巴菲特迄今最成功的六筆投資

????6.《聰明的投資者》（The Intelligent Investor）

????年平均復合回報率：許多

????總回報：450億美元

????初次閱讀時：65年前（1949年出版）

????巴菲特說，他這輩子做過最好的投資不是某只股票或債券或房地產，而是買了一本本杰明?格雷厄姆所著的《聰明的投資者》。該書于1949年出版，當年巴菲特就閱讀了此書。后來為了上格雷厄姆的課，巴菲特申請就讀哥倫比亞大學商學院（Columbia Business School）。巴菲特說，這本書至今仍然是他投資決策的指引，他已經將它推薦給比爾?蓋茨等人。以下是巴菲特在他最近寫給伯克希爾股東哈撒韋公司股東的信中對此書的評論：

????“我已經記不清我買第一本《聰明的投資者》花了多少錢。無論花了多少錢，都可以彰顯格雷厄姆書中那句格言的真諦：價格是你支付出去的，價值是你所獲得的。我做過的所有投資之中，買格雷厄姆的這本書就是最好的投資（我買的那兩本結婚證除外）。”（財富中文網）

????譯者：Peter

????審校：Lina

????6. The Intelligent Investor

????Annual average compounded return: A lot

????Total return: $45 billion

????Years since read: 65 (published in 1949)

????Buffett has said the best investment he ever made was not a stock or a bond or even in real estate, but buying a copy of The Intelligent Investor, a book written by Benjamin Graham. Buffett read the book when it came out in 1949 and later enrolled at Columbia Business School in order to take classes with Graham. Buffett says the book still guides his investment decisions today, and he has recommended it to Bill Gates, among others. Here's what Buffett had to say about the book in his most recent letter to Berkshire shareholders:

????“I can’t remember what I paid for that first copy of The Intelligent Investor. Whatever the cost, it would underscore the truth of Ben’s adage: Price is what you pay; value is what you get. Of all the investments I ever made, buying Ben’s book was the best (except for my purchase of two marriage licenses).”