Labitan.沃伦.巴菲特文集(EN)——The_Warren_Buffett_Bu(2)

Table of Contents

INTRODUCTION ................................................................................................................................................... 4

GOALS ..................................................................................................................................................................... 6

ATTITUDE AND TEMPERAMENT .................................................................................................................... 6

FRIENDS AND WONDERFUL BUSINESSES .................................................................................................... 6

HONESTY ............................................................................................................................................................... 7

CHARLIE MUNGER ............................................................................................................................................. 7

BEN GRAHAM ....................................................................................................................................................... 8

DAVE DODD ........................................................................................................................................................... 9

LORIMER DAVIDSON ......................................................................................................................................... 9

ROSE BLUMKIN .................................................................................................................................................. 10

THE WONDERFUL BUSINESS ......................................................................................................................... 11

SHUTDOWN OF TEXTILE BUSINESS ............................................................................................................ 12

CAPITAL TURNOVER AND ALLOCATION .................................................................................................. 14

A MANAGERIAL STORY .................................................................................................................................. 15

DIVIDEND POLICY ............................................................................................................................................ 16

INTELLIGENT INVESTING .............................................................................................................................. 19

MR. MARKET ...................................................................................................................................................... 25

RISK ....................................................................................................................................................................... 26

RETURN ON EQUITY CAPITAL ...................................................................................................................... 27

FINANCE ............................................................................................................................................................... 28

BOOK VALUE AND INTRINSIC VALUE ........................................................................................................ 29

INTRINSIC VALUE AND CAPITAL ALLOCATION .................................................................................... 30

ANIMAL SPIRITS AND EGO ............................................................................................................................ 30

GREED ................................................................................................................................................................... 31

ACCOUNTING ..................................................................................................................................................... 32