   
 


      .   ,        ,        .            Buffett Partnership Limited (BPL)  1956.           ,            .    ,    ,    ,          .

      ,    ,     BPL  1956  1970. ,    ,    ,   - .   ,      ,       .





 

   



      GL Financial Group.          .



  . 

 . , . 

  . 

   Ben Baker/Redux/East News



 2016 by Jeremy C. Miller

Published by arrangement with Folio Literary Management, LLC and Prava I Prevodi

    , , .   , 2017



  .      .                        ,         ,           .             5.  (. 49 ),            6  (. 146  ).


* * *


        (19762012).

,      .

     ,    













    


 ,        11 ,       ,    5  .      ,        5,        500 .    ,      ,              ,           .

    .      ,       10       Forbes     -,   ,     .     ,     ,     ,   .

   , ,    ,   .            ,    ,           ,         ,    젖       XX .

,     ,       .            ,       1956  1970.      Buffett Associates   25-            .       ,        ,   60     .      ,               .

              .                .         ,  ,     ,          .

     .         ,        ( ,   19501970- .).         ,      ,       .

      젖  ,        .       ,        .          ,      ,   ,   .      , ?       .

         ,         .      ࠖ     ,     , ,     ,     .



 ,
   GL Financial Group







       $1   $10,       .   ,   - ,   1950- .   Dow.  堖   .       - .   㠖   .  ,    50%    $1. ,  ,  .   [2 - Anthony Bianco, "Homespun Wisdom from the 'Oracle of Omaha,'" Businessweek, July 5, 1999.].

 , Businessweek, 1999.

 1956.     -    ,     .      ,         Graham Newman,  25-    .                  Buffett Associates, Ltd.       ,       Omaha Club.     [3 - Alice Schroeder, The Snowball: Warren Buffett and the Business of Life (New York: Bantam Dell, 2008), 202.].

                ,        ,     .     ,      ,  .               .      .      ,     ,         .   :   ࠖ  .     ,  .  ,  [4 - Warren Buffett, "Warren Buffett's $50 Billion Decision," Forbes, March 26, 2012.].


 

1.      . ,      ,   ,  .     6%     ,     ,    .     6%,         .

2. ,   ,         6%,  ,   , .

3.       ,     ;  ,    ,      ,        .              .

4. ,      ,     ,   .       ,   Dow Jones Industrial Average,      ..       ,       ,      .     ,     .

5.,    ,        ,  ࠖ      .   ,  ,    ,   ,  Dow.   -        ,          .       ,       .

6.         .   ,     ,  ,       ,       .

7.      .      :

.      ,   ;

b.        (     )              ; 

.            [5 -      18  1963.].



      Omaha Club  ,     .            ,        .

          ,               .         ,   ,           .     ,    ,  䠖      ,         .

       ,     ,        Berkshire Hathaway.     ,       Berkshire.     ,      ,   ,   35-      Dow  10%.      .

    .    ,         .            24%     .          ,      .

,    ,         ,       .               ,      .        ,     ,         ,     ,  .

        ,      ,     ,         (  )  .         ,     ,    ,         .

    ,          ,      ,  ,     ,        .         , ,       ,     ,       .             .

         ,  ,  ,     .   ,    Businessweek   ,      50%      .     (  )     ,    ,      ,    ,    ,  ,  ,    .   ,     ,        ,          ,     .

     ,           ,    .        .  ,       .    ,    ,         .        ,        .

                    ,    .  ,                   .

          .          ,            .             .   ,     ,           .    ,      .

      ,       . ,   ,        ,  .       ,    1957.    .  젖    ,        . ,        ,   ,    .

   -                   ,         .      ,            ,    .




 I





 1

 


       ()           .        ,    [6 -      12  1966.].

12  1966.


,    ,  :      1956.        ,       .                       .            .         , ,        .

          ,        ,        .          ,         .     ,   Berkshire, .. 19561970.,      ,   蠖 .   ,      ,           ,                    ,   .

  1950- .  1960- .    ,     ,              .        ,       ,         . ,        ,     ,  ,      Graham Newman                 .




   


           ,       ,     :    ,            ,               .

    -          ,    ,        :  ,         ,             .    ,            ,       ,        ,       . ,       ,  ;    .

           ,       .    ,      .     .

  , ,                .  ,            ,   ,    ,   .

       ,  ,   ,   ,       .  ,    -,  ,    ,      ,   .     ,  ,     ,        Berkshire Hathaway,   .     ,      ,       ,       .    .

           1950.,    19 .        ,           .    , ,      .          .    ,       [1 -  .  :     . .:  , 2017.]   -,    . ,  ,    .    (    )     ,          .           .     ,    ,     ,    ,   [7 - Alice Schroeder, The Snowball: Warren Buffett and the Business of Life (New York: Bantam Dell, 2008), 126127.].

   ,  ,        , ,    ,   -   ,      [8 - Warren Buffett, "The Superinvestors of Graham-and-Doddsville," Hermes, Columbia Business School magazine, 1984.].          ,  Graham Newman       ,   .          ,        Graham Newman  -   [9 - Joe Carlen, The Einstein of Money: The Life and Timeless Financial Wisdom of Benjamin Graham (New York: Prometheus Books, 2012), 231.].

,             ,         .              , , ,  1954.           -[10 - "Warren Buffett's $50 Billion Decision," Forbes, March 26, 2012.]. ,  Graham Newman               .

 ,    25- ,    ,             .    ,       .    ,      ,         .          ,        1976.




 


    ,       ,   - ,  .          ,  -  ,      ,    .       ,    .           .           .        ,                 .      .    ,     ,     , ,        ,  -    .

      , ,                  .         ,   -    .       ,  ,          ,         [11 -      12  1966.].         ,      ,  -    ,  ,     .  ,     .      .




   ,   


 , ,    .          - ,            . ,   ,         ,         .  ,  ,  ,     .    ,     .

   ,        ,           . ,       ,  ,          ,                    ,      .  , ,          ,    ,    , , ,    .

    .      ,      ,      .   ,      ,   ,    ,           .  ,     ,   ,      [12 -      12  1966.].

      ,     , 蠖    ,     ,    ,        .     ()        ,       ,      .

໠      ,     - ,   .      ,       ,      .   ,     ,    .              .      ,    ,   ,  ,   .      ,        .                        .




   


 ,   ,   ,          ,  , .  ,     ,  ,     (   ,  ,  ,  , )       .    ,            ,      .     :  ,        ()[13 -      24  1968.].

        .       .       -    .      ,    .  , ,     :       ,    .

   ,       ,    , ,  ,    ..   , , ,     ,   :        .              ,           ,        ,    ,    .   ,       ,    .

    :             .                      ,       .        ,          65%      ?

    ,  ,    .    ,    -    ࠖ     . ,   ,             .     .       ,    ,      ,        -    ,   .          .




 


         .     ,         - .         , ,  ,       .   ,              .  ,       ,      50%-    ,       .

   ,        .          .    ,        ,   ,        2030%-     - .    ,     .   ,        堖        ,        .     ,             2540%- ,           .     ,     ,     .

 , ,     ,         ,    .     ,    Fidelity,      ,        [14 - Myles Udland, "Fidelity Reviewed Which Investors Did Best and What They Found Was Hilarious," Business Insider, September 4, 2014, http://www.businessinsider.com/forgetfulinvestors-performed-best-2014-9 (http://www.businessinsider.com/forgetfulinvestors-performed-best-2014-9).].    ,         , ,       (    ),   .   :    ,               .            .

      :



               .               ,            ,   . ,              ,       .      ,         .       ,      [15 - Benjamin Graham and David L. Dodd, Security Analysis: The Classic 1951 Edition ([New York]: McGraw-Hill, 2005), Chapter 8.].





  : ,      






18  1965.

      ,       ,   .







12  1966.

         .   ,     ,  ,       ,       .

,    ,  , , ,   ..   ,  ,     ,    .          ,          (      ),    , ,   ,    .      ,   ,    ,      蠖     .  ,     ,   ,      .

   ,   ,      ,     . (   ,        .)    ,  ,       ,    ,           .             ,     ,   ,        .   .     ,          365 .  ,      ,        (     [2 -   . . .])          (,   ).  ,      -     .       ,   Dow.  ,          ( ,      ), ,      ,    - ,   .     ,          Sears,    ,   ,    .

           ,    Dow      995  865                .        : (1)       ,  Dow   865  ,         ;  (2)      ,      ,       ?  ,           ,      ,    .      : (1)      ( ,    ,             );  (2) -   ,      ,      ,         .

           ,      ,      ,        .        (),    ,  , ,    ,   ,         -  .           - ,     .  -        -    ?        ()           .        ,    .         ,         .        2 (    [16 -    Intelligent Investor    8.])     .   ,       ,   , - .







24  1968.

      :  ,        ().        ,        .   -   , ,        ,     .







24  1962.

    ,       ,       2025%- ,  ,         ,         .        ,       ,  ,  ,          .







18  1965.

 2030%-      (,   BPL)       ,         ,   .    ,     ,   . ,      ,     .












    -                       . ,   ,  ,             ,        ,    ,  ,     .   , ,    ,            .

             ,   ,   ,     .                  .

  ,          ,       ,      ,      ,    .  ,        ,   ,   .         ,      .




 2

 


                  .     [17 - Warren Buffett, "Warren Buffett's $50 Billion Decision," Forbes, March 26, 2012.].

18  1963.


, ,        ,  ,   ,   ,  ,   ,   [18 -        ,     ,     .].      ,   ,       ,        .            - .

       .     ,          .                .       : (1)     (2) .

       堖    ,    .         ,         ,      .          ,      ,    .  ,     ,    .

, ,   $100 000,  10% .     7% ,   ,      . ,   .   10  ,     (   ),   30% ,     .   15-    [19 -      18  1964.]  .       70% .     ,      .  20     125%.     .      .              .      .

    .      ,         - Berkshire,  - , ,   ,   $10      $300 000.  ,     .   $10,      1956.,    ,      $1  ($10      22%   58 ).     ,  ,       .      !

     25   ,      .        $100 000     ,           .     , ,       .        ,    ,          .         ,        .        ,  ,      20    ,              [20 - Alice Schroeder, The Snowball: Warren Buffett and the Business of Life (New York: Bantam Dell, 2008), 249.].

     :       ,           ,  ,  . , ,    .        ⠖     .     ,     ,   $8,        ,        [21 - Michelle Fox, "Here's How a Janitor Amassed an $8M Fortune," CNBC, February 9, 2015, http://www.cnbc.com/2015/02/09/ (http://www.cnbc.com/2015/02/09/).].

           .          .               .      ,   ,        Berkshire  Gates Foundation ,  ,       .   ,        ,    ,         .




  


     ,    ,        $100 000   1030     4  16%.








  ,     .                  .               .       ,    頖     16%   $100 000  $8,5  30 !

         ,      (      ),   : (1)          ,     ,  (2)         ,         .

   ,          .  ,       $30 000    ,             4% ,      1963.  $2  ($7,3    ).   ,      ,      ,   ,        ,         IBM[22 -      18  1963.].        ,    ,   .

               8%.          $115 892.  䠖   .    ( 10  30 )       .

 ,   ,      I,   $20 000    .     ,            ,    .     $20 000        6% ,      $1   1964.,  ,   3000      . ,      ,         ,  :  ,          ,      [23 -      18  1964.].

          ,  .              . ,  1963.   :



  , ,  ,          22,3%          , , ,  ,   .         ,              [24 -      18  1964.].


     ,     Berkshire            21,6%       50 .  ,     $18  1965.,      (2015.)   $218 000.       $359.   Berkshire       ,   2065.      $3,5,    蠖 $6 ,           .

 ,      .     ,     .     ,  ,        ,    .   Berkshire  ,       .




     


  ,         58%         . ,  S&P 500       (CAGR)   7%  1950.,       10-      6,8%.       ,      10%.   ,    ,          (    ,         ). ,       ,  56%     2030    .      -    ,    ,     .

  56%   ,        .        ,    1969.,    .      ,      , ,       ,  ,     :



      , ,   9%:  3%   6%  . ,         6%  䠖   ,          ,       (           ),              6%     .       (,  [3 -     40%.]) 1?%     4?%    ,  ,   6?%  .            45%,       .       ,     ,   ,         [25 -      9  1969.].


          ,       ,    堖      ࠖ       .    ,  $24,  -    ,   $12,5  1965.    6,12%     .    :



 , ,   .         6?% (        ),     [4 -   ,   1626.    . . .].   6?% $24    $42 105 772 800 ($42)  338 ,           7%,        $205[26 -      18  1965.].


    : ,         .      12%          (   ,      ,     ),    ,   ,     .          ,        401 (k)   2030    5  7%:    2%  30-        .        ,           !

   (      )      .          20 ,   2011.,   2%.    (  )     !      7,8%,    [27 - Sam Ro, "CHART OF THE DAY: The Average Person Is Absolutely Horrible at Investing," Business Insider, December 4, 2012, http://www.businessinsider.com/chart-averageinvestor-returns-2012-12 (http://www.businessinsider.com/chart-averageinvestor-returns-2012-12).].          ,     .

       ,      .            ,   .         .         頖   .




  :   






18  1963.



  ,         $30 000.         .      ,      ,   ,        ,         IBM.     $30 000,   4%    ,     $2 000 000 000 000 ( ,      , ,   $2 )  1962.        .                   .     .

  ,          ,    .  ,      ,  ,     Dow   .           .







18  1964.

 

      .   ,     ,         .  ,        ,    .

      ,          .    I   1540. 4000        .   ,  -        , ,  4000    $20 000.

     ,    (  )      ,  6%  ,          $1 000 000 000 000 000,00.  $1 ,    3000     ࠖ     6%.  ,          ,      .




  .


   .

   ,     (https://www.litres.ru/dzheremi-miller/pravila-investirovaniya-uorrena-baffetta/)  .

      Visa, MasterCard, Maestro,    ,   ,     ,  PayPal, WebMoney, ., QIWI ,       .



notes









1


 .  :     . .:  , 2017.




2


  . . .




3


    40%.




4


  ,   1626.    . . .










1


Lawrence Cunningham, The Essays of Warren Buffett: Lessons for Corporate America (Boston: Lawrence A. Cunningham, 2001), 25.




2


Anthony Bianco, "Homespun Wisdom from the 'Oracle of Omaha,'" Businessweek, July 5, 1999.




3


Alice Schroeder, The Snowball: Warren Buffett and the Business of Life (New York: Bantam Dell, 2008), 202.




4


Warren Buffett, "Warren Buffett's $50 Billion Decision," Forbes, March 26, 2012.




5


     18  1963.




6


     12  1966.




7


Alice Schroeder, The Snowball: Warren Buffett and the Business of Life (New York: Bantam Dell, 2008), 126127.




8


Warren Buffett, "The Superinvestors of Graham-and-Doddsville," Hermes, Columbia Business School magazine, 1984.




9


Joe Carlen, The Einstein of Money: The Life and Timeless Financial Wisdom of Benjamin Graham (New York: Prometheus Books, 2012), 231.




10


"Warren Buffett's $50 Billion Decision," Forbes, March 26, 2012.




11


     12  1966.




12


     12  1966.




13


     24  1968.




14


Myles Udland, "Fidelity Reviewed Which Investors Did Best and What They Found Was Hilarious," Business Insider, September 4, 2014, http://www.businessinsider.com/forgetfulinvestors-performed-best-2014-9 (http://www.businessinsider.com/forgetfulinvestors-performed-best-2014-9).




15


Benjamin Graham and David L. Dodd, Security Analysis: The Classic 1951 Edition ([New York]: McGraw-Hill, 2005), Chapter 8.




16


   Intelligent Investor    8.




17


Warren Buffett, "Warren Buffett's $50 Billion Decision," Forbes, March 26, 2012.




18


       ,     ,     .




19


     18  1964.




20


Alice Schroeder, The Snowball: Warren Buffett and the Business of Life (New York: Bantam Dell, 2008), 249.




21


Michelle Fox, "Here's How a Janitor Amassed an $8M Fortune," CNBC, February 9, 2015, http://www.cnbc.com/2015/02/09/ (http://www.cnbc.com/2015/02/09/).




22


     18  1963.




23


     18  1964.




24


     18  1964.




25


     9  1969.




26


     18  1965.




27


Sam Ro, "CHART OF THE DAY: The Average Person Is Absolutely Horrible at Investing," Business Insider, December 4, 2012, http://www.businessinsider.com/chart-averageinvestor-returns-2012-12 (http://www.businessinsider.com/chart-averageinvestor-returns-2012-12).


