# 为何巴菲特偏爱富国银行，拒绝摩根大通？

2016年5月6日 / 240次阅读

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JPMorgan Chase，摩根大通银行，是美国的一家非常优秀的金融机构，其CEO Jamie Dimon也多次得到巴菲特的赞赏。巴菲特甚至在2011年的给投资者的信中，建议大家去阅读Jamie Dimon在摩根大通银行的年报中，写给投资者的信。巴菲特是这么说的：

I think Jamie Dimon writes the best annual letter in corporate America. Every viewer will learn a lot by reading his annual report. He thinks well and he writes extremely well and he works a lot on his report.

Flash forward to Berkshire Hathaway's most recent shareholder meeting, and we finally have a much better appreciation for what Buffett means by this. "I regard very large derivative positions as dangerous," he said last weekend in Omaha, Nebraska.

Some of these things get so complicated they're very hard to evaluate ... I know one that's so mismarked it would blow your mind, and the auditors I don't think are necessarily capable of holding that behavior in check.

This is why Buffett told Berkshire shareholders that, "if you take the 50 largest banks in the world, we wouldn't even think about probably 45 of them."（全世界最大的50家银行，有45家我们都不会考虑）

How does JPMorgan Chase measure up in this regard? It has a larger portfolio of derivatives than any other bank in the country. With $50.7 trillion in notional derivatives exposure, it comfortably outpaces the runner-up Citigroup's$48 trillion portfolio. Bank of America comes in third at $42.2 trillion. And Buffett's favorite Wells Fargo ranks fourth with only$5.7 trillion worth of notional derivatives exposure.（摩根大通大约有50.7万亿衍生品敞口，花旗银行有48万亿衍生品组合，美国银行有42.2万亿，而巴菲特最爱的富国银行只有大约5.7万亿的衍生品敞口

Thus, one way to explain JPMorgan Chase's absence from Berkshire's portfolio is because the bank's derivatives portfolio is simply too big for Buffett.

"I'll let you in on a little secret," the 85-year-old billionaire told CNBC's Andrew Ross Sorkin four years ago. "I own some shares of JPMorgan. Personally."

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• 芒格在2016年的一个演讲中提到购买富国银行的事情。 银行业对投资者而言是个危险的地方 　　问：你买了富国银行。为什么它是个好的投资？ 　　答：我先带大家回到伯克希尔购买富国银行的时候。 　　此时世界正变得支离破碎，房地产是混乱的源泉。富国银行有大量的房地产风险敞口。我们知道富国银行的信贷人员不是普通银行信贷人员，他们是成年人，并且他们有着怀疑的眼光，他们适度谨慎，这是运营一家银行应有的态度。 　　而且我们知道他们比其他银行好，不会像其他银行一样亏钱，因为他们精挑细选，妥善管理。所以我们有信息上的优势。我们意识到他们有着特殊的能力，所以我们大笔买入。 　　第二，当Daily Journal购买富国银行时，我们再次确认富国的银行家比普通的银行家更加理性。这是一种特殊的合理性和优势。如果你对银行从业人员没有很强的把握，我不认为你应该买银行股。银行业对于投资者而言，是一个非常危险的地方。没有深入洞察能力的人应该远离它。 []

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