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Invataturile lui #1.

Adica ale lui Warren Buffett, cel mai bogat om din lume. Are obiceiul sa fie foarte deschis si sa predea adevarate lectii de business in scrisorile adresate actionarilor Berkshire Hathaway, pe care le gasiti pe toate aici.

Un fragment din scrisoarea trimisa in 2007 - mai jos:

Let’s take a look at what kind of businesses turn us on. And while we’re at it, let’s also discuss
what we wish to avoid.

Charlie and I look for companies that have a) a business we understand; b) favorable long-term
economics; c) able and trustworthy management; and d) a sensible price tag. We like to buy the whole
business or, if management is our partner, at least 80%. When control-type purchases of quality aren’t
available, though, we are also happy to simply buy small portions of great businesses by way of stockmarket
purchases. It’s better to have a part interest in the Hope Diamond than to own all of a rhinestone.

A truly great business must have an enduring “moat” that protects excellent returns on invested
capital. The dynamics of capitalism guarantee that competitors will repeatedly assault any business
“castle” that is earning high returns. Therefore a formidable barrier such as a company’s being the lowcost
producer (GEICO, Costco) or possessing a powerful world-wide brand (Coca-Cola, Gillette, American
Express) is essential for sustained success. Business history is filled with “Roman Candles,” companies
whose moats proved illusory and were soon crossed.

Our criterion of “enduring” causes us to rule out companies in industries prone to rapid and
continuous change. Though capitalism’s “creative destruction” is highly beneficial for society, it precludes
investment certainty. A moat that must be continuously rebuilt will eventually be no moat at all.

Tags: Berkshire Hathaway, Charlie Munger, Warren Buffett