“Google has a huge new moat. In fact, I’ve probably never seen such a wide moat...I don't know how to take it away from them...Their moat is filled with sharks” – Charlie Munger, 2009
2009 股東會後蒙格接受訪談，討論到 Google。蒙格認為 Google 的護城河是他見過最寬的...但評論完蒙格也沒說服巴菲特買，接下來十年是一隻 6 倍股，年化接近 20%
下面順便記錄一下我讀 2004 Founders’ IPO Letter 覺得不錯的點
Google is not a conventional company. We do not intend to become one.
第一句就很有力道。Google 不是一家常規的公司，我們也從來沒想過要成為一家這樣的公司。
Our goal is to develop services that significantly improve the lives of as many people as possible. In pursuing this goal, we may do things that we believe have a positive impact on the world, even if the near term financial returns are not obvious.
我們的目標是盡可能提供可以顯著改善大多數人類生活的服務。追求目標的過程中，對於我們所做出的決定，只要能帶給世界正向的影響，我們也可能做出短期回報並不顯著的決定。
If opportunities arise that might cause us to sacrifice short term results but are in the best long term interest of our shareholders, we will take those opportunities...We will not shy away from high-risk, high-reward projects because of short term earnings pressure...For example, we would fund projects that have a 10% chance of earning a billion dollars over the long term. Do not be surprised if we place smaller bets in areas that seem very speculative or even strange when compared to our current businesses.
當機會出現時，雖然會犧牲短期的獲利，但只要長期來說對我們股東是有利的，我們會去追逐這些機會...我們不會因為短期的盈利壓力而躲避高風險高報酬的投資...例如，我們會投資這樣的項目：長期來說有 10% 的機會賺到十億。就算看到我們投資與現有業務相較起來很投機的項目時也請不要驚訝。
We encourage our employees, in addition to their regular projects, to spend 20% of their time working on what they think will most benefit Google.
我們鼓勵員工，在他們常規的工作外，花 20% 的時間在那些他們認為會為 Google 帶來好處的項目。
Even though we are excited about risky projects, we expect to devote the vast majority of our resources to improvements to our main businesses.
雖然我們對於高風險的投資很興奮，但我們還是會把大多數的資源花費在改善主要的業務上。
-->上面三點是槓鈴法則
Decisions are often made by one of us, with the others being briefed later. This works because we have tremendous trust and respect for each other and we generally think alike.
通常，我們三個（Larry、Eric、Sergey）其中之一會做決策，做出決策後才會知會另外兩位。這樣做可行是因為我們對於彼此有深厚的信任，也互相尊重，而且我們三個的思維方式相近。
-->很像巴菲特和蒙格的關係
Search