Seth Klarman：巴菲特教我的事
塞思·卡拉曼（Seth Klarman）是一名崇尚「價值投資」理念的投資家，他是私人投資公司Baupost集團（規模257億美元）的創辦人，同時也是一名億萬富翁。英國近日刊出了塞思·卡拉曼認為他從巴菲特（Warren Buffett）身上學到的12件事：
一、「價值投資」的理念是奏效的。
二、企業和人的素質很重要。有素質的企業才能取得增長。永遠與那些利益與你相連的高素質管理者合作。
三、分散投資是需要的，但無需過度。投資者應在全球、各個領域中尋覓機會，仔細選擇。
四、堅守原則和保有耐性是很重要的，大部份投資者的最大敵人都是自己。
五、風險（Risk）與波動性（volatility）是不同的。風險是指高估一家企業的前景，或者付出過高的價格。價格的波動則會帶來機會。有時需要放棄一些可能的收益以防止下跌。
六、「意外事件」時常會發生，我們要為這些事件做準備。
七、即使在投資的道路上犯下一些錯誤，你還是能成功的。
八、在沒有機會出現的情況下，持有現金是合理的。
九、投資者應注重實質，而非形式。不管你投資的是上市企業還是私募股權、是小股東還是大股東、是債權還是優先股，投資的形式不重要，重點是能否獲利。
十、坦誠至關重要。我們必須學會承認錯誤、果斷地採取行動和從錯誤中學習。
十一、儘可能找到並留住想法一致的股東（對投資經理而言則是投資者），這樣你就可以從短期內股價漲漲跌跌中解放出來。
十二、擇你所愛，那你人生中的每一天都不是在「工作」。
Seth Klarman: What I’ve learned from Warren Buffett
Seth A Klarman February 4, 2015
As Warren Buffett was a student of Benjamin Graham, today we are all students of Warren Buffett.
He has become wealthy and famous from his investing. He is of great interest, however, not because of these things but in spite of them. He is, first and foremost, a teacher, a deep thinker who shares in his writings and speeches the depth, breadth, clarity, and evolution of his ideas.
He has provided generations of investors with a great gift. Many, including me, have had our horizons expanded, our assumptions challenged, and our decision-making improved through an understanding of the lessons of Warren Buffett.
1. Value investing works. Buy bargains.
2. Quality matters, in businesses and in people. Better-quality businesses are more likely to grow and compound cash flow; low-quality businesses often erode and even superior managers, who are difficult to identify, attract, and retain, may not be enough to save them. Always partner with highly capable managers whose interests are aligned with yours.
3. There is no need to overly diversify. Invest like you have a single, lifetime “punch card” with only 20 punches, so make each one count. Look broadly for opportunity, which can be found globally and in unexpected industries and structures.
4. Consistency and patience are crucial. Most investors are their own worst enemies. Endurance enables compounding.
5. Risk is not the same as volatility; risk results from overpaying or overestimating a company’s prospects. Prices fluctuate more than value; price volatility can drive opportunity. Sacrifice some upside as necessary to protect on the downside.
6. Unprecedented events occur with some regularity, so be prepared.
7. You can make some investment mistakes and still thrive.
8. Holding cash in the absence of opportunity makes sense.
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9. Favour substance over form. It doesn’t matter if an investment is public or private, fractional or full ownership, or in debt, preferred shares, or common equity.
10. Candour is essential. It’s important to acknowledge mistakes, act decisively, and learn from them. Good writing clarifies your own thinking and that of your fellow shareholders.
11. To the extent possible, find and retain like-minded shareholders (and for investment managers, investors) to liberate yourself from short-term performance pressures.
12. Do what you love, and you’ll never work a day in your life.
Seth Klarman is a value investor and portfolio manager of the investment partnership The Baupost Group LLC. This year is the 50th anniversary of Warren Buffett taking control of his investment vehicle, Berkshire Hathaway
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