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  3. (1)For someone who is such an extraordinarily successful investor, Warren Bu

(1)For someone who is such an extraordinarily successful investor, Warren Bu

游客2023-11-25  16
问题     (1)For someone who is such an extraordinarily successful investor, Warren Buffett comes off as a pretty ordinary guy. Born and bred in Omaha, Nebraska, for more than 40 years, Buffett has lived in the same gray stucco house on Farnam Street mat he bought for $31,500. He wears rumpled, nondescript suits, drives his own car, drinks Cherry Coke, and is more likely to be found in a Dairy Queen than a four-star restaurant. But me 68-year-old Omaha native has led an extraordinary life. Looking back on his childhood, one can see me budding of a savvy businessman.
    (2)Even as a young child, Buffett was pretty serious about making money. He used to go door-to-door and sell soda pop. He and a friend used math to develop a system for picking winners in horseracing and started selling their "Stable-Boy Selections" tip sheets until they were shut down for not having a license. Later, he also worked at his grandfather’s grocery store. After frequenting his father’s brokerage firm and charting stock prices on his own, Buffett, at me ripe age of 11, bought his first stock.
    (3)When his family moved to Washington, D. C, Buffett became a paperboy for The Washington Post and its rival The Times-Herald. When his customers canceled their subscriptions for one of the papers, he was ready to offer the other paper to take its place. Buffett ran his five paper routes like an assembly line and even added magazines to round out his product offerings. While still in school, he was making $175 a month, a full-time wage for many young men.
    (4)When he was 14, Buffett spent $1,200 on 40 acres of farmland in Nebraska and soon began collecting rent from a tenant farmer. He and a friend also made $50 a week by placing pinball machines in barber shops. They called their venture Wilson Coin Operated Machine Co.
    (5)Already a successful albeit small-time businessman, Buffett wasn’t keen on going to college but ended up at Wharton at the University of Pennsylvania—his father encouraged him to go. After two years at Wharton, Buffett transferred to his parents’ Alma Mater, the University of Nebraska in Lincoln, for his final year of college. There Buffett took a job with the Lincoln Journal supervising 50 paper boys in six rural counties.
    (6)Buffett applied to Harvard Business School but was turned down in what had to be one of the worst admissions decisions in Harvard history. Nineteen at the time, he was told he was too young and to wait a year or two. The outcome ended up profoundly affecting Buffett’s life, for he ended up attending Columbia Business School, where he studied under revered mentor Benjamin Graham, the father of securities analysis who provided the foundation for Buffett’s investment strategy.
    (7)From the beginning, Buffett made his fortune from investing. He started with all the money he had made from selling pop, delivering papers, and operating pinball machines. Between 1950 and 1956, he grew his $9,800 kitty to $140,000. From there, he organized investment partnerships with his family and friends, and then gradually drew in other investors through word of mouth and very attractive terms: Limited partners would get to keep all the profits Buffett made for them up to 4%. Anything beyond that would be split—75% would be earmarked for the investors and 25% for Buffett. In other words, if Buffett’s return was 4% or less, he would take home nothing.
    (8)Buffett’s goal was to top the Dow Jones Industrial Average by an average of 10% a year. Over the length of the Buffett partnership between 1957 and 1969, Buffett’s investments grew at a compound annual rate of 29.5%, crushing the Dow’s return of 7.4% over the same period.
    (9)Buffett’s investment strategy mirrors his lifestyle and overall philosophy. He doesn’t collect houses or cars or works of art, and he disdains companies that waste money on such extravagances as limousines, private dining rooms, and high-priced real estate. He is a creature of habit—same house, same office, same city, same soda—and dislikes change. In his investments, that means holding on to "core holdings" such as American Express, Coca-Cola, and The Washington Post Co. "forever".
    (10)Buffett’s view of inherited money also departs from the norm. Critical of the self-indulgence of the super-rich, Buffett thinks of inheritances as "privately funded food stamps" that keep children of the rich from leading normal, independent lives. With his own three kids, he gave them each $10,000 a year—the tax-deductible limit—at Christmas. When he gave them a loan, they had to sign a written agreement. When his daughter, also named Susie like her mother, needed $20 to park at the airport, he made her write him a check for it.
    (11)As for charity, Buffett’s strict standards have made it difficult for him to give much away. He evaluates charities the same way he looks for stocks: value for money, return on invested capital. He has established the Buffett Foundation, designed to accumulate money and give it away after his and his wife’s deaths—though the foundation has given millions to organizations involved with population control, family planning, abortion, and birth control. The argument goes that Buffett can actually give away a greater sum in the end by growing his money while he’s still alive.
    (12)Buffett’s tenacious grip on stability and constancy is reflected in his friendships, such as his longtime collaboration with Charlie Munger and his relationship with his wife Susie. They got married when Buffett was 21, and judging from Berkshire’s annual reports and other public appearances, they’ve been happy together ever since. [br] Buffett’s investment strategy seems to reflect all of the following EXCEPT _____.
选项 A、Benjamin Graham’s investment conception
B、Buffett’s lifestyle and overall philosophy
C、Buffett’s critical view of inheritances
D、Buffett’s evaluations of philanthropy
答案 C
解析 倒数第3段提到的巴菲特对待遗产的态度并不是从他的投资策略中反映出来的，故选C。第6段末句提到，巴菲特从导师身上学到的东西为他日后形成自己的投资策略奠定了基础，即他的投资策略反映了A。根据倒数第4段第1句，可轻松排除B。倒数第2段第2句提到，他对待慈善事业的态度犹如对待股票，即他的投资策略也反映了D。
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