巴菲特受到的投资教育.doc

巴菲特受到的投资教育 巴菲特的投资思想来源： 一、格雷厄姆（现在已经没有85%了，估计在50%） 二、费雪（不止15%了，另一半） 三、威廉斯（现金流折现估值的提出者） 四、芒格（好基友，一辈子） 巴菲特受到的教育 ??? Very few people can comeclose to Warren Buffett’s investment record, and no onecan top it. Through four decades of market ups and downs, he has continued on asteady course with unmatched success. What he does is not flashy, even at timesvery much out of favor, and yet over and over, he has prevailed over otherswhose exploits gave them temporary, flash-in-the-pan stardom. He watches, smiles,and continues on his way. 牋?er几乎没有人能够接近巴菲特的投资记录，更没有人能超过。在历经40年的市场起伏中，他仍然在继续保持成功的记录。他所做的平凡无奇，即使在那些大家都不看好的时刻也仍然坚持。但是一次又一次，他最终胜出了那些暂时被光环围绕的昙花一现之流。他静静地观察，微笑，然后继续自己所做的事情。 ??? How didBuffett come to his investment philosophy? Who influenced his thinking, and howhas he integrated their teachings into action? To put the question another way,how is it that this particular genius turned out so differently? Warren Buffett’s approach to investing is uniquely his own, yet it rests onthe bedrock of philosophies absorbed from four powerful figures: BenjaminGraham, Philip Fisher, John Burr Williams, and Charles Munger. Together, theyare responsible for Buffett’s financial education, bothformal and informal. The first three are educators in the classic sense, andthe last is Buffett’s partner, alter ego, and pal. Allhave had a major influence on Buffett’s thinking; theyhave much to offer modern day investors as well. ??? 巴菲特是怎样形成他的投资哲学的？谁影响了他的投资理念，巴菲特又是如何将这些教导融入自己的投资决策之中？让我们用另一种方式来提问，为什么天才如巴菲特能够如此与众不同？巴菲特的投资之道是独一无二，独具一格，但是支撑他投资哲学的基石吸收了以下四位伟大的投资者的理念：本杰明格雷厄姆、菲利普费雪、约翰·伯尔·威廉斯和查理芒格。他们的投资哲学以正式非正式的方式完成了巴菲特的金融教育。前三位是传统意义上的导师，最后一位则是巴菲特的合伙人，至交好友和合作伙伴。所有人都对巴菲特的理念产生了重大影响，同时他们也对于当代的投资者们继续发挥着重大影响。 BENJAMINGRAHAM 本杰明格雷厄姆 ??? Grahamis considered the dean of financial analysis. He was awarded that distinctionbecause “before him there was no [financial analysis] professionand after him they began to call it that.”1 Graham’stwo most celebrated works are Security Analysis, coauthored with David Dodd,and orig