巴菲特策略管理思想實踐之探討

全球富豪排行榜上名列前矛的華倫．巴菲特( Warren Buffett )在二00七年的股東大會上宣佈要尋找接班人，巴菲特除了靠投資致富也幫助波克夏．海瑟威公司(Berkshire Hathaway Inc.)股東獲得複合年成長高達股東獲得複合年成長高達20%以上的報酬，當然巴菲特獨特的策略思想之實踐也幫助他奪得股神的美譽。本研究以司徒達賢教授在其所著”策略管理新論”一書中之觀念架構與分析方法做巴菲特研究，主要針對巴菲特對波克夏公司股東報告書的初級資料做閱讀與分析。輔以次集資料有關巴菲特及波克夏公司報導之出版品及網站。研究方法包含引用司徒達賢教授在其所著”策略管理新論”一書中之觀念架構與分析方法，加以分析探討。另採用質性研究法，以深度訪談法，訪問基金經理人實務上投資操作之策略心法，加以歸納分析，並由其長期績效表現及與巴菲特投資策略原則之異同提出分析與建議。本研究目的可歸類如下:(一) 以司徒達賢教授在其所著”策略管理新論”一書中之觀念架構與分析方法做巴菲特研究，提出策略管理方面之指導原則。(二)研究巴菲特的投資方法與原則，歸納整理出對財富管理業務與投資大眾有所幫助的原理原則。(三)透過訪問國內基金經理人的策略思考方法與投資操作方式，與巴菲特的策略思考方法做歸納分析，得出結論與建議。(四)藉由巴菲特對學術理論之批判，探討國內基金經理人對效率市場、風險與波動度的看法。最後，藉由研究結果，提供投資大眾、國內基金經理人、財富管理事業單位及後續研究者中肯之建議。

關鍵字

策略管理

並列摘要

In the annual shareholder’s meeting of Berkshire Hathaway Company of 2007, Warren Buffett who listed on top of the World’s Billionaires announced the search of his successor. Warren Buffett not only made a fortune by his own investments but also helped the shareholders of the Berkshire Hathaway Company acquire rewards of annual compound growth rate of at least 20%. Certainly, the practice of his unique strategic thinking helps him capture the fine reputation, “God of Stocks”. Basing on the conceptual frames and analysis methods of “New Theory of Strategy Management” by Professor William Seetoo, this research mainly focuses on the analysis of Warren Buffett’s annual report to the shareholders of the Berkshire Hathaway Company and the support of the data from other publications and website related to Warren Buffett and the Berkshire Hathaway Company. In addition, using qualitative research and in-depth interview methods, I analyzed and concluded the practical investment strategies of fund managers, and then presented my analysis results and recommendations according to the long-term performance and the comparison between the investment strategies of fund managers and the ones of Warren Buffett. The targets of this research can be concluded as follows. (1)Providing the principles of strategy management from the research of Warren Buffett based on the conceptual frames and analysis methods of “New Theory of Strategy Management” by Professor William Seetoo. (2)Providing the investment principles which benefit the practices of wealth management and private investors from the study of Warren Buffett’s investment methods. (3)Getting conclusions and recommendations through the analysis and comparison between the strategic thinking methods of domestic fund managers and the ones of Warren Buffett. (4)Discussing the opinions of domestic fund managers to efficient market, risks, and deviations according to Warren Buffett’s comments to academic theories. Finally, providing appropriate results and recommendations for private investors, domestic fund managers, wealth management units, and post researchers.