伯克希尔哈撒维2009年股东大会的一句话
但斌2009-11-20 15:37
伯克希尔哈撒维2009年股东大会的一句话
Munger: We don’t want an investment manager who thought he could jump into cash due to macroeconomic factors and then jump back [into stocks].
芒格：我们不想让这样的人担任投资经理，他认为可以因为宏观经济因素而把股票变现，然后在某个时间再把股票买回来。
Buffett: We would exclude any such person.
巴菲特：我们会排除任何一个这样做的人。
备注：
page 9
Carol Loomis asked a question from an individual in New York City, who
wanted to
know how the four investment managers “in the wings” to eventually replace
Buffett
performed in 2008. How would Buffett rate these managers? Are all four still
on the
list?
Buffett: All four are still on the list of candidates. There are three
candidates for the
CEO position—all are internal candidates—and four possibilities for the
investment
manager—inside and outside Berkshire—one or more could be chosen. It’s up to
the
board. The CEO will come from inside. The [investment head candidates] did
no
better than match the S&P 500’s decline of 37% in 2008. They didn’t cover
themselves in glory, but I didn’t either.
Munger: Every investment manager that I know of who I regard as intelligent
and
successful—they all got creamed last year.
Buffett: All four have better than average long-term records—modestly to
significantly better than average over the past 10 years, and I suspect
[they] will be
better over the next 10 years. There were a lot of things that didn’t work
last year. I
did not change the list [of candidates]. If I dropped dead tonight, the
board knows who
the new CEO would be. The choice of the new investment manager will be made
in
consultation with the new CEO. The investment management position is not so
critical [time-wise].
Munger: We don’t want an investment manager who thought he could jump into
cash
due to macroeconomic factors and then jump back [into stocks].
Buffett: We would exclude any such person.
Munger: We don’t want an investment manager who thought he could jump into cash due to macroeconomic factors and then jump back [into stocks].
芒格：我们不想让这样的人担任投资经理，他认为可以因为宏观经济因素而把股票变现，然后在某个时间再把股票买回来。
Buffett: We would exclude any such person.
巴菲特：我们会排除任何一个这样做的人。
备注：
page 9
Carol Loomis asked a question from an individual in New York City, who
wanted to
know how the four investment managers “in the wings” to eventually replace
Buffett
performed in 2008. How would Buffett rate these managers? Are all four still
on the
list?
Buffett: All four are still on the list of candidates. There are three
candidates for the
CEO position—all are internal candidates—and four possibilities for the
investment
manager—inside and outside Berkshire—one or more could be chosen. It’s up to
the
board. The CEO will come from inside. The [investment head candidates] did
no
better than match the S&P 500’s decline of 37% in 2008. They didn’t cover
themselves in glory, but I didn’t either.
Munger: Every investment manager that I know of who I regard as intelligent
and
successful—they all got creamed last year.
Buffett: All four have better than average long-term records—modestly to
significantly better than average over the past 10 years, and I suspect
[they] will be
better over the next 10 years. There were a lot of things that didn’t work
last year. I
did not change the list [of candidates]. If I dropped dead tonight, the
board knows who
the new CEO would be. The choice of the new investment manager will be made
in
consultation with the new CEO. The investment management position is not so
critical [time-wise].
Munger: We don’t want an investment manager who thought he could jump into
cash
due to macroeconomic factors and then jump back [into stocks].
Buffett: We would exclude any such person.