注释
第1章
1. Carol Loomis, Tap Dancing to Work: Warren Buffett on Practically Everything, 1966-2012 ( New York: Time Inc., 2012), 256.
2. Matthew Bishop and Michael Green, Philanthrocaphitalism: How Giving can Save the World (New York: Bloomsbury Press, 2008), 1.
3. Loomis, Tap Dancing to Work, 258.
4. Ibid., 261.
5. Bishoop and Green, Philanthrocapitalism, 75.
6. Loomis, Tap Dancing to Work, 149.
7. Ibild., 315.
8. Alice Schroeder, The Snowball: Warren Buffett and the Business of Life (New York: Random House, 2008), 51, 55.
9. Roger Lowenstein, Buffett: The Making of an American Capitalist (New York: Random House, 1995),10.
10. Schroeder, Snowball, 62.
11. Ibid.
12. Ibid.
13. Adam Smith, Supermoney (Hobken, NJ: John Wiley & Sons, 2006), 178.
14. Ibid.
15. Loomis, Tap Dancing to Work, 67.
16. Lowenstein, Buffett, 26.
17. Schroeder, Snowball, 146. Schroeder references this apt analogy to Plato's cave, which was originally made by Patrick Byrne.
18. Hohn Train, The Money Masters (New York: Penguin Books, 1981), 11.
19. Hohn Brooks, The Go-Go Years (New York: Weybright & Talley, 1973).
20. Train, Money Masters, 12.
21. Berkshire Hathaway Annual Report, 1987, 22.
22. Berkshire Hathaway Annual Report, 2011, 9.
23. Loomis, Tap Dancing to Work, 62. The Greek letter sigma is used in statistics to represent standard deviation from the mean, or average. A five-sigmaevent, measuring five deviations, has a 1 in 3,488,555 chance of happening. Expressed another way, a five-sigma event has a 99.99994 percent chance of being correct.
24. Ibid.
第2章
1. Adam Smith, Supermoney (New York: Random House, 1972), 172.
2. New York Times, December 2, 1934,13D.
3. Benjamin Graham and David Dodd, Security Analysis, 3rd ed. (New York: McGraw-Hill, 1951), 38.
4. Ibid., 13.
5. "Ben Graham: The Grandfather of Investment Value Is Still Concerned," Institutional Investor, April 1974, 62.
6. Ibid., 61.
7. John Train, The Money Masters (New York: Penguin Books, 1981), 60.
8. Philip Fisher, Common Stocks and Uncommon Profits (New York: Harper &Brothers. 1958), 11.
9. Ibid., 16.
10. Ibid., 33.
11. Philip Fisher, Developing and Investment Philiosophy, Financial Analysts Research Foundation, Monograph Number 10, p. 1.
12. Fisher, Common Stocks, 13.
13. Fisher, Developing and Investment Philosophy, 29.
14. Andrew Kilpartick, Of Permanent Value: The Story of Warren Buffett, rev. ed.(Birmingham, AL:AKPE, 2000), 89.
15.Robert Hagstrom, Investing: The Last Liberal Art (New York: Columbia University Press, 2013).
16. remarks made at the 1997 Berkshire Hathaway annual meeting; quoted in Janet Lowe's biography of Charlie Munger, Damn Right! (New York: John Wiley &Sons, 2000).
17. Andrew Kilpartick, Warren Buffett: The Good Guy of Wall Steet (New York: Donald I. Finde, 1992), 38.
18. Robert Lenzner, "Warren Buffett's Idea of Heaven: 'I Don't Have to Work with People I Don't Like,'" Forbes, October 18, 1993,43.
19. Berkshire Hathaway Annual Report, 1989, 21.
20. Ibid.
21. L.J.Davis, "buffett Takes Stock," New York Times Magazine, April 1, 1990, 61.
22. Berkshire Hathaway Annual Report, 1987, 15.
23. Warren Buffett, "The Superinvestors of Graham-and-Doddsville," Hermes, Fall 1984.
24. Berkshire Hathaway Annual Report, 1990, 17.
25. Benjamin Graham, The Intelligent Investor, 4th ed. (New York: Harper &Row, 1973), 287.
26. Warren Buffett, "What We Can Learn from Philip Fisher," Forbes, October 19, 1987, 40.
27. "The Money Men - How Omaha beats Wall Street," Forbes, November 1, 1969, 82.
第3章
1. Berkshire Hathaway Annual Report, 1987, 14.
2. Robert Lenzner, "Warren Buffett's Idea of Heaven: 'I Don't Have to Work with People I Don't Like,'" Forbes, October 18, 1993.
3. Fortune, November 29, 1993, p. 11.
4. Berkshire Hathaway Annual Report, 1987, 7.
5. Berkshire Hathaway Annual Report, 1989, 22.
6. Berkshire Hathaway 1995 annual meeting, as quoted in Andrew Kilpartick, Of Permanent Value: The Story of Warren Buffett, rev. ed. (Birmingham, AL: AKPE 2004), 1356.
7. St. Petersburg Times, (December 15, 1999), quoted in Kilpartick, Of Permanent Value (2004), 1356.
8. Fortune, (November 22, 1999), quoted in Kilpartick, Of Permanentn Value (2004), 1356.
9. Berkshire Hathaway 1996 annual meeting, Kilpartick (2004), 1344.
10. Berkshire Hathaway Annual Report, 1982, 57.
11. Lenzner, "arren Buffett's Idea of Heaven."
12. Berkshire Hathaway Annual Report, 1989.
13. Carol Loomis, "The Indside Story of Warren Buffett," Fortune, April 11, 1988.
14. Berkshire Hathaway Annual Report, 1988, 5.
15. berkshire Hathaway Annual Report, 1986, 5.
16. Kilpartick, Of Permanent Value (2000), 89.
17. Berkshire Hathaway Annual Report, 1989, 22.
18. Linda Grant, "The $4 Billion Regular Guy," Los Angeles Times, April 17, 1991 (magazine section), 36.
19. Lenzner, "Warren Buffett's Idea of Heaven."
20. Berkshire Hathaway Annual Report, 1985, 9.
21. Berkshire Hathaway Annual Report, 1987, 20.
22. Ibid., 21.
23. Berkshire Hathaway Annual Report, 1984, 15.
24. Berkshire Hathaway Annual Report, 1986, 25.
25. Carol Loomis, Tap Dancing to Work: Warren Buffett on Practically Everything, 1966-2012 (New York: Time Inc., 2012).
26. Berkshire Hathway Anual Report, 1990, 16.
27. Berkshire Hathaway Annual Report, 1990, 16.
28. Berkshire Hathaway Annual Report, 1989, 5.
29. Jim Rasmussen, "Buffett Talks Strategy with Students," Omaha World Herald, Jauary 2, 1994, 26.
30. Berkshire Hathaway Annual Report, 1992, 14.
31. Berkshire Hathaway Letters to Shareholders, 1977-1983, 53.
32. Lowenstein, Buffett: The Making of an American Capitalist (New York: Random House, 1995), 323.
33. Berkshire Hathaway Letters to Shareholders, 1977-1983, 82.
第4章
1. Mary Rowland, "mastermind of a Media Emprie," Working Women, November 11, 1989, 115.
2. The Washington Post Company Annual Report, 1991, 2.
3. Berkshire Hathaway Annual Report, 1992, 5.
4. Berkshire Hathaway Annual Report, 1985, 19.
5. Chalmers M. Roberts, The Washington Post: The First 100 Years (Boston: Houghton Mifflin, 1977), 449.
6. Berkshire Hathaway Annual Report, 1991, 8.
7. Ibid., 9.
8. William Thorndike Jr., The Outsiders: Eight Unconventinal CEOs and Their Radically Rational Blueprint for Succes (Boston: Harvard Business Review Press, 2012), 9.110.
9. Carol Loomis, "An Accident Report on GEICO," Fortune, June 1976, 120.
10. Although the 1973-1974 bear market might have contributed to part of GEICO's earlier fall, its decline in 1975 and 1976 was all of its own making. In 1975, the Standard & Poor's 500 Index began at 70.23 and ended the year at 90.9. The next year, the stock market was equally strong. In 1976, the stock market rose and interest rates fell. GEICO's share price decling had nothing to do with the finlancial markets.
11. Beth Brophy, "After the Fall and Rise," Forbes, february 2, 1981, 86.
12. Lynn Dodds, "Handling the Naysayers," Financial World, August 17, 1985, 42.
13. Berkshire Hathaway Letters to Shareholders, 1977-193, 33.
14. Andrew Kilpartick, Warren Buffett: The Good Guy of Wall Street (New York: Donald fine, 1992), 102.
15. Anthony Bianco, "Why Warren Buffett Is Breaking His Own Rules," Business Week, April 15, 1985, 34.
16. Berkshire Hathaway Anual Report, 1991, 8.
17. Bianco, "Why Warren Buffett Is Breaking His Own Rules."
18. Dennis Kneale, "Murphy & Burke," Wall Street Journal, February 2, 1990, 1.
19. Capital Cities / ABC Inc. Annual Report, 1992.
20. "A Star Is Born," Business Week, April 1, 1985, 77.
21. Anthony baldo, "CEO of the Year Daniel B. Burke," Financial World, April 2, 1991, 38.
22. Berkshire Hathaway Annual Report, 1985, 20.
23. Roger Lowenstein, Buffett: The Making of an American Capitalist (New York: Random House, 1995), 323.
24. Berkshire Hathaway Annual Report, 1993, 14.
25. Kilpartick, Warren Buffett: The Good Guy of Wall Street, 123.
26. Mark Pendergrast, For God, Country and Coca-Cola (New York: Scribners, 1993).
27. Art Harris, "The Man Who Changed the Real Thing," Washington Post, July 22, 1985, B1.
28. "Strategy of the 1980s, " Coca-Cola Company.
29. Ibid.
30. Berkshire Hathaway Annual Report, 1992, 13.
31. Ibid.
32. John Dorfman, "Wells Fargo Has Bulls and Bears; So Who's Right?," Wall Street Journal, November 1, 1990, C1.
33. Ibid.
34. John Liscio, "Trading Points," Barron's, October 29, 1990, 51.
35. Berkshire Hathaway Letters to Shareholders, 1977-1983, 15.
36. Berkshire Hathaway Annual Report, 1990, 16.
37. Reid Nagle, "Interpreting the Banking Numbers," in The Financial Services Industry - Banks, Thrifts, Insurance Companies, and Securities Firms, ed. Alfred C. Morley, 25-41 (Charlottesville, VA: Association of Investment Management and Research, 1991).
38. "CEOSilver Award," Financial World, April 5, 1988, 92.
39. Gary Hector, "Warren Buffett's Favorite Banker", Forbes, October 18, 1993, 46.
40. Berkshire Hathaway Annual Report, 1990, 16.
41. Ibid.
42. Ibid.
43. R. Hutchings Vernon, "Mother of All Annual Meetings," Barron's, May 6, 1991.
44. John Taylor, "A Leveraged Bet," Forbes, April 15, 1991, 42.
45. Berkshire Hathaway Annual Report, 1994, 17.
46. Dominic RUSHE, "Warren Buffett Buys $10bn IBM Stake," The Guardian, November 14, 2011.
47. Berkshire Hathaway Annual Report, 2011, 7.
48. Ibid.
49. Ibid., 6.
50. Ibid., 7.
51. Rushe, "Warren Buffett Buys $10bn IBM Stake."
52. I am grateful to Grady Bukett, CFA, director of technology at Mrningstar, for his tutorial.
53. Steve Lohr, "IBM Delivers Solid Quarterly Profits, " New York Times, July 18, 2012.
54. Berkshire Hathaway Annual Report, 2011, 7.
55. Quote from Warren Buffett on CNBC, Febrary 14, 2013.
56. Michael de La Merced and Andrew Ross Sorkin, "Bershire and 3G Capital in a $23 Billion Deal for Heinz," New York Times, February 19, 2013.
57. Berkshire Hathaway Annual Report, 1987, 15.
第5章
1. Conversation with Warren Buffett, August 1994.
2. Dan Callaghan, Legg Mason Capital Management / Morningstar Mutual Funds.
3. Berkshire Hathaway Annual Report, 1993, 15.
4. Ibid.
5. Conversation with Warren Buffett, August 1994.
6. Outstanding Investor Digest, August 10, 1995, 63.
7. Ibid.
8. Peter L. Bernstein, Against the Gods (New York: John Wiley & Sons, 1996), 63.
9. Ibid.
10. Ibid.
11. Outstanding Investor Digest, May 5, 1995, 49.
12. Robert L. Winkler, An Introduction to Bayesian, Inference and Decision (New York: Holt, Rinehart & Winston, 1972), 17.
13. Andrew Kilpartick, Of Permanent Value: The Story of Warren Buffett (Birmingham, AL: AKPE, 1998),800.
14. Outstanding Investor Digest, April 18, 1990, 16.
15. Ibid.
16. Outstanding Investor Digest, June 23, 1994, 19.
17. Edward O. Thorp, Beat the Dealer: A Winning Strategy for the Game of Twenty-One (New York: Vintage Books, 1962).
18. I am indebted to Bill Miller for pointing out the J. L. Kelly growth model.
19. C. E. Shannon, "A Mathematical Theory of Communication," Bell System Technical Journal 27, no. 3(July 1948).
20. J. L. Kelly Jr., "A New Interpretation of Information Rate," Bell System Technical Journal 35, no. 3 (July 1956).
21. Outstanding Investor Digest, May 5, 1995, 57.
22. Andrew Beyer, Picking Winners: A Horse Player's Guide (New York: Houghton Mifflin, 1994), 178.
23. Outstanding Investor Digest, May 5, 1995, 58.
24. Benjamin Graham, The Memorirs of the Dean of Wall Street (New York: McGraw-Hil, 1996), 239.
25. The speech was adapted as an article in the columbia Business School's publication Hermes (Fallo 1984), with the same title. The remarks directly quoted here are from that article.
26. Warren Buffett, "The Superinvestors of Graham-and-Doddsville," Hermes, Fall 1984. The superinvestors Buffett present in the article included Walter Schloss, Who worked at Graham-Newman Corporation in the mid-1950s, along with Buffett; Tom Knapp, another Graham-Newman alumnus, who later formed Tweedy, Browne Partners with Ed Anderson, also a Graham follower; Bill ruane, a former Graham student who went on to establish the Sequoia Fund with Rick Cuniff; Buffett's partner Charlie Munger; Rick Guerin of Pacific Parners; and Stan Perlmeter of Perlmeter Investments.
27. Berkshire Hathaway Annual Report, 1991, 15.
28. Jess H. Chua and Richard S. Woodward, "J. M. Keynes's Investment Performance: A Note," Journal of Finance 38, no 1 (March 1983).
29. Ibid.
30. Ibid.
31. Buffett, "superinvestors."
32. Ibid.
33. Ibid.
34. Sequoia Fund Annual Report, 1996.
35. Solveig Jansson, "GEICO Sticks to Its Last," Institutional Investor, July 1986, 130.
36. Berkshire Hathaway Annual Report, 1986, 15.
37. Berkshire Hathaway Annual Report, 1995, 10.
38. The research described here was conducted with Joan Lamm-Tennant, PhD, at villanova University.
39. K. J. Martijn Cremers and Antti Petajisto, "How Active Is Your Fund Manager? A New Measure That Predicts Performance," Yale ICF Working Paper No. 06-14, March 31, 2009.
40. "Active Funds Come out of the Closet," Barron's November 17, 2012.
41. Buffett, "Superinvestors."
42. Joseph Nocera, "Who's Got the Ansers?" Fortune, November 24, 1997, 329.
43. Ibid.
44. V. Euene Shahan, "Are SWhort-Term Performance and Value Investing Mutually Exclusive?" Herment,Spring 1986.
45. Sequoia Fund, Quarterly Report, March 31, 1996.
46. A Warren Buffett widely quoted remark.
47. Berkshire Hathaway Annual Report, 1987, 14.
48. Ibid.
49. Ibid.
50. Berkshire Hathaway Annual Report, 1981, 39.
51. Benjamin Graham and David Dodd, Security Analysis, 3rd ed. (New York: McGraw-Hill, 1951).
52. Berkshire Hathaway Annual Report, 1987, 15.
53. Berkshire Hathaway Annual Report, 1991, 8.
54. Ibid.
55. Outstanding Investor Digest, August 10, 1995, 10.
56. Berkshire Hathaway Annual Report, 1991, 15.
57. Berkshire Hathaway Annual Report, 1991, 15.
58. Robert Jeffrey and Robert Arnott, "Is Your Alpha Big Enough to Cover Its Taxes?" Journal of Portfolio Manangement, Spring 1993.
59. Ibid.
60. Brett Duaal Fromson, "Are These the New Warren Buffetts?" Fortune, October 30, 1989, from Carol Loomis, Tap Dancing to Work: Warren Buffett on Practically Everything, 1966-2012 (New York: Time Inc., 2012), 101.
第6章
1. Qutstanding Investor Digest, August 10, 1995, 11.
2. Benjamin Graham, The intellingent Investor (New York: Harper & Row, 1973), 106.
3. Jonathan Fuerbringer, "Why Both Bulls and Bears Can Act So Bird-Brained," New York Times, March 30, 1997, section 3, 0. 6"
4. Jonathan Burton, "It Just Ain't Rational,"Fee Advisor, September / October 1996, 26.
5. Brian O'Reilly, "Why Can't Johnny Invest?" Forlune, November 9, 1998, 73.
6. Fuerbringer, "Why Both Bulls and Bears Can Act So Bird-Brained."
7. Larry Swedore, "Frequent Monitoring of Your Portfolio Can Be Injurious to Your Health," www.indexfunds.com/articles/20021015_myopic_com_gen_LS.htm.
8. Shlomo Benartzi and Richard Taler, "Myopic Loss Aversion and the Equity Risk Premium," Quarterly Journal of Economics 110, no. 1 (February 1995): 73-92.
9. Berkshire Hathaway Annual Report, 1984, 14.
10. Graham, Intelligent Investor.
11. Ibid.
12. For a comprehensive and well-written historical summary of the development of modern finance, see Peter Bernstein Capital Ideas: The Improbable Origins of Modern Wall Street (New York: Freee Press, 1992).
13. Berkshire Hathaway Annual Report, 1993, 13.
14. Ibid.
15. Outstanding Investor Digest, June 23, 1994, 19.
16. Outstanding Investor Digest, August 8, 1996, 29.
17. Berkshire Hathaway Annual Report, 1988, 18.
18. Ibid.
19. Andrew Kilpartick, Of Permanent Value: The Story of Warren Buffett (Birmingham, AL: AKPE, 1988) , 683.
第7章
1. andrei Shleifer and Robert Vishny, "The New Theory of the firm: Equilibrium Short Horizons of Investors and Firms," American Economic Review, Paper and Proceedings 80, no 2 (1990): 148-153.
2. Ibid.
3. Keith Stanovich, What Intelligence Tests Miss: The psychology of Rational Thought (New Haven: Yale University Press, 2009). Also see Keith Stanovich, "Rationality versus Intelligence," Project Syndicate (2009-04-06), www.project-syndicate.org.
4. Keith Stanovich, "Rational and Irrational Thought: The Thinking That IQ Tests Miss," Scientific American Mind (November / December 2009), 35.
5. Jack Treynor, Treynor on Institutional Investing (Hoboken, NJ: John Wiley &Sons, 2008), 425.
6. Ibid., 424.
7. Ibid.
8. Daniel Kahneman, Thinking Fast and Slow (New York: Farrar, Straus & Giroux, 2011), 4.
9. The bat costs $1.05 and the ball costs $0.05. It takes 5 minutes for 100 machines to make 100 widgets. It will take 47 days for the lily pad patch to cover half the lake.
10. D. N. Perkins, "Mindware and Metacurriculm", in Creating the Future: Perspectives on Educational Change, comp. and ed. Dee Dickinson (Baltimore: Johns Hopkins University School of Education, 2002).
11. Ilia Dicher, Kelly Long, and Dexin Zhou, "The Dark Side of Trading," Emory University School of Law, Research Paper No.11, 95-143.
12. Carol Loomis, Tap Dancing to Work: Warren Buffett on Practically Everything, 1966-2012 (New York: Time Inc., 2012), 101.
第8章
1. Roger Lowenstein, Buffett: The Making of an American Capitalist (New York: Random House, 1995), 20.
2. John Partt and Richard Zeckhauser, eds., Principals and Agents: The Structure of Business (Boston: Harvard Business School Press, 1985).
3. Carol Loomis, Tap Dancing to owrk: Warren Buffett on Practically Everything, 1966-2012 (New York: Time Inc., 2012), 101.
4. Conversation with Carol Loomis, February 2012.
5. Lowenstein, Buffett.
6. Loomis, Tap Dancing to Work, 134.
7. Caro Loomis, "Inside Story of Warren Buffett, " Fortune, April 11, 1988, 34.
8. Berkshire Hathaway Annual Report, 1996, 16.
9. Berkshire Hathaway Annual Report, 1993, 15.
10. William N. Thorndike Jr., The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success (Boston: Harvard Business Review Press, 2012), 194.
11. Ibid.
12. Berkshire Hathaway nnual Report, 1933,16.
13. Ibid.
14. Ibid., 14.
15. Ibid.
16. George Johnson, Fire in the Mind: Science, Faith, and the Search for Order (New York: Vintage Books, 1995), 104.
17. Andrew Kilpatrick, Of Permanent Value: The Story of Warren Buffett (Birmingham, AL: APKE, 1998), 794.
18. Ron Chernow, The Death of the Banker. The Decline and Fall of the Great Financial Dynasties and the Triumph of Small Investors (New York: Vintage Books, 1997).
19. Berkshire Hathaway Annual Report, 1987, 15.
20. Robert Lenzner, "Warren Buffett's Idea of Heaven: 'I Don't Have to Work with People I Don't Like,'" Forbes, October 18, 1993, 40.
21. Berkshire Hathaway Annual Report, 1992, 16.