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巴菲特眼中的估值:How to think about value?

编者按:许多投资者都跟格隆汇平台反映希望能多看到价值投资的内容,为此我们特意组织力量按照问题由浅至深的顺序汇总并翻译了巴菲特及其挚友查理芒格近几年在各大公开场合回答的关于估值的问题。您即将看到的可能是史上最全股神问答整理,希望对您有所帮助。

Q: How do you think about value?

问:在你心中价值意味着什么呢?

• Source: QA with 6 Business Schools

• 来源:6大商学院问答

• Time: Feb 2009

• 时间:2009年2月

The formula for value was handed down from 600 BC by a guy named Aesop. A bird in the hand is worth two in the bush. Investing is about laying out a bird now to get two or more out of the bush. The keys are to only look at the bushes you like and identify how long it will take to get them out. When interest rates are 20%, you need to get it out right now. When rates are 1%, you have 10 years. Think about what the asset will produce. Look at the asset, not the beta. I don’t really care about volatility. Stock price is not that important to me, it just gives you the opportunity to buy at a great price. I don’t care if they close the NYSE for 5 years. I care more about the business than I do about events. I care about if there’s price flexibility and whether the company can gain more market share. I care about people drinking more Coke.

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