2009年來了

不經不覺已踏入2008年的最後一天.今年所發生的絕對難忘,亦值得細味.

終於趕及在新年前讀完The Snowball,深有體會.今次就引用了兩段書內的精要和大家分享.

祝大家有個愉快及充實的2009年!

P.S. Investing is a life long game. Take it easy! 共勉之.

關於投資:

“The ideal business is one that earns very high returns on capital and that keeps using lots of capital at those high returns. That becomes a compounding machine,” Buffet said.

“So if you had your choice, if you could put a hundred million dollars into a business that earns twenty percent on that capital – twenty million – ideally -, it would be able to earn twenty percent on a hundred twenty million the following year and on a hundred forty-four million the following year and so on. You could keep redeploying capital at [those] same returns over time. But there are very, very, very few business like that… we can move that money around from those businesses to buy more businesses.”

關於人生:

“Basically, when you get to my age, you’ll really measure your success in life by how many of the people you want to have love you actually do love you.

“I know people who have a lot of money, and they get testimonial dinners and they get hospital wings named after them. But the truth is that nobody in the world loves them. If you get to my age in life and nobody thinks well of you, I don’t care how big your bank account is, your life is a disaster.

“That’s the ultimate test of how you have lived your life. The trouble with love is that you can’t buy it. You can have sex. You can buy testimonial dinners. You can buy pamphlets that say how wonderful you are. But the only way to get love is to be lovable. It’s very irritating if you have a lot of money. You’d like to think you could write a check: I’ll buy a million dollars’ worth of love. But it doesn’t work that way. The more you give love away, the more you get.”