How Warren Buffett made his fortune

華倫巴菲特如何創造他的財富?

Most investors are familiar with Warren Buffet, who is the man in command at Berkshire Hathaway (BRK.B). Buffett is one of the most successful investors of all time, with a net worth placing him somewhere in the top three richest people in the world. His partner in crime was Charlie Munger, who has worked with him for the past 50 years. While most investors are familiar with the story of Berkshire Hathaway, few seem to know how exactly Buffett made his first millions, that catapulted him to Berkshire Hathaway and the companies and stocks he owns through it.

大多數的投資人都熟悉華倫巴菲特,他是執掌波克夏哈薩威控股公司之人。巴菲特一直都是最成功的投資者之一,有著讓他成為世界第三富豪的身價。他的黃金搭檔查理•蒙格,在過去的50年裡與他共事。然而多數投資人熟悉波克夏哈薩威的故事,卻鮮少人真正了解巴菲特到底如何創造出他的第一桶金,進而促成波克夏哈薩威及其所擁有的事業群與股票。

Buffett started several investment partnerships in 1956 with approximately $105,000 in investor money, after his former employer Graham-Newmann investment partnership was liquidated. Buffett had put an initial $700 of his own money, which ballooned to a stake worth $20 million by the time he liquidated his investment partnership in 1969. The assets under managed had grown to $100 million by that time. The Berkshire Hathaway (BRK.A) annual letters to investors have been inspired by Buffett’s annual and semi-annual letters to his limited partners. 

在1956年,巴菲特前雇主- Graham-Newman投資公司清算後,他以美金近$105,000投資人的資金創立了數個投資合夥公司。起初巴菲特投入美金$700的自有資金,直至1969年他清算其投資合夥公司前,這筆資金已如氣球膨脹般價值達兩千萬美元。而那些管理的資金也已增值達一億美元。波克夏哈薩威給投資人的年度信函一直受到巴菲特給其有限合夥人的年度與半年度信函所啟發。
Per the Buffett Partners agreement, Buffett as the General Partner received a cut of the profits. For every percentage point gain above 6% in a given year, Buffett collected 25% of the gains. The Buffett Partnership Limited (BPL) was essentially a hedge fund, which pooled investor’s money and invested them at the discretion of the fund manager. Buffett never had a losing year during the thirteen years he ran the partnership, and he also managed to add new investors along the way. In addition, he reinvested any gains he made as a general partner back into the partnership. 

在每一位巴菲特合夥人的合約上,作為無限合夥人的巴菲特可獲得利潤分配。當獲利高於6%以上的特定年度,每多1%獲利,巴菲特可分得其25%的利得。巴菲特有限合夥公司主要是避險基金,其將投資人的資金匯集並交給基金經理人審慎決策後做出投資。巴菲特在經營這合夥公司的十三年間從未有過虧損,而且他也設法增加新的投資人。此外,他雖作為無限合夥人卻仍將任何獲利全數再投資回這合夥公司。

Buffett invested in the following types of companies at the partnership: generally undervalued securities, work-outs and control situations. Work-outs included stocks whose financial results depend on corporate actions rather than supply and demand factors created by buyers and sellers. Control situations include occasions where BPL either controlled the company or took a sufficiently large position that allowed it to influence policies of the company.

巴菲特的合夥公司投資如以下類型的公司:普遍被低估的證券、套利型投資及控制型投資。套利型投資包括其漲跌結果是決定於公司的決策而不是買賣雙方供需因素的股票。控制型投資包括那些被BPL(巴菲特有限合夥公司)控制或取得多數股權進而對公司政策有影響力公司的投資。

After the BPL was liquidated, Buffett received shares in Berkshire Hathaway, as well as shares in companies which ultimately merged in Berkshire. And the rest is history.

在BPL清算後,巴菲特收到波克夏哈薩威的股份以及最終被波克夏合併公司的股份。其餘的都成過去式了。

The lesson to be learned from this exercise is that in order to become rich, Warren Buffett had a scalable business model, with a substantial amount of leverage. Unfortunately, BPL was mostly a one-man operation, although the turnaround expert he employed with Dempster Mill Manufacturing company is a rare situation where he employed others. He did exchange ideas with several of his value investing friends however. Buffett’s investment model worked well when he had $100,000 in the partnership, as well as during the time that he had $100 million. The overvalued market in the late 1960’s however presented a change to his investment strategy. Buffett had leverage to make a lot of money, simply by being the general partner and earning a good cut on any earnings that the partnership generated, without much downside for himself. On the other hand, Charlie Munger made his initial million by using debt leverage to invest and build real estate.

從中我們得知,為了變得富有,巴菲特擁有一個靈活且高槓桿的商業模型。BPL大多時候以一人操作為主,不幸的是還是有他和Dempster公司一同雇用轉型專家這種罕見狀況。不過他確實有和幾位價值型投資的朋友們交換過想法。巴菲特的投資模型在他擁有美金$100,000和一億美元的合夥公司時都運作的很好。可是在1960年代後期時,巴菲特對高估中的市場改變了他的投資策略。巴菲特只簡單地的利用對他沒什麼壞處的財務槓桿,即透過擔任其合夥公司的無限合夥人而獲得相當不錯的分紅。另一方面,查理蒙格則利用債務槓桿去從事房地產投資而賺得他的第一桶金。

The true genius of Buffett is his complete transformation in the 1970’s, when he started purchasing stock in companies with strong competitive advantages. He essentially held those stocks as long-term investments, and in the event where Berkshire acquired entire businesses, he delegated the whole oversight of day to day operations to skilled management. The companies he invested in the 1950’s and 1960’s represented mostly investments that were one-time producers of substantial gains for BPL. It took Buffett a lot of time to uncover those opportunities, but once they reached full valuation and he sold them, they were no longer producing any benefit for his partnership. He then had to spend more time to find more investments to allocate the now higher cash hoard. However, the companies and securities that Buffett purchased since the 1970’s for Berkshire Hathaway generate recurring cash flow streams to the company. As a result, the effort required to uncover these hidden gems resulted in cash distributions paid to the main holding company for decades. He then used these cash streams to purchase even more cash flow generating assets, which is why I believe that he is a closet dividend investor.

在1970年代巴菲特完全蛻變展現他真正的天賦,他開始購買具有高度競爭力公司的股票。他以長期持有這些股票為主,並在波克夏完全併購這些企業時,他代表精明管理階層去監督每日的營運。在1950及1960年代,他所投資的公司對BPL的表現,大多為一次性可觀的獲利。發現這些機會需要花費巴菲特很多的時間,但是一旦股票達到該有的價值後,他便出售他們,如此他們再也無法為他的合夥公司帶來獲利。接著他就必須花更多的時間去找到更多的投資標的以分配比之前更多的滿手現金。自1970年代起,巴菲特為波克夏購買的公司及證券不斷創造現金流回公司。因此,發掘這些隱藏的寶石所需的努力成就了數十年現金發配給主要持有的公司。接著他便用這些現金流去購買更多能創造現金流的資產,這就是為什麼我相信他就是一個圈養股利投資人。

Buffett’s operations at Berkshire were further aided by almost cost-free float from insurance operations, which further magnified his investment returns. The float refers to the time period between when premiums are collected and claims paid out. During this time, insurers invest the premiums and generate returns. Buffett only does insurance deals when the pricing is right, and can guarantee that it doesn’t result in losses The float further magnified investment returns, therefore leveraging Buffett’s investment genius to produce gains for shareholders. For example, if you purchased Coca-Cola at $20 and it doubled in price, you can earn 100% return on your investment. If you put $20 of your money in the stock and invested $20 of cost free float, you would have earned a 200% return on that investment.

巴菲特在波克夏的營運得到來自保險業務幾乎零成本資金的進一步幫助,這更大大地放大他的投資報酬。這資金是由於保費收取與支付索賠間有時間差而得以運用。這段時間保險公司透過投資保費去產生報酬。不過巴菲特只在保費價格適當且保證不會導致虧損時,才做這筆生意。由於這筆資金進一步放大投資報酬,如此巴菲特充分地利用他的天賦為股東創造獲利。舉例來說,如果你用$20買進可口可樂且價格翻倍了,你能賺到100%的投資報酬。如果你將$20投入股票且順道投資了零成本資金,你能賺到200%的投資報酬。

The genius of Buffett is that he has been able to uncover undervalued assets, over many different asset classes. Examples include his purchase of silver (SLV) in 1998, real estate investment trusts in 1999, foreign currencies such as the Euro in the early 2000’s as well as selling long-dated puts on major market indices. While he has a strategy of always looking for undervalued assets, he has been able to make a fortune for Berkshire by being flexible, and avoiding following a “rigid" strategy. By training himself to spot opportunities when they arose, he has been able to constantly reinvent himself and make money in different environments.

巴菲特的高明之處在於能持續發掘各種不同資產種類被低估的資產。例如包括他在1998年購買的白銀、1999年的不動產投資信託、2000年代早期的外幣投資如歐元及放空主要國際股市。雖然他有著一直找尋低估資產的策略,但是他也一直透過遵循靈活避免呆版的策略為波克夏創造財富。藉著訓練自己在機會出現時能察覺他,而不斷地重塑自己以面對不同環境仍可賺到錢。

原文網址:

http://www.dividendgrowthinvestor.com/2013/05/how-warren-buffett-made-his-fortune.html

【譯者介紹】

林芳琪,Sharon。淡江大學會計系,日前取得TOEIC成績925。

98年12月至100年7月,在菲律賓台灣日立協力廠-樺盛工業擔任會計助理。

*對於本文之中文翻譯如有任何問題,歡迎來信指正!allenlinp23@gmail.com

 

 文章圖片相關報導

掏10億美元 巴菲特開NCAA賭盤 2014-01-23 01:50 工商時報 記者鍾志恒/綜合外電報

 股神巴菲特為支持美國大學籃球聯賽(NCAA),拿出10億美元(約302億台幣)做獎金,只要有人猜中今年NCAA64強錦標賽所有賽事的獲勝球隊,就能把錢搬回家。但專家說猜中機率是900萬兆分之1,比美國樂透「兆彩」和「威力球」更難中。

 巴菲特與貸款公司Quicken Loans執行長吉爾伯特(Dan Gilbert)一起開出賭盤,獎金由巴菲特的投資旗艦柏克夏海瑟威提供,巴菲特表示他會親自把獎金支票送到得獎者手中。

 獎金支付方式有2種,一是分40年領取,每年拿2,500萬美元;或一次性領取5億美元。若有1名以上中獎者,平均分攤獎金。

 巴菲特沒有透露,吉爾伯特會負擔多少獎金,但他向CNN記者哈蘿維(Poppy Harlow)說:「吉爾伯特認為獎金金額太多,但我認為太少。」

 巴菲持說,若有人在4月7日舉行的NCAA決賽前,猜中所有比賽結果的話,他會打算親臨決賽現場,並邀請這位參加賭局的人為自己的觀賽貴賓。只要連決賽也猜中,巴菲特就會把口袋中的獎金支票親自交給他。

 但巴菲特開玩笑說:「我不會恭喜這位參賽者。但我也許會給他一點投資建議。」

 要參加這賭局的人,可從3月3日開始免費報名,填上自己的比賽結果預測;在3月16日後就不能再更改比賽結果預測。報名截止日期為3月19日。

 但賭局名額限制在最先報名的前1,000萬人,超過就不受理。

 NCAA因為比賽結果難料而被稱為「3月瘋狂」(March Madness)。

 數學網站Orgtheory.net指出,要猜中所有比賽結果的機率是900萬兆分之1。遠遠超過兆彩的2.59億分之1,或威力球的1.75億分之1的中獎率。