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042

构建优异的投资组合

一次我在加利福尼亚遇到一位花花公子，他将自己所有的时间都花在酗酒和追电影明星上。银行客户经理对他行为举止表达了担忧，而这位花花公子告诉银行经理：“我拥有的市政债券不会酗酒犯浑。”

When I came out to California, there was this playboy and he spent all his time drinking heavily and chasing movie stars. His banker called him in and said that he was very nervous about his behavior. He told his banker, "Let me tell you something: my municipal bonds don't drink."

芒格用这则故事提醒我们，伯克希尔哈撒韦公司拥有一些独特的商业投资组合。这些投资是芒格和巴菲特亲自挑选出来的，而他们看中的是这些公司出众的基本面以及杰出的管理层。即使芒格和巴菲特离开伯克希尔哈撒韦公司，这些投资也会一直为伯克希尔哈撒韦公司赚钱，并带领该公司驶向下一波大牛市。