巴菲特致股东的信原文精读Day273：

巴神原文：When carried out capably, an investment strategy of that type will often result in its practitioner owning a few securities that will come to represent a very large portion of his portfolio. This investor would get a similar result if he followed a policy of purchasing an interest in, say, 20% of the future earnings of a number of outstanding college basketball stars. A handful of these would go on to achieve NBA stardom, and the investor’s take from them would soon dominate his royalty stream. To suggest that this investor should sell off portions of his most successful investments simply because they have come to dominate his portfolio is akin to suggesting that the Bulls trade Michael Jordan because he has become so important to the team.

英文释义：1.“capably”意为“有能力地”；“practitioner”意为“专业人员”、“从业人员”；

2.“handful”意为“少数”；“stardom”意为“明星的地位”；“royalty”意为“版税”、“特许权使用费”；

3.“akin to”意为“类似于”。

投资解读：如果无为而治的投资策略执行得当，通常会导致这样的投资者拥有一些股票，这些股票会成为其投资组合的主要持仓。如果这位投资者按照相同的策略，比如说，买入一些杰出的大学篮球明星未来20%收入的权益，他也会得到类似的结果：其中的极少数人将成为NBA球星，投资者从中获得的收益将很快主导他的资金流。仅仅因为这些股票已经在这位投资者的投资组合中占据主导地位，就建议他卖掉最成功的股票持仓，这好比是建议公牛队卖掉迈克尔·乔丹，原因竟然是他对球队太重要了。

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，巴菲特表示：“拔掉鲜花，浇灌杂草”是错误的，“让赢家奔跑”才是正确的。巴菲特不愧是善用比喻的高手：因为乔丹太出色、太重要了，所以球队要卖掉他，这样的逻辑岂不可笑？