Note 1. "...Great expectations lead to great disappointment it they are not met; a failure to meet moderate expectation leads to a much milder reaction.
Thus , one fo the biggest risk in owning growth stocks is not that their growth will stop, but merely that it will slow down.
And in long run, that is not merely a risk, but vertual certainty."
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Note2. "Recent history-and a mountain of financial research-have show that the market is unkindest to rapidly growing companies that suddenly report a fall in earnings. More moderate and stable growers, as ALCOA was in Graham's day or Anheuser-Busch and Colgate-Palmolive are in our time, tend to suffer somewhat milder stock declines if they report disappointing earnings.
จึงคิดว่า
กก. ต่อ กก.
ขึ้นอยู่กับ
1. MOS ตัวไหนมากกว่า
2. นับจากวันนี้ ตัวไหนยัง growth sable และ ยาวนานกว่า
ซึ่งค่าเหล่านี้ แล้วแต่ใครจะคำนวณ
จึงขึ้นอยู่กับ
ข้อ3. ที่ buffet เอาไว้เป็นข้อแรกเสมอคือ
(a) that we can understand; (b) with favorable long-term prospects; (c) operated by honest and competent people; and (d) available at a very attractive price."