From: 邱孜爵
Sent: Wednesday, December 31, 2008 7:22 PM
我看了上冊，都在講故事，下冊一開始就看不下去，
一直在拖。
如果要學投資的話，看這本應該沒幫助 。
From: mikeon
Sent: Wednesday, December 31, 2008 7:51 PM
看來巴菲特如何算便宜價
與在5分鐘之內看出哪些是可以好很久公司的祕密，
要失去佐證的機會了，
雖然我的兩本書給了答案，
很遺憾...
我對自己的算法當然深具信心，
因為它是按照折現公式慎密推出來的。
只是無法佐證，
如同悟出真經失傳絕招的人，卻苦無人可以相互較量。
From: CH Ho
Sent: Saturday, October 25, 2008 9:16 AM
Hi Mike,
You are right! This is a very difficult book to read and it does not tell you much about Buffets investment practice. I attach an article from The Economist. You can find their comments on the lines colored in blue.
Nick
_________________________
A sage that knows his onions
Oct 16th 2008 From The Economist print edition
...The fascination with Mr Buffett's rise means that bookshelves are already groaning under the weight of books about his life and his investment approach. This latest effort is certainly the heaviest. Those hoping for detailed analyses of his investment record will be disappointed that the author focuses so much on the state of the Buffett marriage. This reviewer, for example, wanted answers to several questions that are not addressed. How much of Mr Buffett's success can be put down to his shrewd use of insurance company funds, or a few stock picks in the 1970s? What is the make-up of his business empire today and how does it differ from the 1980s? Because his insurance companies write policies against catastrophes, how vulnerable is he to the kind of "black swan" effect described by Nassim Nicholas Taleb, such as an earthquake or hurricane that could wipe out his wealth? The reader is left none the wiser.
Mr Buffett deserves careful scrutiny rather than the mostly hagiographic portrayal he has generally received from the press. He has relied heavily for advice and support on his advisers and his family, yet the role of his grumpy business partner, Charlie Munger, the Walter Matthau to Mr Buffett's Jack Lemmon, has been underplayed. His businesses have survived investigations by the Securities and Exchange Commission, including one crucial episode that appears only in an epilogue to this book. The author seems unable to decide whether Mr Buffett is a hands-off executive who lets his managers get on with it (and is thus not responsible when they step over the line) or a man so obsessed with detail that he monitors weekly sales figures from the group's sweet shops.
All in all, though, over a 50-year career the Buffett balance sheet has a lot more entries in the credit than in the debit column. Those who wish to know more may read this book. But Mr Buffett's collected essays and annual reports would be a better place to start.
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