MONOGRÁFICO SOBRE WARREN BUFFETT Y EL VALUE INVESTING.
Artículo 7 de 10: Cómo piensa Warren Buffett
Artículo continuación del monográfico de artículos y vídeos dedicado a Warren Buffett y al value investing. En esta ocasión os prensento algunas citas célebres que resumen el pensamiento de Buffett. También os adjunto el link a los artículos anteriores publicados.
- Warren Buffett y el value investing, introducción al curso monográfico.
- Artículo 1: Qué es el “value investing”.
- Artículo 2: Comprar negocios y empresas excelentes.
- Artículo 3: Objetivos y línea de actuación en Berkshire Hathaway.
- Artículo 4: Cuándo comprar y vender acciones. Sobre predecir el futuro.
- Artículo 5: Diversificación en una cartera de inversión.
- Artículo 6: Behavioral finance y psicología del dinero.
Algunas de sus «perlas»:
- “Your goal as an investor should be simply to purchase, at a rational price, a part interest in an easily understood Business whose earnings are virtually certain to be materially higher, five, ten, and twenty years from now. Over time you will find only a few companies that meet those standards, so when you see one that qualifies, you should buy a meaningful amount of stock”.
- “Certainties are defined by the predictability of a company’s economics. The more predictable a company’s economics, the more certainty we might have about its valuation”.
- “An investment operation is one which, upon thorough analysis, promises safety of principal and a satisfactory return. Operations not meeting these requirements are speculative”.
- “The basic ideas of investing are to look at stocks as businesses, use market fluctuations to your advantage and seek a margin of safety. That is what Ben Graham taught us. A hundred years from now they will still be the cornerstones of investing”.
- “It is far better to buy a wonderful company at a fair price than a fair company at a wonderful price”.
- “It is not enough to have a good intelligence. The principal thing is to apply it well.
- “All we want is to be in a business that we understand, run by people whom we like, and priced attractively relative to their future prospects”.
- “It makes no sense to invest in a company or an industry you do don understand, because you won’t be able to figure out what it’s worth or to track what is doing”.
- “I buy businesses, not stocks, businesses I would be willing to own forever”.
- “Investing is more intelligent when it is most business like”.
- “I am a better investor because I am a better businessman”.
- “When investing we view ourselves as business analysts, not as macroeconomic analysts and not even as security analysts”.
- “I want to be in business so good even a dummy can make money”.
- “An investor needs to do very few things right as long as he or she avoids big mistakes”.
- “Companies are of two types: those divided into a small group of franchises and a much larger group of commodity businesses. A franchise is a company whose product or service is needed or desired, has no close substitute and is not regulated”.
- “Look for the durability of the franchise. The most important thing to me is figuring out how a big moat there is around the business, what I love, of course, is a big castle and a big moat with piranha and crocodiles”.
- “What needs to be reported is data – whether GAAP, non GAAP, or extra GAAP- should help investors to answer these questions: how much is this company worth, what is the likelihood that it can meet its future obligations, how good a job are its managers doing, given the hand they have been dealt”.
- “In order to give our shareholders an above-average total return on their investments, we must choose businesses that generate returns in excess of inflation”.
- In evaluating people, you look for three qualities: integrity, intelligence and energy. If you do not have the first, the other two will kill you”.
- “In the long run, of course, trouble awaits management that paper over operating problems with accounting maneuvers”.
- “I read annual reports of the company I am looking at and I read the annual reports of the competitors. That is the main source material”.
- “Price is what you pay, value is what you get”.
- “It is bad to go to bed at thinking about the price of a stock. We think about the value and company results. The stock market is there to serve you, not to instruct you”.
- «To properly value a business, you should ideally take all the flows of money that will be distributed between now and judgment day and discount them at an appropriate discount rate. That is what valuing business is all about. Part of the equation is how confident you can be about those cashflows occurring. Some businesses are easier to predict than others. We try to look at businesses that are predictable”.
- “Great investments opportunities come around when excellent companies are surrounded by unusual circumstances that cause the stocks to be misappraised.
- “When the probabilities of success are very high, make a big bet”.
- “We focus on a few outstanding companies. We are focus investors”.
- “I can’t be involved in 50-75 things. That’s a Noah’s Ark way of investing; you end up with a zoo. I like to purchase meaningful amounts of money in a few things”.
- “Diversification serves as protection against ignorance”.
- “Modern portfolio theory tells you how to be average”.
- “If the new thing you are considering purchasing is not better than what you already know is available, then it has not met your threshold. This screens out 99% of what you see”.
- “We don’t have to be smartest than the rest, we have to be more disciplines than the rest”.
- “Be fearful when others are greedy and be greedy only when others are fearful».