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我刚刚关注了股票$东方生物(SH688298)$，当前价 ¥223.77。

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我刚刚关注了股票$瑞普生物(SZ300119)$，当前价 ¥25.83。

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Buffett Q&A -41：Why would you hold stocks forever, if the fundamentals change permanently? (Buy and hold)
Buffett: We don’t—we sell plenty. If we lose confidence or conditions change, we sell. When in doubt, we keep holding. But for [our wholly-owned] companies, we...

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Buffett Q&A -40： Would you consider spinning off some companies to realize value?
Buffett: We will not be spinning off any companies. We can’t wait to throw them [people who suggest spin offs] out of the office. We have a real advantage in allocating capital—moving...

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Buffett Q&A -39：What are your views on diversification?
I have 2 views on diversification. If you are a professional and have confidence, then I would advocate lots of concentration. For everyone else, if it’s not your game, participate in total diversification. The...

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Buffett Q&A -38：Could you explain your opportunity cost decisions of the past year?
Buffett: Opportunity costs have been in the forefront of our minds during the last 18 months. It’s tougher to calibrate A, versus B, versus C in a fast-changing environment. Tougher ...

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Buffett Q&A -37：What do you think of discounted cash flow (DCF) models?
Buffett: All investing is laying out cash now to get some more back in the future. The concept of “a bird in the hand” came from Aesop in about 600 BC. He knew a lot, but not that [he lived in]...

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Buffett Q&A -36：Who do you think will be one of the next greatest investors and are you partial to favoring someone with a similar investment style as yours?
We just finished looking for someone. The Board has 3 candidates to replace me as CEO and 4 candidates to rep...

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Buffett Q&A -35：Is there a moral connection to who you invest in?
Charlie and I went to Memphis to look at a chewing tobacco company. In the end, we decided we didn’t want to own it. We would buy stock in a tobacco company, but we didn’t want to own it.
A good ...

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Buffett Q&A -34：What two industries are the first you should learn when developing your circle of competence?
Look for simple businesses. If I gave you $10M to invest right now and you only had three weeks to spend it and you could only spend it in Omaha, you’d look...

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Buffett Q&A -33： Could you explain more about the circle of competence?
We are best at evaluating businesses where we can come to a judgment that they will look a lot like they do now in five years. The businesses will change, but the fundamentals won’t. Iscar will ...

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Buffett Q&A -32：What tells you when an investment has reached its full potential?
I don’t buy Coke with the idea it will be out of gas in 10 years or 50 years. There could be something that happens by I think the chances are almost nil. So what we really want to do ...

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Buffett Q&A -31：Do you agree with Philip Fisher's two reasons to sell?
To sell the business is written in the ground rules. Never going to be a takeover or sell business because street thinks unfocused. I don't quite agree with Fisher, think can ride some sto...

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Buffett Q&A -30：What's the temperament of successful investors?
[CM: I think there's something to be said for developing the disposition to own stocks without fretting.]
I think it's almost impossible to do well investing over time without this. If th...

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Buffett Q&A -29：If you were to teach an investment course, besides works by Ben Graham and Phil Fisher and your book on the instalment basis, what would be on the syllabus?
[Q - how would you teach the next generation of investors?]
Buffett: I had 49 university g...

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Buffett Q&A -28：Since Ben Graham isn't around anymore, what money managers do you respect today? Is there a Ben Graham today?
You don't need another Ben Graham. You don't need another Moses. There were only Ten Commandments; we're still waiting for th...

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Buffett Q&A -27：What impacts have Graham/Dodd and Phil Fisher had on your investment philosophy? What percentage of your investment philosophy would you attribute to each of them?
Well, good things would have happened with following either party. Graham obviously had...

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Buffett Q&A -26： How would you recommend an individual investor who follows the Graham and Dodd philosophy to allocate their capital today?
Well, it depends whether they are going to be an active investor. Graham distinguished between the defensive and the enterprisi...

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Buffett Q&A -25：What filters do you use when looking at companies?
[CM: Well, opportunity cost is a huge filter in life. If you've got two suitors who are eager to have you, but one is way better than the other, you're going to choose that one rather than the...

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Buffett Q&A -24：Could you describe the capital allocation process you follow? How do you determine the charges for capital to your different managers?
There is no better way to make managers understand how valuable capital is than to charge them for it. The amount ch...