5. 买下正确的公司，用不着考虑它目前的价格
原文
In the past eleven years， I have been long-term beyond the Dow Jones index of 10% as our goal， I also said that although the completion of this goal is difficult， but not impossible. Following some of our business and market changes occurred in these years：
1， the market compared to the past has been a significant change： the significant price advantage of investment targets have been greatly reduced in number；
2， for the attention of the investment performance led to the overreaction of the market behavior， and my analytical skills can only assess a limited range of values；
3， our capital base has reached 65 million U.S. dollars and are reducing our investment ideas；
4， before we have achieved a good performance， for me personally， to continue efforts to achieve superior performance power will inevitably be reduced.
Let us come closer analysis of these points.
For the valuation of securities or companies always found to be involved in all aspects of the qualitative and quantitative factors. From an extreme perspective， qualitative analysis method： "buy the right company， do not consider it the price！" Quantitative methods will be said： "the right price to buy， do not need to consider the company's actual analysis， it is clear both factors should be taken into account.
——摘自2010年巴菲特写给全体股东的年报
译文
在过去的11年里，我一直将长期超越道琼斯指数的10％作为我们奋斗的目标，曾经我也说过，虽然完成这个目标是困难的，但不是不可能的。以下是在这些年里我们的业务和市场出现的变化：
1．和以往相比，市场明显发生了重大变化：投资标的显著的价格优势在数量上已经出现了明显减少的态势；
2．投资者对于投资的关注在一定程度上致使市场行为出现了明显且过激的反应，而我的分析技能只能评估有限范围内的值；
3．我们的资本基础已经达到65000000美元，这一步夯实来我们的投资信心；
4．之前由于我们已经取得了令人振奋的业绩，对我个人来说，要继续努力，以便让良好的业绩继续维持下去。
然后我要仔细分析以上这几点。
对于总是在各方面的定性和定量因素发现涉及的证券或公司的估值。从一个极端的角度来看，定性分析方法：“买不到合适的公司，就不考虑它的价格！”定量的方法：“在合适的价格购买，并不需要考虑公司的实际分析。很显然，这两个因素应该考虑在内。
投资解读
巴菲特认为，集中投资其实就是寻找那些最优秀、最了解、最小风险的上市公司。他十分反对多元化的投资方式，并且始终坚持自己的投资策略。
小主，这个章节后面还有哦^.^，请点击下一页继续阅读，后面更精彩！