间照应好自己的资金。巴菲特接受了菲舍尔的教导，在以后的投资生涯中灵活精妙地运用，所获不菲，并以此得出了自己的投资理论：”选择少数几种可以在长期拉锯战中产生高于平均收益的股票，将大部分资金都集中在这些股票上，不管股市短期涨跌，坚持持股，稳中取胜。“

伯克希尔－哈撒韦2001年的主要持股有一个共同的特色，它们都是“生活型股票”，与经济景气波动没有太大关联。只要人类社会持续存在，人们就需要可口可乐，需要运通卡，男人则每天要用刮须刀，成年人每天要看报。品质好的生活型股票，永远都能赚取现金，累积可观的保留盈余和股东权益。另一个是选择简单的公司，巴菲特不喜欢业务和财报太复杂的公司。在伯克希尔－哈撒韦下属那些获取巨额利润的企业中，没有哪个企业是从事研究和开发工作的。简单和永恒正是巴菲特从一家企业里挖掘出来并珍藏的东西，那些拥有大型工厂，技术变化很快的企业通常让巴菲特退避三舍。许多人会觉得奇怪，同为美国的大型饮料公司，巴菲特长久投资可口可乐，欲不投资百事可乐公司。巴菲特解释其原因是可口可乐公司专心于饮料的本业，百事可乐公司则经营许多饮料以外的业务。

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James Ng

The first method of Buffett's investing approach is 'seach for simple business, avoid complicated business'. Included is the method of focus investing, i.e. put all the eggs inside a basket. The traditional view of investing is: "Don't put all your eggs inside a basket". But Buffett was not following it, instead he believes investing should be like what Mark Twain said, "Put all your eggs inside a basket, then carefully protecting them." Philip Fisher mentioned that a person has limited time and resources, if you have a lot of baskets, then it's hard to look after all of them, resulting in increased risks. For share investing, it is foolish to buy those companies which you don't understand in order to reduce risks; but it is better to put all your money in few selected companies which you understood a lot, so that you could have the proper time and resources to look after your poftfolio. Buffett accepted the teaching of Fisher, and he applied this method cleverly in his investing life, and got huge returns, and he concluded: "Pick few companies which can give you higher than average returns in the long run, invest all your money into them, and ignore the short-term fluctuation of the stock market prices, hold the shares and reap your returns."

In 2001, the shares purchased by Berkshire Hathaway have a common feature, they are "Life Stocks", which were having low correlation with the fluctuation of the economy growth. As long as mankind exist, people need coca-cola, express card; men need to shave their beards, and adults need to read newspapers. Good quality company can earn money forever and accumulate a lot of retained earnings and shareholder equity values. Another way is to buy company with simple business, Buffett did not like company with complicated business and financial report. Those very profitable companies which were under the holding of Berkshire Hathaway, none of them is doing R&D jobs. Buffett is always looking for those companies which are having simple and repeating businesses, and avoid those with huge factories and forever changing technologies. Many people are confused that why Buffett invested Coca-cola but avoided Pepsi-cola? He explained that the reason is Coca-cola focused in their core soft drink business, but Pepsi-cola diversified in different businesses.

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James Ng