王冠亚

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巴菲特致股东的信原文精读Day321：
原文：When major declines occur, however, they offer extraordinary opportunities to those who are not handicapped by debt. That’s the time to heed these lines from Kipling’s If :
“If you can keep your head when all about you are los...

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在南京出差，今晚临时要拜访一位朋友，于是找附近的书店买了本《超越巴菲特的伯克希尔》作为赠礼。逛遍了书店的三层楼，终于在经管区找到了这本书。到前台结账，原价，119元。这怎么可能跟网上动辄五折的价格去竞争呢？
线下越是卖得贵，买的人就越少，成本就越高，卖得就越贵......实体书店似...

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回复@陈达美股投资: 达美老师果然深谙什么叫“模糊的正确”//@陈达美股投资:回复@王冠亚:这里是中国！

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天朗气清，惠风和畅。猜猜这是在哪里

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巴菲特致股东的信原文精读Day320：
原文：This table offers the strongest argument I can muster against ever using borrowed money to own stocks. There is simply no telling how far stocks can fall in a short period. Even if your borrowings are small and your positions aren’t...

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巴菲特致股东的信原文精读Day319：
原文：Berkshire, itself, provides some vivid examples of how price randomness in the short term can obscure long-term growth in value. For the last 53 years, the company has built value by reinvesting its earnings and letting compound inte...

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回复@陈嘉禾: 哈哈哈那我也来转发一波//@陈嘉禾:回复@吉豆三峰:啊喵！

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巴菲特致股东的信原文精读Day318：
原文：By being so cautious in respect to leverage, we penalize our returns by a minor amount. Having loads of liquidity, though, lets us sleep well. Moreover, during the episodes of financial chaos that occasionally erupt in our economy, w...

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最近一期讲书，分享的是正和岛创始人刘东华先生的《意义》；没想到这么快就收到了正和岛公众号的全文转载，非常感谢！有回应、有反馈的交流，注定会成就人际关系的良性循环

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回复@巨馍蘸酱好吃: 是呀，读巴菲特的原文就是为了正本清源，看看巴菲特究竟是怎么说的，以防被中文世界一些似是而非的理解给带偏啦//@巨馍蘸酱好吃:回复@王冠亚:大师兄早看原文就是有好处：2年前我刚入门，不知道是看网上谁说的，他们说巴菲特说：现金就像氧气，很重要。所以投资的...

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巴菲特致股东的信原文精读Day317：
原文：At Berkshire, we will hold at least $10 billion of cash, excluding that held at our regulated utility and railroad businesses. Because of that commitment, we customarily keep at least $20 billion on hand so that we can both withstand...

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巴菲特致股东的信原文精读Day316：
原文：Leverage, of course, can be lethal to businesses as well. Companies with large debts often assume that these obligations can be refinanced as they mature. That assumption is usually valid. Occasionally, though, either because of comp...

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巴菲特致股东的信原文精读Day315：
原文：Unquestionably, some people have become very rich through the use of borrowed money. However, that’s also been a way to get very poor. When leverage works, it magnifies your gains. Your spouse thinks you’re clever, and your neighbo...

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我生活在武汉，平时去北京、上海、深圳、南京等地出差的话，我首选的交通工具是高铁。武汉地处中国中部，无论是北上、南下还是东进，高铁基本上就是3~4个小时。如果是乘坐航班，加上安检和候机的时长，并不比高铁更有效率。
美国没有中国这么完善的高铁运输体系，所以美国城市与城市之间，乘坐...

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樊登老师讲得挺好的。可能是出于职业原因，我平时都是侧重于从投资和经营的角度讲；樊登老师深入浅出，通俗易懂，从巴菲特出发，最后的落脚点一定是在自己身上，也就是我们能从巴菲特那里学到什么

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巴菲特致股东的信原文精读Day314：
原文：We also own a large investment portfolio whose market value could fall dramatically and quickly under certain conditions (as happened on October 19, 1987). Whatever occurs, though, Berkshire will have the net worth, the earnings stre...

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巴菲特致股东的信原文精读Day313：
原文：Moreover, there are people who have been permanently injured to whom we owe insurance payments that stretch out for fifty years or more. To these and other constituencies we have promised total security, whatever comes: financial pan...

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回复@susansan: 哈哈哈是的，感谢樊登老师和齐俊杰老师扩散，让更多人受益//@susansan:回复@王冠亚:樊登讲书4月6日讲了《超越巴菲特的伯克希尔》、老齐读书圈正在讲《超越巴菲特的伯克希尔》。在不同的地方看到冠亚老师翻译的的书被传播，感觉很亲切。

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巴菲特致股东的信原文精读Day312：
原文：And that’s about it. We are not interested in incurring any significant debt at Berkshire for acquisitions or operating purposes. Conventional business wisdom, of course, would argue that we are being too conservative and that there...

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巴菲特致股东的信原文精读Day311：
原文：From a risk standpoint, it is far safer to have earnings from ten diverse and uncorrelated utility operations that cover interest charges by, say, a 2:1 ratio than it is to have far greater coverage provided by a single utility. A ca...