巴菲特的来时路:从卖汽水的小男孩到打工仔时期的投资

2026-01-01 | 来源: 芒格书院 | 转到微信 | 有0人参与评论 | 字体: 放大缩小 | 收藏 | 打印

巴菲特父子杂货店原址，位于安德伍德街5015号，现为邓迪银行，离目前居住地约1公里，摄于2025年5月

在小学阶段的这6次初期商业实践中，售卖可口可乐的经历尤其有趣。在2013年可口可乐股东大会上，沃伦受邀与时任可口可乐董事长穆泰康·肯特进行了一段有趣的对话：

沃伦：那时大概是1937年，当时还没有空调，夏天闷热难耐。晚上人们都躺在草坪上纳凉，我当时就琢磨，或许我可以尝试卖汽水赚钱。于是我就跑遍周围的加油站去做“尽职调查”，当时的加油站用冷藏柜来放汽水，冷藏柜上挂着个起子，下面有个瓶子来盛汽水瓶盖。我连着好几周跑遍各个加油站，收集了大概8000个瓶盖，我把瓶盖分类后发现，可口可乐的瓶盖最多，直接碾压其他牌子的汽水，所以，我就打算开始卖可口可乐的汽水。

当时我爷爷开着一家杂货店，我就去找爷爷商量拿个折扣价，于是我就从爷爷这里进货，6瓶25美分。然后，每瓶卖5美分，利润率20%。每次，我都能很快卖掉，没有存货，也没有应收账款，这简直是我做过最好的生意。

但是，我犯了一个大错：我当时没有把卖汽水赚来的钱去买入可口可乐股票，50多年后，我终于更正了这个错误。

可口可乐于1886年诞生于一家小药店，经过年复一年的发展，现在每天卖出折合8盎司的18亿份饮料。我在1988年加入可口可乐董事会，后来，公司通过回购逐渐减少股本，汽水的人均消费量也在逐步增加，全球范围内的市场份额不断提高，我们喜欢的正是这样的生意。伯克希尔持有4亿股可口可乐股票，我们从没卖过任何一股。

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英文原文：Picture Omaha in 1937, I was seven years old, and no air-conditioning, so the summers were hot and humid. People went out on their lawns at night just to try and cool off. And I got the idea that maybe I could sell them what you would call soft drinks and we call pop. So I went around to a bunch of gas stations and in these days every gas station had a cooler with very soft drinks in it. And it had a little opener on the side and something to catch all the bottle caps. So I went around and collected all the bottle caps for weeks. These various gas stations I collected eight thousand of them and I sort them all out and I saw that Coca-cola overwhelms everybody else. So I decided to hook myself up to him there.

My grandfather had a grocery store, so I went to my grandfather and I said how about giving me a deal on Coke so I can sell it around the neighborhood and he sold me at the rate of six bottles for a quarter and I went around and sold for nickle each and I sold out every time. And I had no inventory. I had no receivables. I had the best business I ever had.

But I made one mistake and I didn’t put the money I saved in the Coca-cola stock. And I rectified that mistakes up here later.

Since 1886, Jacob’s pharmacy, year after year after year until now, you’ve got one point eight billion eight ounce servings a day around world. And I joined the board in 1988, and you’ve got fewer shares outstanding now and you’ve gotten way more per capita and you’re gaining share around world. So those are the kind of business I like. We own four hundred million shares of Coca-cola stock, and we’ve never sold a share.

76年后，沃伦亲述这段看似不起眼的“从商”经历，这里面暗示了1个7岁小男孩如何通过现场尽调去了解不同公司的行业竞争地位，为什么卖可口可乐汽水而不是胡椒博士汽水？“幼巴”或许也开始慢慢理解品牌及特许经营权的力量，那种没有存货且没有应收账款的好生意雏形，或许开始在“幼巴”的心中萌芽。