2008年 03月 01日 ( 4 )

Wildest Dreams

Buffettの手紙(2007年)より:
The best anecdote I’ve heard during the current presidential campaign came from Mitt Romney, who asked his wife, Ann, “When we were young, did you ever in your wildest dreams think I might be president?” To which she replied, “Honey, you weren’t in my wildest dreams.”

ワロタ。
[PR]
by stupid-market | 2008-03-01 10:50 | Buffett

2100年のダウ平均

Buffettの手紙(2007年)より:
I should mention that people who expect to earn 10% annually from equities during this century – envisioning that 2% of that will come from dividends and 8% from price appreciation – are implicitly forecasting a level of about 24,000,000 on the Dow by 2100.

アメリカでは年金会計で株の期待リターンとして10%程度を見込む場合が多いのですが、そんな楽観的で良いのでしょうか?というバフェット先生からの貴重なアドバイスです。
[PR]
by stupid-market | 2008-03-01 10:38 | Buffett

"helpers"

Buffettの手紙(2007年)より:
Naturally, everyone expects to be above average. And those helpers – bless their hearts – will certainly encourage their clients in this belief. But, as a class, the helper-aided group must be below average.... Therefore, the active investors will have their returns diminished by a far greater percentage than will their inactive brethren. That means that the passive group – the “know-nothings” – must win.

"helpers"とバフェットが呼んでいるのは、ファンド・マネージャーやコンサルタントのことです。低コストのパッシブ運用の方が、アクティブ運用より遥かに分が良いと言ってます。それもこれも、何の役にも立たない"helpers"がいるからということですね。
[PR]
by stupid-market | 2008-03-01 09:46 | Buffett

Too Big To Manage

Buffettの手紙(2007年)より:
Though these tables may help you gain historical perspective and be useful in valuation, they are completely misleading in predicting future possibilities. Berkshire’s past record can’t be duplicated or even approached. Our base of assets and earnings is now far too large for us to make outsized gains in the future.

毎年恒例のウォーレン・バフェットの手紙が公表されました。またしても含蓄のある言葉でいっぱいです。その中から幾つかピックアップしましょう。

まず最初は上の文章。バフェットですら巨額の資産を運用するのは難しいと言ってます。日本版SWFの推進派に百回ぐらい読んで聞かせたいです。
[PR]
by stupid-market | 2008-03-01 09:23 | Buffett