致Buffett的公开信.pdfVIP

February 20, 1997 COMPUTER NETWORKING: {PRIVATE} An Open Letter to Warren Buffett Re: Cisco Systems Paul Johnson, CFA (212) 407-0415 Paul Silverstein (212) 407-0440 Mr. Warren Buffett Chairman of the Board and Chief Executive Officer Berkshire Hathaway Inc. 1440 Kiewit Plaza Omaha, Nebraska 68131 Dear Warren: If You Think Coke Is A Good Investment . . . 555 CALIFORNIA STREET SAN FRANCISCO 94104 (415) 781-9700 Paul Johnson, CFA Robertson, Stephens Company 590 Madison Avenue New York, NY 10022 February 20, 1997 Dear Mr. Buffett: We have been ardent students and admirers of your investment career. Among other tenets of your investment discipline, we share the following: • Long-term investment horizons; • A focus on operating business fundamentals and not stock market sentiment; • Fundamental analysis that focuses on neither value nor growth— rubrics, which as you have so presciently noted, in and of themselves are devoid of any