Labitan.沃伦.巴菲特文集(EN)——The_Warren_Buffett_Business_F(2)

COCA-COLA AND GILLETTE ADVANTAGES ............................................................................................ 68

CAPITAL STRENGTH ADVANTAGE ............................................................................................................. 69

ACQUISITIONS ................................................................................................................................................... 69

GEICO .................................................................................................................................................................... 71

MARKETING OF GEICO ................................................................................................................................... 71

TECH COMPANIES ............................................................................................................................................ 73

UNDERSTANDABLE BUSINESS ...................................................................................................................... 74

SUSTAINABLE COMPETITIVE ADVANTAGE ............................................................................................. 75

TRUSTWORTHY FIRST-CLASS MANAGEMENT ....................................................................................... 76

BARGAIN PRICE ................................................................................................................................................. 77

Introduction

These selected passages from the annual letters of Warren Buffett to the shareholders of Berkshire Hathaway Inc. reveal the qualitative business knowledge and wisdom a man and his friends have acquired over 50 years in the business world. All the words, sentences, and stories came from his letters and writings. Therefore, this is the business book that I imagined Warren Buffett could have organized and written.

I borrow the idea of edited selections from Professor Lawrence Cunningham’s 1997 book, “The Essays of Warren Buffett: Lessons for Corporate America”. This book differs from Professor Cunningham’s book in the manner and order the sections are presented to the reader. This book deliberately presents Mr. Buffett’s business teachers first; because I felt that this section shows the reader some of the social and emotional intelligence Mr. Buffett possesses.

The book progresses into Mr. Buffett’s documented business thoughts and ideas. Finally, this book focuses on Mr. Buffett’s writings related to his four major investment selection criteria. I also borrow the idea of dividing up sections into more easily readable independent pieces from Andrew Kilpatrick’s comprehensive and entertaining biography, “Of Permanent Value: The Story of Warren Buffett”.

I edited the passages into shorter distilled forms of qualitative and practical business ideas. Consequently, you will learn more about Mr. Buffett’s ideas on business and investing. Through his writings, you will appreciate a unique combination of character, intellect, discipline, and sociability. As you read other books about Warren Buffett, Charlie Munger, and Benjamin Graham, notice a wider circle of friends and family that have grown together. I have taken the liberty to rearrange the sections of Warren Buffett’s letters with the hope of capturing the essence of important business and investing ideas. For the reader interested in learning more about the wider circle of Berkshire’s family and friends, I would refer you to Andy’s biographical book as well as Janet Lowe’s book on Charlie Munger entitled “Damn Right!”

Thanks to Roger Lowenstein for writing the 1995 biography, “Buffett: The Making of an American Capitalist” This was the book that first captured my interest in Mr. Buffett, value investing, and efficient business thought. I have also enjoyed reading the fine books written by Robert Hagstrom, Mary Buffett, David Clark, and Timothy Vick.

Thanks to Janine Rueth for love, support, and encouragement. Thanks to Victoria Labitan, Helen Rueth, J.T. Loudermilk, Everett McDonald, Dr. Shomir Sil, and Dr. Pat Obi for your encouragement. Ultimately, the best book on Mr. Buffett’s business and investing ideas is one written by Mr. Buffett

and co-written by Mr. Munger. Therefore, I concluded that the annual letters best capture these ideas. The order or disorder in which they are presented can be blamed on me. In general, the order of presented sections goes from friends and teachers towards concepts and actions. I attempted to “trim a bit of fat” off a large fine steak.

These are minimalistic edits of selected passages from the annual letters of Warren E. Buffett to the Shareholders of Berkshire Hathaway Inc. In order to preserve Mr. Buffett’s words, I approached the material as if I were editing scripture. Therefore, there are no additions of content from me.

My editing was performed by careful surgical subtraction of less essential words. My goal was:

1.Dividing up sections into more easily readable independent pieces, 2.Clarifying ideas presented in longer sentences and 3.Enhancing clarity of thought of the reader. As a book, it is designed/divided to be an appealing bestseller by my intentional division of interesting selections into small sections/chapters. I have heard Mr. Buffett describe the process of writing the annual letters, initially dedicating them to his sisters in this way: “Dear Doris and Bertie,” Therefore, this book could also be titled: ( Dear Doris and Bertie, Here is what I learned about wonderful businesses from your brother Warren. )

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August 15,2002

Dear Dr. Labitan:

I enjoyed your letter and organization of t …… 此处隐藏：6261字，全部文档内容请下载后查看。喜欢就下载吧 ……