像沃倫巴菲特那樣的投資既不是一門藝術，也不是一門科學。相反，它是對人性的研究，是一種願意走平凡道路的意願。正如奧馬哈先知所證明的，無聊並不等於無利可圖。他的投資往往反映最基本的產品和服務，從剃鬚刀刀片和洗衣粉等消費品到軟飲料和汽車保險(更多關於沃倫•巴菲特和他目前所持股份的資訊，請檢視Coattail Investor。）

巴菲特戰略的一個基本原則是投資於他認為能夠提供長期價值投資的公司，而不是投資於短期內可能盈利但在可預見的未來可能過時的時尚或技術。他的投資是以他的名言為指導的：“以公平的價格收購一家優秀的公司，比以一個優秀的價格收購一家優秀的公司要好得多。”

1987年，巴菲特曾說過一句名言：“我來告訴你為什麼我喜歡香煙行業。做起來要花一分錢。賣一美元。很容易上癮。他後來說，煙草業的問題讓他改變了對煙草業的看法，但這句話概括了巴菲特對完美投資的描述。

巴菲特的控股公司伯克希爾哈撒韋（Berkshire Hathaway，NYSE:BRK.A）的投資組閤中既有全資子公司，也有Geico汽車保險公司（Geico Auto Insurance）和Benjamin Moore&amp；以及公開交易公司的大量股份。例如，伯克希爾哈撒韋是可口可樂（NYSE:KO）和卡夫食品（NYSE:KFT）的最大股東，這兩個品牌在美國超市隨處可見。要找到最近持有的股票，請查閱SEC表格13F。（學習評估企業在瞭解商業模式時獲得收入的系統。）

雖然這些投資都是有利可圖的，但巴菲特最巧妙的選擇還是購買了喜來登（See'scandy）和吉列（Gillette）。這兩個公司看上去都很普通，以至於他們掩蓋了自己的市場份額和創造利潤的能力，這是大多數公司夢寐以求的。讓我們深入瞭解一下。

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，所以他沒有清算自己持有的股份並立即獲利。相反，他繼續表現出他對吉列管理層的信心，儘管吉列公司在研發方面投入了數百萬美元，並收購了另一個經典的美國品牌Duracell。2005年，寶潔公司收購吉列；Gamble（NYSE:PG）對伯克希爾哈撒韋（Berkshire-Hathaway）的股票估值超過50億美元，使伯克希爾哈撒韋成為全球領先消費品**商的最大股東。自P&amp；以來；作為一家擁有許多美國最受歡迎品牌的公司，他向華爾街保證，他不僅會持有這些股票，而且會提高自己在公司的地位。

如果巴菲特將最初的6億美元投資於標準普爾500指數，而不是寶潔，其未分紅價值將僅增長至22億美元(要瞭解有關股息的更多資訊，請閱讀您可能不知道的股息事實。）

雖然See's和Gillette看起來是截然不同的公司，但巴菲特認識到，這兩家公司都擁有一個公司能夠實現的最有價值的公式：盈利和永恆的名牌產品。盒裝糖果幾代人以來一直是美國社會的主食，See's是一種深受喜愛的產品，即使在大蕭條時期，公司也取得了增長。吉列的剃鬚產品服務於一個永遠不會消失的需求，它的產品已經在美國和世界各地的家庭中找到。

在財務上，這兩項業務都反映了已被證明是成功的戰略。像香水一樣，盒裝糖果的生產成本通常比產品的包裝和銷售成本低。這將轉化為非凡的利潤。而吉列開創並仍佔據主導地位的剃鬚刀片業務，正是這種商業模式的原創性範例，即贈送一種更大的、不常購買的產品（剃鬚刀），以便將一種更小的、反覆購買的產品（一次性刀片）**給顧客，供其終生享用。這就是眾所周知的剃鬚刀剃鬚刀模型(更多資訊，請閱讀Think Like Warren Buffett和Warren Buffett:How He Does It.）

結論複製巴菲特投資策略的第一步是尋找具有長期價值和公平定價股票的優秀公司。下一步是遠離副業投資。See在巴菲特收購之前就已經盈利了，正如吉列在華爾街已經被認為是一項理想的投資一樣。正是巴菲特願意放下手中的現金，長期持有這些股票，使他與那些只會觀望和等待的人有所區別。

巴菲特將自己的策略描述為“瑞普·範·溫克爾（Rip van Winkle）方法”，這是美國作家華盛頓·歐文（Washington Irving）一篇著名短篇小說的主人公在20年後睡著了，醒來了。完美的時機是困難的，如果不是不可能實現，但巴菲特解釋說，“我們只是試圖在別人貪婪時感到恐懼，只有在別人恐懼時才感到貪婪。”

要瞭解如何利用13F表格來獲得沃倫•巴菲特的利潤，請閱讀Build A Baby Berkshire。