巴菲特问答实录（001）

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从今天开始，本公众号将开辟一个全新的栏目——巴菲特问答。

这个栏目将汇集所有关于巴菲特问答的英文原文、中文译文、背景介绍等信息，为所有巴粉们提供更多、更准确的学习资料。

由于本人能力有限，翻译中出现错误在所难免。望各位高手不吝赐教，谢谢！

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Q：What is it that really piques your interest in a stock? What tells you that it could be interesting?

A：We're so limited now because we can only go into very big companies. Charlie and I are probably familiar with every company in the United States--in a general way--that we can have the kind of position we would need to have to make a difference in Berkshire Hathaway's performance. We look for the ones where we think we know what they're going to look like in 10 years. If the price gets attractive and we know a little about the management, and we're quite sure--within a range--what they're going to look like in 10 years, we're in our area. We buy them when the prices are right, like Coca-Cola was some years back.

◆Source: BRK Annual Meeting 1998

 

译文——

问：是什么让您对一只股票真正产生兴趣？您是如何判断（是什么告诉您）它可能会令您感兴趣？

答：我们现在（的选择）是如此有限，因为我们只能介入于（那些规模）非常大的公司。查理和我对我们能够拥有的持仓种类中的每一家美国公司可能都相当熟悉——通常来讲——我们需要让伯克希尔·哈撒韦公司的业绩变得与众不同。我们寻找那些公司，即我们认为我们知道它们10年后将会是什么样子。如果股价变得颇具吸引力且我们对（公司的）管理（状况）有所了解，并且我们很确定——在一定范围内——10年后它们将会是什么样子，则正中我们的下怀。我们会在价格合适的时候将它们买入，就像几年前的可口可乐一样。

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