<FONT face=宋体> 沃伦•巴菲特</FONT><SPAN ><FONT face="Times New Roman">(Warren Buffett)</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">现在是全世界最富有的人。不出所料,这则新闻催生出了一大批有关他节俭习惯的故事:樱桃可乐、全熟的牛排,以及奥马哈那间住了 <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'">年的平房。这里有一点需要说明:巴菲特最感兴趣的是生意,而不是由此带来的财富。在这一点上,他和已经让出世界首富位置的比尔•盖茨 <SPAN ><FONT face="Times New Roman">(Bill Gates)</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">很相似。钱是一种积分方式,它自身并不是目标:巴菲特曾说过,乐趣在于看着钱在增长。 <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'"> 据说,阿尔伯特•爱因斯坦 <SPAN ><FONT face="Times New Roman">(Albert Eistein)</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">曾观察到,复利是宇宙间最强大的力量。而巴菲特的节俭则让复利焕发出自身的魔力。他在伯克希尔哈撒韦公司 <SPAN ><FONT face="Times New Roman">(Berkshire Hathaway)</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">任职期间,标准普尔 <SPAN ><FONT face="Times New Roman">500</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">指数 <SPAN ><FONT face="Times New Roman">(S&P 500 Index)</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">的平均总回报率为 <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'">。如果将收益进行再投资,在 <SPAN ><FONT face="Times New Roman">42</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年之内,你的股值会翻上 <SPAN ><FONT face="Times New Roman">67</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">倍。但如果你的投资收益率为上述比率的两倍 <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'">就像巴菲特那样 <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'">,你的财富增长就不仅是 <SPAN ><FONT face="Times New Roman">67</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">乘以 <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'">,而是 <SPAN ><FONT face="Times New Roman">67</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">的平方,达到了 <SPAN ><FONT face="Times New Roman">4500</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">倍。正是这样的投资算术,才让巴菲特成了世界上最富有的人。 <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'"> 这种计算方式说明了更微妙的一点。巴菲特的财富并非来自经营一项投资管理业务,而是来自他在自己管理的基金中所占有的份额。想像一下,他如果采取更为传统的投资管理结构,收取 <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'">的管理费用,以及私人股本和对冲基金业内通行的 <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'">业绩提成,那么,这笔 <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'">亿美元的财富当中,有多少会属于作为经理人的巴菲特——巴菲特投资管理公司 <SPAN ><FONT face="Times New Roman">(Buffett Investment Management)</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">;又有多少属于作为投资者的巴菲特——巴菲特基金会 <SPAN ><FONT face="Times New Roman">(Buffet Foundation)</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">的呢? <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'"> 答案令人震惊。按照上述“ <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'">和 <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'">”的收费标准,巴菲特投资管理公司和巴菲特基金会将分别得到 <SPAN ><FONT face="Times New Roman">570</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿美元和 <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'">亿美元。以 <SPAN ><FONT face="Times New Roman">14%</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">而不是 <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'">的收益率来计算复利,其结果是导致基金的累计价值减少 <SPAN ><FONT face="Times New Roman">90%</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">以上。当然,这样一来,不管巴菲特投资管理公司怎样充分地再投资,其自己的基金价值也不可能增长到 <SPAN ><FONT face="Times New Roman">570</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿美元。也许公司还需要支付奖金。还有各种生日宴会!史蒂夫•施瓦茨曼 <SPAN ><FONT face="Times New Roman">(Steve Schwarzman</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">,私人股本公司百氏通的联合创始人——译者注 <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'">,你自己伤心去吧:奥马哈绝不会发生这样的事情。 <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'"> 你也许会辩称,巴菲特投资管理公司这种看似不成比例的份额是有理可循的:毕竟,它经营得非常好。因此,不妨假设一下巴菲特是个平常之辈,而他的业绩遵循标准普尔 <SPAN ><FONT face="Times New Roman">500</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">指数 <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'">的回报率。如此一来,他的财富将会减至 <SPAN ><FONT face="Times New Roman">9.3</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿美元,低于福布斯 <SPAN ><FONT face="Times New Roman">(Forbes)</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">富豪榜的下限。然而,在这笔数目小得多的财富当中,只有 <SPAN ><FONT face="Times New Roman">1.7</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿美元属于投资者:巴菲特投资管理公司仍将占得 <SPAN ><FONT face="Times New Roman">7.6</FONT> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿美元的主要份额。 <SPAN ><o:p></o:p> |