巴菲特的來時路:從賣汽水的小男孩到打工仔時期的投資

2026-01-01 | 來源: 芒格書院 | 轉到微信 | 有0人參與評論 | 字體: 放大縮小 | 收藏 | 打印

巴菲特父子雜貨店原址，位於安德伍德街5015號，現為鄧迪銀行，離目前居住地約1公裡，攝於2025年5月

在小學階段的這6次初期商業實踐中，售賣可口可樂的經歷尤其有趣。在2013年可口可樂股東大會上，沃倫受邀與時任可口可樂董事長穆泰康·肯特進行了一段有趣的對話：

沃倫：那時大概是1937年，當時還沒有空調，夏天悶熱難耐。晚上人們都躺在草坪上納涼，我當時就琢磨，或許我可以嘗試賣汽水賺錢。於是我就跑遍周圍的加油站去做“盡職調查”，當時的加油站用冷藏櫃來放汽水，冷藏櫃上掛著個起子，下面有個瓶子來盛汽水瓶蓋。我連著好幾周跑遍各個加油站，收集了大概8000個瓶蓋，我把瓶蓋分類後發現，可口可樂的瓶蓋最多，直接碾壓其他牌子的汽水，所以，我就打算開始賣可口可樂的汽水。

當時我爺爺開著一家雜貨店，我就去找爺爺商量拿個折扣價，於是我就從爺爺這裡進貨，6瓶25美分。然後，每瓶賣5美分，利潤率20%。每次，我都能很快賣掉，沒有存貨，也沒有應收賬款，這簡直是我做過最好的生意。

但是，我犯了一個大錯：我當時沒有把賣汽水賺來的錢去買入可口可樂股票，50多年後，我終於更正了這個錯誤。

可口可樂於1886年誕生於一家小藥店，經過年復一年的發展，現在每天賣出折合8盎司的18億份飲料。我在1988年加入可口可樂董事會，後來，公司通過回購逐漸減少股本，汽水的人均消費量也在逐步增加，全球范圍內的市場份額不斷提高，我們喜歡的正是這樣的生意。伯克希爾持有4億股可口可樂股票，我們從沒賣過任何一股。

巴菲特如何定義卓越生意?不投喬布斯投庫克

巴菲特宣布退休:身退,但是權...還在?

巴菲特"踩雷",給我們敲響什麼警鍾?

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年後，沃倫親述這段看似不起眼的“從商”經歷，這裡面暗示了1個7歲小男孩如何通過現場盡調去了解不同公司的行業競爭地位，為什麼賣可口可樂汽水而不是胡椒博士汽水？“幼巴”或許也開始慢慢理解品牌及特許經營權的力量，那種沒有存貨且沒有應收賬款的好生意雛形，或許開始在“幼巴”的心中萌芽。