巴菲特：一輩子，研究明白3家公司就夠了

We think diversification as practice generally makes very little for anyone that knows what they're doing. Diversification is a protection against ignorance. I mean if you want to make sure that nothing bad happens to you relative to the market, you own everything, there's nothing wrong with that. That has a perfectly sound approach for somebody who does not feel they know how to analyze businesses.

我們認爲分散化投資對於任何知道自己在做什麼的人來說通常沒有什麼好處。分散化投資是對無知的保護。如果你想確保和大盤相比，你的投資表現不會太差，那就分散化投資，這本身沒什麼問題。對那些認爲自己不知道如何進行企業分析的人來說，這是一種完美的方法。

But if you know how to analyze businesses and value businesses, it's crazy to own 50 stocks or 40 stocks or 30 stocks probably. Because there aren't that many wonderful businesses that are understandable to a single human being in all likelihood. And to have some super wonderful business and then put money in No.30 or 35 on your list of attractiveness, and forgo putting more money into No.1, just strikes Charlie and me as madness.

但如果你知道如何進行企業分析和定價，投資三五十隻股票是很瘋狂的事，因爲一個人很難做到理解這麼多家優秀企業。如果真的有這麼多優秀企業，但你卻將錢投資於吸引力清單上的第30或者35位，同時放棄在第1名上投入更多的錢，這讓查理和我感到瘋狂。

You know, if all you have to achieve is average, it may preserve your job. But it's a confession in our view that you don't really understand the businesses that you own. I could pick out three of our businesses and I would be very happy if they were the only businesses we own. I love it the fact that we can find more than that and that we keep adding to it. But three wonderful businesses is more than you need in this life to do very well and the average person isn't going to run into that.

如果你只需要達到平均水平，分散化投資可能會保住你的飯碗，但在我們看來，這也是在承認自己並不是真正瞭解自己投資的企業。我可以挑選出我們投資的三個企業，假設我們僅僅投資了這三家，我也會非常高興。當然，如果有好企業我也願意繼續投資。如果一輩子能發現並投資三家好企業，對個人來說就算成功了，一般人做不到這一點。

以上內容節選自1996年巴菲特股東大會

由數字人巴菲特播報