[市场竞争优势]
巴菲特对投资者提出了这样的忠告:“成功的投资者有时需要有所不为。”在巴菲特的投资组合中,他改变了传统的依据贝塔值计算投资风险的方法,放弃追究价格变化史,他更关注企业有关业务方面的资讯。即使市场停盘了很长一段时间,巴菲特也不会心神不安。对于拥有100%股权的See's和H.H布朗公司,他也不会整天围着市场打转,千方百计的把握市场行情。近些年来,可口可乐和吉利刮须刀的市占率还在持续增长。它们强大的品牌渗透力,优质的产品特性,遍布全球的销售网路,使得它们始终具备强大的,无人能及的市场竞争优势。同类产品的竞争者若想抢占市占率,无异于以鸡蛋碰石头,自取灭亡。但若用传统的风险计算这些公司的风险度,不难发现,股票贝塔值与市场上其他略具竞争力甚至没有竞争力的公司相差无几。因此,在巴菲特看来,贝塔值和投资风险不是等同概念。贝塔值所产生的风险规避理论无法区分出投资内在风险。
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James Ng
Buffett put forward this kind of advice to investors: “Successful investors sometimes need to do something differently.” In Buffett’s portfolio, he changed the traditional method of calculating investment risk based on beta, and gave up the history of price changes. He is more concerned about the business-related information of the company. Even if the market stalls for a long time, Buffett will not be uneasy. For See's and H.H Brown, who have a 100% stake, he will not be around the market all day, trying every means to grasp market conditions. In recent years, the market share of Coca-Cola and Gillette’s razors has continued to grow. Their strong brand penetration, high-quality product features, and global sales network make them always have a strong, unparalleled market competitive advantage. If a competitor of the same kind of product wants to seize the market share, it is tantamount to hitting a stone with an egg and destroying itself. However, if traditional risk is used to calculate the risk of these companies, it is not difficult to find that the beta value of the stock is similar to other companies in the market that are slightly competitive or even not competitive. Therefore, in Buffett's view, beta value and investment risk are not equivalent concepts. The risk aversion theory generated by the beta value cannot distinguish the investment inherent risk.
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James Ng
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