前言： 作者简介： CFA，金融MBA，多年基金从业经历。2007-2017年就职兴全基金，任趋势基金经 理。2017-2024年就职浦银安盛基金，任价值投资部总经理。2024-2025年，就职国联安基金价 值投资负责人。 在《什么是价值投资者应有的气质Temperament》一文中，巴菲特论述了伯克希尔未来的接班人 需要具备一种独特的气质，"独立思考，情绪稳定，对于那些与人类和机构的行为特征相关的知识 有着极为透彻地认知"。其中 "对于那些与人类和机构的行为特征相关的知识有着极为透彻地认 知" 部分，实际上论述的是，在公司治理中，因实控人缺位而容易引发的"代理人冲突"。这同时 也是，四个过滤器理论中的第三个过滤器——"德才兼备的管理层"中论述的"德"的问题。 根据巴菲特1998年佛罗里达大学发表的演讲（以及他在不同年代的多个场合，都不厌其烦地反复 强调），在投资当中，气质（Temperament）比智商更重要。他表示，很多超高智商的人（甚至 包括诺贝尔奖得主），因为缺乏这种气质（上述三种具体表现形式），在投资中犯下了致命的愚 蠢错误。有一年股东大会上，当巴菲特先生再次强调了，在投资中，气质的重要性超过了智商 ...

Core Viewpoint - The article emphasizes the importance of understanding the temperament required for value investing, which includes independent thinking, emotional stability, and a deep understanding of human and institutional behavior [3][4][24]. Group 1: Four Filters Principle - The principle of the four filters is crucial for making informed investment decisions, focusing on risk management and the allocation of financial and human capital [2]. - The first two filters involve assessing the quality of the business and its competitive advantages, while the third filter focuses on evaluating the management team, particularly their integrity and capability [2][19]. Group 2: Management and Governance - The article discusses the challenges of assessing management quality, highlighting the complexities of human behavior and agency conflicts within corporate governance [2][7]. - It identifies three types of corporate governance structures and their implications for board effectiveness, particularly in preventing agency conflicts [8][9]. Group 3: Institutional Imperative - The concept of "Institutional Imperative" is introduced, which describes the tendency of organizations to resist change and adhere to established practices, often leading to poor decision-making [14][15]. - This phenomenon can result in a lack of accountability among board members and management, exacerbating governance issues [16][17]. Group 4: Investment Philosophy - The article references Warren Buffett's investment philosophy, which stresses the importance of investing in businesses led by trustworthy and competent managers [20][21]. - It critiques the dual agency problem in capital markets, where investment managers may prioritize short-term gains over long-term shareholder value [21][22]. Group 5: Conclusion - The conclusion reiterates that successful investing requires a blend of scientific analysis and artistic judgment, particularly in understanding the qualitative aspects of businesses and management [23][24]. - It emphasizes that investors must be aware of the inherent risks associated with agency conflicts and governance failures to make sound investment decisions [24].