Buffett's goal was to top the Dow Jones Industrial Average by an average of 10% a year. Over the length of the Buffett partnership between 1957 and 1969, Buffett's investments grew at a compound annual rate of 29.5%, crushing the Dow's return of 7.4% over the same period.

 Buffett's investment strategy mirrors his lifestyle and overall philosophy. He doesn't collect houses or cars or works of art, and he disdains companies that waste money on such extravagances as limousines, private dining rooms, and high－priced real estate. He is a creature of habit－－same house, same office, same city, same soda－－and dislikes change. In his investments, that means holding on to "core holdings"such as American Express, Coca－Cola, and The Washington Post Co. "forever. "

  巴菲特的目的是以每年平均10％的比率超出道琼斯工业指数。在巴菲特倡导的"合伙投资"模式下, 从1957到1969年间, 巴菲特的投资以每年29.5％的综合速度增长, 大大挫败了道琼斯在同一时期7.4％的回报率。

   巴菲特的投资策略可映射出他的生活方式和人生哲学。他没有囤积房屋、收集汽车和艺术品的嗜好, 他厌恶那些把钱花在高级轿车、私人餐厅和豪华地产这类奢侈品上的公司。他是个善于遵循习惯的人--住同一栋房屋, 在同一间办公室办公, 在同一个城市生活, 喝同一牌子的可乐--他不喜欢变化。用在他的投资理念上, 就是紧抓住投资"核心"不变, 如美国捷运公司、可口可乐、华盛顿邮报公司, 而且是"永远不变"。

 Buffett's view of inherited money also departs from the norm. Critical of the self－indulgence of the super－rich, Buffett thinks of inheritances as"privately funded food stamps"that keep children of the rich from leading normal, independent lives. With his own three kids, he gave them each $10,000 a year－－the tax－deductible limit－－at Christmas. When he gave them a loan, they had to sign a written agreement. When his daughter, also named Susie like her mother, needed $20 to park at the airport, he made her write him a check for it.

  As for charity, Buffett's strict standards have made it difficult for him to give much away. He evaluates charities the same way he looks for stocks：value for money, return on invested capital. He has established the Buffett Foundation, designed to accumulate money and give it away after his and his wife's deaths－－though the foundation has given millions to organizations involved with population control, family planning, abortion, and birth control. The argument goes that Buffett can actually give away a greater sum in the end by growing his money while he's still alive.

     巴菲特对待遗产的态度也与众不同。他对"超级富人"自我放纵的生活方式非常反感, 他把遗产看作是"私人资助的饭票", 这让有钱人家的孩子们无法过上正常而独立的生活。对自己的３个孩子, 巴菲特在每年圣诞节时给他们每人１万美元作为一年的花销--免征所得税收的最低限度。若是给他们贷款, 则需签订书面协议。有一次他的女儿苏茜--与母亲同名--在机场需要２０美元的停车费, 巴菲特虽然把钱借给了她, 但却要求女儿给自己写一张支票当作偿还。liuxuepaper.com