巴菲特买公司的标准

（摘自2017 BRK Annual Letter)：

投坛的同学，有钱无法投房的时候，是否可以学习巴菲特，持有小公司呢？

In our search for new stand-alone businesses, the key qualities we seek are:

1. durable competitive strengths;  (competetive advantage)

2. able and high-grade management; (management)

3. good returns on the net tangible assets required to operate the business;  (ROA)

4. opportunities for internal growth at attractive returns; (int growth oppy)

5. A sensible purchase price. (attractive price)

 

共勉励！