巴菲特致股东的信原文精读Day300：

原文：You might think this principle is obvious, but I had to learn it the hard way—in fact, I had to learn it several times over. Shortly after purchasing Berkshire, I acquired a Baltimore department store, Hochschild Kohn, buying through a company called Diversified Retailing that later merged with Berkshire. I bought at a substantial discount from book value, the people were first-class, and the deal included some extras—unrecorded real estate values and a significant LIFO inventory cushion. How could I miss? So-o-o—three years later I was lucky to sell the business for about what I had paid.（1989）

释义：1.“department store”意为“百货商店”；

2.“cushion”意为“缓冲”。

精译：你可能认为“投资要买好公司”是显而易见的道理，但我学来并不容易。事实上，我是通过反复学习才明白的。在收购伯克希尔后不久，我通过多元零售（后来与伯克希尔合并）收购了位于巴尔的摩的霍克希尔德-科恩百货公司。我以远低于净资产的折扣价买入，员工也是一流的，交易还包括一些“赠品”，比如说没有入账的房产价值，以及根据LIFO（后进先出法）带来的库存缓冲。我怎么会错过这样的好机会呢？然而，三年后，我幸运地以成本价卖掉了这家公司。

心得：所谓“后进先出”法，简单理解就是，后买进来的先卖出去。在原材料价格上涨的情况下，采用“后进先出”法容易做低当期利润。道理很简单：同样的货物，越早买来的，价格越低；越晚买来的，价格越高。营业收入相同的情况下，如果采用“后进先出”法，其成本必然要高于“先进先出”法，导致当期利润减少。巴菲特认为，采用“后进先出”法实际上高估了成本，低估了利润，霍克希尔德-科恩百货公司理应比账面上看到的还要好。然而，理想很丰满，现实很骨感。巴菲特的这笔投资，虽然没有亏钱，但白白浪费了三年时间。

手抄：

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