巴菲特在1987年写的一篇短文

初四，上海巴迷majiangw参加了春节聚会，昨日初五，适逢迎财神，在上海是重要的一天，鞭炮声声入耳，甚至会超过除夕和正月初一。majiangw发来信函对参加聚会表示感谢。并“附上新近得到的巴菲特1987年写的短文，与众位朋友共享。majiangw初五财神之日顺祝朋友们事业兴隆、财源茂盛！”

　在此对majiangw表示感谢。博客巴菲特属于每一个潜心学习和研究的巴菲特迷，希望巴迷们充分利用和共同建设维护它，越分享越多，使它能够对我们大家的投资学习和实践带来实实在在的利益和帮助。

Forbes October 19th 1987

By Warren Buffett

　HORSE HANDICAPPERS fall into two major categories: speed and class. The speed dopester wants lots of figures: He pores over the form sheet to determine which horse posted the fastest time in recent races, adjusted for track conditions, weight carried, etc. The class handicapper scorns number.

"Tell me about bloodlines and the quality of past opposition," he says. These differing doctrines have their parallel in the investment world -- between analysts emphasizing quantitative factors and those who favor a qualitative approach.

The quantitative analyst says, "Let's buy the cheapest stock as measured by some combination of price/earnings ratio, book value, yield, etc."

The qualitative analyst says, "Buy the best company, the best management and don't worry too much about the numbers."

Happily, there's more than one way to get to financial heaven. Skilled and insightful practitioners of either persuasion will be rewarded. I was lucky to find good men of both persuasions early in my life, and the resulting synthesis of their ideas has been of enormous benefit to me.

I sought out Phil Fisher after reading his Common Stocks and Uncommon Profits and Paths to Wealth Through Common Stocks in the early 1960s.

When I met him, I was as impressed by the man as by his ideas. Much like Ben Graham, Fisher was unassuming, generous in spirit and an extraordinary teacher. From him I learned the value of the"scuttlebutt" approach: Go out and talk to competitors, suppliers, customers to find out how an industry or a company really operates.

A thorough understanding of the business, obtained by using Phil's techniques, combined with the quantitative discipline taught by Ben, will

enable one to make intelligent investment commitments. I am an eager reader of whatever Phil has to say, and I recommend him to you.