巴菲特致股东的信原文精读Day218：

巴神原文：we continue to think that it is usually foolish to part with an interest in a business that is both understandable and durably wonderful. Business interests of that kind are simply too hard to replace.

Interestingly, corporate managers have no trouble understanding that point when they are focusing on a business they operate: A parent company that owns a subsidiary with superb long-term economics is not likely to sell that entity regardless of price. “Why,” the CEO would ask, “should I part with my crown jewel?” Yet that same CEO, when it comes to running his personal investment portfolio, will offhandedly—and even impetuously—move from business to business when presented with no more than superficial arguments by his broker for doing so. The worst of these is perhaps, “You can’t go broke taking a profit.” Can you imagine a CEO using this line to urge his board to sell a star subsidiary? In our view, what makes sense in business also makes sense in stocks: An investor should ordinarily hold a small piece of an outstanding business with the same tenacity that an owner would exhibit if he owned all of that business.

英文释义：1.“part with”意为“放弃”；

2.“offhandedly”意为“立即地”；“impetuously”意为“冲动地”；

3.“tenacity”意为“韧性”。

投资解读：我们始终认为，放弃一家通俗易懂且具有持续竞争力的企业，这种做法通常是愚蠢的。优秀企业带来的商业利益实在难以取代。

有趣的是，当企业管理层专注于他们经营的业务时，他们很容易理解这一点：如若拥有一家具有卓越长期经济前景的子公司，其总部不太可能不看价格就卖掉它。CEO会问：“为什么？我应该放弃我皇冠上的钻石吗？”然而，同一位CEO，在管理他的个人投资组合时，当他的经纪人提出肤浅的观点时，他会随即行动，甚至冲动地从一家公司转向另一家公司。

最糟糕的可能是，“落袋为安就不会破产”。你能想象一位CEO用这句话敦促董事会出售一家明星子公司吗？在我们看来，商业和股票的原理相通：投资者通常应以股东拥有整家企业时所表现出的坚韧精神，去持有杰出企业的一小部分股权。

手抄原文：

大声朗读：大家请自由发挥，哈哈哈！大家的手抄原文，也可以在评论区上传打卡。今天的内容，巴菲特提醒大家，寻找“皇冠上的钻石”是不容易的，一旦找到，就不要轻易放弃。