Abstract at the annual Berkshire's annual meeting, Buffett top universities from the United States MBA class of 100 top students say, do not afraid of making mistakes, one of the biggest mistakes people can not invest in, but the wrong marriage partner.
in the annual, world famous Berkshire's annual meeting will be before this quiet American town ushered in a number of important guests, they are the top universities from the United States MBA class of 100 top student,[url=http://www.uggclearance1.com/][b]title=UGG Boots Clearance[/b][/url], and dinner owner is
hosted for students to enjoy his favorite steak before, Buffett and 100 - here, it is not specific investment Raiders, but
I now wish to immediately pull out $ 100,000 to each of you to buy 10% of future cash flow. and written communication skills to the next level, you can further increase their value to at least 50%. car, looks very ordinary, but rely on the stock, foreign exchange market investments, he is the world's number one, number two of the rich.
2010, Buffett $ 47 billion of net assets ranked County has been the subject of investment in the U.S. market once again set off a
Buffett's investment philosophy has been attributed to him as **: to stock as many micro-business units; to market volatility as a friend than an enemy (and sometimes profit from the blind loyalty of friends); purchase stock price should be lower than the price you can afford. In other words, he bought the stock based on: Suppose the stock market the next day off, or not re-open within five years.
investment theory of value seems that once they see the market volatility and profitable investment becomes speculation, theory
most accomplished as old as the United States, the now 80-year-old Buffett, there are two very important things: First, the
spring at the beginning of April, this old man about how to understand and experience their dialogue more details, newspaper correspondent full participation.
Buffett: certainly. For example I used to speech, especially not in public, afraid to express myself, I always felt that this is a problem. After high school, I had to Then I go home after deliberation, that if I can not overcome it, this will be my life's a major obstacle. Later, I went to this class reported.
I think people not afraid to make mistakes. Committed the wrong in my life, no single failure or error, the last fact did not become a good thing. For example, I was afraid to speak in public, and in fact I can pay special attention to this matter, I really to report the class, and deliberately train yourself. Now, it had become one of my long-term.
if I did not trained in this area, I think, I could not marry the whereabouts of my wife, let her marry me. Therefore, all the so-called bad things behind or failure actually have some good stuff in there. You must believe,
Sometimes, life really is When I was young and we have the most beautiful girl dating the state,[url=http://www.moncleruksales.co.uk/][b]title=Moncler Sale[/b][/url], but in the end did not succeed. I heard she was married off three times, if we were really together, I can not imagine what the future. So in fact, you can commit the biggest mistake of your life in the most important decisions is what people get married with. Only in the choice of future partners on this matter, if you really picked the wrong, will make you lose a lot. Moreover, this loss is not just monetary.
Q: Do you now see how their competitive advantages and strengths?
Buffett: Actually, I know nothing about the company's operations, and sometimes I go to the factory, even the men's room can not be found. (Laughs) But I know my strengths. For me, the most important investment is two points, one can find a difficult to enter the competition with me, like a moat, I build high walls, others I just unassailable, this is my judge should not cast a very important company in the world.
second point is, there must be This means that I can not price, but I can always price, I first bought the company, bought after I went to price increases. The pricing has not yet fully developed, not fully spend.
For example, I had previously cast a chocolate company called Many times people buy chocolate for Valentine's Day or holiday, buy, buy often is a man to his wife or lover. Typically, they will not remember a year when bought last year is how much money to buy chocolate. I think this is a good business. I installed at home, a In fact, every year its prices, and this has no effect on sales of the product itself.
Buffett: I mention that the I voted for Coca-Cola, for example, this thing will make people think of happiness, then Coca-Cola in the Olympic Games on advertising, the Lenovo brand and our consistent; another example, I voted for Gillette, which is a 80% global market share of several razor brand, on behalf of Every day I was thinking of a product and company, to win the minds of consumers is the most important, consumer psychology you win, you win the market.
another example, I would prefer these industries such as beer or razor, because in these industries, basically there is no In this way, the industry would be more persistent and strong, and usually, these are brand In contrast, I See `s chocolate business will be more vulnerable to no-name competition, I expect those who bought a brand-name chocolate husband to his wife, said:laugh)
Q: Why do not you cast tech industry? Now, so many technology companies to develop quickly.
Buffett: It's not my advantage. The most profound understanding of the technology companies who, I might in the world before 1000, the first ten thousand are not ranked. I am very aware of their strengths, there are thousands of companies in the world, I generally will the company be divided into three categories:
good company, bad company, I spent half a day can be seen, and those who have spent half a day and can not see, and I do not force yourself to spend half a month of time to see. I do not force yourself to spend a lot of time in I can not I am not a genius, but I, in some areas than others, smarter and more insights. I think a person, the most important advantage is that you stay in those areas, it should not go to another area, you must have a
another example is the chewing gum business. The development of the world even faster, then faster technological progress, we need for the gum will not change. This, even my friend Bill Gates agreed. I never look at the investment is
Q: Many people do invest, the mood will be affected by outside influences. For example you may vote occurred at a very ** move, but such as you see someone make a lot of money. Over the years, you generally how to control your emotions, to make rational investment?
Buffett: effective control of emotions, my return on investment can be increased by 30%. (Laughs) This is indeed very important, I also benefited from this town to stay in Omaha, because this is a place relatively free from outside influence, there is no luxury restaurant, there is no large Shopping Mall, very quiet .
I think you into the office every day, to see and analyze that information and data, a very important point, that is, to maintain a stable mood and clear frame of mind. May be equally a fact, but since you sentiment, may have some impact, the most important thing is to maintain
I think as a good investor must have two things: First, there must be some intelligence (Intelligence), thanks to not need a lot of intelligence (laughs); Another point is that you are this person's temperament, personality (Temperament ) is to comply with this, you should be able to maintain a relatively stable mood.
Buffett: Financial crisis produces some very good ones. When the financial crisis, we all do not care about each person's credit quality in the end, and how, your own credit and quality is not important, even more importantly, how others view your credit and quality, because it is very panic when no one really would want to spend time and value of a company's ability, such as after the company have the ability to put the money back to me and so on. You can credit history is good, but I, as a bank, I do not believe, and you can not prove it to me.
I am in financial crisis, the U.S. government's views on economic policy, the U.S. government should use some of the more powerful (Aggressive) of the tax policy, it is difficult to continue. Like you see our company, our employees earned annual salary ranging from 60,000 -80 million dollars, they pay an average tax is 34% income tax, but I only pay 16% tax, because I invested a lot of money through earned, the tax is relatively low, so if you are wages, income tax is relatively high. But I feel that I pay so little tax is not enough.
Q: Do you see now how the Chinese have not thought about more investment in China?
Buffett: I have confidence in China has always been special, I think not half the growth in China will be a virtual image, but a real, continuous thing. China has a very smart, very hardworking people, the United States has a very hard worker, but in the past 50 years, the U.S. is much faster than China's development, is because the U.S. has a better system can help people's full potential, but I see that now China has a good system,[url=http://www.uggclearancemall.com/][b]title=UGG Sale[/b][/url], it can help people's full potential. This is an incredible thing, this power too.
I said here refers to institutional differences, you are encouraged those born with inherited industry, the emperor's children or to encourage people who work really hard, really good people who are able to get a chance. From this point, there are more Chinese people's potential can be released. I am with Bill Gates in 1995 for the first time to China. In 15 years, China's entire economy has experienced a very large growth in the future the road may also have some small setbacks, but I think that China's future growth is no doubt that this increase mainly comes from the people potential fully realized.
I cast in two major Chinese company. One is the oil, there is a BYD. I vote for the oil, the price did not look, I usually do not look at price first, for fear affected. I first read the basic information in the oil, he had made a valuation, then find the value of $ 100 billion company, but it was reflected in the value of oil stocks is only 35 billion dollars, equal to three times that can be turned, so I to buy the Chinese government to limit the maximum number allowed. Later, once the oil has a dedicated investor relations department sent off in terms of people, because I am a big buyer, but in fact, I did not understand (laughs). Year and a half ago, I voted BYD, BYD has a lot of technical engineers, and their CEO Wang is a non-trivial (Extraordinary) of the person, I am also very optimistic about their management.
Q: how do you see the current Sino-US relations.
Buffett: I feel the U.S. government a handful of people deliberately take China as a In fact, the final analysis, I think the world should hope that the Chinese people more prosperous. Think about it, do not anyone want a population of about 20% of the world countries are so poor forever, then this country has nuclear weapons, then again, Is this the world we want?
I think the future of the world biggest danger is that the third world or a country or a handful of ruthless people have nuclear weapons or biological weapons. So, if people elsewhere in the world living standards can improve, then there are the same for everyone, is a good thing.
My feeling is that the coming year the U.S. government may have a handful of people, may want to try to get this big, probably for some political purpose, hoping to find some scapegoat. I hope all you young people deal with these problems, can have its own
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