股神年輕時（一）

最近才讀畢股神“Partnership時期”（1958-1969）的給股東的信。若只讀過“Berkshire時期”的信，很難想象他曾經投資於兩類股票 - “Workouts” 及 “Generals - Relatively Undervalued”，這裡引述他給的定義：


1）“Workouts” - These are the securities with a timetable. They arise from corporate activity - sell-outs, mergers, reorganizations, spin-offs, etc. In this category we are not talking about rumors or inside information pertaining to such developments, but to publicly announced activities of this sort.


2）“Generals - Relatively Undervalued” - This category consists of securities selling at prices relatively cheap compared to securities of the same general quality. We demand substantial discrepancies from current valuation standards, but (usually because of large size) do not feel value to a private owner to be a meaningful concept.


“Workouts”這類別，在資訊發達的現在，或許已經消失；“Generals - Relatively Undervalued”的理念，再也沒見於後來的信。是因爲效果不好而放棄嗎？應該不會，按他的分類，當年這種投資回報很高。


“Relatively Undervalued”這個概念確實不太“王道”，跟他宣揚的投資理念不同，愚以爲因此畢菲特並不鼓勵別人發佈Partnership時期的給股東的信。