TAILIEUCHUNG - buffet letter

Tham khảo sách 'buffet letter', kinh doanh - tiếp thị, quản trị kinh doanh phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | March 5 1982 The Honorable John Diirgell u 8 House of Representatives Rayburn House Building Washington D. c. 20515. Dear Mr Di-ngell This letter is to concnent upon the likely sources for trading activity that will develop in any futures market Involving stock indices. My background for this commentary Is some thirty years of practice In various aspects of the Investment business Including several years as a securities salesman. The last twenty-five years have been spent as e financial analyst and I currently have the sole responsibility for an equity portfolio that totals over 600 million. 1 am enclosing copies of several articles that relate to my experience in the investment field Xt is impossible to predict precisely what will develop in Investment or speculative markets and you should be wary of any who claim precision. Ĩ think the following represents Ẽ reasonable expectancy 1 A role can be performed by the stock Index future contract in aiding the risk-reducing efforts of the true Investor An Investor may quite logically conclude that he can identify undervalued securities but also conclude that he has no ability wimtsoever to predict the. short-term movements of the stock market. This Is the view I maintain In my own efforts In investment management Such an investor may wish to aero out market fluctuations and the continual aborting of a representative index offers him the chance to do just that. Presumably an investor with 10 million of undervalued equities and a constant short position of 10 million in the index will achieve the net rewards or penalties attributable solely to his skill In selection of specific securities and have no worries that these results will be swamped - or even influenced - by the fluctuations of the general market. Because there are costs involved - and because most investors believe that over the long term stock prices in general will advance - I think there are relatively few investment professionals who will operate in such a

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