巴菲特选股秘诀：懂得如何换思路

Core Insights - Warren Buffett, the investment master of Berkshire Hathaway, is known for his adaptability, which has led to significant profits from Apple and substantial donations to the Bill & Melinda Gates Foundation [1][10] - Buffett's journey from a $20 savings account to a wealth exceeding $200 billion showcases his exceptional investment acumen, achieving an average annual return of 19.9% from 1965 to 2024 [2][5] - His investment philosophy emphasizes rationality and continuous learning, allowing him to adapt his strategies over time [3][4] Investment Philosophy - Buffett's famous quotes reflect his investment principles, such as being greedy when others are fearful and focusing on high-quality companies rather than cheap stocks [2][3] - He initially followed Benjamin Graham's value investing approach but later embraced the idea of investing in fundamentally strong companies, even at higher prices, as influenced by Charlie Munger [4][8] - His shift in perspective allowed him to invest in companies like See's Candies, which became a valuable asset for Berkshire Hathaway [4][8] Adaptation to Market Changes - Buffett's initial avoidance of technology stocks changed when he recognized Apple's strong fundamentals and competitive advantages, leading to significant investments in the company [5][9] - Despite skepticism from Wall Street analysts regarding Apple's stock valuation, Buffett viewed it as an exceptional business with a wide "moat" [5][9] Philanthropic Strategy - Originally planning to donate most of his wealth posthumously, Buffett shifted to immediate donations, primarily to the Gates Foundation, due to their effective management and alignment with his values [6][10] - This decision reflects his belief in finding capable individuals to manage resources better than oneself [6][10] Conclusion - Buffett's ability to change his investment strategies and philanthropic approach has been a key factor in his long-term success and influence in the investment world [7][10]