Hovedpunkter fra Buffetts årlige nyhedsbrev

I lørdags udkom Warren Buffetts årlige nyhedsbrev til aktionærerne i Berkshire Hathaway – selskabet, som Buffett har styret i mere end 50 år. Men selvom man ikke er aktionær i Berkshire Hathaway, er brevet bestemt værd at læse. Udover at beskrive udviklingen i selskabet fortæller Warren Buffett nemlig også om hans tilgang til investeringer samt om hans aktuelle holdning til både aktiemarkedet og amerikansk økonomi.

Her er fire hovedpunkter fra årets nyhedsbrev:

Donald Trumps skattelettelser gav 29 mia. USD ekstra på bundlinjen.

“The $65 billion gain is nonetheless real – rest assured of that. But only $36 billion came from Berkshire’s operations. The remaining $29 billion was delivered to us in December when Congress rewrote the U.S. Tax Code.”

Buffett lavede ingen større virksomhedsopkøb i 2017 – markedet var simpelthen for dyrt.

“In our search for new stand-alone businesses, the key qualities we seek are durable competitive strengths; able and high-grade management; good returns on the net tangible assets required to operate the business; opportunities for internal growth at attractive returns; and, finally, a sensible purchase price. That last requirement proved a barrier to virtually all deals we reviewed in 2017, as prices for decent, but far from spectacular, businesses hit an all-time high. Indeed, price seemed almost irrelevant to an army of optimistic purchasers.”

Undgå at investere for lånte penge.

“There is simply no telling how far stocks can fall in a short period. Even if your borrowings are small and your positions aren’t immediately threatened by the plunging market, your mind may well become rattled by scary headlines and breathless commentary. And an unsettled mind will not make good decisions.”

Tilsidesæt følelserne, når du investerer.

“Though markets are generally rational, they occasionally do crazy things. Seizing the opportunities then offered does not require great intelligence, a degree in economics or a familiarity with Wall Street jargon such as alpha and beta. What investors then need instead is an ability to both disregard mob fears or enthusiasms and to focus on a few simple fundamentals.

Hele nyhedsbrevet kan læses her: http://www.berkshirehathaway.com/letters/2017ltr.pdf


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