Đạo của Warren Buffett

["NH\u1eeeNG SAI L\u1ea6M C\u1ea6N L\u01afU \u00dd L\u1eddi s\u1ed1 92 \u201cCh\u00fang ta kh\u00f4ng bao gi\u1edd quay \u0111\u1ea7u nh\u00ecn l\u1ea1i. Ch\u00fang ta bi\u1ebft r\u1eb1ng \u1edf ph\u00eda tr\u01a3\u1edbc c\u00f2n r\u1ea5t nhi\u1ec1u th\u1ee9 \u0111\u1ec3 tr\u00f4ng \u0111\u1ee3i n\u00ean kh\u00f4ng vi\u1ec7c g\u00ec ph\u1ea3i suy ngh\u0129 ti\u1ebfc nu\u1ed1i vi\u1ec7c \u0111\u00e3 qua. C\u0169ng ch\u1eb3ng thay \u0111\u1ed5i \u0111\u01a3\u1ee3c g\u00ec n\u1eefa. B\u1ea1n ch\u1ec9 c\u00f3 th\u1ec3 s\u1ed1ng v\u00e0 \u0111i t\u1edbi.\u201d *** Warren ch\u01a3a bao gi\u1edd ph\u1ea3i ti\u1ebfc nu\u1ed1i trong cu\u1ed9c s\u1ed1ng, trong kinh doanh, v\u00e0 \u0111\u1ea7u t\u01a3. Trong th\u1ebf gi\u1edbi \u0111\u1ea7u t\u01a3 l\u00fac n\u00e0o c\u0169ng c\u00f3 nh\u1eefng c\u01a1 h\u1ed9i m\u00e0 b\u1ea1n b\u1ecf l\u1ee1, nh\u1eefng c\u1ed5 phi\u1ebfu t\u0103ng gi\u00e1 m\u00e0 b\u1ea1n \u0111\u00e3 kh\u00f4ng mua. N\u1ebfu b\u1ea1n b\u00e1n \u0111i c\u1ed5 phi\u1ebfu v\u00e0 n\u00f3 ti\u1ebfp t\u1ee5c t\u0103ng gi\u00e1, b\u1ea1n c\u00f3 th\u1ec3 ng\u1ed3i ti\u1ebfc nu\u1ed1i h\u00e0ng th\u00e1ng tr\u1eddi. N\u1ebfu b\u1ea1n kh\u00f4ng b\u00e1n v\u00e0 gi\u00e1 c\u1ed5 phi\u1ebfu t\u1ee5t gi\u1ea3m, b\u1ea1n c\u00f3 th\u1ec3 ng\u1ed3i h\u00e0ng n\u0103m tr\u1eddi \u0111\u1ec3 ti\u1ebfc nu\u1ed1i, \u0111\u1ed5 l\u1ed7i cho b\u1ea3n th\u00e2n v\u00e0 m\u1ecdi ng\u01a3\u1eddi. Trong kinh doanh c\u0169ng v\u1eady, n\u1ebfu \u0111\u01a3a ra h\u00e0ng tr\u0103m quy\u1ebft \u0111\u1ecbnh trong \u0111\u00f3 c\u00f3 m\u01a3\u1eddi quy\u1ebft \u0111\u1ecbnh sai, b\u1ea1n c\u00f3 th\u1ec3 b\u1ecb v\u01a3\u1edbng v\u00e0o t\u00ecnh tr\u1ea1ng c\u1ee9 s\u0103m soi m\u00e3i sai l\u1ea7m c\u1ee7a m\u00ecnh m\u00e0 l\u1ea1i b\u1ecf qua nh\u1eefng quy\u1ebft \u0111\u1ecbnh kh\u00e1c c\u1ea7n ph\u1ea3i \u0111\u01a3a ra. M\u1ed7i ng\u00e0y, th\u1ebf gi\u1edbi \u0111\u1ea7u t\u01a3 li\u00ean t\u1ee5c di\u1ec5u h\u00e0nh tr\u01a3\u1edbc m\u1eb7t b\u1ea1n m\u1ed9t lo\u1ea1t nh\u1eefng c\u01a1 h\u1ed9i m\u1edbi. B\u1ea1n kh\u00f4ng c\u1ea7n ph\u1ea3i ch\u00fa tr\u1ecdng qu\u00e1 m\u1ee9c \u0111\u1ebfn c\u00e1c sai l\u1ea7m ngo\u1ea1i tr\u1eeb r\u00fat ra b\u00e0i h\u1ecdc kinh nghi\u1ec7m t\u1eeb \u0111\u00f3. \u0110i\u1ec1u b\u1ea1n c\u1ea7n l\u00e0m l\u00e0 h\u00e3y \u00e1p d\u1ee5ng b\u00e0i h\u1ecdc v\u00e0o nh\u1eefng v\u1ea5n \u0111\u1ec1 c\u1ee7a ng\u00e0y h\u00f4m nay. Trong cu\u1ed9c ch\u01a1i \u0111\u1ea7u t\u01a3 b\u1ea1n s\u1ebd li\u00ean t\u1ee5c vu\u1ed9t m\u1ea5t nhi\u1ec1u th\u1ee9, nh\u01a3ng ch\u00fang ch\u1eb3ng l\u00e0m h\u1ea1i g\u00ec \u0111\u1ebfn b\u1ea1n. C\u00e1i b\u1ea1n c\u1ea7n ch\u00fa \u00fd l\u00e0 nh\u1eefng sai l\u1ea7m trong h\u00e0nh \u0111\u1ed9ng, v\u00e0 ch\u00fang v\u1eabn c\u00f2n \u1edf ph\u00eda tr\u01a3\u1edbc.","L\u1eddi s\u1ed1 93 \u201cT\u00f4i mu\u1ed1n m\u00ecnh c\u00f3 th\u1ec3 gi\u1ea3i th\u00edch \u0111\u01a3\u1ee3c c\u00e1c sai l\u1ea7m c\u1ee7a m\u00ecnh. \u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 t\u00f4i ch\u1ec9 l\u00e0m nh\u1eefng g\u00ec m\u00ecnh hi\u1ec3u r\u00f5 ho\u00e0n to\u00e0n.\u201d *** N\u1ebfu b\u1ea1n kh\u00f4ng hi\u1ec3u r\u00f5 nh\u1eefng g\u00ec m\u00ecnh \u0111ang l\u00e0m, th\u00ec t\u1ea1i sao b\u1ea1n l\u1ea1i l\u00e0m nh\u01a3 th\u1ebf? C\u00e1ch th\u1ee9c \u0111\u1ea7u t\u01a3 \u0111\u00fang \u0111\u1eafn kh\u00f4ng ph\u1ea3i d\u1ef1a tr\u00ean tr\u1ef1c gi\u00e1c, n\u00f3 l\u00e0 s\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa l\u00fd tr\u00ed v\u00e0 kh\u00ed ch\u1ea5t ph\u00f9 h\u1ee3p. \u0110\u00f4i khi kh\u00f4ng bi\u1ebft c\u00e0ng hay, ngo\u1ea1i tr\u1eeb khi b\u1ea1n \u0111\u1ea7u t\u01a3. N\u1ebfu b\u1ea1n mu\u1ed1n gi\u1ea3i th\u00edch \u0111\u01a3\u1ee3c t\u1ea1i sao b\u1ea1n m\u1eafc sai l\u1ea7m, b\u1ea1n c\u1ea7n ph\u1ea3i bi\u1ebft gi\u1ea3i th\u00edch v\u1ec1 nh\u1eefng g\u00ec b\u1ea1n \u0111\u00e3 l\u00e0m \u0111\u00fang, v\u00e0 t\u1ea1i sao b\u1ea1n l\u1ea1i ch\u1ecdn l\u00e0m nh\u01a3 v\u1eady. B\u1ea1n c\u1ea7n ph\u00e2n bi\u1ec7t r\u00f5 gi\u1eefa m\u1ed9t c\u00f4ng ty t\u1ed1t v\u00e0 m\u1ed9t c\u00f4ng ty t\u1ed3i, v\u00e0 b\u1ea1n c\u1ea7n bi\u1ebft r\u00f5 c\u00e1ch x\u00e1c \u0111\u1ecbnh vi\u1ec7c m\u1ed9t c\u00f4ng ty \u0111ang \u0111\u01a3\u1ee3c \u0111\u1ecbnh gi\u00e1 qu\u00e1 th\u1ea5p hay qu\u00e1 cao. N\u1ebfu b\u1ea1n kh\u00f4ng l\u00e0m \u0111\u01a3\u1ee3c nh\u01a3 th\u1ebf, h\u00e3y t\u00ecm m\u1ed9t ng\u01a3\u1eddi kh\u00e1c gi\u00fap b\u1ea1n, n\u1ebfu kh\u00f4ng s\u1ebd gi\u1ed1ng nh\u01a3 trong tr\u00f2 ch\u01a1i n\u00e9m x\u00fac x\u1eafc, c\u01a1 h\u1ed9i th\u1eafng th\u01a3\u1eddng kh\u00f4ng thu\u1ed9c v\u1ec1 b\u1ea1n.","L\u1eddi s\u1ed1 94 \u201cN\u1ebfu b\u1ea1n kh\u00f4ng ph\u1ea1m sai l\u1ea7m, b\u1ea1n s\u1ebd kh\u00f4ng th\u1ec3 ra quy\u1ebft \u0111\u1ecbnh.\u201d *** C\u00f3 nh\u1eefng ng\u01a3\u1eddi c\u00f3 th\u1ec3 ra quy\u1ebft \u0111\u1ecbnh, nh\u01a3ng c\u0169ng c\u00f3 nh\u1eefng ng\u01a3\u1eddi kh\u00f4ng th\u1ec3 l\u00e0m vi\u1ec7c n\u00e0y. Ng\u01a3\u1eddi n\u00e0o c\u00f3 th\u1ec3 ra quy\u1ebft \u0111\u1ecbnh l\u00e0 ng\u01a3\u1eddi l\u00e3nh \u0111\u1ea1o, v\u00e0 nh\u1eefng ng\u01a3\u1eddi kh\u00f4ng th\u1ec3 s\u1ebd ph\u1ea3i tu\u00e2n theo. Bao h\u00e0m trong vi\u1ec7c ra quy\u1ebft \u0111\u1ecbnh l\u00e0 ph\u1ea1m sai l\u1ea7m, b\u1edfi v\u00ec b\u1ea5t c\u1ee9 ai n\u1ebfu ph\u1ea3i \u0111\u01a3a ra h\u00e0ng t\u00e1 quy\u1ebft \u0111\u1ecbnh m\u1ed7i ng\u00e0y c\u0169ng s\u1ebd c\u00f3 l\u00fac ph\u1ea1m sai l\u1ea7m. Tuy nhi\u00ean, n\u1ebfu c\u1ee9 ph\u1ea1m sai l\u1ea7m nhi\u1ec1u l\u1ea7n, th\u00ec b\u1ea1n s\u1ebd kh\u00f4ng c\u00f2n l\u00e0m l\u00e3nh \u0111\u1ea1o \u0111\u01a3\u1ee3c n\u1eefa, nh\u1eefng ng\u01a3\u1eddi d\u01a3\u1edbi quy\u1ec1n c\u1ee7a b\u1ea1n s\u1ebd t\u00ecm ng\u01a3\u1eddi kh\u00e1c \u0111\u1ec3 thay th\u1ebf. CEO c\u00f3 th\u1ec3 ph\u1ea1m sai l\u1ea7m mi\u1ec5n l\u00e0 v\u1eabn mang v\u1ec1 ti\u1ec1n b\u1ea1c cho c\u1ed5 \u0111\u00f4ng. M\u1ed9t ph\u1ea7n quan tr\u1ecdng trong vi\u1ec7c ra quy\u1ebft \u0111\u1ecbnh l\u00e0 \u0111\u1ec3 b\u1ea1n ti\u1ebfp t\u1ee5c ra nh\u1eefng quy\u1ebft \u0111\u1ecbnh ti\u1ebfp theo. N\u1ebfu b\u1ea1n ng\u1eadp ng\u1eebng, ngh\u0129a l\u00e0 b\u1ea1n \u0111\u00e3 quy\u1ebft \u0111\u1ecbnh kh\u00f4ng ra quy\u1ebft \u0111\u1ecbnh n\u1eefa. N\u1ebfu nhi\u1ec1u l\u1ea7n ng\u1eadp ng\u1eebng th\u00ec m\u1ecdi th\u1ee9 s\u1ebd ch\u1ea5t ch\u1ed3ng l\u1ea1i. Kh\u00f4ng c\u00f3 c\u00e1i g\u00ec xong th\u00ec c\u00f4ng ty s\u1ebd kh\u00f4ng l\u00e0m ra ti\u1ec1n. N\u1ebfu b\u1ea1n quy\u1ebft \u0111\u1ecbnh v\u00e0 nh\u1eadn th\u1ea5y n\u00f3 sai, Warren cho r\u1eb1ng t\u1ed1t nh\u1ea5t kh\u00f4ng n\u00ean s\u0103m soi n\u00f3 qu\u00e1 k\u1ef9, v\u00e0 r\u1eb1ng b\u1ea1n n\u00ean nh\u00ecn v\u00e0o quy\u1ebft \u0111\u1ecbnh ti\u1ebfp theo. Khi ng\u01a3\u1eddi ta h\u1ecfi Seymour Cray, nh\u00e0 thi\u1ebft k\u1ebf t\u00e0i hoa c\u1ee7a c\u00f4ng ty si\u00eau m\u00e1y t\u00ednh Cray, \u0111\u00e2u l\u00e0 \u0111i\u1ec3m n\u1ed5i b\u1eadt c\u1ee7a \u00f4ng so v\u1edbi nh\u1eefng k\u1ef9 s\u01a3 kh\u00e1c, \u00f4ng tr\u1ea3 l\u1eddi r\u1eb1ng \u0111\u00f3 l\u00e0 s\u1eb5n s\u00e0ng ch\u1ea5p nh\u1eadn sai l\u1ea7m nh\u01a3 m\u1ed9t ph\u1ea7n c\u1ee7a quy tr\u00ecnh th\u1eed nghi\u1ec7m. Cray cho bi\u1ebft nh\u1eefng k\u1ef9 s\u01a3 kh\u00e1c th\u01a3\u1eddng d\u1eebng l\u1ea1i sau ba l\u1ea7n th\u1eed, nh\u01a3ng \u00f4ng th\u00ec v\u1eabn ti\u1ebfp t\u1ee5c cho \u0111\u1ebfn khi n\u00e0o \u0111\u1ea1t \u0111\u01a3\u1ee3c \u0111\u00fang nh\u01a3 t\u00ednh to\u00e1n m\u1edbi th\u00f4i, cho d\u00f9 l\u00e0 ph\u1ea3i l\u00e0m sai h\u00e0ng tr\u0103m l\u1ea7n. Con \u0111\u01a3\u1eddng d\u1eabn \u0111\u1ebfn th\u00e0nh c\u00f4ng v\u0129 \u0111\u1ea1i th\u01a3\u1eddng \u0111\u01a3\u1ee3c tr\u1ea3i h\u00e0ng t\u1ea5n sai l\u1ea7m, v\u00ec v\u1eady n\u00ean b\u1ecf qua v\u00e0 ti\u1ebfp t\u1ee5c d\u1ea5n b\u01a3\u1edbc. C\u00f2n n\u1ebfu b\u1ea1n kh\u00f4ng th\u00edch l\u00e0m l\u00e3nh \u0111\u1ea1o, b\u1ea1n v\u1eabn c\u00f3 th\u1ec3 l\u00e0m ng\u01a3\u1eddi \u0111i sau.","V\u00d2NG TR\u00d2N N\u0102NG L\u1ef0C L\u1eddi s\u1ed1 95 \u201c\u0110\u1ea7u t\u01a3 l\u00e0 ph\u1ea3i v\u1eadn d\u1ee5ng l\u00fd tr\u00ed, n\u1ebfu b\u1ea1n kh\u00f4ng hi\u1ec3u \u0111\u01a3\u1ee3c n\u00f3, \u0111\u1eebng tham gia.\u201d *** Warren nh\u1ea5t nh\u1ea5t ph\u1ea3i hi\u1ec3u r\u00f5 m\u1ed7i m\u1ed9t c\u00f4ng ty m\u00e0 \u00f4ng ch\u1ecdn \u0111\u1ea7u t\u01a3. \u0110\u00e2y c\u00f3 th\u1ec3 l\u00e0 chi\u1ebfc ch\u00eca kh\u00f3a v\u0129 \u0111\u1ea1i gi\u00fap \u00f4ng th\u00e0nh c\u00f4ng. N\u1ebfu \u00f4ng kh\u00f4ng hi\u1ec3u r\u00f5 th\u1ee9 g\u00ec, \u00f4ng s\u1ebd kh\u00f4ng \u0111\u1ea7u t\u01a3 v\u00e0o n\u00f3. Nguy\u00ean l\u00fd n\u1ed5i ti\u1ebfng \u0111\u00e3 gi\u00fap \u00f4ng tr\u00e1nh kh\u00f4ng \u0111\u1ea7u t\u01a3 v\u00e0o c\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 cao - \u00f4ng kh\u00f4ng hi\u1ec3u h\u1ecd \u0111ang l\u00e0m g\u00ec. \u00d4ng c\u0169ng tr\u00e1nh xa nh\u1eefng ng\u00e0nh c\u00f4ng nghi\u1ec7p thay \u0111\u1ed5i qu\u00e1 nhanh v\u00e0 v\u00ec v\u1eady kh\u00f4ng th\u1ec3 d\u1ef1 \u0111o\u00e1n \u0111\u01a3\u1ee3c. \u00d4ng th\u00edch nh\u1eefng th\u1ee9 g\u00ec ch\u1eafc ch\u1eafn - m\u1ed9t c\u00f4ng ty \u00f4ng hi\u1ec3u r\u00f5 v\u00e0 \u0111\u01a3\u1ee3c b\u00e1n v\u1edbi gi\u00e1 h\u1ea5p d\u1eabn. \u00d4ng d\u00e0nh tr\u00f2 ch\u01a1i may r\u1ee7i cho nh\u1eefng ng\u01a3\u1eddi kh\u00e1c. L\u1ed1i suy ngh\u0129 n\u00e0y \u0111\u00e3 gi\u00fap Warren kh\u00f4ng b\u01a3\u1edbc ch\u00e2n v\u00e0o m\u1edb b\u00f2ng bong Internet v\u00e0 c\u00f4ng ngh\u1ec7 cao. \u00d4ng kh\u00f4ng th\u1ec3 n\u00e0o t\u00ednh to\u00e1n mua m\u1ed9t c\u00f4ng ty m\u00e0 c\u00f3 th\u1ec3 kh\u00f4ng bao gi\u1edd ki\u1ebfm \u0111\u01a3\u1ee3c \u0111\u1ed3ng l\u1ee3i nhu\u1eadn n\u00e0o, ho\u1eb7c l\u00e0 tr\u1ea3 m\u1ed9t s\u1ed1 ti\u1ec1n cao g\u1ea5p 40 l\u1ea7n doanh l\u1ee3i cho m\u1ed9t c\u00f4ng ty c\u00f3 th\u1ec3 b\u1ecb nh\u1eadn ch\u00ecm v\u00e0o qu\u00ean l\u00e3ng tr\u01a3\u1edbc \u0111\u1ee3t s\u00f3ng c\u00f4ng ngh\u1ec7 m\u1edbi. Gi\u1ea3 d\u1ee5 h\u00f4m nay b\u1ea1n mua to\u00e0n b\u1ed9 c\u00f4ng ty Yahoo! v\u1edbi gi\u00e1 44 t\u1ec9 \u0111\u00f4la v\u00e0 n\u00f3 s\u1ebd gi\u00fap b\u1ea1n thu v\u1ec1 1,8 t\u1ec9 \u0111\u00f4la m\u1ed7i n\u0103m, b\u1ea1n c\u00f3 nh\u1ea5n n\u00fat \u0111\u1ed3ng \u00fd kh\u00f4ng? B\u1ea1n c\u0169ng c\u00f3 th\u1ec3 \u0111\u1ea7u t\u01a3 44 t\u1ec9 \u0111\u00f4la n\u00e0y v\u00e0o tr\u00e1i phi\u1ebfu Ng\u00e2n kh\u1ed1 M\u1ef9 k\u1ef3 h\u1ea1n 10 n\u0103m v\u00e0 ki\u1ebfm \u0111\u01a3\u1ee3c 2,2 t\u1ec9 \u0111\u00f4la m\u1ed7i n\u0103m kh\u00f4ng ch\u00fat r\u1ee7i ro. \u0110\u1ea7u t\u01a3 ch\u1ed7 n\u00e0o t\u1ed1t h\u01a1n? \u0110\u1ea7u t\u01a3 ch\u1ed7 n\u00e0o nh\u01a3 \u0111\u00e1nh b\u1ea1c? Ch\u1ed7 n\u00e0o b\u1ea1n hi\u1ec3u r\u00f5 v\u00e0 ch\u1ed7 n\u00e0o b\u1ea1n kh\u00f4ng th\u1ec3 hi\u1ec3u \u0111\u01a3\u1ee3c? \u0110\u1ea7u t\u01a3 ch\u1ed7 n\u00e0o l\u00e0 \u0111\u1ea7u t\u01a3 c\u00f3 t\u00ednh to\u00e1n? Yahoo! c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh l\u1ecbch s\u1eed trong ng\u00e0nh c\u00f4ng ngh\u1ec7 trong v\u00f2ng 10 n\u0103m t\u1edbi - nh\u01a3ng n\u01a3\u1edbc M\u1ef9 th\u00ec v\u1eabn t\u1ed3n t\u1ea1i m\u1ea1nh m\u1ebd. B\u1ea1n th\u1ea5y \u0111\u1ea5y, suy ngh\u0129 nh\u01a3 Warren Buffett c\u0169ng kh\u00f4ng qu\u00e1 kh\u00f3 l\u1eafm \u0111\u00e2u.","L\u1eddi s\u1ed1 96 \u201cN\u1ebfu b\u1ea1n hi\u1ec3u r\u00f5 m\u1ed9t \u00fd t\u01a3\u1edfng, b\u1ea1n c\u00f3 th\u1ec3 tr\u00ecnh b\u00e0y \u0111\u1ec3 ng\u01a3\u1eddi kh\u00e1c c\u00f9ng hi\u1ec3u.\u201d *** \u0110\u00e2y l\u00e0 c\u00e1ch Warren ki\u1ec3m tra li\u1ec7u \u00f4ng c\u00f3 th\u1eadt s\u1ef1 hi\u1ec3u r\u00f5 m\u1ed9t c\u00f4ng ty tr\u01a3\u1edbc khi \u0111\u1ea7u t\u01a3 v\u00e0o n\u00f3. N\u1ebfu \u00f4ng kh\u00f4ng th\u1ec3 gi\u1ea3i th\u00edch \u0111\u01a3\u1ee3c, ngh\u0129a l\u00e0 \u00f4ng ch\u01a3a th\u1eadt s\u1ef1 hi\u1ec3u. \u00d4ng s\u1ebd kh\u00f4ng \u0111\u1ea7u t\u01a3 v\u00e0o m\u1ed9t c\u00f4ng ty \u00f4ng kh\u00f4ng hi\u1ec3u r\u00f5 - v\u00e0 b\u1ea1n c\u0169ng th\u1ebf. Khi ph\u1ea3i loay hoay t\u00ecm c\u00e1ch gi\u1ea3i th\u00edch m\u1ed9t \u00fd t\u01a3\u1edfng, b\u1ea1n ph\u1ea3i t\u1ef1 trang b\u1ecb ki\u1ebfn th\u1ee9c t\u01a3\u01a1ng \u0111\u1ed1i \u0111\u1ea7y \u0111\u1ee7, v\u00e0 \u0111i\u1ec1u n\u00e0y r\u1ea5t h\u1eefu \u00edch trong \u0111\u1ea7u t\u01a3. Nguy\u00ean t\u1eafc n\u00e0y bu\u1ed9c b\u1ea1n ph\u1ea3i t\u00ecm hi\u1ec3u t\u1eadn t\u01a3\u1eddng tr\u01a3\u1edbc khi mua c\u1ed5 phi\u1ebfu. Quy lu\u1eadt c\u1ee7a Warren r\u1ea5t \u0111\u01a1n gi\u1ea3n: N\u1ebfu kh\u00f4ng gi\u1ea3i th\u00edch \u0111\u01a3\u1ee3c th\u00ec \u0111\u1eebng tham gia.","L\u1eddi s\u1ed1 97 \u201cN\u1ebfu h\u1ecd c\u1ea7n t\u00f4i gi\u00fap \u0111i\u1ec1u h\u00e0nh doanh nghi\u1ec7p, c\u00f3 l\u1ebd c\u1ea3 hai ch\u00fang t\u00f4i \u0111\u1ec1u \u0111ang g\u1eb7p r\u1eafc r\u1ed1i.\u201d *** B\u1ea1n l\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01a3 v\u0129 \u0111\u1ea1i kh\u00f4ng c\u00f3 ngh\u0129a r\u1eb1ng b\u1ea1n l\u00e0 m\u1ed9t nh\u00e0 qu\u1ea3n l\u00fd t\u00e0i n\u0103ng. Ph\u00e1t hi\u1ec7n ra t\u00e0i n\u0103ng kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 b\u1ea1n c\u00f3 t\u00e0i n\u0103ng \u0111\u00f3. M\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01a3 v\u0129 \u0111\u1ea1i ph\u1ea3i c\u00f3 kh\u1ea3 n\u0103ng ph\u00e1t hi\u1ec7n t\u00e0i n\u0103ng - gi\u1ed1ng nh\u01a3 hu\u1ea5n luy\u1ec7n vi\u00ean b\u00f3ng \u0111\u00e1 ph\u1ea3i ph\u00e1t hi\u1ec7n ra m\u1ed9t c\u1ea7u th\u1ee7 v\u0129 \u0111\u1ea1i. Warren bi\u1ebft ph\u1ea3i t\u00ecm \u0111i\u1ec1u g\u00ec \u1edf nh\u00e0 qu\u1ea3n l\u00fd - nh\u01a3ng \u00f4ng kh\u00f4ng ph\u1ea3i l\u00e0 ng\u01a3\u1eddi gi\u1ecfi t\u1ef1 m\u00ecnh qu\u1ea3n l\u00fd. Hi\u1ec3u r\u00f5 n\u0103ng l\u1ef1c c\u1ee7a m\u00ecnh v\u00e0 c\u1ee7a ng\u01a3\u1eddi kh\u00e1c, \u0111\u1ed3ng th\u1eddi bi\u1ebft c\u00e1ch khai th\u00e1c ch\u00fang t\u1ed1i \u0111a ch\u00ednh l\u00e0 ch\u00eca kh\u00f3a \u0111\u1ec3 \u0111i\u1ec1u h\u00e0nh m\u1ed9t c\u00f4ng ty th\u00e0nh c\u00f4ng thu\u1eadn l\u1ee3i. Warren cho r\u1eb1ng b\u00ed m\u1eadt c\u1ee7a \u00f4ng trong vi\u1ec7c ph\u00e1t tri\u1ec3n t\u1eadp \u0111o\u00e0n l\u00e0 b\u1eb1ng c\u00e1ch mua l\u1ea1i c\u00e1c c\u00f4ng ty \u0111\u00e3 c\u00f3 s\u1eb5n \u0111\u1ed9i ng\u0169 qu\u1ea3n l\u00fd t\u00e0i n\u0103ng, v\u1edbi m\u1ee9c gi\u00e1 h\u1ee3p l\u00fd, v\u00e0 sau \u0111\u00f3 tr\u00e1nh m\u1eb7t \u0111i \u0111\u1ec3 h\u1ecd t\u1ef1 do l\u00e0m c\u00f4ng vi\u1ec7c c\u1ee7a m\u00ecnh. H\u00e3y t\u01a3\u1edfng t\u01a3\u1ee3ng h\u00ecnh \u1ea3nh sau: Khi Grady Rosier, CEO c\u1ee7a McLane Company, m\u1ed9t c\u00f4ng ty con c\u1ee7a Berkshire, g\u1ecdi \u0111i\u1ec7n tho\u1ea1i v\u00e0 h\u1ecfi \u00fd ki\u1ebfn Warren li\u1ec7u \u00f4ng c\u00f3 n\u00ean mua th\u00eam v\u00e0i chi\u1ebfc m\u00e1y bay ri\u00eang cho t\u1eadp \u0111o\u00e0n kh\u00f4ng, Warren tr\u1ea3 l\u1eddi: \u201cC\u00e1i n\u00e0y thu\u1ed9c quy\u1ebft \u0111\u1ecbnh c\u1ee7a \u00f4ng, \u0111\u00e2y l\u00e0 c\u00f4ng ty do \u00f4ng \u0111i\u1ec1u h\u00e0nh m\u00e0.\u201d M\u1eb7c d\u00f9 Berkshire c\u00f3 kho\u1ea3ng 180.000 nh\u00e2n vi\u00ean, nh\u01a3ng ch\u1ec9 c\u00f3 kho\u1ea3ng 17 nh\u00e2n vi\u00ean l\u00e0m vi\u1ec7c t\u1ea1i tr\u1ee5 s\u1edf ch\u00ednh. Warren g\u1ea7n nh\u01a3 \u0111\u1ec3 cho c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd t\u1ef1 \u0111i\u1ec1u h\u00e0nh c\u00f4ng vi\u1ec7c kinh doanh c\u1ee7a h\u1ecd, \u0111\u1ec3 h\u1ecd ch\u1ecbu tr\u00e1ch nhi\u1ec7m v\u1ec1 t\u1ea5t c\u1ea3 c\u00e1c quy\u1ebft \u0111\u1ecbnh v\u1eadn h\u00e0nh. Vi\u1ec7c \u0111i\u1ec1u h\u00e0nh m\u1ed9t t\u1eadp \u0111o\u00e0n kh\u1ed5ng l\u1ed3 s\u1ebd d\u1ec5 d\u00e0ng h\u01a1n n\u1ebfu b\u1ea1n c\u1ee9 \u0111\u1ec3 cho nh\u1eefng ng\u01a3\u1eddi kh\u00e1c l\u00e0m h\u1ebft c\u00e1c ph\u1ea7n vi\u1ec7c n\u1eb7ng nh\u1ecdc; \u0111i\u1ec3m l\u01a3u \u00fd l\u00e0 ph\u1ea3i l\u1ef1a ch\u1ecdn \u0111\u00fang nh\u00e0 qu\u1ea3n l\u00fd v\u00e0 sau \u0111\u00f3 c\u1ee9 \u0111\u1ec3 h\u1ecd t\u1ef1 quy\u1ebft \u0111\u1ecbnh c\u00f4ng vi\u1ec7c c\u1ee7a m\u00ecnh.","L\u1eddi s\u1ed1 98 \u201cPh\u01a3\u01a1ng ph\u00e1p c\u1ee7a ch\u00fang t\u00f4i r\u1ea5t \u0111\u01a1n gi\u1ea3n. Ch\u00fang t\u00f4i ch\u1ec9 c\u1ed1 g\u1eafng mua nh\u1eefng c\u00f4ng ty c\u00f3 c\u01a1 c\u1ea5u kinh t\u1ebf ti\u1ec1m \u1ea9n t\u1eeb t\u1ed1t \u0111\u1ebfn tuy\u1ec7t h\u1ea3o, do nh\u1eefng ng\u01a3\u1eddi trung th\u1ef1c v\u00e0 c\u00f3 n\u0103ng l\u1ef1c qu\u1ea3n l\u00fd, mua ch\u00fang v\u1edbi gi\u00e1 h\u1ee3p l\u00fd. \u0110\u00f3 l\u00e0 t\u1ea5t c\u1ea3 nh\u1eefng g\u00ec t\u00f4i \u0111ang c\u1ed1 g\u1eafng l\u00e0m.\u201d *** \u0110\u1ec3 bi\u1ebft \u0111\u01a3\u1ee3c li\u1ec7u c\u00f4ng ty c\u00f3 c\u01a1 c\u1ea5u kinh t\u1ebf ti\u1ec1m \u1ea9n t\u1eeb t\u1ed1t \u0111\u1ebfn tuy\u1ec7t h\u1ea3o, nh\u1ea5t thi\u1ebft ph\u1ea3i hi\u1ec3u r\u00f5 v\u1ec1 n\u00f3. \u0110\u1ec3 bi\u1ebft li\u1ec7u c\u00f4ng ty c\u00f3 do nh\u1eefng ng\u01a3\u1eddi trung th\u1ef1c v\u00e0 c\u00f3 n\u0103ng l\u1ef1c \u0111i\u1ec1u h\u00e0nh, nh\u1ea5t thi\u1ebft ph\u1ea3i hi\u1ec3u r\u00f5 v\u1ec1 n\u00f3. \u0110\u1ec3 bi\u1ebft li\u1ec7u n\u00f3 c\u00f3 \u0111\u01a3\u1ee3c rao b\u00e1n v\u1edbi m\u1ee9c gi\u00e1 h\u1ee3p l\u00fd, nh\u1ea5t thi\u1ebft ph\u1ea3i hi\u1ec3u r\u00f5 v\u1ec1 n\u00f3. Hi\u1ec3u r\u00f5 v\u1ec1 c\u00f4ng ty l\u00e0 m\u1ed9t trong nh\u1eefng ch\u00eca kh\u00f3a th\u00e0nh c\u00f4ng c\u1ee7a Warren. N\u1ebfu \u00f4ng kh\u00f4ng hi\u1ec3u v\u1ec1 c\u00f4ng ty, \u00f4ng s\u1ebd kh\u00f4ng th\u1ec3 n\u00e0o x\u00e1c \u0111\u1ecbnh li\u1ec7u c\u01a1 c\u1ea5u kinh t\u1ebf d\u00e0i h\u1ea1n c\u1ee7a n\u00f3 c\u00f3 t\u1ed1t hay kh\u00f4ng, li\u1ec7u \u0111\u1ed9i ng\u0169 qu\u1ea3n l\u00fd c\u00f3 n\u0103ng l\u1ef1c v\u00e0 trung th\u1ef1c hay kh\u00f4ng, v\u00e0 li\u1ec7u gi\u00e1 b\u00e1n c\u1ee7a n\u00f3 c\u00f3 h\u1ea5p d\u1eabn kh\u00f4ng. Nh\u1eefng c\u00f4ng ty Warren hi\u1ec3u r\u00f5 th\u01a3\u1eddng r\u01a1i v\u00e0o trong v\u00f2ng \u0111\u1ea7u t\u01a3 c\u1ee7a \u00f4ng; ng\u01a3\u1ee3c l\u1ea1i nh\u1eefng c\u00f4ng ty \u00f4ng kh\u00f4ng hi\u1ec3u r\u00f5 r\u01a1i ra ngo\u00e0i v\u00e0 thu\u1ed9c v\u1ec1 m\u1ed9t ng\u01a3\u1eddi kh\u00e1c.","L\u1eddi s\u1ed1 99 \u201cN\u1ebfu ch\u00fang ta kh\u00f4ng t\u00ecm \u0111\u01a3\u1ee3c g\u00ec trong v\u00f2ng tr\u00f2n n\u0103ng l\u1ef1c c\u1ee7a m\u00ecnh, \u0111\u1eebng c\u1ed1 g\u1eafng m\u1edf r\u1ed9ng v\u00f2ng tr\u00f2n. Ch\u00fang ta h\u00e3y ch\u1edd \u0111\u1ee3i.\u201d *** Warren l\u1ec7 thu\u1ed9c v\u00e0o v\u00f2ng tr\u00f2n n\u0103ng l\u1ef1c \u0111\u1ec3 th\u1ef1c hi\u1ec7n c\u00e1c v\u1ee5 \u0111\u1ea7u t\u01a3. N\u1ebfu m\u1ed9t c\u00f4ng ty r\u01a1i v\u00e0o trong v\u00f2ng n\u0103ng l\u1ef1c c\u1ee7a \u00f4ng, \u00f4ng s\u1ebd c\u00e2n nh\u1eafc mua n\u1ebfu n\u00f3 \u0111\u01a3\u1ee3c b\u00e1n v\u1edbi gi\u00e1 h\u1ee3p l\u00fd; n\u1ebfu n\u00f3 kh\u00f4ng n\u1eb1m trong v\u00f2ng tr\u00f2n n\u0103ng l\u1ef1c, \u00f4ng th\u1eadm ch\u00ed kh\u00f4ng th\u00e8m nh\u00ecn ng\u00f3 g\u00ec \u0111\u1ebfn n\u00f3. H\u00e3y nh\u1edb l\u1ea1i, \u00f4ng ch\u1ec9 mua nh\u1eefng c\u00f4ng ty kh\u00f4ng \u0111\u01a3\u1ee3c \u01a3a chu\u1ed9ng t\u1ea1i th\u1eddi \u0111i\u1ec3m hi\u1ec7n t\u1ea1i, v\u00e0 \u00f4ng c\u1ea7n ph\u1ea3i bi\u1ebft r\u00f5 v\u1ec1 c\u01a1 c\u1ea5u kinh t\u1ebf ti\u1ec1m \u1ea9n \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh t\u01a3\u01a1ng lai cho n\u00f3. \u00d4ng kh\u00f4ng th\u1ec3 l\u00e0m \u0111\u01a3\u1ee3c vi\u1ec7c n\u00e0y n\u1ebfu kh\u00f4ng hi\u1ec3u r\u00f5 v\u1ec1 c\u00f4ng ty. V\u00e0 n\u1ebfu \u00f4ng kh\u00f4ng t\u00ecm ra m\u1ed9t v\u1ee5 \u0111\u1ea7u t\u01a3 n\u00e0o \u00f4ng c\u00f3 th\u1ec3 hi\u1ec3u r\u00f5 ho\u1eb7c \u0111ang \u0111\u01a3\u1ee3c b\u00e1n v\u1edbi gi\u00e1 thu h\u00fat, \u00f4ng s\u1ebd ch\u1edd \u0111\u1ee3i, ch\u1edd \u0111\u1ee3i, v\u00e0 ch\u1edd \u0111\u1ee3i cho \u0111\u1ebfn khi n\u00e0o ch\u00fang xu\u1ea5t hi\u1ec7n. N\u0103m 1967 \u00f4ng vi\u1ebft th\u01a3 cho c\u00e1c c\u1ed9ng s\u1ef1 \u0111\u1ea7u t\u01a3 c\u1ee7a m\u00ecnh b\u00e1o r\u1eb1ng \u00f4ng s\u1ebd g\u1eedi tr\u1ea3 ti\u1ec1n l\u1ea1i cho h\u1ecd v\u00ec c\u00e0ng ng\u00e0y c\u00e0ng kh\u00f3 kh\u0103n h\u01a1n \u0111\u1ec3 t\u00ecm m\u1ed9t v\u1ee5 \u0111\u1ea7u t\u01a3 n\u00e0o \u00f4ng hi\u1ec3u r\u00f5 v\u00e0 \u0111\u01a3\u1ee3c b\u00e1n v\u1edbi gi\u00e1 h\u1ea5p d\u1eabn. \u00d4ng \u0111\u1ee9ng b\u00ean l\u1ec1 m\u00e3i \u0111\u1ebfn t\u1eadn n\u0103m 1973, khi c\u1ea3 th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n s\u1ee5p \u0111\u1ed5 v\u00e0 b\u1ed7ng d\u01a3ng ngay c\u1ea3 nh\u1eefng c\u00f4ng ty gi\u1ecfi nh\u1ea5t c\u0169ng \u0111\u01a3\u1ee3c b\u00e1n v\u1edbi gi\u00e1 h\u1eddi. Trong cu\u1ed9c ch\u01a1i \u0111\u1ea7u t\u01a3 b\u1ea1n s\u1ebd nh\u1eadn l\u1ea1i \u0111\u01a3\u1ee3c nhi\u1ec1u n\u1ebfu kh\u0103ng kh\u0103ng tu\u00e2n theo nguy\u00ean t\u1eafc v\u00e0 ki\u00ean nh\u1eabn trong vi\u1ec7c ch\u1ecdn l\u1ef1a c\u00f4ng ty \u0111\u1ec3 \u0111\u1ea7u t\u01a3. Ch\u1ecdn sai c\u00f4ng ty m\u1eb7c d\u00f9 gi\u00e1 h\u1ee3p l\u00fd th\u00ec b\u1ea1n c\u0169ng thua; ch\u1ecdn \u0111\u00fang c\u00f4ng ty nh\u01a3ng gi\u00e1 thi\u1ebfu h\u1ee3p l\u00fd b\u1ea1n c\u0169ng thua. B\u1ea1n ph\u1ea3i ch\u1ecdn \u0111\u00fang c\u00f4ng ty v\u1edbi \u0111\u00fang m\u1ee9c gi\u00e1 th\u00ec m\u1edbi th\u00e0nh c\u00f4ng. V\u00e0 \u0111\u1ec3 l\u00e0m \u0111\u01a3\u1ee3c vi\u1ec7c n\u00e0y \u0111\u00f4i khi b\u1ea1n ph\u1ea3i ch\u1edd \u0111\u1ee3i, ch\u1edd \u0111\u1ee3i, v\u00e0 ch\u1edd \u0111\u1ee3i...chung v\u1edbi Warren. Trong tr\u00f2 ch\u01a1i n\u00e0y, ki\u00ean nh\u1eabn s\u1ebd \u0111\u01a3\u1ee3c \u0111\u1ec1n \u0111\u00e1p.","L\u1eddi s\u1ed1 100 \u201cB\u1ea5t c\u1ee9 c\u00f4ng ty n\u00e0o ch\u1ec9 mu\u1ed1n l\u00e0m h\u00e0i l\u00f2ng ng\u01a3\u1eddi l\u00e3nh \u0111\u1ea1o, d\u1eabu l\u00e3nh \u0111\u1ea1o c\u00f3 ng\u1ed1c \u0111\u1ebfn m\u1ea5y, c\u0169ng s\u1eb5n s\u00e0ng t\u1ea1o ra nh\u1eefng nghi\u00ean c\u1ee9u l\u00e0m v\u1eeba l\u00f2ng c\u1ea5p tr\u00ean.\u201d *** N\u1ebfu ki\u1ebfm s\u1ed1ng b\u1eb1ng ngh\u1ec1 l\u00e0m vui l\u00f2ng s\u1ebfp, b\u1ea1n ch\u1eafc ch\u1eafn s\u1ebd ph\u1ea3i \u1ee7ng h\u1ed9 v\u1ecb tr\u00ed c\u1ee7a \u00f4ng \u1ea5y, b\u1ea5t k\u1ec3 b\u1ea1n c\u1ea3m th\u1ea5y nh\u01a3 th\u1ebf n\u00e0o. B\u1ea1n s\u1ebd ch\u1eb3ng \u0111i \u0111\u1ebfn \u0111\u00e2u trong th\u1ebf gi\u1edbi kinh doanh n\u1ebfu c\u1ee9 oang oang \u201cT\u00f4i \u0111\u00e3 n\u00f3i r\u1ed3i m\u00e0.\u201d B\u1ea1n s\u1ebd ti\u1ebfn l\u00ean nhanh h\u01a1n n\u1ebfu bi\u1ebft khen ng\u1ee3i \u201c\u00dd t\u01a3\u1edfng hay qu\u00e1 s\u1ebfp \u1ea1!\u201d V\u00e0 n\u1ebfu \u00fd t\u01a3\u1edfng kh\u00f4ng xu\u1ea5t s\u1eafc, b\u1ea1n ph\u1ea3i l\u00e0 ng\u01a3\u1eddi bi\u1ebft l\u00ean ti\u1ebfng n\u00f3i \u201c\u0110\u1eebng bu\u1ed3n s\u1ebfp \u1ea1, ch\u00fang t\u00f4i \u0111\u1ec1u ngh\u0129 \u0111\u00f3 l\u00e0 m\u1ed9t \u00fd t\u01a3\u1edfng hay.\u201d S\u1ef1 s\u1ea7u th\u1ea3m khi\u1ebfn ng\u01a3\u1eddi ta c\u1ea7n \u0111\u01a3\u1ee3c chia s\u1ebb, th\u1eadm ch\u00ed \u0111\u1ebfn m\u1ee9c ngu ng\u1ed1c. \u0110\u00f3 l\u00e0 l\u00fd do m\u00e0 khi c\u1ea7n l\u1eddi khuy\u00ean, Warren ch\u1ec9 vi\u1ec7c nh\u00ecn v\u00e0o g\u01a3\u01a1ng - v\u1eeba nhanh, v\u1eeba r\u1ebb, cho d\u00f9 l\u1eddi khuy\u00ean \u0111\u00fang hay sai, n\u00f3 c\u0169ng gi\u00fap \u00f4ng c\u00f3 \u0111\u01a3\u1ee3c quy\u1ebft \u0111\u1ecbnh tuy\u1ec7t v\u1eddi. N\u1ebfu b\u1ea1n kh\u00f4ng l\u00e0m ch\u1ee7 \u0111\u01a3\u1ee3c b\u1ea3n th\u00e2n m\u00ecnh trong c\u00f4ng vi\u1ec7c, \u00edt nh\u1ea5t b\u1ea1n c\u0169ng n\u00ean c\u1ed1 g\u1eafng l\u00e0m ch\u1ee7 b\u1ea3n th\u00e2n trong cu\u1ed9c s\u1ed1ng.","L\u1eddi s\u1ed1 101 \u201cTrong th\u1ebf gi\u1edbi kinh doanh, h\u00ecnh \u1ea3nh trong g\u01a3\u01a1ng chi\u1ebfu h\u1eadu lu\u00f4n r\u00f5 r\u00e0ng h\u01a1n tr\u00ean k\u00ednh ch\u1eafn gi\u00f3.\u201d *** Trong th\u1ebf gi\u1edbi kinh doanh m\u1ecdi vi\u1ec7c l\u00fac nh\u00ecn l\u1ea1i \u0111\u1ec1u ho\u00e0n h\u1ea3o. Nh\u01a3ng t\u01a3\u01a1ng lai th\u00ec lu\u00f4n b\u1ecb \u1ea9n gi\u1ea5u sau m\u1ed9t m\u00f4i tr\u01a3\u1eddng \u0111\u1ea7y bi\u1ebfn \u0111\u1ed9ng. Th\u1eadt kh\u00f3 bi\u1ebft \u0111\u01a3\u1ee3c m\u00ecnh \u0111ang \u0111i \u0111\u00e2u n\u1ebfu kh\u00f4ng nh\u00ecn th\u1ea5y \u0111\u01a3\u1eddng. \u0110\u00e2y l\u00e0 m\u1ed9t l\u00fd do khi\u1ebfn Warren tr\u00e1nh xa c\u00e1c c\u1ed5 phi\u1ebfu c\u00f4ng ngh\u1ec7. \u0110\u01a1n gi\u1ea3n v\u00ec \u00f4ng ch\u1eb3ng bi\u1ebft \u0111\u01a3\u1ee3c con \u0111\u01a3\u1eddng ph\u00eda tr\u01a3\u1edbc nh\u01a3 th\u1ebf n\u00e0o, v\u00e0 theo \u00f4ng, th\u1eadm ch\u00ed Bill Gates, b\u1ea1n th\u00e2n c\u1ee7a \u00f4ng, ng\u01a3\u1eddi bi\u1ebft s\u00e0nh s\u00f5i v\u1ec1 c\u00f4ng ngh\u1ec7 c\u0169ng kh\u00f4ng n\u00f3i tr\u01a3\u1edbc \u0111\u01a3\u1ee3c. \u0110\u00f3 l\u00e0 l\u00fd do khi\u1ebfn Warren ch\u1ec9 t\u1eadp trung v\u00e0o nh\u1eefng s\u1ea3n ph\u1ea9m \u0111\u00e3 \u0111\u01a3\u1ee3c th\u1eed th\u00e1ch. \u00d4ng bi\u1ebft \u0111\u01a3\u1ee3c t\u01a3\u01a1ng lai c\u1ee7a ch\u00fang trong 15 n\u0103m n\u1eefa. Li\u1ec7u l\u00fac \u0111\u00f3 ng\u01a3\u1eddi ta c\u00f3 b\u1ecf th\u00f3i quen c\u1ea1o r\u00e2u kh\u00f4ng? Th\u00f4i u\u1ed1ng Coke? Th\u00f4i mua b\u1ea3o hi\u1ec3m xe h\u01a1i? Th\u00f4i nhai chewing gum? Th\u00f4i d\u1eabn con \u0111i Dairy Queen nh\u1eefng \u0111\u00eam h\u00e8 n\u00f3ng n\u1ef1c? Kh\u1ea3 n\u0103ng g\u1ea7n nh\u01a3 kh\u00f4ng c\u00f3. Warren kh\u00f4ng quan t\u00e2m \u0111\u1ebfn nh\u1eefng s\u1ea3n ph\u1ea9m c\u00f3 m\u1ed9t chi\u1ebfc k\u00ednh ch\u1eafn gi\u00f3 nh\u1edbp nh\u00e1p; \u00f4ng ch\u1ec9 quan t\u00e2m \u0111\u1ebfn nh\u1eefng s\u1ea3n ph\u1ea9m cho \u00f4ng nh\u00ecn th\u1ea5y con \u0111\u01a3\u1eddng ph\u00eda tr\u01a3\u1edbc. V\u1edbi nh\u1eefng s\u1ea3n ph\u1ea9m n\u00e0y \u00f4ng c\u00f3 th\u1ec3 x\u00e1c \u0111\u1ecbnh \u0111\u01a3\u1ee3c gi\u00e1 tr\u1ecb kinh t\u1ebf d\u00e0i h\u1ea1n c\u1ee7a ch\u00fang v\u00e0 c\u00e2n nh\u1eafc li\u1ec7u th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n v\u1edbi t\u1ea7m nh\u00ecn ng\u1eafn h\u1ea1n c\u00f3 \u00e9p gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a ch\u00fang hay kh\u00f4ng.","L\u1eddi s\u1ed1 102 \u201cT\u00f4i r\u1ea5t nghi ng\u1edd nh\u1eefng ng\u01a3\u1eddi ch\u1ec9 gi\u1ecfi \u1edf m\u1ed9t l\u0129nh v\u1ef1c - m\u1ed9t v\u1eadn \u0111\u1ed9ng vi\u00ean hay nh\u00e0 gi\u1ea3i tr\u00ed ch\u1eb3ng h\u1ea1n - l\u1ea1i cho r\u1eb1ng h\u1ecd c\u00f3 th\u1ec3 \u0111i\u1ec1u khi\u1ec3n th\u1ebf gi\u1edbi trong m\u1ecdi l\u0129nh v\u1ef1c. \u0110\u1ed1i v\u1edbi nh\u1eefng ai trong ch\u00fang ta cho r\u1eb1ng v\u00ec m\u00ecnh l\u00e0m ra nhi\u1ec1u ti\u1ec1n, m\u00ecnh c\u0169ng gi\u1ecfi \u0111\u00f3ng g\u00f3p \u00fd ki\u1ebfn tr\u00ean m\u1ecdi ch\u1ee7 \u0111\u1ec1 - theo t\u00f4i, \u0111i\u1ec1u n\u00e0y th\u1eadt \u0111i\u00ean r\u1ed3.\u201d *** \u0110i\u1ec1u n\u00e0y quay l\u1ea1i v\u1edbi l\u00fd thuy\u1ebft \u0111\u1ea7u t\u01a3 c\u1ee7a Warren ch\u1ec9 t\u1eadp trung v\u00e0o nh\u1eefng c\u00f4ng ty \u00f4ng hi\u1ec3u r\u00f5, nh\u1eefng c\u00f4ng ty thu\u1ed9c v\u00f2ng tr\u00f2n n\u0103ng l\u1ef1c c\u1ee7a m\u00ecnh. \u00d4ng s\u1ebd kh\u00f4ng \u0111\u1ea7u t\u01a3 v\u00e0o nh\u1eefng c\u00f4ng ty n\u1eb1m ngo\u00e0i v\u00f2ng tr\u00f2n n\u00e0y, v\u00e0 kh\u00f4ng \u0111\u01a3a ra nh\u1eefng l\u1eddi khuy\u00ean ngo\u00e0i v\u00f2ng tr\u00f2n n\u0103ng l\u1ef1c c\u1ee7a m\u00ecnh. \u0110\u00e2y c\u00f3 th\u1ec3 l\u00e0 b\u00ed quy\u1ebft gi\u00fap \u00f4ng s\u00e1ng ch\u00f3i - ch\u1ec9 t\u1eadp trung v\u00e0o nh\u1eefng g\u00ec m\u00ecnh bi\u1ebft. \u0110i\u1ec1u n\u00e0y c\u0169ng l\u00e0 l\u1eddi c\u1ea3nh t\u1ec9nh \u0111\u1ed1i v\u1edbi nh\u1eefng k\u1ebb gi\u00e0u c\u00f3 c\u1ef1c k\u1ef3 \u0111i\u00ean r\u1ed3 cho r\u1eb1ng ti\u1ec1n b\u1ea1c gi\u00fap h\u1ecd th\u00f4ng minh h\u01a1n trong m\u1ecdi l\u0129nh v\u1ef1c. B\u00e0 B. khi ch\u1ebft l\u00e0 ng\u01a3\u1eddi gi\u00e0u h\u01a1n h\u1eb3n \u0111a s\u1ed1 nh\u1eefng \u00f4ng vua t\u1ea1i Wall Street \u0111\u01a3\u1ee3c \u0111\u00e0o t\u1ea1o t\u1ea1i Harvard, nh\u01a3ng b\u00e0 kh\u00f4ng bi\u1ebft \u0111\u1ecdc bi\u1ebft vi\u1ebft. B\u00e0 ch\u1ec9 hi\u1ec3u r\u1ea5t r\u00f5 m\u1ed9t th\u1ee9 tr\u00ean th\u1ebf gi\u1edbi, \u0111\u00f3 l\u00e0 l\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 thu l\u1ee3i nhu\u1eadn t\u1eeb vi\u1ec7c mua b\u00e1n \u0111\u1ed3 g\u1ed7. Tr\u00ean th\u1ef1c t\u1ebf, n\u1ebfu b\u1ea1n mua \u0111\u1ed3 g\u1ed7 t\u1eeb c\u1eeda h\u00e0ng c\u1ee7a b\u00e0 t\u1ea1i Omaha r\u1ed3i g\u1eedi v\u1ec1 San Francisco v\u1eabn c\u00f2n r\u1ebb h\u01a1n mua t\u1ea1i San Francisco. Khi t\u00f4i h\u1ecfi l\u00e0m th\u1ebf n\u00e0o b\u00e0 ki\u1ebfm l\u1eddi n\u1ebfu b\u00e1n h\u00e0ng gi\u00e1 r\u1ebb nh\u01a3 th\u1ebf, b\u00e0 cho bi\u1ebft b\u00ed quy\u1ebft n\u1eb1m \u1edf kh\u00e2u mua v\u00e0o. N\u1ebfu b\u00e0 mua v\u00e0o v\u1edbi gi\u00e1 th\u1ea5p, b\u00e0 c\u00f3 th\u1ec3 b\u00e1n ra v\u1edbi gi\u00e1 th\u1ea5p h\u01a1n c\u00e1c \u0111\u1ed1i th\u1ee7 m\u00e0 v\u1eabn c\u00f3 l\u1eddi. L\u00e0m th\u1ebf n\u00e0o b\u00e0 mua \u0111\u01a3\u1ee3c gi\u00e1 th\u1ea5p? \u0110\u1ed1i th\u1ee7 c\u1ee7a b\u00e0 mua tr\u1ea3 ch\u1eadm v\u00e0 ph\u1ea3i tr\u1ea3 \u0111\u00fang gi\u00e1, b\u00e0 tr\u1ea3 b\u1eb1ng ti\u1ec1n m\u1eb7t, mua v\u1edbi s\u1ed1 l\u01a3\u1ee3ng l\u1edbn, n\u00ean lu\u00f4n \u0111\u01a3\u1ee3c gi\u1ea3m gi\u00e1. B\u00e0 c\u0169ng l\u00e0 ch\u1ee7 s\u1edf h\u1eefu c\u1ee7a m\u1eb7t b\u1eb1ng kinh doanh n\u00ean kh\u00f4ng ph\u1ea3i tr\u1ea3 ti\u1ec1n thu\u00ea, gi\u00fap b\u00e0 gi\u1ea3m chi ph\u00ed th\u00eam n\u1eefa. V\u00e0 \u0111\u00fang l\u00e0 b\u00e0 kh\u00f4ng bi\u1ebft \u0111\u1ecdc bi\u1ebft vi\u1ebft, nh\u01a3ng \u1ed1i tr\u1eddi \u01a1i, b\u00e0 bi\u1ebft \u0111\u1ebfm ti\u1ec1n si\u00eau l\u1eafm. B\u00e0i h\u1ecdc l\u00e0 h\u00e3y t\u1eadp trung v\u00e0o nh\u1eefng g\u00ec m\u00ecnh bi\u1ebft \u0111\u1ec3 kh\u00f4ng b\u1ecb \u0111\u00e1nh gi\u00e1 ngu ng\u1ed1c, v\u00e0 nh\u1edd \u0111\u00f3 bi\u1ebft \u0111\u00e2u b\u1ea1n c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh ng\u01a3\u1eddi si\u00eau gi\u00e0u c\u00f3, m\u1eb7c d\u00f9 ngay c\u1ea3 b\u1ea1n kh\u00f4ng bi\u1ebft \u0111\u1ecdc bi\u1ebft vi\u1ebft.","L\u1eddi s\u1ed1 103 \u201cKh\u00f4ng ph\u1ea3i n\u1ec1n kinh t\u1ebf l\u00e0m h\u1ea1i nh\u00e0 \u0111\u1ea7u t\u01a3, ch\u00ednh b\u1ea3n th\u00e2n h\u1ecd t\u1ef1 h\u1ea1i m\u00ecnh.\u201d *** Ch\u00ednh l\u00e0 v\u00ec nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01a3 c\u1ee9 h\u1ebft nh\u1ea3y t\u1eeb c\u1ed5 phi\u1ebfu n\u00e0y sang c\u1ed5 phi\u1ebfu kh\u00e1c, tr\u1ea3 gi\u00e1 qu\u00e1 cao cho c\u00e1c c\u00f4ng ty kh\u00f4ng c\u00f3 ch\u00fat \u00edt hy v\u1ecdng n\u00e0o bi\u1ec7n minh cho gi\u00e1 c\u1ed5 phi\u1ebfu b\u1eb1ng thu nh\u1eadp th\u1ef1c t\u1ebf. Ch\u00ednh l\u00e0 v\u00ec con s\u1ed1 chi ph\u00ed giao d\u1ecbch li\u00ean t\u1ee5c b\u1ecb r\u00fat t\u1ec9a m\u00e0 nh\u1eefng nh\u00e0 qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh thu t\u1eeb kh\u00e1ch h\u00e0ng tr\u00ean danh ngh\u0129a gi\u00fap h\u1ecd l\u00e0m gi\u00e0u. Ch\u00ednh l\u00e0 v\u00ec nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01a3 l\u01a3\u1eddi bi\u1ebfng kh\u00f4ng l\u00e0m b\u00e0i t\u1eadp ki\u1ec3m tra nh\u1eefng th\u01a3\u01a1ng v\u1ee5 l\u00e0m \u0103n c\u1ee7a m\u00ecnh, \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c h\u1ecd c\u1ee9 nh\u1eafm m\u1eaft mua b\u00e1n theo s\u1ed1 \u0111\u00f4ng ch\u1ee9 kh\u00f4ng ph\u1ea3i theo c\u00e1c nguy\u00ean t\u1eafc l\u00e0m gi\u00e0u c\u0103n b\u1ea3n. Ch\u00ednh l\u00e0 v\u00ec c\u01a1 h\u1ed9i \u0111\u01a3\u1ee3c thu l\u1ea1i ti\u1ec1n nhanh ch\u00f3ng d\u1ec5 d\u00e0ng th\u00f4ng qua ti\u00ean \u0111o\u00e1n khi\u1ebfn h\u1ecd \u0111\u1ed5 ti\u1ec1n ng\u00e0y c\u00e0ng nhi\u1ec1u v\u00e0o nh\u1eefng canh b\u1ea1c \u0111\u1ebfn m\u1ee9c ch\u00e1y t\u00fai. Ch\u00ednh l\u00e0 v\u00ec nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01a3 ho\u1ea3ng lo\u1ea1n khi chung quanh m\u00ecnh \u0111ang r\u00fat d\u1ea7n kh\u1ecfi cu\u1ed9c ch\u01a1i, bu\u1ed9c h\u1ecd ph\u1ea3i b\u00e1n \u0111\u1ed5 b\u00e1n th\u00e1o v\u1edbi gi\u00e1 r\u1ebb m\u1ea1t. Ch\u00ednh l\u00e0 v\u00ec r\u01a1i v\u00e0o t\u00ecnh tr\u1ea1ng \u0111\u1ea7u t\u01a3 theo t\u00ecnh c\u1ea3m ch\u1ee9 kh\u00f4ng theo l\u00fd tr\u00ed, kh\u00f4ng xem \u0111\u1ea7u t\u01a3 l\u00e0 vi\u1ec7c mua c\u01a1 h\u1ed9i quan t\u00e2m \u0111\u1ebfn doanh nghi\u1ec7p. Ch\u00ednh l\u00e0 v\u00ec c\u01a1n s\u1ed1t ki\u1ebfm ti\u1ec1n trong ng\u1eafn h\u1ea1n \u0111\u00e3 l\u00e0m m\u1edd m\u1eaft h\u1ecd tr\u01a3\u1edbc nh\u1eefng c\u01a1 c\u1ea5u kinh t\u1ebf d\u00e0i h\u1ea1n c\u1ee7a c\u00f4ng ty. \u0110\u00e2y l\u00e0 nh\u1eefng h\u00f2n \u0111\u00e1 s\u1ebd k\u00e9o ch\u00e2n h\u1ecd xu\u1ed1ng, ch\u1ee9 kh\u00f4ng ph\u1ea3i h\u1ecd b\u1ecb h\u1ea1i b\u1edfi con s\u1ed1 GNP hay ch\u1ec9 s\u1ed1 gi\u00e1 ti\u00eau d\u00f9ng CPI hay C\u1ee5c d\u1ef1 tr\u1eef li\u00ean bang t\u0103ng l\u00e3i su\u1ea5t th\u00eam 0,25%.","C\u00c1I GI\u00c1 PH\u1ea2I TR\u1ea2 L\u1eddi s\u1ed1 104 \u201cV\u00ec m\u1ed9t s\u1ed1 l\u00fd do m\u00e0 ng\u01a3\u1eddi ta quy\u1ebft \u0111\u1ecbnh d\u1ef1a tr\u00ean xu h\u01a3\u1edbng gi\u00e1 c\u1ea3 ch\u1ee9 kh\u00f4ng d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb. Gi\u00e1 c\u1ea3 l\u00e0 th\u1ee9 b\u1ea1n ph\u1ea3i tr\u1ea3. Gi\u00e1 tr\u1ecb l\u00e0 th\u1ee9 b\u1ea1n nh\u1eadn v\u1ec1.\u201d *** Warren tin r\u1eb1ng con s\u1ed1 b\u1ea1n tr\u1ea3 quy\u1ebft \u0111\u1ecbnh gi\u00e1 tr\u1ecb b\u1ea1n nh\u1eadn v\u1ec1 - tr\u1ea3 qu\u00e1 nhi\u1ec1u th\u00ec gi\u00e1 tr\u1ecb b\u1ea1n nh\u1eadn nh\u1ecf \u0111i; tr\u1ea3 \u00edt th\u00ec gi\u00e1 tr\u1ecb b\u1ea1n nh\u1eadn t\u0103ng l\u00ean. N\u1ebfu m\u1ed9t c\u00f4ng ty ki\u1ebfm \u0111\u01a3\u1ee3c 10 tri\u1ec7u \u0111\u00f4la m\u1ed9t n\u0103m v\u00e0 b\u1ea1n mua l\u1ea1i v\u1edbi gi\u00e1 100 tri\u1ec7u \u0111\u00f4la, nh\u01a3 v\u1eady gi\u00e1 b\u1ea1n tr\u1ea3 l\u00e0 100 tri\u1ec7u v\u00e0 gi\u00e1 tr\u1ecb b\u1ea1n nh\u1eadn l\u00e0 10 tri\u1ec7u m\u1ed9t n\u0103m. N\u1ebfu b\u1ea1n tr\u1ea3 cao h\u01a1n, gi\u1ea3 d\u1ee5 l\u00e0 150 tri\u1ec7u, th\u00ec gi\u00e1 tr\u1ecb b\u1ea1n s\u1ebd nh\u1eadn \u00edt h\u01a1n n\u1ebfu nh\u01a3 b\u1ea1n ch\u1ec9 ph\u1ea3i tr\u1ea3 75 tri\u1ec7u. Tr\u1ea3 cao, nh\u1eadn \u00edt. Tr\u1ea3 \u00edt, nh\u1eadn cao. B\u00ed quy\u1ebft c\u1ee7a tr\u00f2 ch\u01a1i l\u00e0 l\u00e0m sao lu\u00f4n lu\u00f4n tr\u1ea3 \u00edt v\u00e0 nh\u1eadn cao.","L\u1eddi s\u1ed1 105 \u201cC\u00e1i g\u00ec \u0111i l\u00ean kh\u00f4ng nh\u1ea5t thi\u1ebft ph\u1ea3i \u0111i xu\u1ed1ng.\u201d *** Warren n\u00f3i c\u00e2u n\u00e0y h\u00e0m \u00fd v\u1ec1 gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a Berkshire Hathaway. Gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a n\u00f3 \u0111\u00e3 t\u0103ng t\u1eeb 19 \u0111\u00f4la n\u0103m 1965 \u0111\u1ebfn 95.000 \u0111\u00f4la m\u1ed9t c\u1ed5 phi\u1ebfu n\u0103m 2006. M\u1ed9t c\u00f4ng ty c\u00f3 gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i li\u00ean t\u1ee5c gia t\u0103ng nh\u01a3 Berkshire Hathaway c\u00f3 th\u1ec3 c\u00f3 gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee9 t\u0103ng, t\u0103ng, v\u00e0 t\u0103ng.","L\u1eddi s\u1ed1 106 \u201c\u0110i\u1ec1u c\u1ed1t y\u1ebfu l\u00e0 th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n ch\u1ec9 \u0111\u01a1n gi\u1ea3n \u0111\u01a3a ra c\u00e1c m\u1ee9c gi\u00e1, v\u00ec v\u1eady n\u00f3 t\u1ed3n t\u1ea1i \u0111\u1ec3 ph\u1ee5c v\u1ee5 b\u1ea1n, ch\u1ee9 kh\u00f4ng ph\u1ea3i \u0111i\u1ec1u khi\u1ec3n b\u1ea1n.\u201d *** \u0110\u1ed1i v\u1edbi Warren, th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n ch\u1ec9 l\u00e0 m\u1ed9t n\u01a1i \u0111\u1ec3 c\u1ed5 phi\u1ebfu c\u00e1c c\u00f4ng ty \u0111\u01a3\u1ee3c \u0111\u1ecbnh gi\u00e1 d\u1ef1a tr\u00ean ti\u1ec1m n\u0103ng kinh t\u1ebf trong ng\u1eafn h\u1ea1n, t\u1ea1o n\u00ean s\u1ef1 ho\u00e1n \u0111\u1ed5i v\u1ec1 gi\u00e1 li\u00ean t\u1ee5c trong ng\u1eafn h\u1ea1n, m\u1eb7c d\u00f9 c\u00e1c m\u1ee9c gi\u00e1 n\u00e0y th\u01a3\u1eddng kh\u00f4ng li\u00ean quan \u0111\u1ebfn th\u1ef1c t\u1ebf kinh doanh c\u1ee7a c\u00f4ng ty trong d\u00e0i h\u1ea1n. \u0110\u00f4i khi nh\u1eefng c\u00fa v\u00fat gi\u00e1 n\u00e0y l\u00e0m cho gi\u00e1 c\u1ed5 phi\u1ebfu r\u1edbt xu\u1ed1ng r\u1ea5t th\u1ea5p so v\u1edbi gi\u00e1 tr\u1ecb d\u00e0i h\u1ea1n c\u1ee7a c\u00f4ng ty, v\u00e0 ng\u01a3\u1ee3c l\u1ea1i \u0111\u00f4i khi l\u1ea1i \u0111\u1ea9y gi\u00e1 l\u00ean qu\u00e1 cao so v\u1edbi gi\u00e1 tr\u1ecb d\u00e0i h\u1ea1n c\u1ee7a n\u00f3. Nh\u01a3ng nh\u00ecn chung, th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n c\u00f3 khuynh h\u01a3\u1edbng \u0111\u1ecbnh gi\u00e1 cao cho c\u1ed5 phi\u1ebfu. Warren ch\u1ec9 mua c\u1ed5 phi\u1ebfu khi ch\u00fang c\u00f3 gi\u00e1 th\u1ea5p h\u01a1n gi\u00e1 tr\u1ecb d\u00e0i h\u1ea1n c\u1ee7a doanh nghi\u1ec7p, v\u00e0 sau \u0111\u00f3 \u0111\u1ee3i cho c\u00e1c th\u1ebf l\u1ef1c c\u00e2n b\u1eb1ng c\u1ee7a th\u1ecb tr\u01a3\u1eddng \u0111\u1ea9y gi\u00e1 c\u1ed5 phi\u1ebfu l\u00ean cao h\u01a1n gi\u00e1 tr\u1ecb tr\u1edf l\u1ea1i. N\u1ebfu \u00f4ng may m\u1eafn \u0111\u1eb7t tay l\u00ean \u0111\u01a3\u1ee3c nh\u1eefng doanh nghi\u1ec7p si\u00eau h\u1ea1ng khi gi\u00e1 th\u1ea5p, \u00f4ng s\u1ebd ti\u1ebfp t\u1ee5c n\u1eafm gi\u1eef c\u1ed5 phi\u1ebfu c\u1ee7a doanh nghi\u1ec7p v\u00e0 \u0111\u1ec3 cho l\u1ee3i nhu\u1eadn t\u00edch l\u0169y c\u1ee7a n\u00f3 \u0111\u1ea9y gi\u00e1 tr\u1ecb d\u00e0i h\u1ea1n t\u0103ng l\u00ean, d\u1ea7n d\u1ea7n l\u00e0m t\u0103ng gi\u00e1 c\u1ed5 phi\u1ebfu. Qua th\u1eddi gian d\u00e0i, quy\u1ec1n n\u0103ng kinh t\u1ebf c\u1ee7a nh\u1eefng doanh nghi\u1ec7p n\u00e0y s\u1ebd \u0111i\u1ec1u ch\u1ec9nh nh\u1eefng sai l\u1ea7m v\u1ec1 \u0111\u1ecbnh gi\u00e1 th\u1ea5p c\u1ee7a th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n. Song m\u1ed9t c\u00f4ng ty c\u00f3 gi\u00e1 tr\u1ecb t\u01a3\u01a1ng x\u1ee9ng v\u1edbi gi\u00e1 tr\u1ecb c\u1ee7a n\u00f3 trong d\u00e0i h\u1ea1n, b\u1ea5t k\u1ec3 \u0111\u00e1nh gi\u00e1 c\u1ee7a th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n trong ng\u1eafn h\u1ea1n, v\u00e0 ch\u00ednh b\u1ea3n th\u00e2n b\u1ea1n ch\u1ee9 kh\u00f4ng ph\u1ea3i th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n l\u00e0 ng\u01a3\u1eddi quy\u1ebft \u0111\u1ecbnh m\u00ecnh n\u00ean mua g\u00ec v\u00e0 v\u00e0o l\u00fac n\u00e0o.","L\u1eddi s\u1ed1 107 \u201cTho\u1ea1t \u0111\u1ea7u, gi\u00e1 b\u1ecb chi ph\u1ed1i b\u1edfi c\u00e1c nguy\u00ean t\u1eafc c\u0103n b\u1ea3n, nh\u01a3ng \u0111\u1ebfn m\u1ed9t l\u00fac n\u00e0o \u0111\u00f3 n\u00f3 s\u1ebd b\u1ecb chi ph\u1ed1i b\u1edfi nh\u1eefng ti\u00ean \u0111o\u00e1n \u0111\u1ea7u c\u01a1. \u0110\u00e2y l\u00e0 m\u1ed9t c\u00e2u chuy\u1ec7n kh\u00f4ng m\u1edbi: Ng\u01a3\u1eddi kh\u00f4n ngoan l\u00e0m tr\u01a3\u1edbc, k\u1ebb ngu ng\u1ed1c l\u00e0m sau.\u201d *** M\u1ed9t ng\u01a3\u1eddi kh\u00f4n ngoan mua c\u1ed5 phi\u1ebfu khi c\u00e1c nguy\u00ean t\u1eafc c\u0103n b\u1ea3n t\u1ecf ra thu\u1eadn l\u1ee3i; v\u00ec v\u1eady \u00f4ng ta c\u00f3 \u0111\u01a3\u1ee3c m\u1ed9t m\u1ee9c \u0111\u1ed9 an to\u00e0n nh\u1ea5t \u0111\u1ecbnh n\u1ebfu gi\u00e1 c\u1ed5 phi\u1ebfu c\u00f2n xu\u1ed1ng th\u1ea5p n\u1eefa. Th\u1eddi gian l\u00e0 b\u1ea1n \u0111\u1ed3ng h\u00e0nh c\u1ee7a nh\u1eefng nguy\u00ean t\u1eafc c\u0103n b\u1ea3n khi gi\u00e1 c\u1ea3 cu\u1ed1i c\u00f9ng c\u0169ng s\u1ebd t\u1ef1 \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ec3 ph\u1ea3n \u00e1nh \u0111\u00fang gi\u00e1 tr\u1ecb kinh t\u1ebf c\u0103n b\u1ea3n trong d\u00e0i h\u1ea1n, \u0111o l\u01a3\u1eddng b\u1eb1ng kh\u1ea3 n\u0103ng thu nh\u1eadp c\u1ee7a doanh nghi\u1ec7p. Khi xu\u1ea5t hi\u1ec7n s\u1ef1 ti\u00ean \u0111o\u00e1n \u0111\u1ea7u c\u01a1, c\u00e1c nguy\u00ean t\u1eafc c\u0103n b\u1ea3n b\u1ecb d\u1eb9p sang m\u1ed9t b\u00ean, v\u00e0 gi\u00e1 t\u0103ng khuy\u1ebfn kh\u00edch ng\u01a3\u1eddi ta mua v\u00e0o nhi\u1ec1u h\u01a1n. M\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01a3 kinh nghi\u1ec7m bi\u1ebft r\u1eb1ng \u0111\u1ebfn m\u1ed9t l\u00fac n\u00e0o \u0111\u00f3 nhu c\u1ea7u th\u1ef1c s\u1ef1 ch\u00ednh l\u00e0 nhu c\u1ea7u d\u1ef1a tr\u00ean nguy\u00ean t\u1eafc c\u0103n b\u1ea3n, v\u00e0 nhu c\u1ea7u t\u1ea1o ra do ti\u00ean \u0111o\u00e1n \u0111\u1ea7u c\u01a1 s\u1ebd ch\u1ea5m d\u1ee9t - lu\u00f4n lu\u00f4n nh\u01a3 v\u1eady, khi \u0111\u00f3 gi\u00e1 s\u1ebd r\u01a1i v\u1ec1 \u0111i\u1ec3m c\u0103n b\u1ea3n, \u0111\u00f4i khi r\u1ea5t th\u1ea5p so v\u1edbi l\u00fac ti\u00ean \u0111o\u00e1n. N\u1ebfu b\u1ea1n mua v\u00e0o d\u1ef1a tr\u00ean ti\u00ean \u0111o\u00e1n \u0111\u1ea7u c\u01a1 v\u00e0 v\u1eabn c\u1ee9 n\u1eafm gi\u1eef khi gi\u00e1 r\u1edbt, b\u1ea1n c\u1ee9 nh\u00ecn v\u00e0o g\u01a3\u01a1ng l\u00e0 th\u1ea5y ngay h\u00ecnh \u1ea3nh c\u1ee7a m\u1ed9t k\u1ebb ngu ng\u1ed1c.","L\u1eddi s\u1ed1 108 \u201cTrong m\u1ed9t cu\u1ed9c chi\u1ebfn \u0111\u1ea5u gi\u00e1, kh\u00f4n ngoan nh\u1ea5t l\u00e0 ch\u1ecdn ph\u00eda thua cu\u1ed9c.\u201d *** M\u1ed9t cu\u1ed9c chi\u1ebfn \u0111\u1ea5u gi\u00e1 ngh\u0129a l\u00e0 gi\u00e1 c\u1ea3 s\u1ebd c\u00e0ng ng\u00e0y c\u00e0ng t\u0103ng cao khi c\u1ea3 hai b\u00ean tranh gi\u00e0nh nhau, v\u00e0 ngh\u0129a l\u00e0 t\u1ec9 su\u1ea5t \u0111\u1ea7u t\u01a3 s\u1ebd c\u00e0ng ng\u00e0y c\u00e0ng co h\u1eb9p l\u1ea1i. Gi\u00e1 c\u00e0ng t\u0103ng th\u00ec th\u01a3\u01a1ng v\u1ee5 c\u00e0ng k\u00e9m h\u1ea5p d\u1eabn, v\u00e0 n\u1ebfu gi\u00e1 t\u0103ng qu\u00e1 cao, n\u00f3 c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t th\u1ea3m h\u1ecda. Hi\u1ec7n t\u01a3\u1ee3ng th\u01a3\u1eddng x\u1ea3y ra trong cu\u1ed9c chi\u1ebfn \u0111\u1ea5u gi\u00e1 l\u00e0 c\u1ea3m x\u00fac l\u1ea5n l\u01a3\u1edbt suy ngh\u0129 l\u00fd tr\u00ed, v\u00e0 m\u1ed9t CEO c\u00f3 c\u00e1i t\u00f4i qu\u00e1 l\u1edbn c\u00f3 th\u1ec3 ph\u1ea3i tr\u1ea3 m\u1ed9t c\u00e1i gi\u00e1 c\u1ef1c k\u1ef3 \u0111\u1eaft b\u1eb1ng \u0111\u1ed3ng ti\u1ec1n c\u1ee7a c\u1ed5 \u0111\u00f4ng. B\u1ea1n r\u1ea5t d\u1ec5 r\u01a1i v\u00e0o c\u00e1i b\u1eaby chi tr\u1ea3 qu\u00e1 nhi\u1ec1u n\u1ebfu \u0111\u00f3 l\u00e0 ti\u1ec1n c\u1ee7a ng\u01a3\u1eddi kh\u00e1c, v\u00e0 ch\u01a3a c\u00f3 ai l\u00e0m gi\u00e0u \u0111\u01a3\u1ee3c b\u1eb1ng c\u00e1ch tr\u1ea3 qu\u00e1 nhi\u1ec1u cho m\u1ed9t th\u1ee9 n\u00e0o \u0111\u00f3. Nguy\u00ean t\u1eafc n\u00e0y c\u0169ng c\u00f3 th\u1ec3 \u0111\u01a3\u1ee3c \u00e1p d\u1ee5ng v\u00e0o ng\u00e0nh b\u00e1n l\u1ebb: N\u1ebfu b\u1ea1n c\u00f3 th\u1ec3 mua \u0111\u01a3\u1ee3c s\u1ea3n ph\u1ea9m v\u1edbi gi\u00e1 r\u1ebb h\u01a1n \u0111\u1ed1i th\u1ee7, th\u00ec b\u1ea1n c\u00f3 th\u1ec3 b\u00e1n cho ng\u01a3\u1eddi ti\u00eau d\u00f9ng v\u1edbi gi\u00e1 r\u1ebb h\u01a1n, v\u00e0 \u0111\u00e1nh b\u1ea1i \u0111\u1ed1i th\u1ee7 kh\u1ecfi cu\u1ed9c \u0111ua m\u00e0 v\u1eabn gi\u1eef \u0111\u01a3\u1ee3c m\u1ee9c l\u1ee3i nhu\u1eadn c\u1ee7a m\u00ecnh. \u0110\u00e2y l\u00e0 m\u00f4 h\u00ecnh kinh doanh c\u1ee7a Nebraska Furniture Mart. H\u1ecd d\u00f9ng ti\u1ec1n m\u1eb7t \u0111\u1ec3 mua h\u00e0ng t\u1eeb c\u00e1c nh\u00e0 b\u00e1n s\u1ec9, \u0111\u1ed3ng th\u1eddi h\u1ecd mua v\u1edbi s\u1ed1 l\u01a3\u1ee3ng l\u00f4 h\u00e0ng l\u1edbn, th\u01a3\u1eddng b\u1eb1ng c\u1ea3 th\u00e1ng s\u1ea3n xu\u1ea5t, v\u00ec v\u1eady h\u1ecd c\u00f3 th\u1ec3 th\u01a3\u01a1ng l\u01a3\u1ee3ng gi\u00e1 th\u1ea5p h\u01a1n nh\u1eefng \u0111\u1ed1i th\u1ee7 mua h\u00e0ng tr\u1ea3 ch\u1eadm. Nh\u01a3 v\u1eady NFM c\u00f3 th\u1ec3 b\u00e1n h\u00e0ng v\u1edbi gi\u00e1 th\u1ea5p h\u01a1n, thu h\u00fat \u0111\u01a3\u1ee3c nhi\u1ec1u kh\u00e1ch h\u00e0ng h\u01a1n, trong khi v\u1eabn gi\u1eef \u0111\u01a3\u1ee3c m\u1ee9c l\u1ee3i nhu\u1eadn c\u1ee7a m\u00ecnh. H\u1ecd b\u00e1n r\u1ebb nh\u01a3ng ki\u1ebfm \u0111\u01a3\u1ee3c nhi\u1ec1u ti\u1ec1n h\u01a1n v\u00ec h\u1ecd b\u1eaft \u0111\u1ea7u v\u1edbi m\u1ee9c gi\u00e1 mua v\u00e0o th\u1ea5p. M\u1ee9c gi\u00e1 b\u00e1n ra kh\u00f4ng ph\u1ea3i l\u00fac n\u00e0o c\u0169ng quan tr\u1ecdng b\u1eb1ng m\u1ee9c gi\u00e1 mua v\u00e0o, nh\u1ea5t l\u00e0 trong ng\u00e0nh b\u00e1n l\u1ebb.","L\u1eddi s\u1ed1 109 \u201cNgo\u00e0i kia c\u00f3 nh\u1eefng chi\u1ebfc \u0111inh \u0111ang n\u1eb1m \u0111\u1ee3i bong b\u00f3ng, v\u00e0 khi hai th\u1ee9 n\u00e0y g\u1eb7p nhau, m\u1ed9t lo\u1ea1t nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01a3 s\u1ebd \u0111\u01a3\u1ee3c h\u1ecdc l\u1ea1i nh\u1eefng b\u00e0i h\u1ecdc \u0111\u00e3 c\u0169.\u201d *** T\u00ecnh tr\u1ea1ng mua b\u00e1n \u0111\u1ea7u c\u01a1 \u00e0o \u1ea1t s\u1ebd xu\u1ea5t hi\u1ec7n khi c\u00f4ng ch\u00fang ph\u00e1t cu\u1ed3ng v\u00ec c\u1ed5 phi\u1ebfu. Ng\u01a3\u1eddi ta th\u1ea5y gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee9 ng\u00e0y c\u00e0ng t\u0103ng v\u00e0 mu\u1ed1n nh\u1ea3y v\u00e0o ki\u1ebfm \u00edt ti\u1ec1n m\u1ed9t c\u00e1ch \u0111\u01a1n gi\u1ea3n. T\u00ecnh tr\u1ea1ng n\u00e0y x\u1ea3y ra c\u1ef1c \u0111\u1ea1i kho\u1ea3ng m\u1ed7i ba m\u01a3\u01a1i n\u0103m, th\u01a3\u1eddng \u0111i k\u00e8m v\u1edbi s\u1ef1 xu\u1ea5t hi\u1ec7n c\u1ee7a m\u1ed9t c\u00f4ng ngh\u1ec7 m\u1edbi. Trong v\u00f2ng m\u1ed9t tr\u0103m n\u0103m qua n\u00f3 \u0111\u00e3 x\u1ea3y ra v\u1edbi radio, m\u00e1y bay, \u00f4 t\u00f4, m\u00e1y t\u00ednh, c\u00f4ng ngh\u1ec7 sinh h\u1ecdc, v\u00e0 Internet. Gi\u00e1 c\u1ed5 phi\u1ebfu th\u1ec3 hi\u1ec7n s\u1ef1 \u0111am m\u00ea ki\u1ec3u b\u00e0i b\u1ea1c thay v\u00ec ni\u1ec1m tin v\u00e0o gi\u00e1 tr\u1ecb ti\u1ec1m \u1ea9n c\u1ee7a c\u00e1c c\u00f4ng ty. Warren lu\u00f4n b\u1ecf qua nh\u1eefng \u0111\u1ee3t th\u1ecb tr\u01a3\u1eddng gi\u00e1 l\u00ean do \u0111\u1ea7u c\u01a1 k\u1ec3 t\u1eeb khi \u00f4ng b\u1eaft \u0111\u1ea7u s\u1ef1 nghi\u1ec7p \u0111\u1ea7u t\u01a3. \u0110\u1ed1i v\u1edbi \u00f4ng, m\u1ee9c gi\u00e1 ph\u1ea3i tr\u1ea3 h\u00f4m nay l\u00e0 d\u1ef1a tr\u00ean nh\u1eefng thu nh\u1eadp trong t\u01a3\u01a1ng lai c\u00f3 th\u1ec3 ch\u1eb3ng bao gi\u1edd c\u00f3, v\u00e0 th\u01a3\u1eddng \u0111\u00fang l\u00e0 ch\u1eb3ng bao gi\u1edd c\u00f3. Khi kh\u00f4ng c\u00f3 thu nh\u1eadp, ni\u1ec1m hy v\u1ecdng gi\u00fap gi\u00e1 c\u1ed5 phi\u1ebfu \u0111\u1ee9ng v\u1eefng b\u1ed7ng nhi\u00ean s\u1ee5p \u0111\u1ed5, l\u1ef1c h\u1ea5p d\u1eabn s\u1ebd k\u00e9o gi\u00e1 xu\u1ed1ng \u0111\u00e1y \u0111\u1ea1i d\u01a3\u01a1ng, v\u1edbi v\u1eadn t\u1ed1c \u0111\u00e1ng kinh ng\u1ea1c.","L\u1eddi s\u1ed1 110 \u201cT\u00f4i kh\u00f4ng bao gi\u1edd c\u1ed1 g\u1eafng ki\u1ebfm ti\u1ec1n t\u1eeb th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n. T\u00f4i mua c\u1ed5 phi\u1ebfu v\u1edbi gi\u1ea3 \u0111\u1ecbnh r\u1eb1ng h\u1ecd s\u1ebd \u0111\u00f3ng c\u1eeda th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n v\u00e0o ng\u00e0y mai v\u00e0 ch\u1ec9 m\u1edf c\u1eeda l\u1ea1i sau 5 n\u0103m n\u1eefa.\u201d *** Warren mua c\u1ed5 phi\u1ebfu v\u1edbi gi\u1ea3 \u0111\u1ecbnh r\u1eb1ng \u00f4ng \u0111ang mua l\u1ea1i m\u1ed9t doanh nghi\u1ec7p. Th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n \u0111\u00f4i khi gi\u00fap \u00f4ng mua \u0111\u01a3\u1ee3c v\u1edbi gi\u00e1 th\u1ea5p h\u01a1n n\u1ebfu t\u00ednh \u0111em c\u1ea3 doanh nghi\u1ec7p b\u00e1n cho m\u1ed9t ng\u01a3\u1eddi mua t\u01a3 nh\u00e2n. Warren kh\u00f4ng l\u1ee3i d\u1ee5ng th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n, \u00f4ng ch\u1ec9 tranh th\u1ee7 tr\u01a3\u1edbc nh\u1eefng t\u1ed5 ch\u1ee9c c\u00f3 t\u1ea7m nh\u00ecn qu\u00e1 ng\u1eafn h\u1ea1n \u0111\u1ebfn m\u1ee9c b\u1ecf qua c\u01a1 c\u1ea5u kinh t\u1ebf d\u00e0i h\u1ea1n c\u1ee7a c\u00f4ng ty trong n\u1ed7 l\u1ef1c ki\u1ebfm ti\u1ec1n nhanh ch\u00f3ng \u0111\u1ec3 \u0111\u01a3\u1ee3c \u0111\u1ecbnh danh l\u00e0 qu\u1ef9 h\u1ed7 t\u01a3\u01a1ng c\u1ee7a n\u0103m. N\u1ebfu b\u1ea1n mua \u0111\u00fang c\u00f4ng ty v\u1edbi gi\u00e1 h\u1ee3p l\u00fd, th\u1eddi gian ch\u1ec9 c\u00e0ng l\u00e0m t\u0103ng th\u00eam gi\u00e1 tr\u1ecb c\u1ee7a n\u00f3, gi\u00fap b\u1ea1n c\u00e0ng gi\u00e0u th\u00eam khi gi\u00e1 c\u1ed5 phi\u1ebfu gia t\u0103ng ph\u1ea3n \u00e1nh \u0111\u00fang ti\u1ec1m n\u0103ng c\u1ee7a doanh nghi\u1ec7p. H\u00e3y th\u1eed t\u01a3\u1edfng t\u01a3\u1ee3ng: N\u1ebfu th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n c\u00f3 \u0111\u00f3ng c\u1eeda su\u1ed1t 5 n\u0103m, th\u00ec gi\u00e1 tr\u1ecb doanh nghi\u1ec7p v\u1eabn c\u1ee9 ti\u1ebfp t\u1ee5c gia t\u0103ng. Th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n ch\u1ec9 l\u00e0 n\u01a1i \u0111\u01a3a ra m\u1ee9c gi\u00e1 m\u00e0 n\u00f3 cho l\u00e0 h\u1ee3p l\u00fd d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb trong ng\u1eafn h\u1ea1n. N\u1ebfu b\u1ea1n s\u1ebd n\u1eafm gi\u1eef c\u1ed5 phi\u1ebfu trong su\u1ed1t 5 n\u0103m, b\u1ea1n kh\u00f4ng c\u1ea7n ph\u1ea3i quan t\u00e2m \u0111\u1ebfn th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n \u0111\u1ecbnh gi\u00e1 nh\u01a3 th\u1ebf n\u00e0o trong kho\u1ea3ng th\u1eddi gian t\u1eeb n\u0103m th\u1ee9 nh\u1ea5t \u0111\u1ebfn n\u0103m th\u1ee9 t\u01a3. Th\u1eddi \u0111i\u1ec3m b\u1ea1n quan t\u00e2m l\u00e0 khi b\u1ea1n tham gia tr\u1edf l\u1ea1i \u0111\u1ec3 b\u00e1n c\u1ed5 phi\u1ebfu.","GI\u00c1 TR\u1eca KINH T\u1ebe D\u00c0I H\u1ea0N L\u00c0 B\u00cd QUY\u1ebeT \u0110\u1ec2 T\u1eacN D\u1ee4NG S\u1ef0 \u0110I\u00caN R\u1ed2 C\u1ee6A TH\u1eca TH\u01af\u1edcNG CH\u1ee8NG KHO\u00c1N TRONG NG\u1eaeN H\u1ea0N L\u1eddi s\u1ed1 111 \u201cTh\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n l\u00e0 m\u1ed9t tr\u00f2 ch\u01a1i kh\u00f4ng c\u1ea7n ph\u1ea3i \u0111\u00e1nh b\u00f3ng \u0111\u1ec3 lo\u1ea1i \u0111\u1ed1i th\u1ee7. B\u1ea1n kh\u00f4ng nh\u1ea5t thi\u1ebft ph\u1ea3i \u0111\u00e1nh b\u00f3ng trong m\u1ecdi tr\u01a3\u1eddng h\u1ee3p - b\u1ea1n c\u00f3 th\u1ec3 \u0111\u1ee3i \u0111\u1ebfn l\u00fac t\u1ed1t nh\u1ea5t. Nh\u01a3ng n\u1ebfu b\u1ea1n l\u00e0 nh\u00e0 qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh th\u00ec v\u1ea5n \u0111\u1ec1 l\u00e0 c\u00e1c c\u1ed5 \u0111\u1ed9ng vi\u00ean c\u1ee9 th\u00fac gi\u1ee5c sau l\u01a3ng, \u201c\u0110\u00e1nh \u0111i, \u0111\u1ed3 l\u01a3\u1eddi!\u201d\u201d *** C\u00e1c nh\u00e0 qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh v\u1ec1 c\u0103n b\u1ea3n l\u00e0 n\u00f4 l\u1ec7 c\u1ee7a c\u00e1c con s\u1ed1 b\u00e1o c\u00e1o theo qu\u00fd v\u00e0 theo n\u0103m. N\u1ebfu con s\u1ed1 trong qu\u00fd th\u1ea5p, h\u1ecd c\u00f3 th\u1ec3 m\u1ea5t kh\u00e1ch h\u00e0ng, v\u00e0 n\u1ebfu con s\u1ed1 trong n\u0103m th\u1ea5p, h\u1ecd s\u1ebd m\u1ea5t r\u1ea5t nhi\u1ec1u kh\u00e1ch h\u00e0ng. V\u00ec v\u1eady c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 tr\u1edf th\u00e0nh n\u00f4 l\u1ec7 cho nh\u1eefng \u01a3\u1edbc mu\u1ed1n ki\u1ebfm ti\u1ec1n trong ng\u1eafn h\u1ea1n c\u1ee7a kh\u00e1ch h\u00e0ng, v\u00e0 h\u1ecd ph\u1ea3i tham gia v\u00e0o tr\u00f2 ch\u01a1i \u0111\u00e1nh b\u00f3ng \u1edf b\u1ea5t c\u1ee9 c\u00fa n\u00e9m n\u00e0o s\u01a3\u1ee3t ngang d\u00f9 t\u1ec9 l\u1ec7 l\u1ee3i nhu\u1eadn r\u1ea5t th\u1ea5p. N\u1ebfu h\u1ecd kh\u00f4ng l\u00e0m th\u1ebf, kh\u00e1ch h\u00e0ng s\u1ebd b\u1ecf r\u01a1i h\u1ecd v\u00e0 t\u00ecm ng\u01a3\u1eddi kh\u00e1c. Nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 \u0111\u01a3\u1ee3c thu\u00ea \u0111\u1ec3 \u0111\u1eb7t c\u01a3\u1ee3c tr\u00ean nh\u1eefng c\u1ed5 phi\u1ebfu s\u1ebd t\u0103ng gi\u00e1 trong v\u00f2ng ba hay s\u00e1u th\u00e1ng, kh\u00f4ng quan t\u00e2m \u0111\u1ebfn c\u01a1 c\u1ea5u kinh t\u1ebf d\u00e0i h\u1ea1n c\u1ee7a c\u00f4ng ty b\u1eb1ng xu h\u01a3\u1edbng dao \u0111\u1ed9ng v\u1ec1 gi\u00e1. S\u1ef1 t\u1eadp trung ch\u1ee7 y\u1ebfu v\u00e0o gi\u00e1 c\u1ed5 phi\u1ebfu dao \u0111\u1ed9ng trong ng\u1eafn h\u1ea1n g\u00e2y ra bao nhi\u00eau l\u00e0 sai l\u1ea7m v\u1ec1 \u0111\u1ecbnh gi\u00e1 d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb kinh t\u1ebf d\u00e0i h\u1ea1n. Warren khai th\u00e1c t\u1ea5t c\u1ea3 nh\u1eefng sai l\u1ea7m n\u00e0y. N\u1ebfu c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 kh\u1ed5ng l\u1ed3 kh\u00f4ng b\u1ecb \u00e1m \u1ea3nh b\u1edfi vi\u1ec7c ki\u1ebfm ti\u1ec1n nhanh ch\u00f3ng, Warren c\u00f3 l\u1ebd \u0111\u00e3 kh\u00f4ng th\u1ec3 n\u00e0o c\u00f3 \u0111\u01a3\u1ee3c nh\u1eefng th\u01a3\u01a1ng v\u1ee5 b\u00e9o b\u1edf l\u00e0m n\u1ec1n t\u1ea3ng cho s\u1ef1 nghi\u1ec7p c\u1ee7a m\u00ecnh. V\u00ec v\u1eady n\u1ebfu b\u1ea1n mu\u1ed1n ki\u1ebfm nhi\u1ec1u ti\u1ec1n tr\u00ean th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n, b\u1ea1n n\u00ean tr\u00e1nh xa c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 chuy\u00ean nghi\u1ec7p, h\u1ecdc h\u1ecfi c\u00e1ch mua b\u00e1n c\u1ed5 phi\u1ebfu ng\u1eafn h\u1ea1n c\u1ee7a h\u1ecd \u0111\u1ec3 t\u1eadn d\u1ee5ng nh\u1eefng sai l\u1ea7m trong \u0111\u1ecbnh gi\u00e1 d\u00e0i h\u1ea1n.","L\u1eddi s\u1ed1 112 \u201cCh\u00fang ta h\u1ecdc h\u1ecfi \u0111\u01a3\u1ee3c t\u1eeb l\u1ecbch s\u1eed m\u1ed9t \u0111i\u1ec1u r\u1eb1ng con ng\u01a3\u1eddi kh\u00f4ng bi\u1ebft h\u1ecdc h\u1ecfi t\u1eeb l\u1ecbch s\u1eed.\u201d *** Ng\u01a3\u1eddi ta ph\u1ea1m c\u00f9ng m\u1ed9t sai l\u1ea7m nhi\u1ec1u l\u1ea7n tr\u00ean th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n - h\u1ecd tr\u1ea3 gi\u00e1 qu\u00e1 cao cho m\u1ed9t c\u00f4ng ty v\u1edbi hy v\u1ecdng s\u1ebd ki\u1ebfm \u0111\u01a3\u1ee3c ti\u1ec1n khi gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty t\u0103ng trong ng\u1eafn h\u1ea1n. Sai l\u1ea7m ph\u1ed5 bi\u1ebfn n\u00e0y chi ph\u1ed1i to\u00e0n b\u1ed9 th\u1ecb tr\u01a3\u1eddng v\u00e0 \u0111\u01a3\u1ee3c nu\u00f4i d\u01a3\u1ee1ng b\u1eb1ng nh\u1eefng nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 ph\u1ea3i ph\u1ee5c v\u1ee5 c\u00f4ng ch\u00fang ch\u1ec9 nh\u00ecn ng\u1eafn h\u1ea1n. Warren \u0111\u00e3 l\u00e0m n\u00ean s\u1ef1 nghi\u1ec7p b\u1eb1ng c\u00e1ch t\u1eadn d\u1ee5ng b\u1ea3n ch\u1ea5t ng\u1eafn h\u1ea1n n\u00e0y v\u00e0 nh\u1eefng sai l\u1ea7m trong \u0111\u1ecbnh gi\u00e1 n\u00f3 g\u00e2y ra cho gi\u00e1 tr\u1ecb kinh t\u1ebf d\u00e0i h\u1ea1n c\u1ee7a c\u00f4ng ty. B\u00e0i h\u1ecdc l\u1ecbch s\u1eed m\u00e0 nhi\u1ec1u ng\u01a3\u1eddi kh\u00f4ng h\u1ecdc \u0111\u01a3\u1ee3c l\u00e0 khi c\u00f4ng ty b\u1ecb \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao so v\u1edbi gi\u00e1 tr\u1ecb kinh t\u1ebf d\u00e0i h\u1ea1n, nh\u01a3 v\u1eabn th\u01a3\u1eddng x\u1ea3y ra trong m\u1ed9t th\u1ecb tr\u01a3\u1eddng gi\u00e1 l\u00ean, th\u00ec b\u1ea5t c\u1ee9 thay \u0111\u1ed5i n\u00e0o trong ng\u1ecdn gi\u00f3 hy v\u1ecdng c\u0169ng s\u1ebd l\u00e0m gi\u00e1 c\u1ed5 phi\u1ebfu r\u1edbt th\u1ea3m h\u1ea1i v\u00e0 cu\u1ed1n \u0111i to\u00e0n b\u1ed9 nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01a3 n\u00e0o \u0111\u00e3 tr\u1ea3 gi\u00e1 qu\u00e1 cao. Khi gi\u00e1 l\u00ean cao, Warren th\u01a3\u1eddng r\u00fat lui kh\u1ecfi th\u1ecb tr\u01a3\u1eddng; khi gi\u00e1 xu\u1ed1ng th\u1ea5p, Warren b\u1eaft \u0111\u1ea7u quan t\u00e2m \u0111\u1ebfn vi\u1ec7c mua v\u00e0o, n\u1ebfu ch\u00fang xu\u1ed1ng \u0111\u1ebfn m\u1ee9c ch\u1ea5p nh\u1eadn \u0111\u01a3\u1ee3c v\u00e0 n\u1ebfu \u0111\u00f3 l\u00e0 c\u00f4ng ty ch\u1ea5p nh\u1eadn \u0111\u01a3\u1ee3c th\u00ec \u00f4ng s\u1ebd mua v\u00e0o.","L\u1eddi s\u1ed1 113 \u201cH\u00e3y nh\u00ecn v\u00e0o s\u1ef1 dao \u0111\u1ed9ng trong th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n nh\u01a3 l\u00e0 b\u1ea1n ch\u1ee9 kh\u00f4ng ph\u1ea3i l\u00e0 k\u1ebb th\u00f9 - h\u00e3y h\u01a3\u1edfng l\u1ee3i t\u1eeb nh\u1eefng k\u1ebb \u0111i\u00ean r\u1ed3 thay v\u00ec c\u00f9ng tham gia v\u1edbi h\u1ecd.\u201d *** Th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n l\u00e0 m\u1ed9t con qu\u00e1i v\u1eadt lu\u00f4n b\u1ecf qua gi\u00e1 tr\u1ecb kinh t\u1ebf d\u00e0i h\u1ea1n c\u1ee7a doanh nghi\u1ec7p v\u00e0 ch\u1ec9 giao d\u1ecbch d\u1ef1a tr\u00ean ti\u1ec1m n\u0103ng ng\u1eafn h\u1ea1n c\u1ee7a n\u00f3. Ti\u1ec1m n\u0103ng ng\u1eafn h\u1ea1n kh\u00f4ng t\u1ed1t c\u00f3 th\u1ec3 l\u00e0m gi\u00e1 c\u1ed5 phi\u1ebfu r\u1edbt xu\u1ed1ng th\u00ea th\u1ea3m - b\u1ea5t k\u1ec3 ti\u1ec1m n\u0103ng d\u00e0i h\u1ea1n c\u1ee7a doanh nghi\u1ec7p nh\u01a3 th\u1ebf n\u00e0o. \u0110i\u1ec1u n\u00e0y t\u1ea1o ra nh\u1eefng c\u01a1 h\u1ed9i mua v\u00e0o c\u1ed5 phi\u1ebfu c\u00e1c c\u00f4ng ty c\u00f3 ti\u1ec1m n\u0103ng kinh t\u1ebf d\u00e0i h\u1ea1n t\u1ed1t nh\u01a3ng \u0111ang g\u1eb7p ph\u1ea3i m\u1ed9t s\u1ed1 v\u1ea5n \u0111\u1ec1 trong ng\u1eafn h\u1ea1n. Tr\u00e1nh xa kh\u1ecfi m\u1ed9t c\u00f4ng ty khi b\u1ecdn ngu ng\u1ed1c \u0111\u1ed5 x\u00f4 v\u00e0o v\u00e0 \u0111\u1ea9y gi\u00e1 l\u00ean, h\u00e3y mua v\u00e0o khi h\u1ecd k\u00e9o nhau \u0111i v\u00e0 \u0111\u1ea9y gi\u00e1 xu\u1ed1ng. M\u1ed9t s\u1ed1 v\u00ed d\u1ee5 v\u0129 \u0111\u1ea1i th\u1ec3 hi\u1ec7n c\u00e1ch Warren t\u1eadn d\u1ee5ng s\u1ef1 dao \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n \u0111\u1ec3 mua v\u00e0o l\u00e0 khi th\u1ecb tr\u01a3\u1eddng s\u1ee5p \u0111\u1ed5 n\u0103m 1973-74, \u00f4ng \u0111\u00e3 mua 10 tri\u1ec7u \u0111\u00f4la c\u1ed5 phi\u1ebfu c\u1ee7a Washington Post, b\u00e2y gi\u1edd tr\u1ecb gi\u00e1 tr\u00ean 1,5 t\u1ec9 \u0111\u00f4la; khi th\u1ecb tr\u01a3\u1eddng s\u1ee5p \u0111\u1ed5 n\u0103m 1987, \u00f4ng b\u1eaft \u0111\u1ea7u mua v\u00e0o c\u1ed5 phi\u1ebfu c\u1ee7a Coca-Cola v\u1edbi tr\u1ecb gi\u00e1 t\u01a3\u01a1ng \u0111\u01a3\u01a1ng 1 t\u1ec9 \u0111\u00f4la nh\u01a3ng gi\u00e1 l\u00fac \u0111\u00f3 ch\u1ec9 nh\u1ec9nh h\u01a1n 8 tri\u1ec7u \u0111\u00f4la; v\u00e0 trong th\u1eddi k\u1ef3 suy tho\u00e1i c\u1ee7a ng\u00e2n h\u00e0ng, \u00f4ng mua 400 tri\u1ec7u \u0111\u00f4la c\u1ed5 phi\u1ebfu Wells Fargo, \u0111\u1ebfn n\u0103m 2006 gi\u00e1 tr\u1ecb \u0111\u00e3 tr\u00ean 1,9 t\u1ec9 \u0111\u00f4la. S\u1ef1 dao \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n \u0111\u00e3 l\u00e0 ng\u01a3\u1eddi b\u1ea1n t\u1ed1t, r\u1ea5t t\u1ed1t c\u1ee7a Warren.","L\u1eddi s\u1ed1 114 \u201cC\u01a1 h\u1ed9i \u0111\u1ea7u t\u01a3 tuy\u1ec7t h\u1ea3o xu\u1ea5t hi\u1ec7n khi nh\u1eefng c\u00f4ng ty tuy\u1ec7t v\u1eddi b\u1ecb bao v\u00e2y b\u1edfi nh\u1eefng t\u00ecnh hu\u1ed1ng b\u1ea5t th\u01a3\u1eddng l\u00e0m cho c\u1ed5 phi\u1ebfu kh\u00f4ng \u0111\u01a3\u1ee3c \u0111\u1ecbnh gi\u00e1 ch\u00ednh x\u00e1c.\u201d *** Warren h\u1ecdc \u0111\u01a3\u1ee3c r\u1eb1ng c\u00e1c c\u00f4ng ty v\u0129 \u0111\u1ea1i \u0111\u00f4i khi c\u0169ng ph\u1ea1m nh\u1eefng sai l\u1ea7m c\u00f3 th\u1ec3 s\u1eeda ch\u1eefa \u0111\u01a3\u1ee3c nh\u01a3ng ch\u00fang v\u1eabn l\u00e0m gi\u1ea3m gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a h\u1ecd trong ng\u1eafn h\u1ea1n. Khi \u0111i\u1ec1u n\u00e0y x\u1ea3y ra, c\u1ed5 phi\u1ebfu c\u1ee7a h\u1ecd s\u1ebd b\u1ecb \u0111\u1ecbnh gi\u00e1 sai n\u1ebfu nh\u00ecn tr\u00ean d\u00e0i h\u1ea1n. \u0110i\u1ec3m m\u1ea5u ch\u1ed1t l\u00e0 ph\u1ea3i x\u00e1c \u0111\u1ecbnh li\u1ec7u sai l\u1ea7m n\u00e0y c\u00f3 th\u1ec3 s\u1eeda ch\u1eefa \u0111\u01a3\u1ee3c hay kh\u00f4ng. V\u00ec v\u1eady quan tr\u1ecdng l\u00e0 ph\u1ea3i hi\u1ec3u r\u00f5 b\u1ea3n ch\u1ea5t kinh t\u1ebf c\u1ee7a c\u00f4ng ty b\u1ea1n \u0111ang \u0111\u1ea7u t\u01a3. V\u1ee5 \u0111\u1ea7u t\u01a3 \u0111\u1ea7u ti\u00ean c\u1ee7a Warren v\u00e0o GEICO, m\u1ed9t c\u00f4ng ty b\u1ea3o hi\u1ec3m \u00f4 t\u00f4, \u0111\u01a3\u1ee3c th\u1ef1c hi\u1ec7n khi c\u00f4ng ty \u0111ang c\u00f3 nguy c\u01a1 m\u1ea5t kh\u1ea3 n\u0103ng chi tr\u1ea3. H\u1ecd c\u00f3 m\u1ed9t h\u1ec7 th\u1ed1ng nh\u01a3\u1ee3ng quy\u1ec1n r\u1ea5t t\u1ed1t v\u1edbi chi ph\u00ed th\u1ea5p, nh\u01a3ng trong m\u1ed9t n\u1ed7 l\u1ef1c ng\u1eafn h\u1ea1n nh\u1eb1m thu h\u00fat th\u00eam kh\u00e1ch h\u00e0ng, h\u1ecd \u0111\u00e3 \u0111\u1ec3 m\u1ea5t k\u1ef7 lu\u1eadt khi b\u00e1n b\u1ea3o hi\u1ec3m v\u00e0 g\u1ea7n nh\u01a3 ch\u1ea5p nh\u1eadn b\u1ea3o hi\u1ec3m cho b\u1ea5t c\u1ee9 ai m\u00e0 kh\u00f4ng t\u0103ng ph\u00ed b\u00f9 \u0111\u1eafp cho r\u1ee7i ro. C\u00f4ng ty b\u1eaft \u0111\u1ea7u m\u1ea5t h\u00e0ng t\u1ea5n ti\u1ec1n. Warren bi\u1ebft r\u1eb1ng n\u1ebfu h\u1ecd quay v\u1ec1 v\u1edbi nguy\u00ean t\u1eafc ho\u1ea1t \u0111\u1ed9ng c\u0103n b\u1ea3n c\u1ee7a ng\u00e0nh b\u1ea3o hi\u1ec3m, h\u1ecd s\u1ebd kh\u00f4ng ch\u1ec9 s\u1ed1ng s\u00f3t m\u00e0 c\u00f2n t\u0103ng tr\u01a3\u1edfng. V\u00e0 tr\u00ean th\u1ef1c t\u1ebf h\u1ecd \u0111\u00e3 t\u0103ng tr\u01a3\u1edfng, bi\u1ebfn con s\u1ed1 45 tri\u1ec7u \u0111\u00f4la \u0111\u1ea7u t\u01a3 c\u1ee7a Warren th\u00e0nh 2,3 t\u1ec9 \u0111\u00f4la trong v\u00f2ng 15 n\u0103m. Warren nh\u1eadn th\u1ea5y GEICO \u0111\u00e3 ph\u1ea1m m\u1ed9t sai l\u1ea7m c\u00f3 th\u1ec3 s\u1eeda ch\u1eefa \u0111\u01a3\u1ee3c, v\u00e0 m\u1ed9t khi \u0111\u00e3 \u0111i\u1ec1u ch\u1ec9nh, n\u00f3 kh\u00f4ng l\u00e0m \u1ea3nh h\u01a3\u1edfng \u0111\u1ebfn c\u01a1 c\u1ea5u kinh t\u1ebf d\u00e0i h\u1ea1n c\u1ee7a m\u1ed9t c\u00f4ng ty v\u0129 \u0111\u1ea1i. Th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n ng\u1eafn h\u1ea1n, trong l\u00fac \u0111\u00f3, l\u1ea1i ch\u1ec9 nh\u00ecn th\u1ea5y sai l\u1ea7m m\u00e0 th\u00f4i.","L\u1eddi s\u1ed1 115 \u201cS\u1ef1 b\u1ea5t \u1ed5n tr\u00ean th\u1ef1c t\u1ebf ch\u00ednh l\u00e0 b\u1ea1n c\u1ee7a ng\u01a3\u1eddi mua d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb d\u00e0i h\u1ea1n. *** S\u1ef1 b\u1ea5t \u1ed5n tr\u00ean th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n d\u1eabn \u0111\u1ebfn ho\u1ea3ng s\u1ee3, v\u00e0 ho\u1ea3ng s\u1ee3 g\u00e2y ra c\u00e1c v\u1ee5 b\u00e1n \u0111\u1ed5 b\u00e1n th\u00e1o, l\u00e0m gi\u1ea3m gi\u00e1 c\u1ed5 phi\u1ebfu b\u1ea5t k\u1ec3 ti\u1ec1m n\u0103ng kinh t\u1ebf d\u00e0i h\u1ea1n c\u1ee7a c\u00f4ng ty. Ph\u1ea3n \u1ee9ng d\u00e2y chuy\u1ec1n n\u00e0y t\u1ea1o ra c\u01a1 h\u1ed9i mua v\u00e0o n\u1ebfu gi\u00e1 tr\u1ecb kinh t\u1ebf d\u00e0i h\u1ea1n c\u1ee7a c\u00f4ng ty v\u01a3\u1ee3t qu\u00e1 m\u1ee9c gi\u00e1 ch\u00e0o b\u00e1n. Ch\u00ednh c\u01a1 c\u1ea5u kinh t\u1ebf d\u00e0i h\u1ea1n c\u1ee7a doanh nghi\u1ec7p \u0111\u00f3ng vai tr\u00f2 quy\u1ebft \u0111\u1ecbnh k\u00e9o gi\u00e1 c\u1ed5 phi\u1ebfu tr\u1edf l\u00ean t\u01a3\u01a1ng \u1ee9ng v\u1edbi th\u1ef1c t\u1ebf kinh doanh. Kho ki\u1ebfn th\u1ee9c c\u1ee7a Warren v\u1ec1 c\u01a1 c\u1ea5u kinh t\u1ebf d\u00e0i h\u1ea1n c\u1ee7a c\u00e1c c\u00f4ng ty \u0111\u00e3 gi\u00fap \u00f4ng bi\u1ebft r\u00f5 c\u00f4ng ty n\u00e0o s\u1ebd b\u1eadt d\u1eady sau giai \u0111o\u1ea1n nh\u00e0 \u0111\u1ea7u t\u01a3 lo l\u1eafng v\u1ec1 b\u1ea5t \u1ed5n.","L\u1eddi s\u1ed1 116 \u201c\u0110\u1ed1i v\u1edbi nhi\u1ec1u ng\u01a3\u1eddi t\u1ea1i Wall Street, c\u00f4ng ty v\u00e0 c\u1ed5 phi\u1ebfu ch\u1ec9 l\u00e0 nguy\u00ean li\u1ec7u th\u00f4 \u0111\u1ec3 giao d\u1ecbch.\u201d *** C\u00e1c nh\u00e0 qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh chuy\u00ean nghi\u1ec7p kh\u00f4ng xem c\u00e1c c\u00f4ng ty v\u00e0 c\u1ed5 phi\u1ebfu l\u00e0 nh\u1eefng doanh nghi\u1ec7p, m\u00e0 ch\u00fang ch\u1ec9 l\u00e0 nh\u1eefng con s\u1ed1 ch\u1edbp t\u1eaft tr\u00ean m\u00e0n h\u00ecnh giao d\u1ecbch \u0111\u1ec3 h\u1ecd \u0111\u1eb7t c\u01a3\u1ee3c. Warren ki\u1ebfm ti\u1ec1n t\u1eeb nh\u1eefng ng\u01a3\u1eddi ch\u01a1i c\u00e1 c\u01a3\u1ee3c ki\u1ec3u n\u00e0y khi h\u1ecd k\u00e9o nhau c\u00f9ng b\u00e1n c\u1ed5 phi\u1ebfu c\u1ee7a m\u1ed9t doanh nghi\u1ec7p v\u00e0 \u0111\u1ea9y gi\u00e1 xu\u1ed1ng \u0111\u1ebfn m\u1ee9c t\u00ednh ra th\u1ea5p h\u01a1n so v\u1edbi gi\u00e1 tr\u1ecb d\u00e0i h\u1ea1n c\u1ee7a doanh nghi\u1ec7p n\u00e0y. Y\u1ebfu t\u1ed1 canh b\u1ea1c trong th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n \u0111\u00e3 c\u00f3 t\u1eeb khi kh\u00e1i ni\u1ec7m n\u00e0y m\u1edbi h\u00ecnh th\u00e0nh; ng\u01a3\u1eddi ta th\u00edch \u0111\u00e1nh b\u1ea1c, n\u00f3 l\u00e0m cho m\u1ecdi th\u1ee9 tr\u1edf n\u00ean h\u00e0o h\u1ee9ng h\u01a1n. V\u1edbi c\u1ed5 phi\u1ebfu b\u1ea1n c\u00f2n c\u00f3 th\u1ec3 vay m\u01a3\u1ee3n ti\u1ec1n, nhi\u1ec1u ti\u1ec1n, \u0111\u1ec3 \u0111\u1eb7t c\u01a3\u1ee3c; \u0111i\u1ec1u n\u00e0y th\u1eadt tuy\u1ec7t n\u1ebfu m\u1ecdi chuy\u1ec7n \u0111i \u0111\u00fang nh\u01a3 mong mu\u1ed1n c\u1ee7a b\u1ea1n, b\u1eb1ng ng\u01a3\u1ee3c l\u1ea1i th\u00ec \u0111\u00f3 l\u00e0 c\u1ea3 m\u1ed9t th\u1ea3m h\u1ecda. \u0110i\u1ec1u n\u00e0y gi\u1ea3i th\u00edch v\u00ec sao c\u00f3 nh\u1eefng \u0111\u1ee3t gi\u00e1 bi\u1ebfn \u0111\u1ed9ng c\u1ef1c l\u1edbn - \u0111\u00f4i khi c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh ph\u1ea3i r\u00fat lui b\u1ea5t k\u1ec3 gi\u00e1 c\u1ed5 phi\u1ebfu. Nh\u01a3 Warren n\u00f3i, \u201cTh\u1eed t\u01a3\u1edfng t\u01a3\u1ee3ng m\u1ed9t r\u1ea1p h\u00e1t \u0111ang ch\u00e1y. C\u00e1ch duy nh\u1ea5t \u0111\u1ec3 r\u1eddi ch\u1ed7 ng\u1ed3i trong m\u1ed9t th\u1ecb tr\u01a3\u1eddng t\u00e0i ch\u00ednh n\u00f3ng b\u1ecfng l\u00e0 ph\u1ea3i t\u00ecm ra ng\u01a3\u1eddi kh\u00e1c s\u1eb5n s\u00e0ng ng\u1ed3i v\u00e0o ch\u1ed7 c\u1ee7a m\u00ecnh, m\u1ed9t \u0111i\u1ec1u kh\u00f4ng d\u1ec5 t\u00ed n\u00e0o.\u201d T\u00ecnh tr\u1ea1ng n\u00e0y \u0111\u01a3\u01a1ng nhi\u00ean t\u1ea1o ra nhi\u1ec1u c\u01a1 h\u1ed9i cho nh\u1eefng ng\u01a3\u1eddi bi\u1ebft \u0111\u1ecbnh gi\u00e1 tr\u1ecb d\u00e0i h\u1ea1n c\u1ee7a doanh nghi\u1ec7p.","L\u1eddi s\u1ed1 117 \u201cC\u00f3 nh\u1eefng th\u1ee9 v\u1eabn ph\u1ea3i c\u1ea7n th\u1eddi gian, b\u1ea5t k\u1ec3 b\u1ea1n c\u00f3 t\u00e0i n\u0103ng hay \u0111\u1ed5 bao nhi\u00eau c\u00f4ng s\u1ee9c: B\u1ea1n kh\u00f4ng th\u1ec3 sinh con trong v\u00f2ng m\u1ed9t th\u00e1ng b\u1eb1ng c\u00e1ch l\u00e0m c\u00f3 thai ch\u00edn ph\u1ee5 n\u1eef.\u201d *** Ph\u1ea3i c\u1ea7n th\u1eddi gian \u0111\u1ec3 cho gi\u00e1 tr\u1ecb doanh nghi\u1ec7p t\u0103ng l\u00ean - \u0111i\u1ec1u n\u00e0y kh\u00f4ng th\u1ec3 th\u1ef1c hi\u1ec7n qua \u0111\u00eam. C\u0169ng nh\u01a3 tr\u1ebb con ph\u1ea3i c\u1ea7n th\u1eddi gian \u0111\u1ec3 th\u00e0nh ng\u01a3\u1eddi l\u1edbn, c\u00e1c doanh nghi\u1ec7p c\u1ea7n th\u1eddi gian \u0111\u1ec3 gia t\u0103ng gi\u00e1 tr\u1ecb. Nh\u01a3ng n\u1ebfu b\u1ea1n mua m\u1ed9t doanh nghi\u1ec7p v\u0129 \u0111\u1ea1i, cu\u1ed1i c\u00f9ng th\u00ec gi\u00e1 tr\u1ecb c\u1ee7a n\u00f3 s\u1ebd c\u1ed9ng h\u01a3\u1edfng l\u1ea1i th\u00e0nh m\u1ed9t con s\u1ed1 kh\u1ed5ng l\u1ed3. Nh\u01a3 trong tr\u01a3\u1eddng h\u1ee3p Capital Cities\/ ABC Corporation m\u00e0 Warren \u0111\u00e3 \u0111\u1ea7u t\u01a3, \u00f4ng ch\u1ec9 tr\u1ea3 17,25 \u0111\u00f4la cho m\u1ed9t c\u1ed5 phi\u1ebfu n\u0103m 1986. \u00d4ng kh\u00f4ng mua th\u1ea5p m\u00e0 c\u0169ng kh\u00f4ng mua cao. \u00d4ng tr\u1ea3 s\u1ed1 ti\u1ec1n t\u01a3\u01a1ng \u1ee9ng v\u1edbi gi\u00e1 tr\u1ecb c\u1ee7a n\u00f3 - nh\u01a3ng theo th\u1eddi gian gi\u00e1 tr\u1ecb kinh t\u1ebf c\u1ee7a doanh nghi\u1ec7p gia t\u0103ng, \u0111\u1ea9y gi\u00e1 c\u1ed5 phi\u1ebfu t\u0103ng theo t\u01a3\u01a1ng \u1ee9ng, v\u00e0 \u0111\u1ebfn n\u0103m 1995 th\u00ec gi\u00e1 c\u1ed5 phi\u1ebfu l\u00e0 127 \u0111\u00f4la, t\u01a3\u01a1ng \u0111\u01a3\u01a1ng v\u1edbi 24% t\u1ec9 su\u1ea5t l\u1ee3i nhu\u1eadn h\u00e0ng n\u0103m. T\u01a3\u01a1ng t\u1ef1 l\u00e0 tr\u01a3\u1eddng h\u1ee3p c\u1ee7a GEICO, c\u0169ng c\u1ea7n 15 n\u0103m \u0111\u1ec3 gi\u00e1 tr\u1ecb ti\u1ec1m \u1ea9n c\u1ee7a doanh nghi\u1ec7p gia t\u0103ng con s\u1ed1 \u0111\u1ea7u t\u01a3 ban \u0111\u1ea7u l\u00e0 45 tri\u1ec7u \u0111\u00f4la th\u00e0nh 2,3 t\u1ec9 \u0111\u00f4la, t\u01a3\u01a1ng \u0111\u01a3\u01a1ng v\u1edbi t\u1ec9 su\u1ea5t l\u1ee3i nhu\u1eadn l\u00e0 24%\/ n\u0103m. Nh\u1eefng c\u00f4ng ty v\u0129 \u0111\u1ea1i, theo th\u1eddi gian \u0111\u1ec1u t\u0103ng tr\u01a3\u1edfng \u0111\u1ec3 l\u00e0m gi\u00e0u cho c\u00e1c c\u1ed5 \u0111\u00f4ng c\u1ee7a h\u1ecd; duy ch\u1ec9 c\u00f3 \u0111i\u1ec1u vi\u1ec7c n\u00e0y kh\u00f4ng th\u1ef1c hi\u1ec7n trong v\u00f2ng m\u1ed9t th\u00e1ng \u0111\u01a3\u1ee3c.","L\u1eddi s\u1ed1 118 \u201cN\u1ebfu l\u1ecbch s\u1eed l\u00e0 to\u00e0n b\u1ed9 nh\u1eefng g\u00ec c\u1ea7n thi\u1ebft cho cu\u1ed9c ch\u01a1i, th\u00ec ng\u01a3\u1eddi gi\u00e0u nh\u1ea5t th\u1ebf gi\u1edbi \u1eaft ph\u1ea3i l\u00e0 c\u00e1c th\u1ee7 th\u01a3.\u201d *** T\u00ecm hi\u1ec3u l\u1ecbch s\u1eed kinh doanh l\u00e0 m\u1ed9t vi\u1ec7c quan tr\u1ecdng \u0111\u1ec3 hi\u1ec3u \u0111\u01a3\u1ee3c nh\u1eefng kh\u1ea3 n\u0103ng c\u00f3 th\u1ec3 x\u1ea3y ra trong kinh doanh, nh\u01a3ng n\u00f3 kh\u00f4ng gi\u00fap b\u1ea1n bi\u1ebft \u0111\u01a3\u1ee3c chuy\u1ec7n g\u00ec s\u1ebd x\u1ea3y ra v\u00e0 v\u00e0o l\u00fac n\u00e0o. \u0110i\u1ec1u n\u00e0y c\u1ea7n m\u1ed9t \u00edt ti\u00ean \u0111o\u00e1n t\u1eeb nh\u00e0 \u0111\u1ea7u t\u01a3. Warren \u0111\u00e3 th\u1eed ti\u00ean \u0111o\u00e1n t\u01a3\u01a1ng lai b\u1eb1ng c\u00e1ch ch\u1ecdn \u1edf l\u1ea1i v\u1edbi nh\u1eefng c\u00f4ng ty s\u1ea3n xu\u1ea5t nh\u1eefng s\u1ea3n ph\u1ea9m kh\u00f4ng thay \u0111\u1ed5i theo th\u1eddi gian. S\u1ea3n ph\u1ea9m ti\u00ean \u0111o\u00e1n \u0111\u01a3\u1ee3c \u0111\u1ed3ng ngh\u0129a v\u1edbi l\u1ee3i nhu\u1eadn ti\u00ean \u0111o\u00e1n \u0111\u01a3\u1ee3c. H\u00e3y nh\u1edb \u0111\u1ebfn bia, k\u1eb9o, b\u1ea3o hi\u1ec3m \u00f4 t\u00f4, n\u01a3\u1edbc ng\u1ecdt, chewing gum, v\u00e0 dao c\u1ea1o. B\u1eb1ng c\u00e1ch n\u00e0y \u00f4ng c\u00f3 th\u1ec3 ti\u00ean \u0111o\u00e1n gi\u00e1 tr\u1ecb kinh t\u1ebf trong t\u01a3\u01a1ng lai c\u1ee7a c\u00e1c c\u00f4ng ty v\u00e0 quy\u1ebft \u0111\u1ecbnh v\u1ec1 c\u00e1i gi\u00e1 c\u1ee7a n\u00f3 trong hi\u1ec7n t\u1ea1i. Nh\u01a3ng n\u1ebfu m\u1ed9t c\u00f4ng ty ph\u1ea3i li\u00ean t\u1ee5c thay \u0111\u1ed5i s\u1ea3n ph\u1ea9m hay d\u00f2ng s\u1ea3n ph\u1ea9m c\u1ee7a m\u00ecnh \u0111\u1ec3 t\u1ed3n t\u1ea1i trong th\u1ecb tr\u01a3\u1eddng, l\u00fac \u0111\u00f3 g\u1ea7n nh\u01a3 kh\u00f4ng th\u1ec3 ti\u00ean \u0111o\u00e1n t\u01a3\u01a1ng lai th\u1eadm ch\u00ed ch\u1ec9 trong th\u1eddi gian ng\u1eafn s\u1eafp t\u1edbi. B\u1ea1n ki\u1ebfm ti\u1ec1n nh\u1edd v\u00e0o bi\u1ebft \u0111\u01a3\u1ee3c chuy\u1ec7n g\u00ec s\u1ebd \u0111\u1ebfn trong t\u01a3\u01a1ng lai.","L\u1eddi s\u1ed1 119 \u201cCh\u1ec9 mua nh\u1eefng g\u00ec b\u1ea1n ho\u00e0n to\u00e0n h\u00e0i l\u00f2ng n\u1eafm gi\u1eef ngay c\u1ea3 khi th\u1ecb tr\u01a3\u1eddng \u0111\u00f3ng c\u1eeda trong su\u1ed1t 10 n\u0103m.\u201d *** C\u1ee9 m\u1ed7i hai n\u0103m m\u1ed9t l\u1ea7n, k\u1ec3 t\u1eeb \u0111\u1ea7u th\u1eadp ni\u00ean 1960 v\u00e0 k\u00e9o d\u00e0i \u0111\u1ebfn th\u1eadp ni\u00ean 1990, Warren v\u00e0 m\u1ed9t nh\u00f3m nh\u1eefng ng\u01a3\u1eddi \u1ee7ng h\u1ed9 Benjamin Graham s\u1ebd t\u1ee5 h\u1ecdp l\u1ea1i \u0111\u1ec3 th\u1ea3o lu\u1eadn v\u1ec1 tri\u1ebft l\u00fd v\u00e0 chia s\u1ebb kinh nghi\u1ec7m. M\u1ed9t trong nh\u1eefng c\u00e2u h\u1ecfi c\u0103n b\u1ea3n m\u00e0 h\u1ecd th\u01a3\u1eddng n\u00eau ra cho nhau l\u00e0 \u201cN\u1ebfu b\u1ea1n ph\u1ea3i \u0111\u1eb7t to\u00e0n b\u1ed9 s\u1ed1 ti\u1ec1n v\u00e0o m\u1ed9t c\u1ed5 phi\u1ebfu v\u00e0 \u0111i ra m\u1ed9t hoang \u0111\u1ea3o trong 10 n\u0103m, b\u1ea1n s\u1ebd ch\u1ecdn c\u1ed5 phi\u1ebfu n\u00e0o?\u201d M\u1ed9t phi\u00ean b\u1ea3n kh\u00e1c c\u1ee7a c\u00e2u h\u1ecfi l\u00e0 \u201cB\u1ea1n s\u1ebd c\u1ea3m th\u1ea5y tho\u1ea3i m\u00e1i mua v\u00e0o c\u1ed5 phi\u1ebfu n\u00e0o h\u00f4m nay cho d\u00f9 h\u1ecd c\u00f3 \u0111\u00f3ng c\u1eeda th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n trong su\u1ed1t 10 n\u0103m t\u1edbi?\u201d Nh\u1eefng c\u00e2u h\u1ecfi n\u00e0y bu\u1ed9c b\u1ea1n ph\u1ea3i t\u1eeb b\u1ecf vi\u1ec7c suy ngh\u0129 ng\u1eafn h\u1ea1n v\u00e0 b\u1eaft \u0111\u1ea7u ngh\u0129 v\u1ec1 d\u00e0i h\u1ea1n. Khi b\u1ea1n b\u1eaft \u0111\u1ea7u ngh\u0129 v\u1ec1 d\u00e0i h\u1ea1n, b\u1ea1n s\u1ebd ngh\u0129 \u0111\u1ebfn ch\u1ea5t l\u01a3\u1ee3ng v\u00e0 b\u1ea3n ch\u1ea5t kinh t\u1ebf d\u00e0i h\u1ea1n c\u1ee7a c\u00f4ng ty. \u0110i\u1ec1u n\u00e0y d\u1eabn \u0111\u1ebfn vi\u1ec7c b\u1ea1n t\u1ef1 h\u1ecfi li\u1ec7u s\u1ea3n ph\u1ea9m c\u1ee7a c\u00f4ng ty c\u00f3 l\u1ee3i th\u1ebf c\u1ea1nh tranh b\u1ec1n v\u1eefng kh\u00f4ng, ngh\u0129a l\u00e0 nh\u00e0 m\u00e1y thi\u1ebft b\u1ecb s\u1ebd kh\u00f4ng b\u1ecb l\u1ed7i th\u1eddi, ngh\u0129a l\u00e0 b\u1ea1n kh\u00f4ng ph\u1ea3i trang b\u1ecb l\u1ea1i, v\u00e0 b\u1ea1n kh\u00f4ng ph\u1ea3i chi ph\u00ed qu\u00e1 nhi\u1ec1u cho nghi\u00ean c\u1ee9u v\u00e0 ph\u00e1t tri\u1ec3n. Chi ph\u00ed th\u1ea5p \u0111\u1ed3ng ngh\u0129a v\u1edbi l\u1ee3i nhu\u1eadn cao, v\u00e0 l\u1ee3i nhu\u1eadn cao l\u00e0 ti\u1ec1n nhi\u1ec1u. N\u0103m 1982 c\u00f4ng ty m\u00e0 Warren ch\u1ecdn mua m\u00e0 kh\u00f4ng quan t\u00e2m \u0111\u1ebfn li\u1ec7u th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n c\u00f3 m\u1edf c\u1eeda trong su\u1ed1t 10 n\u0103m ti\u1ebfp theo hay kh\u00f4ng ch\u00ednh l\u00e0 Capital Cities Communications. N\u0103m 2006 \u00f4ng c\u00f3 th\u1ec3 \u0111\u00e3 ch\u1ecdn Coca-Cola n\u1ebfu \u00f4ng c\u00f3 th\u1ec3 mua c\u1ed5 phi\u1ebfu c\u1ee7a h\u1ecd v\u1edbi t\u1ec9 l\u1ec7 gi\u00e1 tr\u00ean thu nh\u1eadp th\u1ea5p h\u01a1n 20. Warren kh\u00f4ng ng\u1ea1i chuy\u1ec7n ph\u1ea3i n\u1eb1m t\u1eafm n\u1eafng tr\u00ean m\u1ed9t hoang \u0111\u1ea3o mi\u1ec5n l\u00e0 \u00f4ng gi\u00e0u l\u00ean.","L\u1eddi s\u1ed1 120 \u201cNh\u00e0 \u0111\u1ea7u t\u01a3 h\u00f4m nay kh\u00f4ng h\u01a3\u1edfng l\u1ee3i t\u1eeb l\u1ee3i nhu\u1eadn do t\u0103ng tr\u01a3\u1edfng trong h\u00f4m qua.\u201d *** Ch\u00ednh l\u00e0 t\u0103ng tr\u01a3\u1edfng trong ng\u00e0y mai m\u1edbi mang l\u1ea1i l\u1ee3i nhu\u1eadn cho nh\u00e0 \u0111\u1ea7u t\u01a3 h\u00f4m nay. N\u1ebfu t\u00f4i mua m\u1ed9t c\u00f4ng ty h\u00f4m nay, l\u1ee3i nhu\u1eadn t\u00f4i thu \u0111\u01a3\u1ee3c s\u1ebd n\u1eb1m to\u00e0n b\u1ed9 trong t\u01a3\u01a1ng lai. T\u00f4i kh\u00f4ng ki\u1ebfm \u0111\u01a3\u1ee3c ti\u1ec1n t\u1eeb qu\u00e1 kh\u1ee9. C\u00e2u h\u1ecfi \u0111\u1eb7t ra l\u00e0 li\u1ec7u t\u0103ng tr\u01a3\u1edfng s\u1ebd \u0111\u1ebfn, v\u00e0 n\u1ebfu c\u00f3 t\u0103ng tr\u01a3\u1edfng, li\u1ec7u t\u00f4i c\u00f3 s\u1eb5n s\u00e0ng tr\u1ea3 ti\u1ec1n cho n\u00f3 kh\u00f4ng? N\u1ebfu c\u00f4ng ty c\u00f3 l\u1ee3i th\u1ebf c\u1ea1nh tranh b\u1ec1n v\u1eefng, t\u0103ng tr\u01a3\u1edfng s\u1ebd \u0111\u1ebfn, nh\u01a3ng n\u1ebfu b\u1ea1n tr\u1ea3 gi\u00e1 c\u1ed5 phi\u1ebfu qu\u00e1 cao, b\u1ea1n g\u1ea7n nh\u01a3 \u0111\u00e3 l\u00e0m gi\u1ea3m con s\u1ed1 b\u1ea1n ki\u1ebfm \u0111\u01a3\u1ee3c trong t\u01a3\u01a1ng lai t\u1eeb th\u01a3\u01a1ng v\u1ee5 \u0111\u1ea7u t\u01a3 n\u00e0y - t\u1ee9c l\u00e0 l\u00e0m gi\u1ea3m t\u1ec9 su\u1ea5t l\u1ee3i nhu\u1eadn h\u00e0ng n\u0103m. Li\u1ec7u b\u1ea1n c\u00f3 mu\u1ed1n b\u1ecf ra 100 tri\u1ec7u \u0111\u00f4la cho m\u1ed9t c\u00f4ng ty n\u1ebfu n\u00f3 ch\u1ec9 mang \u0111\u1ebfn cho b\u1ea1n 1 tri\u1ec7u \u0111\u00f4la m\u1ed7i n\u0103m? H\u01a1i nghi ng\u1edd. Nh\u01a3ng b\u1ea1n ch\u1eafc s\u1ebd \u0111\u1ed3ng \u00fd chi ra 100 tri\u1ec7u \u0111\u00f4la cho m\u1ed9t c\u00f4ng ty n\u1ebfu ki\u1ebfm \u0111\u01a3\u1ee3c 20 tri\u1ec7u \u0111\u00f4la m\u1ed7i n\u0103m. \u0110\u00e2y l\u00e0 nh\u1eefng tr\u01a3\u1eddng h\u1ee3p h\u01a1i th\u00e1i qu\u00e1. Quy\u1ebft \u0111\u1ecbnh c\u00e0ng kh\u00f3 kh\u0103n h\u01a1n \u0111\u1ed1i v\u1edbi nh\u1eefng c\u00f4ng ty n\u1eb1m trong kho\u1ea3ng gi\u1eefa, nh\u01a3ng n\u1ebfu b\u1ea1n mu\u1ed1n \u0111\u01a3\u1ee3c nh\u01a3 Warren, b\u1ea1n c\u00f3 th\u1ec3 s\u1ebd ph\u1ea3i tr\u00e1nh ra c\u1ea3 nh\u1eefng c\u00f4ng ty n\u1eb1m trong kho\u1ea3ng gi\u1eefa v\u00e0 ch\u1ec9 t\u1eadp trung v\u00e0o nh\u1eefng tr\u01a3\u1eddng h\u1ee3p r\u00f5 m\u01a3\u1eddi m\u01a3\u01a1i m\u00e0 th\u00f4i.","L\u1eddi s\u1ed1 121 \u201cT\u00f4i ch\u1eafc \u0111\u00e3 l\u00e0 m\u1ed9t tay \u0103n m\u00e0y kh\u1ea5t th\u1ef1c n\u1ebfu th\u1ecb tr\u01a3\u1eddng ho\u1ea1t \u0111\u1ed9ng hi\u1ec7u qu\u1ea3.\u201d *** Trong th\u1ebf gi\u1edbi \u0111\u1ea7u t\u01a3 ng\u01a3\u1eddi ta c\u00f3 m\u1ed9t gi\u1ea3 thi\u1ebft l\u00e0 th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n ho\u1ea1t \u0111\u1ed9ng d\u1ef1a tr\u00ean t\u00ednh hi\u1ec7u qu\u1ea3, r\u1eb1ng gi\u00e1 c\u1ed5 phi\u1ebfu th\u1ec3 hi\u1ec7n ch\u00ednh x\u00e1c gi\u00e1 tr\u1ecb c\u1ee7a c\u1ed5 phi\u1ebfu trong ng\u00e0y d\u1ef1a tr\u00ean nh\u1eefng th\u00f4ng tin \u0111\u01a3\u1ee3c c\u00f4ng b\u1ed1 v\u1ec1 n\u00f3. \u0110\u1ee9ng tr\u00ean quan \u0111i\u1ec3m ng\u1eafn h\u1ea1n, th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n t\u01a3\u01a1ng \u0111\u1ed1i hi\u1ec7u qu\u1ea3, nh\u01a3ng hi\u1ec7u qu\u1ea3 trong ng\u1eafn h\u1ea1n th\u01a3\u1eddng mang l\u1ea1i nh\u1eefng sai l\u1ea7m v\u1ec1 \u0111\u1ecbnh gi\u00e1 tr\u00ean quan \u0111i\u1ec3m d\u00e0i h\u1ea1n. \u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 \u0111\u1ee9ng v\u1ec1 m\u1eb7t d\u00e0i h\u1ea1n, th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n th\u01a3\u1eddng kh\u00f4ng hi\u1ec7u qu\u1ea3. Warren th\u01a3\u1eddng d\u1eabn ch\u1ee9ng v\u1ee5 \u0111\u1ea7u t\u01a3 v\u00e0o Washington Post Company l\u00e0 s\u1edf h\u1eefu c\u1ee7a t\u1edd b\u00e1o Washington Post, t\u1ea1p ch\u00edNewsweek, v\u00e0 b\u1ed1n k\u00eanh truy\u1ec1n h\u00ecnh kh\u00e1c v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb \u00edt nh\u1ea5t l\u00e0 500 tri\u1ec7u \u0111\u00f4la - tuy nhi\u00ean th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n l\u1ea1i \u0111\u1ecbnh gi\u00e1 to\u00e0n b\u1ed9 c\u00f4ng ty ch\u1ec9 b\u1eb1ng 100 tri\u1ec7u \u0111\u00f4la. T\u1ea1i sao l\u1ea1i r\u1ebb \u0111\u1ebfn th\u1ebf? B\u1edfi v\u00ec n\u1ebfu nh\u00ecn ng\u1eafn h\u1ea1n, Wall Street kh\u00f4ng cho r\u1eb1ng gi\u00e1 c\u1ed5 phi\u1ebfu s\u1ebd t\u0103ng trong v\u00f2ng m\u1ed9t n\u0103m, m\u00e0 \u0111\u00fang th\u1ebf, n\u00f3 kh\u00f4ng h\u1ec1 t\u0103ng. Nh\u01a3ng nh\u00ecn t\u1eeb quan \u0111i\u1ec3m d\u00e0i h\u1ea1n, \u0111\u00e2y l\u00e0 m\u1ed9t v\u1ee5 mua v\u00e0o c\u1ef1c k\u1ef3 t\u1ed1t, v\u00e0 Warren \u0111\u00e3 mua 10 tri\u1ec7u \u0111\u00f4la c\u1ed5 phi\u1ebfu c\u1ee7a n\u00f3. Ba m\u01a3\u01a1i n\u0103m sau con s\u1ed1 10 tri\u1ec7u n\u00e0y \u0111\u00e3 t\u0103ng l\u00ean th\u00e0nh 1,5 t\u1ec9. \u0110i\u1ec1u c\u1ea7n ph\u1ea3i nh\u1edb l\u00e0 t\u00ednh hi\u1ec7u qu\u1ea3 trong ng\u1eafn h\u1ea1n th\u01a3\u1eddng kh\u00f4ng t\u1ea1o ra hi\u1ec7u qu\u1ea3 trong d\u00e0i h\u1ea1n, t\u1eeb \u0111\u00f3 b\u1ea1n c\u00f3 th\u1ec3 t\u1eadn d\u1ee5ng \u0111\u1ec3 l\u00e0m cho m\u00ecnh c\u1ef1c gi\u00e0u.","L\u1eddi s\u1ed1 122 \u201cTheo t\u00f4i ngh\u0129 th\u00ec th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n kh\u00f4ng h\u1ec1 t\u1ed3n t\u1ea1i. N\u00f3 ch\u1ec9 xu\u1ea5t hi\u1ec7n nh\u01a3 m\u1ed9t tham s\u1ed1 \u0111\u1ec3 xem c\u00f3 ai \u0111\u1ec1 ngh\u1ecb th\u1ef1c hi\u1ec7n nh\u1eefng h\u00e0nh \u0111\u1ed9ng ngu ng\u1ed1c hay kh\u00f4ng.\u201d *** Wall Street lu\u00f4n mi\u1ec7ng n\u00f3i v\u1ec1 th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n \u0111ang l\u00ean hay xu\u1ed1ng v\u00e0 kh\u1ea3 n\u0103ng d\u1ef1 b\u00e1o h\u01a3\u1edbng \u0111i ti\u1ebfp theo c\u1ee7a n\u00f3. Warren kh\u00f4ng quan t\u00e2m t\u00ed n\u00e0o \u0111\u1ebfn h\u01a3\u1edbng \u0111i c\u1ee7a th\u1ecb tr\u01a3\u1eddng, \u00f4ng ch\u1ec9 quan t\u00e2m li\u1ec7u c\u00f3 ng\u01a3\u1eddi n\u00e0o qu\u1ea3n l\u00fd nh\u1eefng qu\u1ef9 h\u1ed7 t\u01a3\u01a1ng v\u00e0 mua b\u00e1n ch\u1ee9ng kho\u00e1n v\u1edbi t\u1ea7m nh\u00ecn ng\u1eafn h\u1ea1n m\u1ed9t c\u00e1ch ngu ng\u1ed1c n\u1ebfu nh\u00ecn d\u01a3\u1edbi quan \u0111i\u1ec3m d\u00e0i h\u1ea1n. \u0110\u1ec3 l\u00e0m vi\u1ec7c n\u00e0y, \u00f4ng \u0111\u1ecdc t\u1edd Wall Street Journal, lu\u00f4n ghi nh\u1eadn l\u1ea1i t\u1ea5t c\u1ea3 nh\u1eefng h\u00e0nh \u0111\u1ed9ng ngu ng\u1ed1c ng\u1eafn h\u1ea1n n\u00e0y.","L\u1eddi s\u1ed1 123 \u201cCh\u00fang t\u00f4i tin r\u1eb1ng n\u1ebfu g\u1ecdi nh\u1eefng t\u1ed5 ch\u1ee9c t\u00edch c\u1ef1c giao d\u1ecbch l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01a3 th\u00ec c\u0169ng gi\u1ed1ng nh\u01a3 g\u1ecdi t\u00ean m\u1ed9t k\u1ebb ch\u1ec9 th\u00edch c\u00e1c m\u1ed1i t\u00ecnh qua \u0111\u00eam l\u00e0 l\u00e3ng m\u1ea1n.\u201d *** Giao d\u1ecbch \u0111i\u00ean r\u1ed3 g\u1eafn li\u1ec1n v\u1edbi c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01a3 h\u1ed7 t\u01a3\u01a1ng g\u1ea7n nh\u01a3 kh\u00f4ng bao gi\u1edd d\u1ee9t. H\u1ecd mua c\u1ed5 phi\u1ebfu khi l\u00e3i su\u1ea5t gi\u1ea3m 0,25% v\u00e0 m\u1ed9t th\u00e1ng sau l\u1ea1i b\u00e1n ra khi l\u00e3i su\u1ea5t t\u0103ng 0,25%. H\u1ecd \u00e1p d\u1ee5ng m\u1ed9t chi\u1ebfn thu\u1eadt g\u1ecdi l\u00e0 \u0111\u1ea7u t\u01a3 qu\u00e1n t\u00ednh, theo \u0111\u00f3 h\u1ecd ph\u1ea3i mua c\u1ed5 phi\u1ebfu khi n\u00f3 t\u0103ng gi\u00e1 nhanh ch\u00f3ng v\u00e0 b\u00e1n khi n\u00f3 gi\u1ea3m gi\u00e1 nhanh ch\u00f3ng. N\u1ebfu ch\u1ec9 c\u1ea7n c\u00f3 m\u1ed9t ch\u00fat s\u1ee5t gi\u1ea3m trong doanh thu, h\u1ecd c\u0169ng b\u00e1n c\u1ed5 phi\u1ebfu, v\u00e0 n\u1ebfu ch\u1ec9 c\u1ea7n c\u00f3 m\u1ed9t ch\u00fat gia t\u0103ng trong doanh thu, h\u1ecd s\u1ebd mua v\u00e0o. N\u1ebfu ch\u1ec9 c\u1ea7n c\u00f3 m\u1ed9t ch\u00fat d\u1ea5u hi\u1ec7u chi\u1ebfn tranh, h\u1ecd b\u00e1n ra, v\u00e0 n\u1ebfu ch\u1ec9 c\u1ea7n c\u00f3 m\u1ed9t ch\u00fat d\u1ea5u hi\u1ec7u h\u00f2a b\u00ecnh, h\u1ecd mua v\u00e0o. T\u1ea5t c\u1ea3 nh\u1eefng h\u00e0nh \u0111\u1ed9ng n\u00e0y \u0111\u01a3\u1ee3c th\u1ef1c hi\u1ec7n trong n\u1ed7 l\u1ef1c \u0111\u01a3\u1ee3c \u0111\u1ecbnh danh l\u00e0 t\u1ed5 ch\u1ee9c qu\u1ef9 th\u00e0nh c\u00f4ng nh\u1ea5t trong n\u0103m, m\u1ed9t vinh d\u1ef1 s\u1ebd mang l\u1ea1i cho h\u1ecd th\u00eam h\u00e0ng tri\u1ec7u \u0111\u00f4la t\u1eeb c\u00f4ng ch\u00fang v\u1ed1n ch\u1ec9 nh\u00ecn ng\u1eafn h\u1ea1n v\u00e0 s\u1eb5n s\u00e0ng chuy\u1ec3n \u0111\u1ed5i t\u1eeb qu\u1ef9 n\u00e0y sang qu\u1ef9 kh\u00e1c d\u1ef1a tr\u00ean k\u1ebft qu\u1ea3 h\u00e0nh \u0111\u1ed9ng trong m\u1ed9t qu\u00fd. C\u00e1ch n\u00e0y kh\u00f4ng th\u1ec3 \u0111\u01a3\u1ee3c g\u1ecdi l\u00e0 \u0111\u1ea7u t\u01a3, ch\u1ec9 l\u00e0 ti\u00ean \u0111o\u00e1n d\u01a3\u1edbi chi\u00eau b\u00e0i \u0111\u1ea7u t\u01a3. \u0110\u1ea7u t\u01a3 l\u00e0 mua l\u1ea1i m\u1ed9t ph\u1ea7n c\u00f4ng ty v\u00e0 ng\u1ed3i nh\u00ecn n\u00f3 ph\u00e1t tri\u1ec3n; ti\u00ean \u0111o\u00e1n hay \u0111\u1ea7u c\u01a1 l\u00e0 n\u00e9m h\u1ea1t x\u00fac x\u1eafc theo h\u01a3\u1edbng ng\u1eafn h\u1ea1n d\u1ef1a tr\u00ean gi\u00e1 c\u1ed5 phi\u1ebfu. \u0110\u1ea7u t\u01a3 gi\u00fap b\u1ea1n tr\u1edf n\u00ean c\u1ef1c k\u1ef3 gi\u00e0u c\u00f3, \u0111\u1ea7u c\u01a1 gi\u00fap cho nh\u1eefng nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 ng\u1ed3i n\u00e9m x\u00fac x\u00edch tr\u1edf n\u00ean c\u1ef1c k\u1ef3 gi\u00e0u c\u00f3.","L\u1eddi s\u1ed1 124 \u201cCh\u00fang t\u00f4i kh\u00f4ng c\u00f3 \u00fd ki\u1ebfn, ch\u01a3a bao gi\u1edd c\u00f3 \u00fd ki\u1ebfn, v\u00e0 s\u1ebd kh\u00f4ng bao gi\u1edd c\u00f3 \u00fd ki\u1ebfn v\u1ec1 t\u01a3\u01a1ng lai trong m\u1ed9t n\u0103m t\u1edbi c\u1ee7a th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n, l\u00e3i su\u1ea5t, hay c\u00e1c h\u00e0nh \u0111\u1ed9ng kinh doanh.\u201d *** Th\u1eed t\u01a3\u1edfng t\u01a3\u1ee3ng l\u00e0m th\u1ebf n\u00e0o ki\u1ebfm \u0111\u01a3\u1ee3c h\u00e0ng t\u1ec9 \u0111\u1ed3ng t\u1eeb th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n m\u00e0 l\u1ea1i kh\u00f4ng c\u00f3 \u00fd ki\u1ebfn v\u1ec1 th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n hay l\u00e3i su\u1ea5t. L\u00e0m th\u1ebf n\u00e0o Warren c\u00f3 th\u1ec3 gi\u1eef \u0111\u01a3\u1ee3c nh\u01a3 th\u1ebf? \u00d4ng l\u00e0m \u0111\u01a3\u1ee3c l\u00e0 v\u00ec ai c\u0169ng lo l\u1eafng v\u1ec1 s\u1ef1 xoay chuy\u1ec3n c\u1ee7a th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n v\u00e0 d\u1ef1 b\u00e1o l\u00e3i su\u1ea5t trong n\u0103m sau, \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c h\u1ecd s\u1ebd r\u01a1i v\u00e0o c\u00e1i b\u1eaby c\u1ee7a nh\u1eefng h\u00e0nh \u0111\u1ed9ng ngu ng\u1ed1c v\u00ed d\u1ee5 nh\u01a3 b\u00e1n \u0111i m\u1ed9t c\u00f4ng ty c\u00f3 c\u01a1 c\u1ea5u kinh t\u1ebf d\u00e0i h\u1ea1n r\u1ea5t t\u1ed1t ch\u1ec9 v\u00ec C\u1ee5c d\u1ef1 tr\u1eef li\u00ean bang c\u00f3 th\u1ec3 t\u0103ng l\u00e3i su\u1ea5t l\u00ean th\u00eam 0,25%. V\u00e0 khi nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01a3 nh\u1ea1y c\u1ea3m n\u00e0y b\u00e1n \u0111i nh\u1eefng c\u00f4ng ty v\u0129 \u0111\u1ea1i v\u00ec nh\u1eefng l\u00fd do ngu ng\u1ed1c, Warren \u0111\u00e3 ng\u1ed3i s\u1eb5n \u0111\u1ee3i mua l\u1ea1i, v\u00e0 m\u1ed9t khi \u0111\u00e3 v\u00e0o tay \u00f4ng, \u00f4ng s\u1ebd kh\u00f4ng nh\u1ea3 ch\u00fang ra. V\u00ec v\u1eady n\u1ebfu b\u1ea1n mu\u1ed1n tr\u1edf th\u00e0nh ng\u01a3\u1eddi si\u00eau gi\u00e0u, b\u1ea1n ch\u1ec9 vi\u1ec7c gi\u1ea3 l\u01a1 tr\u01a3\u1edbc nh\u1eefng l\u1eddi \u0111\u1ed3n th\u1ed5i v\u00e0 hu\u00eanh hoang v\u1ec1 h\u01a3\u1edbng \u0111i s\u1eafp t\u1edbi c\u1ee7a th\u1ecb tr\u01a3\u1eddng ch\u1ee9ng kho\u00e1n, qu\u00ean \u0111i C\u1ee5c d\u1ef1 tr\u1eef li\u00ean bang v\u00e0 l\u00e3i su\u1ea5t, v\u00e0 ch\u1ec9 t\u1eadp trung v\u00e0o x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb c\u01a1 c\u1ea5u kinh t\u1ebf d\u00e0i h\u1ea1n c\u1ee7a c\u00e1c c\u00f4ng ty c\u00f3 l\u1ee3i th\u1ebf c\u1ea1nh tranh b\u1ec1n v\u1eefng, v\u00e0 sau \u0111\u00f3 x\u00e1c \u0111\u1ecbnh li\u1ec7u gi\u00e1 c\u1ed5 phi\u1ebfu \u0111ang \u1edf m\u1ee9c n\u00e0o trong t\u01a3\u01a1ng quan v\u1edbi gi\u00e1 tr\u1ecb c\u1ee7a ch\u00fang. Khi ch\u00fang b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p, h\u00e3y mua v\u00e0o, khi ch\u00fang b\u1ecb \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao, h\u00e3y tr\u00e1nh xa. N\u1ebfu b\u1ea1n nghi\u00eam t\u00fac v\u00e0 theo \u0111u\u1ed5i trong m\u1ed9t th\u1eddi gian \u0111\u1ee7 d\u00e0i, cu\u1ed1i c\u00f9ng b\u1ea1n s\u1ebd t\u00edch l\u0169y \u0111\u01a3\u1ee3c m\u1ed9t danh m\u1ee5c nh\u1eefng c\u00f4ng ty tuy\u1ec7t v\u1eddi gi\u00fap b\u1ea1n si\u00eau gi\u00e0u sau n\u00e0y, nh\u01a3 ch\u00ednh c\u00e1ch Warren \u0111\u00e3 l\u00e0m.","L\u1eddi s\u1ed1 125 \u201cTrong s\u1ed1 nh\u1eefng t\u1ec9 ph\u00fa m\u00e0 t\u00f4i quen bi\u1ebft, ti\u1ec1n b\u1ea1c ch\u1ec9 c\u00e0ng l\u00e0m hi\u1ec7n r\u00f5 b\u1ea3n ch\u1ea5t c\u1ee7a h\u1ecd. N\u1ebfu h\u1ecd l\u00e0 nh\u1eefng th\u1eb1ng h\u00e8n tr\u01a3\u1edbc khi c\u00f3 ti\u1ec1n, th\u00ec h\u1ecd c\u0169ng ch\u1ec9 l\u00e0 m\u1ed9t th\u1eb1ng h\u00e8n v\u1edbi m\u1ed9t t\u1ec9 \u0111\u00f4la.\u201d *** Ti\u1ec1n b\u1ea1c ch\u1ec9 c\u00e0ng nh\u1ea5n m\u1ea1nh th\u00eam b\u1ea3n ch\u1ea5t s\u1eb5n c\u00f3 c\u1ee7a b\u1ea1n. N\u1ebfu b\u1ea1n l\u00e0 ng\u01a3\u1eddi t\u1eed t\u1ebf v\u00e0 r\u1ed9ng l\u01a3\u1ee3ng tr\u01a3\u1edbc khi gi\u00e0u c\u00f3, b\u1ea1n s\u1ebd c\u00e0ng t\u1eed t\u1ebf v\u00e0 r\u1ed9ng l\u01a3\u1ee3ng h\u01a1n sau khi b\u1ea1n gi\u00e0u. N\u1ebfu b\u1ea1n l\u00e0 ng\u01a3\u1eddi r\u1ebb ti\u1ec1n v\u00e0 b\u1ee7n x\u1ec9n tr\u01a3\u1edbc khi gi\u00e0u, th\u00ec b\u1ea1n s\u1ebd v\u1eabn r\u1ebb ti\u1ec1n v\u00e0 b\u1ee7n x\u1ec9n khi b\u1ea1n gi\u00e0u. B\u1ea1n ch\u1ec9 c\u1ea7n nh\u1edb \u0111\u1ebfn Ebenezer Scrooge (m\u1ed9t nh\u00e2n v\u1eadt trong ti\u1ec3u thuy\u1ebft A Christmas Carol c\u1ee7a Charles Dicken, t\u01a3\u1ee3ng tr\u01a3ng cho s\u1ef1 thay \u0111\u1ed5i b\u1ea3n t\u00ednh t\u1eeb x\u1ea5u xa sang t\u1ed1t \u0111\u1eb9p) l\u00e0 hi\u1ec3u ngay. Tuy nhi\u00ean Scrooge ph\u1ea3i g\u1eb7p ma m\u1edbi nh\u1eadn ra v\u1ea5n \u0111\u1ec1. Cu\u1ed1i c\u00f9ng th\u00ec ng\u01a3\u1eddi t\u1ed1t v\u1eabn l\u00e0 ng\u01a3\u1eddi t\u1ed1t cho d\u00f9 h\u1ecd gi\u00e0u hay ngh\u00e8o, \u0111i\u1ec1u quan tr\u1ecdng n\u1eb1m \u1edf ch\u1ed7 h\u1ecd l\u00e0 ng\u01a3\u1eddi t\u1ed1t, ch\u1ee9 kh\u00f4ng ph\u1ea3i h\u1ecd gi\u00e0u hay ngh\u00e8o. H\u1ebeT Chia s\u1ebb ebook : http:\/\/downloadsach.com\/ Follow us on Facebook : https:\/\/www.facebook.com\/caphebuoitoi"]