值得再三反复細讀（二）
1）
Assets can fluctuate greatly in price and not be risky as long as they are reasonably
certain to deliver increased purchasing power over their holding period. And as we will see, a non-fluctuating asset can be laden with risk.
- 股價會波動，這是正常的。
- 經歷無數次景氣循環，雖然盈利在不景氣時少許倒退，但是以10年或更久的經營歷史數據排列，盈利仍然能夠不斷增加，這樣的企業可以被稱為【對的企業】
- 找到【對的企業】，也要能夠了解它的業務，知道如何經營（例如performance keypoint)，才能買入，
- 找到【對的企業】， 也要配合便宜/合理價，才能買入，
- 如果【對的企業】，繼續以對的方式經營，才可以繼續持有
例子：渣打(2888)
| 股票數目 | 股價的波動 | 每股盈利 | 景氣循環 | 價值 |
| （百萬） | （每股港元） | （每股港元） |
| PE=10 |
| 2003 | 1,207 | 82-126 | 6.33 | SARS | 63 |
| 2004 | 1,210 | 116-149 | 9.78 |
| 98 |
| 2005 | 1,309 | 99-175 | 11.15 |
| 111 |
| 2006 | 1,349 | 182-231 | 12.66 |
| 127 |
| 2007 | 1,615 | 211-304 | 13.19 |
| 132 |
| 2008 | 1,638 | 88-287 | 14.54 | 金融風暴 | 145 |
| 2009 | 1,984 | 75-217 | 12.78 |
| 128 |
| 2010 | 2,192 | 176-244 | 14.82 |
| 148 |
| 2011 | 2,395 | 141-216 | 15.18 | 歐債風暴 | 152 |
以上，可以發覺：
- 如果已經找到【對的企業】，如果不充分了解它的業務，就算是買入，恐怕很快的就會被股價波動震走。
- 雖然股價會波動，但是價值是走在上升的軌道。市值+股息的增幅，如果無法超過通膨，也不能被稱為【對的企業】。所以，買入價非常重要。
- 每一天的市價，不代表是便宜/合理價，尤其是【對的企業】，都是溢價出售。
- 天上掉黃金，可遇不可求，一定要用大卡車來裝
（這是為了表達我的看法而舉的例子，可能某個事故，這家企業可以變樣）
（而且，PE=10，只是我的估計，不代表是對，也不代表所有企業都適合）
2）
Assets can fluctuate greatly in price and not be risky as long as they are reasonably
certain to deliver increased purchasing power over their holding period. And as we will see, a non-fluctuating asset can be laden with risk.
～a tax-free institution would have needed 4.3% interest annually from bond investments over that period to simply maintain its purchasing power.
巴老是說他的通膨數據是4.3%，如果【市值+股息】的增幅，無法超過通膨，應該是危險的投資。但是，以極便宜的價格買入，造成股息回報超過10%，就可以扭轉乾坤，化危為安。
3）
Under today’s conditions, therefore, I do not like currency-based investments. Even so, Berkshire holds significant amounts of them, primarily of the short-term variety. At Berkshire the need for ample liquidity occupies center stage and will never be slighted, however inadequate rates may be. Accommodating this need, we primarily hold U.S. Treasury bills, the only investment that can be counted on for liquidity under the most chaotic of economic conditions. Our working level for liquidity is $20 billion; $10 billion is our absolute minimum.
- 這小段，說明了流動性的重要。好的企業，有哪一個不是流動性穩定？出問題的企業，那一個不是因為流動性乾枯？
- 反省自己，要成為成功的股票投資人，就必須學會理財，時時保持著充裕的生活費用，就算是超級金融風暴再來，也可以繼續持有投資部位，不必賣股買米，甚至股息再投資超值得的企業。
- 保持著充裕的生活費用，才不會過度在意股價的波動，才能專注於企業的價值增長。
4）
High interest rates, of course, can compensate purchasers for the inflation risk they face with currency-based investments – and indeed, rates in the early 1980s did that job nicely. Current rates, however, do not come close to offsetting the purchasing-power risk that investors assume. Right now bonds should come with a warning label.
- 太美妙了，如果能擁有超越10%利息收入的【AAA級債券，匯豐的定期存款】。如果遇上，記得用大卡車去裝。
- 【AAA級債券，匯豐的定期存款】只是代名詞，表示超級穩定和不違約。只要用心，市場內多得是。
5）
- investment in productive assets, whether businesses, farms, or real estate. Ideally, these assets should have the ability in inflationary times to deliver output that will retain its purchasing-power value while requiring a minimum of new capital investment.
- people will be willing to exchange a couple of minutes of their daily labor for【】
- Berkshire’s goal will be to increase its ownership of first-class businesses.
- I believe that over any extended period of time this category of investing will prove to
be the runaway winner among the three we’ve examined. More important, it will be by far the safest.