股市小書生
價值投資
蘋果目前是巴菲特股市投資組合中的第一大倉位，占23.83%，蘋果的投資研究決策並不出自於巴菲特，但是這個資金量的安排還是完全體現了巴菲特的投資風格。
"Diversification is protection against ignorance. It makes little sense if you know what you are doing." - 巴菲特
"I think diversification and all the stuff they're teaching at business school today is probably the most misguided concept everywhere,"
Stan Druckenmiller said during a speech on January 18th at the Lone Tree Club in North Palm Beach, Florida.
From this Warren Buffett speech at the University of Florida:
"If you can identify six wonderful businesses, that is all the diversification you need. And you will make a lot of money. And I can guarantee that going into a seventh one instead of putting more money into your first one is gotta be terrible mistake. Very few people have gotten rich on their seventh best idea. But a lot of people have gotten rich with their best idea. So I would say for anyone working with normal capital who really knows the businesses they have gone into, six is plenty, and I probably have half of what I like best. I don't diversify personally."
Clearly, this view on diversification is far from conventional. Charlie Munger -- and this is not exactly a surprise -- once said something rather similar in a speech to the Foundation Financial Officers Group:*
"I have more than skepticism regarding the orthodox view that huge diversification is a must for those wise enough so that indexation is not the logical mode for equity investment. I think the orthodox view is grossly mistaken."
這裏可以清楚的看到，巴菲特在投資組合的資金量安排上的言行一致，其中的投資邏輯也是簡單明了的。
卡爾-伊坎也曾經投資於蘋果，獲利34億，在卡爾清倉蘋果之後，巴菲特開始了對蘋果的投資，目前賬麵盈利應該在100億以上。
卡爾-伊坎在投資蘋果的同時，也投資了Netflix，獲利20億。
如果卡爾-伊坎過去三年繼續持有蘋果和Netflix，不做任何操作，那麽他可以再增加100億以上的盈利，但是事實是卡爾在蘋果和Netflix之後的投資中虧損了十幾個億。
很多事情你隻要努力付出了，沒功勞也有苦勞，勤奮會有個基本的收益保障。但投資這行既殘酷又簡單的特征在於，從來不問你付出了多少，而隻看你對不對。這種類別的工作，努力是第二位的，第一位是正確的價值觀和方法論。否則，方向不對，越勤奮越坎坷，越癡迷越瘋魔。- 水晶蒼蠅拍
巴菲特在IBM投資失利以後，開始投資蘋果，目前浮盈巨大。
卡爾-伊坎在投資蘋果和Netflix獲利巨大之後，開始投資能源行業，損失慘重，之後在總統大選之夜成功抄底股市。
最後但最重要的，同時也是最少見的一項特質：在投資過程中，大起大落之中卻絲毫不改投資思路的能力。這對於大多數人而言幾乎是不可能做到的。當股票開始下跌，人們很難堅持承受損失而不拋出股票。市場整體下降時，人們很難決定買進更多股票以使成本攤薄，甚至很難決定將錢再投入股票中。人們不喜歡承受暫時性的痛苦，即便從長遠來看會有更好的收益。很少有投資家能應對高回報率所必須經曆的短期波動。他們將短期波動等同於風險。這是極不理性的。風險意味著你若押錯了寶，就得賠錢。而相對短時期內的上下波動並不等於損失，因此也不是風險，除非你在市場跌到穀底時陷入恐慌，被損失嚇得大亂陣腳。但是多數人不會以這種方式看問題，他們的大腦不容許他們這麽想。恐慌本能會入侵，然後切斷正常思考的能力。-馬克·塞勒爾哈佛演講：你為什麽不能成為巴菲特？
精耕細作，必有收獲。