יורם חושן - השקעות ערך- ציטוטים נבחרים של וורן באפט

השקעות ערך- ציטוטים נבחרים של וורן באפט

מאת יורם חושן

Value Investments

What did Buffet say about value investments ( a very short summary)...

Value investing: בהשקעות ערך-לא בוחרים חב' עם ביצועים מבריקים אלא חב' יציבות

Value investing is about sound investing and not about brilliant investments.

… I think sound investing can make you very wealthy if you` re not in too big of a hurry. And it never makes you poor , which is better

The esssence of Buffet mathod is: מתמקדים ברכישת חברות מצויינות שמחירן זול

Stocks are simple. All you do is buy shares in a great business for the less the business is intrinsically worth, with the managers of the highest integrity and ability. Then you own those shares forever. (1990).

Asset Allocation: הקצאת נכסים פירושה שקונים רק מה שזמין(וזול-שפירושו מחיר נמוך משמעותית מהערך)

For me, it`s what`s available at the time. We`re not interested in categories per se. We`re interested in value.

Long term investments:בבחירת השקעות לז.א. נפעיל את אי הוודאות לטובתינו

The future is never clear ; you pay a very high price for a cheery consensus. Uncertainty actually is the friend of the buyer of long-term values .

If the business does well, the stock eventually follows.

We like to buy businesses. We don`t like to sell, and we expect the relationships to last a lifetime.(1986).

Risk avertion: מה המשמעות של הימנעות מסיכון

I put heavy weight on certainty… if you do that, the whole idea of risk factor doesn`t make any sense to me. You don’t do it where you take a significant risk. But it`s not risky to buy securities at a fraction of what they`re worth.

Risk comes from not knowing what you are doing.

Buffet likes to quote J.M.Keyens:

Don`t try and figure out what the market is doing. Figure out a business you understand, and concentrate.( Forbes 400, October, 1993).

What kind of managers to prefer? מי המנהלים שאנו נעדיף? מנהלים שחושבים כמו בעלים

Managers who think like owners :

I always picture myself as owning the whole place. And if management is following the same policy that I would follow if I owned the whole place, that is a management I like. . (Buffet talks strategy with students, January 1994).

What kind of excellent companies to buy? : כללי אצבע למבחני איכות של חברות לצורכי השקעה

Companies with a moat:

We like great companies with dominant positions, whose francise is hard to duplicate and has tremendous staying power or some permanence in it. (Berkshire Hathaway annual meeting, May 1995)

You need a moat in business to protect you from the guy who is going to come along and offer it (your product) for a penny cheaper.(”Warren Buffet Talk Business”, The University of North Carolina, 1995).

Great business only:

Let say you were going away for 10 years and you wanted to make one investment and you know everything you know now, and you couldn`t change it while you`re gone. What would you think about ? (1994).