[新聞]巴菲特:把買股當買房

巴菲特:把買股當買房【經濟日報╱編譯余曉惠/綜合外電】2014.02.26 03:45 am

波克夏公司(Berkshire Hathaway)董事長巴菲特在年度股東信中,以他1986年買進並持有至今的農場為例,告誡散戶投資人不要頻繁買賣股票。

財星雜誌24日提前披露巴菲特的年度股東信摘錄內容,巴菲特在信中建議,投資人應把買股票看成買房子,聚焦在長期獲利潛能,而非短期的價格波動。信件全文可望在3月1日發布波克夏財報時一併公開。

他說:「那些可以平靜持有農場或公寓數十年的人,當暴露在一連串的股票報價下,往往變得狂熱。碰到這些投資人,流動性就從原本應是純粹的優點變詛咒。」

巴菲特舉自己1986年在奧馬哈附近買進農地、和1993年投資紐約大學附近的房產為例,雖然這兩筆非股票投資占巴菲特的資產微不足道,但很能用來說明他的投資方法:決定投資後就專注在投資能產生的收益,而不要注意每日的價格波動。83歲的巴菲特以「買進、然後緊抱」的投資策略聞名。(聯合新聞網)

股神警告流動性詛咒 建議長抱

波克夏哈薩威公司億萬富豪董事長巴菲特,以自己從1986年買進並持有迄今的農場為例,警告散戶投資人不要頻繁地進出股票。

現年83歲的巴菲特(Warren Buffett)在24日刊載於財星雜誌(Fortune)網站的年度信函摘要中寫到,投資人應該視持有股票部位,如不動產投資,鎖定在假以時日的獲利潛力,而不是短期的價格波動。

巴菲特說:「那些可以靜靜地持有農場和公寓幾十年的投資人,一旦曝露在接連股票報價環境中,經常變得狂熱起來。」「對這些投資人來說,流動性從應該是全然優點,變成了一種詛咒。」

巴菲特一向追求買進並持有的投資策略,將波克夏哈薩威(Berkshire Hathaway Inc. )打造為一家市值2800億美元的公司,持有可口可樂(Coca-Cola )、美國運通(American Express)和富國銀行(WellsFargo )等個股。

巴菲特表示,散戶投資人可能避免他的選股策略比較好,而是買進一檔持有標準普爾500指數每個成分股的基金。

巴菲特表示:「非專業人士的目標不該是找出贏家股。『甚麼都不知道』的投資人兼顧分散標的且保持最低成本,絕對能得到滿意的結果。」

過去10年來,標準普爾500指數平均年報酬7%左右,擊敗波克夏平均年股價漲幅近1個百分點。巴菲特表示,他鎖定提高波克夏帳面價值的速度比標準普爾500指數快。

BBC新聞原稿:

Warren Buffett says if you want to learn how to make money from the stock market you should look at how he made some money with two small real estate investments.

In an excerpt published by Fortunefrom his upcoming annual letter to Berkshire Hathaway shareholders, Buffett writes about his purchase of a Nebraska farm and his investment in a retail property near New York University in Manhattan.

In both cases, he bought when prices were unusually low after bubbles had burst.

In both cases he had no particular expertise.

(Read more: Berkshire Hathaway’s 15 biggest stock holdings)

And most importantly, in both cases he invested because he thought the assets would be increasingly profitable, not because he expected to sell at a higher price.

“With my two small investments, I thought only of what the properties would produce and cared not at all about their daily valuations. Games are won by players who focus on the playing field—not by those whose eyes are glued to the scoreboard."

He warns against “letting the capricious and irrational behavior" of stock prices make an investor “behave irrationally as well."

In addition, Buffett argues, “Forming macro opinions or listening to the macro or market predictions of others is a waste of time."

When he bought the properties in 1986 and 1993, economic projections didn’t matter to him. “I can’t remember what the headlines or pundits were saying at the time. Whatever the chatter, corn would keep growing in Nebraska and students would flock to NYU."

As for not needing expertise, Buffett recommends a low-cost S&P 500 index fund for nonprofessionals, to “own a cross section of businesses that in aggregate are bound to do well."

He also urges timid or beginning investors against going into stocks “at a time of extreme exuberance" and becoming “disillusioned when paper losses occur."

“The antidote to that kind of mistiming is for an investor to accumulate shares over a long period and never sell when the news is bad and stocks are well off their highs."

His bottom line fundamental advice: “Ignore the chatter, keep your costs minimal, and invest in stocks as you would in a farm."

By CNBC’s Alex Crippen. Follow him on Twitter @alexcrippen

(來源網址:http://www.cnbc.com/id/101440326)

小樂心得:

訪談內容還是呈現巴老的一貫理念:忽略股價的短期波動,聚焦於企業的長期獲利!他以擁有農場為喻,告誡投資人不要時時注意股價的波動,同時他還指出投資人不要在壞消息滿天飛的時候賣出股票。另外,他忠告一般非專業的投資人可持有以標普500指數成分股為標的之基金。就另一個層次而言,如果我們勞心勞力地選出自以為不錯的股票還輸大盤的績效,那還不如買進指數型基金就好!

 



小樂

小樂,天蠍座,台南人,喜歡閱讀與寫作,鼓勵散戶們多作投資思維。

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