生活与风格的巴菲特方法论(ppt 39页)(英文)
合集下载
股神巴菲特ppt课件
巴菲特最近在其旗舰上市公司的年报里引用古希腊伊索寓言中的这句谚语再次阐述了他的投资概10四巴菲特的第四个原则是要有耐心他有一个说法就是短于5年的投资是傻子的投资因为企业的价值通常不会在这么短的时间里充分体现你能赚到的一点钱也通常被银行和税务局瓜分
股神巴菲特
巴菲特回绝投机行为，却以简单的投资策 略与原那么，作长线进出，不理睬每日股价涨跌， 不担忧经济情势，妥善管理手上投资组合，创 造出一套独特的投资战略。 被华尔街誉为“当今世界伟大的投资者〞！
第一条原那么：千万不要亏损。
第二条原那么：千万不要忘记第一条 原那么
一位伯克希尔迷提出了两条新的原那 么：
第一条原那么：千万不要抛售他的伯 克希尔股票。
第二条原那么：千万不要忘记第一条 原那么。
三、巴菲特投资经典案例
3、网络泡沫独善其身
早在两年前，巴菲特就预言技术网络泡沫将 破裂。去年第二季度开场，反映技术股走势 的美国纳斯达克指数继续下泻，如今曾经从 5000点高位，跌穿2000点主要心思关口，重 新回到1998年12月的程度上。许多华尔街的 投资商身价一落千丈，但一直坚持投资在保 险、零售等旧经济公司的巴菲特，他控制的 上市公司去年那么逆势而上，大赚33亿美圆！
二、巴菲特的投资原那么
四、巴菲特的第四个原那么是"要有耐心" 他有一个说法，就是短于5年的投资是傻
子的投资，由于企业的价值通常不会在这么短 的时间里充沛表达，他能赚到的一点钱也通常 被银行和税务局瓜分。同样，做一个企业，也 要有耐性。世界上只需20%的创业企业能坚持 到5年以上，但通常坚持下来的企业都有很好 的报答。
二、巴菲特的投资原那么
---巴菲特的名言是:不是我喜欢钱,而是我喜欢看 着它们增长。 当有人问起巴菲特胜利的微妙何在时，他说： “第一，不做短线买卖。第二，不熟习不做。 假设有人向他廉价出让美国钢铁、通用汽车的 股票时，他最好别接手。虽然这些都是很好的 公司，但假设涉及太多科技，而他根本不能了 解，就最好不要沾手。第三，选择高素质公司。 其规范是，只需较少的流动资金运营；老板持 有大量现金，老板有足够的判决权。〞
股神巴菲特
巴菲特回绝投机行为，却以简单的投资策 略与原那么，作长线进出，不理睬每日股价涨跌， 不担忧经济情势，妥善管理手上投资组合，创 造出一套独特的投资战略。 被华尔街誉为“当今世界伟大的投资者〞！
第一条原那么：千万不要亏损。
第二条原那么：千万不要忘记第一条 原那么
一位伯克希尔迷提出了两条新的原那 么：
第一条原那么：千万不要抛售他的伯 克希尔股票。
第二条原那么：千万不要忘记第一条 原那么。
三、巴菲特投资经典案例
3、网络泡沫独善其身
早在两年前，巴菲特就预言技术网络泡沫将 破裂。去年第二季度开场，反映技术股走势 的美国纳斯达克指数继续下泻，如今曾经从 5000点高位，跌穿2000点主要心思关口，重 新回到1998年12月的程度上。许多华尔街的 投资商身价一落千丈，但一直坚持投资在保 险、零售等旧经济公司的巴菲特，他控制的 上市公司去年那么逆势而上，大赚33亿美圆！
二、巴菲特的投资原那么
四、巴菲特的第四个原那么是"要有耐心" 他有一个说法，就是短于5年的投资是傻
子的投资，由于企业的价值通常不会在这么短 的时间里充沛表达，他能赚到的一点钱也通常 被银行和税务局瓜分。同样，做一个企业，也 要有耐性。世界上只需20%的创业企业能坚持 到5年以上，但通常坚持下来的企业都有很好 的报答。
二、巴菲特的投资原那么
---巴菲特的名言是:不是我喜欢钱,而是我喜欢看 着它们增长。 当有人问起巴菲特胜利的微妙何在时，他说： “第一，不做短线买卖。第二，不熟习不做。 假设有人向他廉价出让美国钢铁、通用汽车的 股票时，他最好别接手。虽然这些都是很好的 公司，但假设涉及太多科技，而他根本不能了 解，就最好不要沾手。第三，选择高素质公司。 其规范是，只需较少的流动资金运营；老板持 有大量现金，老板有足够的判决权。〞
生活与风格的巴菲特方法论
Life & Styles of Warren Buffet
Taro Aoki Jennifer Liu Nirav Mody Fez Qamar Ryan Vaughn
Agenda
Background Qualitative Analysis Quantitative Analysis McDonald’s Analysis Conclusion
Retain Earnings
(+) Can reinvest better (+) Increases value of stock price
The Compounding Rate of Return
Warren’s real trick is to get a high annual compounding rate of return
“Never invest in a business you cannot understand”
Investing is Business-Like
Does not believe in the Efficient Markets Hypothesis
Believes diversification is for idiots Does not care about market fluctuations Thinks investing is only correct when it
An Exceptional Child
Sold 6-packs of Coke for a profit Bought his first shares at age eleven Graduated from college in 3 years while
Taro Aoki Jennifer Liu Nirav Mody Fez Qamar Ryan Vaughn
Agenda
Background Qualitative Analysis Quantitative Analysis McDonald’s Analysis Conclusion
Retain Earnings
(+) Can reinvest better (+) Increases value of stock price
The Compounding Rate of Return
Warren’s real trick is to get a high annual compounding rate of return
“Never invest in a business you cannot understand”
Investing is Business-Like
Does not believe in the Efficient Markets Hypothesis
Believes diversification is for idiots Does not care about market fluctuations Thinks investing is only correct when it
An Exceptional Child
Sold 6-packs of Coke for a profit Bought his first shares at age eleven Graduated from college in 3 years while
巴菲特的ppt.
“我想给子女的，是足以让他们能 够一展抱负，而不是多到让他们最 后一事无成。” 巴菲特的子女将继承他财产的部份， 比例并不会太高。这与巴菲特过去 一再表示，不愿意让大量财富代代 相传的想法，是相当一致的。
巴菲特名言：
♥ Rule No 1 : never lose money. Rule No 2: never forget
巴菲特投资心得：
♪ 不要贪婪。1969年整个华尔街进入了投资的 疯狂阶段，面对连创新高的股市，巴菲特却 在手中股票涨到20%的时候就非常冷静地悉 数全抛。 ♪ 不要跟风。2000年，全世界股市出现了所谓 的网络概念，巴菲特却称自己不懂高科技， 没法投资。一年后全球就出现了高科技网络 股股灾。 ♪ 不要投机。巴菲特常说的一句口头禅是：拥 有一只股票，期待它下个早晨就上涨是十分 愚蠢的。
《福布斯》杂志是福布斯集团的旗舰刊物，是 美国最早的大型商业杂志，也是全球最为著 名的财经出版物之一。它被誉为“美国经济 的晴雨表”。
沃伦· 巴菲特
中文名：沃伦·巴菲特（Warren Buffett） 出生日期：1930年8月30日 出生地：美国内布拉斯加州奥马哈市 毕业院校：沃顿商学院本科、哥伦比亚大学硕 士 职业：伯克希尔·哈撒韦公司行政总裁 净资产：582亿美元（2014年）
巴菲特本身就是一个传奇人物，他是有史以来最伟 大的投资家，他依靠股票、外汇市场的投资，成为 全球顶尖的富豪。此外，巴菲特还非常热心公益事 业，更是被美国人称为“除了父亲外最值得尊敬的 男人。” 2006年，巴菲特在纽约公共图书馆签署捐款意向书， 正式决定向5个慈善基金会捐出其财富的85%，约合 375亿美元。这是美国和世界历史上最大一笔慈善捐 款。他还准备将捐款中的绝大部分（约300亿美元） 捐给比尔·盖茨及其妻子建立的“比尔与梅琳 达·盖茨基金会”。
Unit 4Life Attitude新理念交互英语教程第二册课件
Back
Conversation 2
Script
Key
Listen to the conversations twice and choose the best answer to each question from the four choices marked A, B, C and D.
Conversation 2
1 Section A Wake Up Your Ears 2 Section B Open Your Mouth
3 Section C Enrich Your Mind 4 Section D Keep Feet on the Ground 5 Section E Try Your Hands 6 Section F Lighten Your Brain
some medicine? M: No. Just drink some hot water with honey and speak less. Q: What’s the relationship between the two speakers?
Dialogue
Back
3. W: I am suffering from terrible insomnia. Can you give me
W: You have got a touch of flu. Just take some medicine and you’ll be all right soon.
Q: What’s wrong with the man? 2. W: I’m not feeling well and I have a sore throat. Need I take
Back
巴菲特PPT
相關新聞
（1）捐獻與遺產 ）
全世界第二富豪華倫巴菲特在2006/6/25宣布， 宣布， 全世界第二富豪華倫巴菲特在 宣布 計畫將他約四百四十億美金的資產中的百分之八 計畫將他約四百四十億美金的資產中的百分之八 十五，捐出來做慈善事業。 十五，捐出來做慈善事業。這是美國有史以來最 大的慈善捐款。 年開始， 大的慈善捐款。自2006年開始，該基金會將在未 年開始 來的每年七月，收到全部款項的5%。 來的每年七月，收到全部款項的 。 華倫·巴菲特的子女將繼承他財產的部份 巴菲特的子女將繼承他財產的部份， 華倫 巴菲特的子女將繼承他財產的部份，比例 並不會太高。這與華倫·巴菲特過去一再表示 巴菲特過去一再表示， 並不會太高。這與華倫 巴菲特過去一再表示，不 的想法， 願意讓大量財富代代相傳的想法 是相當一致的。 願意讓大量財富代代相傳的想法，是相當一致的。 華倫·巴菲特曾表示：「我想給子女的 巴菲特曾表示：「我想給子女的， 華倫 巴菲特曾表示：「我想給子女的，是足以讓 他們能夠一展抱負， 他們能夠一展抱負，而不是多到讓他們最後一事 無成。 無成。」
生平简介
• • • • • • • • 神奇再现 1957年，巴菲特掌管的资金达到 万美元，但年末则升至 万美元。 万美元， 万美元。 年 巴菲特掌管的资金达到30万美元 但年末则升至50万美元 1962年，巴菲特合伙人公司的资本达到了 万美元， 年 巴菲特合伙人公司的资本达到了720万美元，其中有 万美元 其中有100万是属于 万是属于 巴菲特个人的。 巴菲特个人的。 1964年，巴菲特的个人财富达到 万美元， 年 巴菲特的个人财富达到400万美元，而此时他掌管的资金已高达 万美元 2200万美元。 万美元。 万美元 1967年10月 巴菲特掌管的资金达到6500万美元 1967年10月，巴菲特掌管的资金达到6500万美元。 万美元。 1968年 巴菲特公司的股票取得了它历史上最好的成绩：增长了46%， 1968年，巴菲特公司的股票取得了它历史上最好的成绩：增长了46%，而 琼斯指数才增长了9%。巴菲特掌管的资金上升至1亿零 亿零400万美元，其中属 万美元， 道·琼斯指数才增长了 。巴菲特掌管的资金上升至 亿零 琼斯指数才增长了 万美元 于巴菲特的有2500万美元。 万美元。 于巴菲特的有 万美元 1970年~1974年间，美国股市就像个泄了气的皮球，没有一丝生气，持续 年间， 年 年间 美国股市就像个泄了气的皮球，没有一丝生气， 的通货膨胀和低增长使美国经济进入了“滞涨”时期。然而， 的通货膨胀和低增长使美国经济进入了“滞涨”时期。然而，一度失落的巴菲特 却暗自欣喜异常，因为他看到了财源即将滚滚而来──他发现了太多的便宜股票。 ──他发现了太多的便宜股票 却暗自欣喜异常，因为他看到了财源即将滚滚而来──他发现了太多的便宜股票。 1973年开始，他偷偷地在股市上蚕食《波士顿环球》和《华盛顿邮报》， 年开始， 华盛顿邮报》 年开始 他偷偷地在股市上蚕食《波士顿环球》 他的介入使《华盛顿邮报》利润大增，每年平均增长35%。10年之后，巴菲特投 年之后， 他的介入使《华盛顿邮报》利润大增，每年平均增长 。 年之后 入的1000万美元升值为两个亿。 万美元升值为两个亿。 入的 万美元升值为两个亿 1980年，他用 亿美元、 美元的单价， 年 他用1.2亿美元、以每股 亿美元 以每股10.96美元的价，买进可口可乐 %的 美元的单价 买进可口可乐7 的 股份。 股份。到1985年，可口可乐改变了经营策略，开始抽回资金，投入饮料生产。其 年 可口可乐改变了经营策略，开始抽回资金，投入饮料生产。 股票单价已长至51.5美元，翻了 倍。至于赚了多少，其数目可以让全世界的投 美元， 股票单价已长至 美元 翻了5倍 至于赚了多少， 资家咋舌 .
《巴菲特介绍英语》PPT课件
ppt课件
8
1941 11 years old
6 shares of Cities Service preferred stock [3 shares for himself, 3 for his sister, Doris]
•他跃身股海，购买了平生第一张股票。
ppt课件
9
In his senior year of high school Buffett and a friend spent $25 to purchase a used pinball machine（弹球机）, which they placed in a barber shop. Within months, they owned three machines in different locations.
ppt课件
10
As a Businessman
1962年，巴菲特与合伙人合开公司的资本达到了720 万美元，其中有100万是属于巴菲特个人的。
1968年，巴菲特公司的股票取得了它历史上最好的 成绩：增长了59%，而道·琼斯指数才增长了9%。巴 菲特掌管的资金上升至1亿零400万美元。(道·琼斯指 数,美国三大股指之一）
at a fair price than a fair company at a
wonderful pricepp.t课件
5
To make a strategic decision in five minutes. （五分钟决策）
No more than your real need .Don’t waste excessively. （不超过自己真正需要的，不过度奢侈浪费）
ppt课件
13
生活与风格的巴菲特方法论(英文)
5%
10 yrs $ 162,889 20 yrs $ 265,329
30 yrs $ 432,194
10%
$ 259,374 $ 672,749
$ 1,744,940
15%
$ 404,555 $ 1,636,653
20%
$ 619,173 $ 3,833,759
$ 6,621,177 $ 23,737,631
8 Key Questions to Investing
1. Does the business have an identifiable consumer monopoly?
Warren Looks at…
❖ The annual EPS figure ❖ Its predictability ❖ The market price
Wall Street Looks at …
❖ They work for a commission ❖ Interested in selling the priciest security they
❖ “Never invest in a business you cannot understand”
Investing is Business-Like
❖ Does not believe in the Efficient Markets Hypothesis
❖ Believes diversification is for idiots ❖ Does not care about market fluctuations ❖ Thinks investing is only correct when it is
Tenets of the Oracle of Omaha
生活与风格的巴菲特方法论
Selling at a “bargain” price
Warren’s Investing Beliefs
❖ Consumer monopoly, with exceptional business economics, and shareholderoriented management
❖ Bases investment decisions on 8 key questions
生活与风格的巴菲特方法论
Agenda
❖ Background ❖ Qualitative Analysis ❖ Quantitative Analysis ❖ McDonald’s Analysis ❖ Conclusion
An Exceptional Child
❖ Sold 6-packs of Coke for a profit ❖ Bought his first shares at age eleven ❖ Graduated from college in 3 years while
5%
10 yrs $ 162,889 20 yrs $ 265,329
30 yrs $ 432,194
10%
$ 259,374 $ 672,749
$ 1,744,940
15%
$ 404,555 $ 1,636,65320%$ 源自19,173 $ 3,833,759
$ 6,621,177 $ 23,737,631
can find ❖ Do not care about the price at which they
sell you the stock, so NO bargains
Earnings
❖ Give back in form of dividends
Warren’s Investing Beliefs
❖ Consumer monopoly, with exceptional business economics, and shareholderoriented management
❖ Bases investment decisions on 8 key questions
生活与风格的巴菲特方法论
Agenda
❖ Background ❖ Qualitative Analysis ❖ Quantitative Analysis ❖ McDonald’s Analysis ❖ Conclusion
An Exceptional Child
❖ Sold 6-packs of Coke for a profit ❖ Bought his first shares at age eleven ❖ Graduated from college in 3 years while
5%
10 yrs $ 162,889 20 yrs $ 265,329
30 yrs $ 432,194
10%
$ 259,374 $ 672,749
$ 1,744,940
15%
$ 404,555 $ 1,636,65320%$ 源自19,173 $ 3,833,759
$ 6,621,177 $ 23,737,631
can find ❖ Do not care about the price at which they
sell you the stock, so NO bargains
Earnings
❖ Give back in form of dividends
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
Test #2: Initial Rate of Return
Initial Rate of Return = EPS / share price
Test #3: Per Share Growth Rate
Use PV/FV Formula FV = PV (1 + r)T
Growth of Retained Earnings
Philosophies
Warren adopted Fisher and Munger’s philosophies
Superior economics working in their favor Selling at the “right” price
Warren did NOT adopt Graham’s philosophy
Selling at a “bargain” price
Warren’s Investing Beliefs
Consumer monopoly, with exceptional business economics, and shareholderoriented management
Bases investment decisions on 8 key questions
When to Sell
Graham’s Approach Sell when security reaches intrinsic
value
Warrens Approach Hold on to stock as long as possible
Possible only when investing in excellent business.
6. How much money does the business have to spend on maintaining the current operations?
7. How good is the management at reinvesting retained earnings, earnings in business opportunities and expansion of operations?
is business-like
Qualitative Analysis
Investing From a Business Perspective
Look at the economic ownership of businesses the common stock represents
Not a horse race with numbers found every morning on the Wall Street Journal
Life & Styles of Warren Buffet
Taro Aoki Jennifer Liu Niravughn
Agenda
Background Qualitative Analysis Quantitative Analysis McDonald’s Analysis Conclusion
Annual Compounding Rate of Return
1. Project Future EPS
PV formula
2. Project the Market Price
Market Price = P/E Ratio * EPS
3. Project the Annual Compounding Rate of Return
5%
10 yrs $ 162,889 20 yrs $ 265,329
30 yrs $ 432,194
10%
$ 259,374 $ 672,749
$ 1,744,940
15%
$ 404,555 $ 1,636,653
20%
$ 619,173 $ 3,833,759
$ 6,621,177 $ 23,737,631
Initial Rate of Return = EPS Stock Price
Earnings are either retained or paid as dividends
Retained Earnings grow at the same rate as ROE
Compounding effects takes place when the years of holding increase
8. Is the company free to adjust prices to inflation?
When To Buy
Businesses at their worst Businesses with excellent management will
survive recessions and likely come out of it in a better position Stock market can create situations that whipsaw security prices regardless of the underlying economics of the business.
A+ in one of Benjamin Graham’s classes
A Great Businessman
The second richest man in the world with $ 20 billion
Turned $105,000 into $300,000 in one year and returned 1,156% on the same portfolio after 10 years
earnings government
bonds
Determines the intrinsic value of the company
Compare this price with the market price
Short-Term Arbitrage Opportunities
Opportunities that arise upon the mergers or acquisitions of firms
Quantitative Analysis
Three Initial Tests
Test #1: Predictability of Earnings
Is the company strong? Does the company’s EPS have an upward trend?
PV / FV Formula
Increasing Shareholder Value
Stock Repurchases
Decreases # of shares outstanding Increases EPS Increase in share price Investor receives high return
8 Key Questions to Investing
1. Does the business have an identifiable consumer monopoly?
2. Are the earnings of the company strong and showing an upward trend?
Director of Berkshire Hathaway which has had stock highs of $80,000
A Great Businessman (cont.)
Was named CEO of Salomon Brothers in one day to solve bond debacle
they can find Do not care about the price at which
they sell you the stock, so NO bargains
Earnings
Give back in form of dividends
(-) Subject to capital gains tax (-) Cannot reinvest as well
“Never invest in a business you cannot understand”
Investing is Business-Like
Does not believe in the Efficient Markets Hypothesis
Believes diversification is for idiots Does not care about market fluctuations Thinks investing is only correct when it
Personal investment moves are mimicked by the market
Tenets of the Oracle of Omaha
Marginal gains are a stupid reason to hold stock
“Lethargy, bordering on sloth, should remain the cornerstone of an investment style”
Warren Looks at…
The annual EPS figure Its predictability The market price
Wall Street Looks at …
They work for a commission Interested in selling the priciest security
Initial Rate of Return = EPS / share price
Test #3: Per Share Growth Rate
Use PV/FV Formula FV = PV (1 + r)T
Growth of Retained Earnings
Philosophies
Warren adopted Fisher and Munger’s philosophies
Superior economics working in their favor Selling at the “right” price
Warren did NOT adopt Graham’s philosophy
Selling at a “bargain” price
Warren’s Investing Beliefs
Consumer monopoly, with exceptional business economics, and shareholderoriented management
Bases investment decisions on 8 key questions
When to Sell
Graham’s Approach Sell when security reaches intrinsic
value
Warrens Approach Hold on to stock as long as possible
Possible only when investing in excellent business.
6. How much money does the business have to spend on maintaining the current operations?
7. How good is the management at reinvesting retained earnings, earnings in business opportunities and expansion of operations?
is business-like
Qualitative Analysis
Investing From a Business Perspective
Look at the economic ownership of businesses the common stock represents
Not a horse race with numbers found every morning on the Wall Street Journal
Life & Styles of Warren Buffet
Taro Aoki Jennifer Liu Niravughn
Agenda
Background Qualitative Analysis Quantitative Analysis McDonald’s Analysis Conclusion
Annual Compounding Rate of Return
1. Project Future EPS
PV formula
2. Project the Market Price
Market Price = P/E Ratio * EPS
3. Project the Annual Compounding Rate of Return
5%
10 yrs $ 162,889 20 yrs $ 265,329
30 yrs $ 432,194
10%
$ 259,374 $ 672,749
$ 1,744,940
15%
$ 404,555 $ 1,636,653
20%
$ 619,173 $ 3,833,759
$ 6,621,177 $ 23,737,631
Initial Rate of Return = EPS Stock Price
Earnings are either retained or paid as dividends
Retained Earnings grow at the same rate as ROE
Compounding effects takes place when the years of holding increase
8. Is the company free to adjust prices to inflation?
When To Buy
Businesses at their worst Businesses with excellent management will
survive recessions and likely come out of it in a better position Stock market can create situations that whipsaw security prices regardless of the underlying economics of the business.
A+ in one of Benjamin Graham’s classes
A Great Businessman
The second richest man in the world with $ 20 billion
Turned $105,000 into $300,000 in one year and returned 1,156% on the same portfolio after 10 years
earnings government
bonds
Determines the intrinsic value of the company
Compare this price with the market price
Short-Term Arbitrage Opportunities
Opportunities that arise upon the mergers or acquisitions of firms
Quantitative Analysis
Three Initial Tests
Test #1: Predictability of Earnings
Is the company strong? Does the company’s EPS have an upward trend?
PV / FV Formula
Increasing Shareholder Value
Stock Repurchases
Decreases # of shares outstanding Increases EPS Increase in share price Investor receives high return
8 Key Questions to Investing
1. Does the business have an identifiable consumer monopoly?
2. Are the earnings of the company strong and showing an upward trend?
Director of Berkshire Hathaway which has had stock highs of $80,000
A Great Businessman (cont.)
Was named CEO of Salomon Brothers in one day to solve bond debacle
they can find Do not care about the price at which
they sell you the stock, so NO bargains
Earnings
Give back in form of dividends
(-) Subject to capital gains tax (-) Cannot reinvest as well
“Never invest in a business you cannot understand”
Investing is Business-Like
Does not believe in the Efficient Markets Hypothesis
Believes diversification is for idiots Does not care about market fluctuations Thinks investing is only correct when it
Personal investment moves are mimicked by the market
Tenets of the Oracle of Omaha
Marginal gains are a stupid reason to hold stock
“Lethargy, bordering on sloth, should remain the cornerstone of an investment style”
Warren Looks at…
The annual EPS figure Its predictability The market price
Wall Street Looks at …
They work for a commission Interested in selling the priciest security