Новое Письмо Баффетта
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Сайт дня (как попасть) - acanthurus.livejournal.com
Для тех, кто фанатеет от Баффетта - вчера вышло новое Shareholders Letter. Есть много чего интересного. На этот раз Баффетт решил заново упомяниуть принципы по отбору и менеджменту компаний
1. Although our form is corporate, our attitude is partnership. Charlie Munger and I think of our shareholders as owner-partners, and of ourselves as managing partners. (Because of the size of our shareholdings we are also, for better or worse, controlling partners.) We do not view the company itself as the ultimate owner of our business assets but instead view the company as a conduit through which our shareholders own the assets.
Charlie and I hope that you do not think of yourself as merely owning a piece of paper whose price wiggles around daily and that is a candidate for sale when some economic or political event makes you nervous. We hope you instead visualize yourself as a part owner of a business that you expect to stay with indefinitely, much as you might if you owned a farm or apartment house in partnership with members of your family. For our part, we do not view Berkshire shareholders as faceless members of an ever-shifting crowd, but rather as co-venturers who have entrusted their funds to us for what may well turn out to be the remainder of their lives.
The evidence suggests that most Berkshire shareholders have indeed embraced this long-term partnership concept. The annual percentage turnover in Berkshire’s shares is a small fraction of that occurring in the stocks of other major American corporations, even when the shares I own are excluded from the calculation.
In effect, our shareholders behave in respect to their Berkshire stock much as Berkshire itself behaves in respect to companies in which it has an investment. As owners of, say, Coca-Cola or American Express shares, we think of Berkshire as being a non-managing partner in two extraordinary businesses, in which we measure our success by the long-term progress of the companies rather than by the month-to-month movements of their stocks. In fact, we would not care in the least if several years went by in which there was no trading, or quotation of prices, in the stocks of those companies. If we have good long-term expectations, short-term price changes are meaningless for us except to the extent they offer us an opportunity to increase our ownership at an attractive price.
2. In line with Berkshire’s owner-orientation, most of our directors have a major portion of their net worth invested in the company. We eat our own cooking. Charlie’s family has 90% or more of its net worth in Berkshire shares; I have about 99%. In addition, many of my relatives— my sisters and cousins, for example—keep a huge portion of their net worth in Berkshire stock.
Charlie and I feel totally comfortable with this eggs-in-one-basket situation because Berkshire itself owns a wide variety of truly extraordinary businesses. Indeed, we believe that Berkshire is close to being unique in the quality and diversity of the businesses in which it owns either a controlling interest or a minority interest of significance.
Charlie and I cannot promise you results. But we can guarantee that your financial fortunes will move in lockstep with ours for whatever period of time you elect to be our partner. We have no interest in large salaries or options or other means of gaining an “edge” over you. We want to make money only when our partners do and in exactly the same proportion. Moreover, when I do something dumb, I want you to be able to derive some solace from the fact that my financial suffering is proportional to yours.
3. Our long-term economic goal (subject to some qualifications mentioned later) is to maximize Berkshire’s average annual rate of gain in intrinsic business value on a per-share basis. We do not measure the economic significance or performance of Berkshire by its size; we measure by per-share progress. We are certain that the rate of per-share progress will diminish in the future—a greatly enlarged capital base will see to that. But we will be disappointed if our rate does not exceed that of the average large American corporation.
4. Our preference would be to reach our goal by directly owning a diversified group of businesses that generate cash and consistently earn above-average returns on capital. Our second choice is to own parts of similar businesses, attained primarily ...читать дальше
И еще одно событие, достойное внимания, которое наверняка породит массовую истерию и холивары - решение Артемия Лебедева продавать рекламу на своем блоге:
Я морально созрел к размещению рекламы еще прошлым летом, но тут кровавый суповский режим решил разместить баннеры во всех бесплатных аккаунтах. Мой аккаунт был бесплатным, поэтому вдруг в моей уютной жэжэшечке появились грязные сапоги незнакомого рекламодателя. Ежедневная аудитория моего дневничка составлят настолько дохуя людей, что многие онлайн-версии офлайновых СМИ и просто онлайновые СМИ очень не хотят, чтобы их акционеры были в курсе. Иначе придется всех этих толстожопых уродов уволить нахуй на гипернеэффективность. Представьте, сколько народу работает в самой захудалой редакции, а тут один человек в перерывах между делами левой пяткой ведет дневник, который оказывается более популярным, чем их национальное издание.
Так вот. Задачу убирания непрошенной рекламы в своем дневнике я решил просто: перевел свой дневник в статус перманентного. Ура. Я мог бы и не париться, но я очень не люблю рекламу, которая стоит посреди дороги.
Интересные предложения по рекламе я жду по адресу temalebedev@gmail.com. Если в письме не содержится конкретная цифра, я на него не буду отвечать. Если в письме содержится маленькая цифра, я тоже не буду отвечать (за 500 жалких долларов каждый рекламодатель со своим вице-президентом могут сами у себя отсосать). Кроме того, мне должно нравиться то, что рекламируется.
Теперь мне предстоит еще одну задачу. Я хочу размещать рекламу, но по правилам ...читать дальше
Интервью Жану Вальжану
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Обновления и новости для вашего сайта/блога от 3500 рублей в месяц
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Западные СМИ о России, что пишут о нас иностранцы
Бизнес-идеи: старушки шьют шапки, а интернет-пользователи массово скупают товары в сети
Инсайдерская торговля. Запретный плод фондового рынка
Анальный массаж для белочки заказывали?
Спонсор месяца - #1 RX pharmacy affiliate program!
Сайт дня (как попасть) - acanthurus.livejournal.com
Для тех, кто фанатеет от Баффетта - вчера вышло новое Shareholders Letter. Есть много чего интересного. На этот раз Баффетт решил заново упомяниуть принципы по отбору и менеджменту компаний
1. Although our form is corporate, our attitude is partnership. Charlie Munger and I think of our shareholders as owner-partners, and of ourselves as managing partners. (Because of the size of our shareholdings we are also, for better or worse, controlling partners.) We do not view the company itself as the ultimate owner of our business assets but instead view the company as a conduit through which our shareholders own the assets.
Charlie and I hope that you do not think of yourself as merely owning a piece of paper whose price wiggles around daily and that is a candidate for sale when some economic or political event makes you nervous. We hope you instead visualize yourself as a part owner of a business that you expect to stay with indefinitely, much as you might if you owned a farm or apartment house in partnership with members of your family. For our part, we do not view Berkshire shareholders as faceless members of an ever-shifting crowd, but rather as co-venturers who have entrusted their funds to us for what may well turn out to be the remainder of their lives.
The evidence suggests that most Berkshire shareholders have indeed embraced this long-term partnership concept. The annual percentage turnover in Berkshire’s shares is a small fraction of that occurring in the stocks of other major American corporations, even when the shares I own are excluded from the calculation.
In effect, our shareholders behave in respect to their Berkshire stock much as Berkshire itself behaves in respect to companies in which it has an investment. As owners of, say, Coca-Cola or American Express shares, we think of Berkshire as being a non-managing partner in two extraordinary businesses, in which we measure our success by the long-term progress of the companies rather than by the month-to-month movements of their stocks. In fact, we would not care in the least if several years went by in which there was no trading, or quotation of prices, in the stocks of those companies. If we have good long-term expectations, short-term price changes are meaningless for us except to the extent they offer us an opportunity to increase our ownership at an attractive price.
2. In line with Berkshire’s owner-orientation, most of our directors have a major portion of their net worth invested in the company. We eat our own cooking. Charlie’s family has 90% or more of its net worth in Berkshire shares; I have about 99%. In addition, many of my relatives— my sisters and cousins, for example—keep a huge portion of their net worth in Berkshire stock.
Charlie and I feel totally comfortable with this eggs-in-one-basket situation because Berkshire itself owns a wide variety of truly extraordinary businesses. Indeed, we believe that Berkshire is close to being unique in the quality and diversity of the businesses in which it owns either a controlling interest or a minority interest of significance.
Charlie and I cannot promise you results. But we can guarantee that your financial fortunes will move in lockstep with ours for whatever period of time you elect to be our partner. We have no interest in large salaries or options or other means of gaining an “edge” over you. We want to make money only when our partners do and in exactly the same proportion. Moreover, when I do something dumb, I want you to be able to derive some solace from the fact that my financial suffering is proportional to yours.
3. Our long-term economic goal (subject to some qualifications mentioned later) is to maximize Berkshire’s average annual rate of gain in intrinsic business value on a per-share basis. We do not measure the economic significance or performance of Berkshire by its size; we measure by per-share progress. We are certain that the rate of per-share progress will diminish in the future—a greatly enlarged capital base will see to that. But we will be disappointed if our rate does not exceed that of the average large American corporation.
4. Our preference would be to reach our goal by directly owning a diversified group of businesses that generate cash and consistently earn above-average returns on capital. Our second choice is to own parts of similar businesses, attained primarily ...читать дальше
И еще одно событие, достойное внимания, которое наверняка породит массовую истерию и холивары - решение Артемия Лебедева продавать рекламу на своем блоге:
Я морально созрел к размещению рекламы еще прошлым летом, но тут кровавый суповский режим решил разместить баннеры во всех бесплатных аккаунтах. Мой аккаунт был бесплатным, поэтому вдруг в моей уютной жэжэшечке появились грязные сапоги незнакомого рекламодателя. Ежедневная аудитория моего дневничка составлят настолько дохуя людей, что многие онлайн-версии офлайновых СМИ и просто онлайновые СМИ очень не хотят, чтобы их акционеры были в курсе. Иначе придется всех этих толстожопых уродов уволить нахуй на гипернеэффективность. Представьте, сколько народу работает в самой захудалой редакции, а тут один человек в перерывах между делами левой пяткой ведет дневник, который оказывается более популярным, чем их национальное издание.
Так вот. Задачу убирания непрошенной рекламы в своем дневнике я решил просто: перевел свой дневник в статус перманентного. Ура. Я мог бы и не париться, но я очень не люблю рекламу, которая стоит посреди дороги.
Интересные предложения по рекламе я жду по адресу temalebedev@gmail.com. Если в письме не содержится конкретная цифра, я на него не буду отвечать. Если в письме содержится маленькая цифра, я тоже не буду отвечать (за 500 жалких долларов каждый рекламодатель со своим вице-президентом могут сами у себя отсосать). Кроме того, мне должно нравиться то, что рекламируется.
Теперь мне предстоит еще одну задачу. Я хочу размещать рекламу, но по правилам ...читать дальше
Интервью Жану Вальжану
СЕО, онлайн бизнес, заработок в сети
Обновления и новости для вашего сайта/блога от 3500 рублей в месяц
Make money with betfair affiliate program
Западные СМИ о России, что пишут о нас иностранцы
Бизнес-идеи: старушки шьют шапки, а интернет-пользователи массово скупают товары в сети
Инсайдерская торговля. Запретный плод фондового рынка
Анальный массаж для белочки заказывали?
Спонсор месяца - #1 RX pharmacy affiliate program!
posted by UncommonBusiness at 1:32 AM
1 Comments:
Раньше, когда блогов не было, влиятельные люди использовали жанр открытых писем для того чтобы поделиться мыслями или сделать вброс...
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