12. 价格好不如公司好
原文
Then my impression of Don In 1988-1989， I decided behalf Berkshire bought of $ 1，000，000，000 Coca-Cola stock one of the factors， Roberto Goizueta in 1981 when Coca-Cola president， Don is his deputy， the two worked together to pickpalm， this business has been stagnant growth of more than 10 years at the company， during the short span of 13 years this house was originally 44 billion market capitalization of the company into a $ 58 billion， trafficking has been around for 100 years， the two men still makethis company produces such a large change.
Frank Rooney from last year to do double the work， in addition to the leadership of HH Brown Shoe set a profit record high last year， an increase of 35% compared to the same period last year， he is also the acquisitions Dexter shoe soul of.
Frank recognized Harold and Peter for several years， bought the Brown Shoe Soon after， he mentioned to me by their management and good company， he was actively we get together， shortly after， we will reach an agreement， Frank told Harold and Peter， Berkshire will Dexter corporate ideal destination， and that sense of security is no doubt they finally decided to join our most critical factors.
——摘自1998年巴菲特写给全体股东的年报
译文
我对Don的印象要追溯至1988到1989年间，这段时期我下决心代替Berkshire用10亿美元买下可口可乐公司的股票。1981年Roberto Goizueta 成为可口可乐公司总裁时，Don只是他的一名助手，两个人携手将这家业务停滞长达十年之久的公司，在短短十三年的时间将市值只有44亿美元的公司摇身一变变成市值高达580亿美元的巨头公司，虽然它出售产品的时间已经有100年，但两个人的同心协力却能让这家公司发生如此惊人的变化。
Frank Rooney从去年开始便接手了双份的工作，除了领导布朗鞋业在去年创下获利历史新高，这一水平和历史同期相比增加35%，他也成为并购Dexter鞋业最主要的核心人物。其实，Frank早在几十年前和Harold以及Peter便相识，当他将布朗鞋业收购不久过后，他向我提到这家由他们管理良好的公司，他非常耐心且积极地将我们凑到了一块，没过多久，我们之间便达成协议，Frank告诉Harold与Peter说，在不久的将来，Berkshire将会是Dexter企业最可靠，也是最理想的归宿，而产生如此的安全感也是他们最后决定加入我们不可或缺的要素。
投资解读
在国内股市上，股民有一个明显的特征，那就是只选择价位低的股票，对于价位比较高的股票一般来讲都是敬而远之。但巴菲特却认为：价格好不如公司好。
当然，选择低价股相对来讲风险较小，股民们也会常说：“价格都已经这么低了，再跌能跌到哪去？”
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