我就想不明白，为何还哟那么多人去捡烟蒂？巴菲特老人家早就不玩啦。。。 ===== Kraft Heinz is still doing very well, operationally. But we paid too much. If we paid 50 billion, you know, it would’ve been a different business. It’d still be earning the same amount.
You can turn any investment into a bad deal by paying too much. What you can’t do is turn any investment into a good deal by paying little, which is sort of how I started out in this world.
But the idea of buying the cigar butts that are declining or poor businesses for a bargain price is not something that we try to do anymore. We try to buy good businesses at a decent price. And we made a mistake on the Kraft part of Kraft Heinz. Charlie? 在卡夫亨氏整个交易中，我们买入卡夫那部分的价格太高了。实际上，与过去相比，卡夫亨氏的经营情况得到了改善，只是我们买贵了。……假设我们出 500 亿美元的大价钱买下卡夫亨氏，它本身该赚多少还是多少。好公司，买得太贵，能变成烂投资；烂公司，买得很便宜，未必能变成好投资。我刚开始做投资的时候，是以很便宜的价格捡烟头，买那些走下坡路的烂公司。我们早不这么干了。我们现在是以好价格买好公司。//@unite_zhao:回复@unite_zhao:We will buy stock when we think it is selling below a conservative estimate of its intrinsic value. Now, the intrinsic value is not a specific point, it’s probably a range in my mind that might have a band maybe of 10 percent. Charlie would have a band in his mind, and it would probably be 10 percent. And ours would not be identical, but they’d be very close. And sometimes he might figure a bit higher than I do, a bit lower.