沃伦.巴菲特的投资组合

12136(mutualfund)10080500(S&P500)80TheWarrenBuffettPortfolio:MasteringthePoweroftheFocusInvestmentStrategy41977~19972050050425199719981190(50014)10500(8)15100TheWarrenBuffettPortfolio:MasteringthePoweroftheFocusInvestmentStrategy6(WarrenBuffettWay)1765~10()TheWarrenBuffettPortfolio:MasteringthePoweroftheFocusInvestmentStrategy85~10310~15191115(JohnMaynardKeynes)1934(PhilipFisher)50(CommonStocksandUncommonProfits)(PathstoWealthThroughCommonStocks)1929TheWarrenBuffettPortfolio:MasteringthePoweroftheFocusInvestmentStrategy1010753~419584091(KenFisher)11110101010(KellyOptimizationModel)(6)1963(AmericanExpress)5060(Omaha)TheWarrenBuffettPortfolio:MasteringthePoweroftheFocusInvestmentStrategy1219636535401300522000(5)10~2010102051133(CharlieMunger)(BerkshireHathaway)TheWarrenBuffettPortfolio:MasteringthePoweroftheFocusInvestmentStrategy146070603(7)115()4•(10~15)••5()TheWarrenBuffettPortfolio:MasteringthePoweroftheFocusInvestmentStrategy16501995(LeggMasonFocusTrust)215()[1(SequoiaFund)3]4(Latticeworkofmodels)1995(UniversityofSouthernCaliforniaSchoolofBusiness)(GuilfordBabcock)(OID)117TheWarrenBuffettPortfolio:MasteringthePoweroftheFocusInvestmentStrategy18119TheWarrenBuffettPortfolio:MasteringthePoweroftheFocusInvestmentStrategy20220192921973~1974192921973~1974602211(Colum-biaUniversity)(BenjaminGraham)(TheIntelligentInvestor)(BuffettFalk&Company)19522231954(Graham-Newman)71001251962196912(DowJonesIndustrialAverage)101022(BillRuane)TheWarrenBuffettPortfolio:MasteringthePoweroftheFocusInvestmentStrategy24(3)19523(JournalofFinance)(UniversityofChicago)(HarryMarkowitz)144()3225501959(PortfolioSelection:EfficientDiversificationofInvestment)TheWarrenBuffettPortfolio:MasteringthePoweroftheFocusInvestmentStrategy26()(100)2100()()722710(BillSharpe)(RANDInstitute)(UCLA)1963TheWarrenBuffettPortfolio:MasteringthePoweroftheFocusInvestmentStrategy28()βββ1.0β2.080β0.8ββ1.0β1.01(CAPM)β229(TheJou-rnalofPortfolioManagement)(PeterBernstein)10(EugeneFama)60(BenoitMandelbrot)TheWarrenBuffettPortfolio:MasteringthePoweroftheFocusInvestmentStrategy301963(TheJournalofBusiness)(TheFinancialAnalystsJournal)(TheInstitutionalInvestor)()231506019741973~197419741973~1974TheWarrenBuffettPortfolio:MasteringthePoweroftheFocusInvestmentStrategy32(StanfordLawSchool)(TheWashingtonPost)197480001004β800040004233()()TheWarrenBuffettPortfolio:MasteringthePoweroftheFocusInvestmentStrategy341.2.3.4.10235()525TheWarrenBuffettPortfolio:MasteringthePoweroftheFocusInvestmentStrategy361.2.3.(EMT)237••••TheWarrenBuffettPortfolio:MasteringthePoweroftheFocusInvestmentStrategy382393160130Baffettville201927(DavidL.Dodd)19291934(SecurityAnalysis)4256550(ColumbiaSchoolofBusiness)1984(TheSuperinvestorsofGraham-and-Doddsville)3432.25110221024102151002.2521540TheWarrenBuffettPortfolio:MasteringthePoweroftheFocusInvestmentStrategy44β198415(King’sCollege)(ChestFund)3451920191919271934(1)41.2.3.TheWarrenBuffettPortfolio:MasteringthePoweroftheFocusInvestmentStrategy463-1()()19280.00.119290.86.61930-32.4-20.31931-24.6-25.0193244.8-5.8193335.121.5193433.1-0.7193544.35.3193656.010.219378.5-0.51938-40.1-16.1193912.9-7.21940-15.6-12.9194133.512.51942-0.90.8194353.915.6194414.55.4194514.60.813.2-0.529.212.4-40.1-25.056.021.53-11813.2347(193019381940)2.5TheWarrenBuffettPortfolio:MasteringthePoweroftheFocusInvestmentStrategy481956210.57100101322131965260019571969(3-2)223-23493-2()()195710.4-8.4195840.938.5195925.920.0196022.8-6.2196145.922.4196213.9-7.6196338.720.6196427.818.6196547.214.2196620.4-15.6196735.919.0196858.87.719696.8-11.630.48.615.716.76.8-15.658.838.5TheWarrenBuffettPortfolio:MasteringthePoweroftheFocusInvestmentStrategy501960(HarvardLawSchool)(LosAngeles)3-33-3()()196230.1-7.6196371.720.6196449.718.719658.414.2196612.4-15.8351()()()196756.219.0196840.47.7196928.3-11.61970-0.18.7197125.49.819728.318.21973-31.9-13.11974-31.5-23.1197573.244.424.36.433.018.5-31.9-23.173.244.4()181952TheWarrenBuffettPortfolio:MasteringthePoweroftheFocusInvestmentStrategy52196950IBM(Xerox)(RickCuniff)610903533-41971~199750014.519.6()16.420.6TheWarrenBuffettPortfolio:MasteringthePoweroftheFocusInvestmentStrategy543-4()500()19723.718.91973-24.0-14.81974-15.7-26.4197560.537.2197672.323.6197719.9-7.4197823.96.4197912.118.2198012.632.3198121.5-5.0198231.221.4198327.322.4198418.56.1198528.031.6198613.318.619877.45.2198811.116.5198927.931.61990-3.8-3.1199140.030.319929.47.6199310.810.019943.31.4199541.437.5199621.722.9199742.333.419.614.5355()()500()20.616.4-24.0-26.472.337.51996(GEICO)719511(LorimerDavidson)(TheCommercialandFinancialChronicale)TheWarrenBuffettPortfolio:MasteringthePoweroftheFocusInvestmentStrategy5619516517019803345701979(SteinRoe&Farnham)(WesternAssetManagement)357101980~199624.717.8(3-5)(TheWarrenBuffettPortfolio:MasteringthePoweroftheFocusInvestmentStrategy58)55551.23-5()500()198023.732.319815.4-5.0359()()500()198245.821.4198336.022.4198421.86.1198545.831.6198638.718.61987-10.05.1198830.016.6198936.131.71990-9.1-31.1199157.130.5199210.77.619935.110.1199413.31.3199539.737.61996