巴菲特：We made a sizable acquisition in 1991—the H. H. Brown Company，the leading North American manufacturer of work shoes and boots, and it has a history of earning unusually fine margins on sales and assets.
淡泊人生：巴菲特用很多的钱买了布朗鞋业。从品牌地位上来看，它是北美的领导品牌。从利润表上来看表现非常好，从资产上来看也是非常完美。等最终这家企业价值归零。因为在巴菲特买了这家企业以后。因为中国的其他国家劳动力实在是太便宜了，让布朗鞋业根本没有竞争力。所以我们做投资，看历史业绩非常重要，但更重要的是能够展望将来。展望将来才是一个人做好投资的核心竞争力。如何才能更好地展望将来，这就必须来源于能力圈，必须要多阅读多思考。用道德经的话来说，就是常道不离辎重。
淡泊人生：巴菲特用很多的钱买了布朗鞋业。从品牌地位上来看，它是北美的领导品牌。从利润表上来看表现非常好，从资产上来看也是非常完美。等最终这家企业价值归零。因为在巴菲特买了这家企业以后。因为中国的其他国家劳动力实在是太便宜了，让布朗鞋业根本没有竞争力。所以我们做投资，看历史业绩非常重要，但更重要的是能够展望将来。展望将来才是一个人做好投资的核心竞争力。如何才能更好地展望将来，这就必须来源于能力圈，必须要多阅读多思考。用道德经的话来说，就是常道不离辎重。
巴菲特：Actually, it appears to me that the decline in stock prices has been considerably less than the decline in corporate earning power under present business conditions.
淡泊人生：股价下跌的幅度远远小于在当前环境下，公司盈利能力的下跌。现在对于宏观环境的悲观，股价其实已经过度反应。与巴菲特在1957年这段话相比，2024年的情况正好和他相反，当前a股市场优秀企业的股价下跌幅度远远超过了优秀公司赚钱能力的下跌幅度。当然这有个前提是优秀公司，那些垃圾股我是从来都不看的。垃圾股，它的股价很可能就和巴菲特说的一样。股价下跌的幅度远远没有反映其盈利能力的下跌。
淡泊人生：股价下跌的幅度远远小于在当前环境下，公司盈利能力的下跌。现在对于宏观环境的悲观，股价其实已经过度反应。与巴菲特在1957年这段话相比，2024年的情况正好和他相反，当前a股市场优秀企业的股价下跌幅度远远超过了优秀公司赚钱能力的下跌幅度。当然这有个前提是优秀公司，那些垃圾股我是从来都不看的。垃圾股，它的股价很可能就和巴菲特说的一样。股价下跌的幅度远远没有反映其盈利能力的下跌。
#星空# Merriam-Webster's Word of the Day for February 20, 2024 is:
buttress • \BUTT-russ\ • noun
A buttress is a structure built against a wall in order to support or strengthen it. More broadly, buttress may refer to anything that supports or strengthens. Buttress may also refer to something that resembles a buttress, such as a projecting part of a mountain or hill, a horny protuberance on a horse's hoof at the heel, or the broadened base of a tree trunk or a thickened vertical part of it.
// After the wall collapsed, the construction company agreed to rebuild it with a buttress.
See the entry >
Examples:
"Between November 2018 and May 2021, the glacier retreated eight kilometres as the ice shelf at the end of the glacier ... disappeared. The ice shelf would have acted as a buttress, slowing the movement of the glacier towards the sea." — The University of Leeds (environment.leeds.ac.uk), 29 Nov. 2023
Did you know?
The word buttress first budded in the world of architecture during the 14th century, when it was used to describe an exterior support that projects from a wall to resist the sideways force, called thrust, created by the load on an arch or roof. The word ultimately comes from the Anglo-French verb buter, meaning "to thrust." Buter is also the source of our verb butt, meaning "to thrust, push, or strike with the head or horns." Buttress developed figurative use relatively soon after its adoption, being applied to anything that supports or strengthens something else. No buts about it: the world would not be the same without buttresses. https://t.cn/AieuKrX0
buttress • \BUTT-russ\ • noun
A buttress is a structure built against a wall in order to support or strengthen it. More broadly, buttress may refer to anything that supports or strengthens. Buttress may also refer to something that resembles a buttress, such as a projecting part of a mountain or hill, a horny protuberance on a horse's hoof at the heel, or the broadened base of a tree trunk or a thickened vertical part of it.
// After the wall collapsed, the construction company agreed to rebuild it with a buttress.
See the entry >
Examples:
"Between November 2018 and May 2021, the glacier retreated eight kilometres as the ice shelf at the end of the glacier ... disappeared. The ice shelf would have acted as a buttress, slowing the movement of the glacier towards the sea." — The University of Leeds (environment.leeds.ac.uk), 29 Nov. 2023
Did you know?
The word buttress first budded in the world of architecture during the 14th century, when it was used to describe an exterior support that projects from a wall to resist the sideways force, called thrust, created by the load on an arch or roof. The word ultimately comes from the Anglo-French verb buter, meaning "to thrust." Buter is also the source of our verb butt, meaning "to thrust, push, or strike with the head or horns." Buttress developed figurative use relatively soon after its adoption, being applied to anything that supports or strengthens something else. No buts about it: the world would not be the same without buttresses. https://t.cn/AieuKrX0
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