巴非特(Warren Buffet)给股东的信

上周六，投资家巴非特写了一封给股东的信。从1965年以来，巴非特每年都会给股东写信，报告这一年度公司的经营状况。有人说，读巴非特的信，胜过去读MBA。此话不假，巴非特的信，就像爷爷写给孙子一样，用风趣又简单易懂的语言教导投资。

巴非特的信有二十三页长。由于篇幅有限，我只能简单介绍他信中的一些要点。要看跟详尽的摘录，请上我的Blog：http://investmentscientist.com/2009/03/01/warren-buffets-letter-2009/。

关于美国政府的救市计划：strong and immediate action by government was essential last year if the financial system was to avoid a total breakdown。
关于救市计划的后遗症： one likely consequence is an onslaught of inflation。
关于他自己的错误：During 2008 I did some dumb things in investments。
关于股价大跌：This does not bother Charlie and me. Indeed, we enjoy such price declines if we have funds available to increase our positions。
关于拥有房产：enjoyment and utility should be the primary motives for purchase, not profit or refi possibilities。
关于房市崩盘的教训：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。
关于风险：The investment world has gone from underpricing risk to overpricing it。
关于国库卷：the U.S. Treasury bond bubble of late 2008 may be regarded as almost equally extraordinary。
关于现金：Clinging to cash equivalents or long-term government bonds at present yields is almost certainly a terrible policy if continued for long。
关于衍生金融产品：Derivatives are dangerous。