巴非特(Warren Buffet)給股東的信

上周六，投資家巴非特寫了一封給股東的信。從1965年以來，巴非特每年都會給股東寫信，報告這一年度公司的經營狀況。有人說，讀巴非特的信，勝過去讀MBA。此話不假，巴非特的信，就像爺爺寫給孫子一樣，用風趣又簡單易懂的語言教導投資。

巴非特的信有二十三頁長。由於篇幅有限，我只能簡單介紹他信中的一些要點。要看跟詳盡的摘錄，請上我的Blog：http://investmentscientist.com/2009/03/01/warren-buffets-letter-2009/。

關於美國政府的救市計劃：strong and immediate action by government was essential last year if the financial system was to avoid a total breakdown。
關於救市計劃的后遺症： one likely consequence is an onslaught of inflation。
關於他自己的錯誤：During 2008 I did some dumb things in investments。
關於股價大跌：This does not bother Charlie and me. Indeed, we enjoy such price declines if we have funds available to increase our positions。
關於擁有房產：enjoyment and utility should be the primary motives for purchase, not profit or refi possibilities。
關於房市崩盤的教訓：Home purchases should involve an honest-to-God down payment of at least 10% and monthly payments that can be comfortably handled by the borrower’s income. That income should be carefully verified。
關於風險：The investment world has gone from underpricing risk to overpricing it。
關於國庫卷：the U.S. Treasury bond bubble of late 2008 may be regarded as almost equally extraordinary。
關於現金：Clinging to cash equivalents or long-term government bonds at present yields is almost certainly a terrible policy if continued for long。
關於衍生金融產品：Derivatives are dangerous。