另一方面，若是你是稍具常识的投资人，能够了解产业经济的话，应该就能够找出五到十家股价合理并享有长期竞争优势的公司，此时一般分散风险的理论对你来说就一点意义也没有，要是那样做反而会伤害到你的投资成果并增加你的风险，我实在不了解那些投资人为什么要把钱摆在他排名第20的股票上，而不是把钱集中在排名最前面，最熟悉了解同时风险最小，获利可能最大的投资之上，或许这就是先知梅西卫斯特所说的，「好事物越多，就越完美」。
Corporate Governance企业治理
At our annual meetings, someone usually asks "What happens to this place if you get hit by a truck?" I'm glad they are still asking the question in this form. It won't be too long before the query becomes: "What happens to this place if you don't get hit by a truck?"
在年度的股东会上，有人常常会问︰「要是那天你不幸被车撞到，该怎么办?」我只能说很庆幸他们还是在问这样的问题，而不是「要是那天你不被车撞到，我们该怎么办?」。
Such questions, in any event, raise a reason for me to discuss corporate governance, a hot topic during the past year. In general, I believe that directors have stiffened their spines recently and that shareholders are now being treated somewhat more like true owners than was the case not long ago. Commentators on corporate governance, however, seldom make any distinction among three fundamentally different manager/owner situations that exist in publicly-held companies. Though the legal responsibility of directors is identical throughout, their ability to effect change differs in each of the cases. Attention usually falls on the first case, because it prevails on the corporate scene. Since Berkshire falls into the second category, however, and will someday fall into the third, we will discuss all three variations.
