如果企业内在价值始终以某个比率持续增长，那么短期价格波动又有什么关系呢？巴菲特绝对不会因为股票增值，股价上涨，持有时间很长而轻易出售。只要企业未来的资产收益情况良好，企业经理人表现优秀，市场对他的评价适当，他便乐意长期持有。巴菲特喜欢购买具有潜质的优秀公司，一旦他以合理的价格买到了他认为具有持久竞争优势，能够为他带来丰厚回报的公司，就不轻易出手，随随便便卖掉它们。

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James Ng

From the point of view of Buffett’s investment structure, monopolistic enterprises such as roads, bridges, coal, and electricity made up a considerable part of this category. Such enterprises are generally the first choice for foreign capital to invest into the market. Additionally, unique monopolistic industry advantages can ensure stable profits. Even the lifestyle stocks that Buffett invests in, such as American Express, Coca-Cola, and Geely, are almost monopolize exclusively in the United States.

Mr. Market's frenzied behavior is very beneficial to your investing, but you need to be vigilant to a problem: Mr. Market will never personally guide you. His behavior provides you with the opportunity to make money, but it also depends on your wisdom to operate flexibly. If he is behaving badly, you can neglect or use him, but never trust and rely on his wisdom. Trusting and relying on his wisdom will only make you lose everything. If investors can stay away from market sentiment, and carry out effective enterprise analysis and judgment; then they can be successful.

If the intrinsic value of an enterprise always grow at a certain rate, the short-term price fluctuations is not important at all. Buffett will not easily sell simply because of stock intrinsic value appreciation, rising stock prices and long holding times. As long as the company's future asset returns are good, corporate managers perform well and the market appraise the price appropriately, he will be happied to hold it for a long time. Buffett likes to buy good companies with potentials. Once he bought companies that he believes have a lasting competitive advantage at a reasonable price and can bring him great returns, he will not easily sell them.

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James Ng