[核心存股]　波克夏股東會精選－把價值股和成長股視為兩種不同類型的人並不懂投資

◇ 價值股和成長股是同一種概念

　I really said that growth and value they're indistinguishable. They are part of the same equation or real growth is the value equation. Our position is that there is no such thing as growth stocks or value stocks. Even though Wall Street generally portrays them as being contrasting asset classes.

　Growth is wonderful at See's Candy. Because it requires relatively little incremental investment to sell more pounds of candy. It's growth, and I've discussed this in some of the annual reports, growth is part of the equation.

　But anybody that tells you "You ought to have your money in growth stocks or value stocks." really does not understand investing. Other than that, they're terrific people. You know, the real point is that we're trying to put out more capital now to get more capital or money. We are trying to put out cash now to get more cashback later. And you can call that value or you can call it growth, but they're not two different categories.

　When I hear people talk about 'now, it's time to move from growth stocks to value stocks or something like that.' It just doesn't make any sense.

　　我確實說過，增長股和價值股是無法區分的。它們是策略的同一部分，或者說增長就是價值的一部分。我們的立場是，沒有所謂的成長型股票或價值型股票的區別，儘管華爾街通常將它們描述為對比鮮明的不同資產類別。

　　See's Candy 的成長是很美好的。因為銷售更多磅的糖果只要相對更少的投資增量。這就是增長，我在一些年度報告中討論過這一點，增長是等式（策略）的一部分。

　　任何告訴你「你應該把錢投資在成長型股票或價值型股票」的人，是真的不懂投資。除此之外，他們都是很棒的人。你應該知道的，真正的重點是我們是為了讓投入更多的資本獲得更多的資本或現金。換句話說，我們投入現金，以便之後取回更多的現金。你可以稱之為價值，也可以稱之為增長，但它們不是兩個不同的類別。

　　我聽到人們談論「現在，是時候從成長型股票轉向價值型股票或類似的股票了」。這根本毫無邏輯。

◆　公司的成長也是價值的一部分

　　這段巴爺舉了好幾個例子來解釋如果以華爾街( or 一般投資人) 的共識來說，價值股的計算上就是不包含了公司的未來，單純判別「當前」價格是否低於價值，可是我們投資不管短期或長期都是為了在之後拿回更多的報酬，不可能就單純只看所謂當前價值與價格是否划算而不考慮公司未來的可能性，即使我們要賺的那個未來可能性只是預計他幾個月或幾季之後，也是要同時考慮公司短期內的獲利可能性。

　　巴爺認為這樣的分類很怪，真的很怪。