<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'"> 几天前,《福布斯》杂志公布的最新全球亿万富豪排行榜,美国 <SPAN ><FONT face="Times New Roman">"</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">股神 <SPAN ><FONT face="Times New Roman">"</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">巴菲特凭借 <SPAN ><FONT face="Times New Roman">620</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿美元个人财富成为全球新首富,而比尔·盖茨蝉联全球首富 <SPAN ><FONT face="Times New Roman">13</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年后首次 <SPAN ><FONT face="Times New Roman">"</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">让位 <SPAN ><FONT face="Times New Roman">"</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">,排名滑落至第三。 <SPAN ><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN ><o:p><FONT face="Times New Roman"> </FONT></o:p> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'"> 其实,比尔·盖茨成为世界首富之前,这个位子也是巴菲特的,当时巴菲特的财富是 <SPAN ><FONT face="Times New Roman">166</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿美元。而在 <SPAN ><FONT face="Times New Roman">77</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">岁的时候, <SPAN ><FONT face="Times New Roman">"</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">常青树 <SPAN ><FONT face="Times New Roman">"</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">巴菲特再次成为首富,主要是因为他的伯克希尔·哈撒韦股票价格在 <SPAN ><FONT face="Times New Roman">2007</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年大幅上升,使他的个人资产一年内由 <SPAN ><FONT face="Times New Roman">520</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿美元上升到 <SPAN ><FONT face="Times New Roman">620</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿美元。 <SPAN ><o:p></o:p> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN ><o:p><FONT face="Times New Roman"> </FONT></o:p> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'"> 排名并不重要,但巴菲特 <SPAN ><FONT face="Times New Roman">50</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">多年来一直保持资产的增值的确令人惊叹,尤其在目前美国金融业普遍遭遇次贷危机的情况下,更显得不同一般。巴菲特一生中的投资从不亏损,历史上无数次市场灾难对他几乎没有影响,这恐怕是巴菲特之所以成功的最重要因素,也是这位 <SPAN ><FONT face="Times New Roman">"</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">股神 <SPAN ><FONT face="Times New Roman">"</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">给我们最大的启示。 <SPAN ><o:p></o:p> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN ><o:p><FONT face="Times New Roman"> </FONT></o:p> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'"> 受次贷危机影响甚微 <FONT face="Times New Roman"> <SPAN ><o:p></o:p> </FONT> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN ><o:p><FONT face="Times New Roman"> </FONT></o:p> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'"> 目前,一场次贷危机正席卷美国市场,金融业遭受极大打击,很多著名的银行、证券机构、保险公司都因为计提大量的损失准备而出现巨额亏损。比如,美国最大的保险公司 <SPAN ><FONT face="Times New Roman">--</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">美国国际集团 <SPAN ><FONT face="Times New Roman">(AIG)</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">刚公布的财报显示,去年第四季度因计提次贷损失而巨亏 <SPAN ><FONT face="Times New Roman">52.9</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿美元,世界最大的银行 <SPAN ><FONT face="Times New Roman">--</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">花旗集团,也出现历史上首次亏损。 <SPAN ><o:p></o:p> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN ><o:p><FONT face="Times New Roman"> </FONT></o:p> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'"> 次贷危机造成的巨大亏损,使得这些大公司股票出现大幅下跌,拖累美国股市今年以来大幅下跌,道琼斯指数从去年最高的 <SPAN ><FONT face="Times New Roman">14000</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">点跌至目前 <SPAN ><FONT face="Times New Roman">12000</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">点左右。 <SPAN ><o:p></o:p> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN ><o:p><FONT face="Times New Roman"> </FONT></o:p> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'"> 我们来看看巴菲特在这场危机中的表现。自从 <SPAN ><FONT face="Times New Roman">1965</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年巴菲特收购伯克希尔·哈撒韦公司成为该公司的董事长以来,这家原先的纺织公司逐渐演变为以保险为核心的控股公司,公司有一半收益来自保险业,因此,伯克希尔·哈撒韦公司归类为保险业。 <SPAN ><o:p></o:p> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN ><o:p><FONT face="Times New Roman"> </FONT></o:p> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'"> 伯克希尔·哈撒韦 <SPAN ><FONT face="Times New Roman">2</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">月底公布了 <SPAN ><FONT face="Times New Roman">2007</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年财报,尽管受到次贷危机的影响,去年第四季度业绩出现下滑,净利润由一年前的 <SPAN ><FONT face="Times New Roman">35.83</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿美元下降到 <SPAN ><FONT face="Times New Roman">29.47</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿美元,但是,仅仅是下降,并没有出现亏损,也不存在计提次贷损失的问题,可以说,次贷危机对巴菲特的影响极其微小。而且,从 <SPAN ><FONT face="Times New Roman">2007</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年全年看,伯克希尔·哈撒韦业绩依然保持增长,净利润增长 <SPAN ><FONT face="Times New Roman">20%</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">,达到 <SPAN ><FONT face="Times New Roman">132.1</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿美元,在美国金融业中属于业绩突出的公司。 <SPAN ><o:p></o:p> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN ><o:p><FONT face="Times New Roman"> </FONT></o:p> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'"> 无数次避开亏损风险 <FONT face="Times New Roman"> <SPAN ><o:p></o:p> </FONT> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN ><o:p><FONT face="Times New Roman"> </FONT></o:p> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'"> 再看股价的表现, <SPAN ><FONT face="Times New Roman">1965</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年巴菲特购买伯克希尔·哈撒韦股票的时候,每股股价大约是 <SPAN ><FONT face="Times New Roman">20</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">美元,此后,这公司从来没有送过股或者配过股,巴菲特认为这是毫无意义的数字游戏,由于股本没有扩张过,使我们很容易计算 <SPAN ><FONT face="Times New Roman">50</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年来股价究竟上涨了多少。 <SPAN ><o:p></o:p> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN ><o:p><FONT face="Times New Roman"> </FONT></o:p> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'"> <SPAN ><FONT face="Times New Roman">1965</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年之后,伯克希尔·哈撒韦的股价一路上升, <SPAN ><FONT face="Times New Roman">50</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">多年来大部分年份收盘价是上涨的,下跌的极少,先过了百元大关,随后过了千元大关,再上万元大关,到 <?xml:namespace prefix = st1 ns = "Tencent" /><st1:RTX w:st="on"><SPAN ><FONT face="Times New Roman">2006</FONT> </st1:RTX><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年上了 <SPAN ><FONT face="Times New Roman">10</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">万元大关,当年的收盘价是 <SPAN ><FONT face="Times New Roman">109990</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">美元, <SPAN ><FONT face="Times New Roman">2007</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年股价更是大幅上涨,当年的收盘价为 <SPAN ><FONT face="Times New Roman">141600</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">美元,一年里股价上涨了 <SPAN ><FONT face="Times New Roman">28.7%</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">。去年的最高价还冲到 <SPAN ><FONT face="Times New Roman">15</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">万美元。 <SPAN ><o:p></o:p> |