像沃伦巴菲特那样的投资既不是一门艺术，也不是一门科学。相反，它是对人性的研究，是一种愿意走平凡道路的意愿。正如奥马哈先知所证明的，无聊并不等于无利可图。他的投资往往反映最基本的产品和服务，从剃须刀刀片和洗衣粉等消费品到软饮料和汽车保险(更多关于沃伦•巴菲特和他目前所持股份的信息，请查看Coattail Investor。）

巴菲特战略的一个基本原则是投资于他认为能够提供长期价值投资的公司，而不是投资于短期内可能盈利但在可预见的未来可能过时的时尚或技术。他的投资是以他的名言为指导的：“以公平的价格收购一家优秀的公司，比以一个优秀的价格收购一家优秀的公司要好得多。”

1987年，巴菲特曾说过一句名言：“我来告诉你为什么我喜欢香烟行业。做起来要花一分钱。卖一美元。很容易上瘾。他后来说，烟草业的问题让他改变了对烟草业的看法，但这句话概括了巴菲特对完美投资的描述。

巴菲特的控股公司伯克希尔哈撒韦（Berkshire Hathaway，NYSE:BRK.A）的投资组合中既有全资子公司，也有Geico汽车保险公司（Geico Auto Insurance）和Benjamin Moore&amp；以及公开交易公司的大量股份。例如，伯克希尔哈撒韦是可口可乐（NYSE:KO）和卡夫食品（NYSE:KFT）的最大股东，这两个品牌在美国超市随处可见。要找到最近持有的股票，请查阅SEC表格13F。（学习评估企业在了解商业模式时获得收入的系统。）

虽然这些投资都是有利可图的，但巴菲特最巧妙的选择还是购买了喜来登（See'scandy）和吉列（Gillette）。这两个公司看上去都很普通，以至于他们掩盖了自己的市场份额和创造利润的能力，这是大多数公司梦寐以求的。让我们深入了解一下。

Example 1: See\'s Candy: The Perfect Business ModelIn 1972, Buffett purchased See\'s Candy from the See family for $25 million. See\'s has been around since 1921, and its stores, designed to look like they belong onMain Street in a traditional American village, can be found throughout the western United States as well in many airports. Their selection is neither trendy nor flashy; the company offers the type of fare that while not in style, also never goes out of fashion. Over the ensuing decades, Buffett invested another $32 million into the business. Since its acquisition, the seemingly nominal confection and retail manufacturer has returned $1.35 billion to its owners.What attracted Buffett to this investment? Primarily, it was a highly profitable business with extraordinarily attractive fundamentals. Its pretax earnings were 60% of its invested capital. As a cash business, accounts receivable was not an issue. As for cash flow, the rapid turnover of products combined with a short distribution cycle minimized inventories. Operating strategies, such as increasing prices before Valentine\'s Day, provided extra revenue that went straight to the bottom line.Thus, this seemingly nominal enterprise was a perfect business model. In addition to financing its own growth over the years, See\'s has proved itself to be a valuable cash cow whose profits offer Berkshire Hathaway another internal source of revenues with which to make other acquisiti***. (For related reading, see Spotting Cash Cows.) Example 2: Gillette: Another Great Success StoryGillette provides another example of Buffett\'s investment strategy. In 1989, Gillette was a company with core products that were so firmly entrenched in the marketplace that seemingly every household in America used them. Gillette\'s razors, and more significantly the razor blades that fit them, once provided 71% of the company\'s profits and held a huge market share as the top brand in the United States. The company\'s Papermate pens, pencils, erasers and Liquid Paper, equally lacking in glamour, were sold in every venue imaginable, from stationery stores to supermarkets to newsstands. White Rain shampoo, Rite Guard and Dry Idea antiperspirants, and Gillette Foamy shaving cream were all powerful name brands, which together represented $1 billion in sales in 1989. During the 1980s, the razor industry was shaken up as disposable razors initially took away a significant share of sales from Gillette. In 1988, Coniston Partners attempted a hostile takeover of the Gillette company. Gillette won that battle, and in 1989, the company redefined the industry with the introduction of the Sensor Razor, a product that appealed to men\'s desire for a high quality/high tech product and reinvigorated the company\'s sales and profits. That same year, Buffett stepped in with a $600 million purchase of preferred stock, making Berkshire Hathaway the owner of 11% of the c***umer goods company, a seat on the board and a healthy $52.5 million annual dividend. Through the 1990s, Gillette\'s stock price gave Berkshire Hathaway a significant paper profit. In less than 24 months, the $600 million investment was worth $850 million. (Learn about the strategies corporati*** use to protect themselves from unwanted acquisiti*** in Corporate Takeover Defense: A Shareholder\'s Perspective.)

耐心支付布菲特的作案手法是耐心，所以他没有清算自己持有的股份并立即获利。相反，他继续表现出他对吉列管理层的信心，尽管吉列公司在研发方面投入了数百万美元，并收购了另一个经典的美国品牌Duracell。2005年，宝洁公司收购吉列；Gamble（NYSE:PG）对伯克希尔哈撒韦（Berkshire-Hathaway）的股票估值超过50亿美元，使伯克希尔哈撒韦成为全球领先消费品**商的最大股东。自P&amp；以来；作为一家拥有许多美国最受欢迎品牌的公司，他向华尔街保证，他不仅会持有这些股票，而且会提高自己在公司的地位。

如果巴菲特将最初的6亿美元投资于标准普尔500指数，而不是宝洁，其未分红价值将仅增长至22亿美元(要了解有关股息的更多信息，请阅读您可能不知道的股息事实。）

虽然See's和Gillette看起来是截然不同的公司，但巴菲特认识到，这两家公司都拥有一个公司能够实现的最有价值的公式：盈利和永恒的名牌产品。盒装糖果几代人以来一直是美国社会的主食，See's是一种深受喜爱的产品，即使在大萧条时期，公司也取得了增长。吉列的剃须产品服务于一个永远不会消失的需求，它的产品已经在美国和世界各地的家庭中找到。

在财务上，这两项业务都反映了已被证明是成功的战略。像香水一样，盒装糖果的生产成本通常比产品的包装和销售成本低。这将转化为非凡的利润。而吉列开创并仍占据主导地位的剃须刀片业务，正是这种商业模式的原创性范例，即赠送一种更大的、不常购买的产品（剃须刀），以便将一种更小的、反复购买的产品（一次性刀片）**给顾客，供其终生享用。这就是众所周知的剃须刀剃须刀模型(更多信息，请阅读Think Like Warren Buffett和Warren Buffett:How He Does It.）

结论复制巴菲特投资策略的第一步是寻找具有长期价值和公平定价股票的优秀公司。下一步是远离副业投资。See在巴菲特收购之前就已经盈利了，正如吉列在华尔街已经被认为是一项理想的投资一样。正是巴菲特愿意放下手中的现金，长期持有这些股票，使他与那些只会观望和等待的人有所区别。

巴菲特将自己的策略描述为“瑞普·范·温克尔（Rip van Winkle）方法”，这是美国作家华盛顿·欧文（Washington Irving）一篇著名短篇小说的主人公在20年后睡着了，醒来了。完美的时机是困难的，如果不是不可能实现，但巴菲特解释说，“我们只是试图在别人贪婪时感到恐惧，只有在别人恐惧时才感到贪婪。”

要了解如何利用13F表格来获得沃伦•巴菲特的利润，请阅读Build A Baby Berkshire。