Wie immer in dieser Zeit des Jahres:
Das Orakel von Oklahoma (sic) gibt einen Rückblick auf 2022 und einen Ausblick für die nächsten Jahre:
https://www.berkshirehathaway.com/letters/2022ltr.pdf
(Lesehinweis: Im Amerikanischen ist eine Milliarde eine Billion und die Vorsilbe "centi" bedeutet nicht "hundertstel", sondern "hundertfach")
https://www.berkshirehathaway.com/
Einige Kernausagen:
- We are business-pickers, not stock-pickers
- Secret sauce: Dividends
- Start early
Diese Aussagen kann ich eigener Erfahrung bestätigen:
1.) Ich habe im Herbst 2008 Sixt gekauft, weil es ein geiles Geschäft ist: Geile Leute fahren gerne geile Autos.
2.) Die Aktien haben sich inzwischen durch die ausgezahlten Dividenden selbst bezahlt
3.) Falls(!) ich die Aktien einmal verkaufe, ist der Gewinn steuerfrei.
Noch mehr Weisheiten:
• The world is full of foolish gamblers, and they will not do as well as the patient investor.
• If you don’t see the world the way it is, it’s like judging something through a distorted lens.
• All I want to know is where I’m going to die, so I’ll never go there. And a related thought:
Early on, write your desired obituary – and then behave accordingly.
• If you don’t care whether you are rational or not, you won’t work on it. Then you will stay
irrational and get lousy results.
• Patience can be learned. Having a long attention span and the ability to concentrate on one
thing for a long time is a huge advantage.
• You can learn a lot from dead people. Read of the deceased you admire and detest.
• Don’t bail away in a sinking boat if you can swim to one that is seaworthy.
• A great company keeps working after you are not; a mediocre company won’t do that.
• Warren and I don’t focus on the froth of the market. We seek out good long-term
investments and stubbornly hold them for a long time.
• Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s
a weighing machine.” If you keep making something more valuable, then some wise person
is going to notice it and start buying.
• There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is
dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count
on getting rich twice.
• You don’t, however, need to own a lot of things in order to get rich.
• You have to keep learning if you want to become a great investor. When the world changes,
you must change.
• Warren and I hated railroad stocks for decades, but the world changed and finally the
country had four huge railroads of vital importance to the American economy. We were
slow to recognize the change, but better late than never.
• Finally, I will add two short sentences by Charlie that have been his decision-clinchers for
decades: “Warren, think more about it. You’re smart and I’m right.”
Bettina Orlopp : „Wir haben kein Erkenntnis-, sondern ein Umsetzungsproblem.“ (Focus online 24.06.2025)
