It& #39;s not our natural inclination to sell. We generally sell if we needed money for something else, but that has not been the problem the last 10 or 15 years. 40 years ago, my sales were all because I found something that I liked even better. I hated to sell what I sold but I also didn& #39;t want to borrow money. So I would reluctantly sell something that I thought was terribly cheap to buy something that was even cheaper. Those were the times when I had more ideas than money, now I& #39;ve got more money than ideas.

我們不傾向于賣出。通常，我們賣出的原因是我們需要錢買別的東西，但這在過去10或15年都不是問題。40年前，我的賣出都是因?yàn)槲艺业搅烁矚g的東西。我討厭賣出，但當(dāng)時的我更不愿意借錢，所以我會不情愿地賣掉我認(rèn)為非常便宜的東西去買更便宜的東西。那時，我的想法比錢多，現(xiàn)在我的錢比想法多。

Now we sell really when we& #39;re evaluating the economic characteristics of the business. We probably had one view of the long term competitive advantage of the company at the time we bought it, and we may have modified that. Their strengths are every bit of what they were before, but for one reason or another, we think that the strengths may have been eroded to some degree.

現(xiàn)在只有當(dāng)我們重新評估企業(yè)經(jīng)濟(jì)特征時，我們才會賣出。我們在投資一家企業(yè)時，會對其長期競爭優(yōu)勢有看法，后來我們可能會改變這種看法。他們的優(yōu)勢可能與以前一樣，但處于某種原因，我們認(rèn)為這一優(yōu)勢在一定程度上被削弱了。

Those beliefs change quite gradually, and who knows whether they& #39;re precise, you know whether they& #39;re right even, but that is the reason in general that we sell now. If we got into some terribly cheap market, we might sell some things that we thought were cheap to buy something even cheaper, after we bought lots and lots of equities. But that& #39;s not the occasion right now.

這些想法是逐漸改變的，誰也不知道想法是否精準(zhǔn)，甚至連正確都無法做到，但這通常就是我們賣出的原因。如果我們進(jìn)入某個非常便宜的市場，我們可能會賣掉一些我們大量持有并且很便宜的股票，然后去買更便宜的股票，但現(xiàn)在不是這個情況。

以上內(nèi)容節(jié)選自2002年巴菲特股東大會

由數(shù)字人巴菲特播報(bào)

本視頻由七華軟件用人工智能技術(shù)生成