既然通胀不利于股票，那么投什么好呢？在巴菲特《通货膨胀如何欺诈股票投资者》一文的最后，《财富》杂志介绍了巴菲特作为一个成功的投资者，千万富翁的背景。而且，《财富》杂志还问了一个关键的问题：“为什么一个对股票这么不看好的人拥有这么多的股票？”巴菲特的回答：“一部分原因是习惯了” “另一部分原因是股票意味着生意，拥有生意比拥有黄金或者农场有趣多了。除此之外，股票恐怕仍然是在通胀时期所有很差的投资选择中最好的了。至少你如果买在了合适的价格上，股票是最好的选择。”
About Warren Buffett
Buffett, who is now forty-six and still operating out of Omaha, has a diverse portfolio. He and businesses he controls have interests in over thirty public corporations. His major holdings: Berkshire Hathaway (he owns about$35 million worth) and Blue Chip Stamps (about $10 million). His visibility, recently increased by a Wall Street Journal profile, reflects his active managerial role in both companies, both of which invest in a wide range of enterprises; one is the Washington Post.
And why does a man who is gloomy about stocks own so much stock? "Partly, it's habit," he admits. "Partly, it's just that stocks mean business, and owning businesses is much more interesting than owning gold or farmland. Besides, stocks are probably still the best of all the poor alternatives in an era of inflation - at least they are if you buy in at appropriate prices."
绕了一大圈，巴菲特又回到了股票。虽然股票在通胀条件下表现不佳，但其他选择也不怎么样。通货膨胀下，各种投资方式都无法幸免。无论何种投资方式，关键在于买入的价格要合适。即使是黄金和地产这些理论上能对抗通胀的实物资产，如果通胀预期推高了价格，价格远远超过内在价值，你买在了高价上，其抵御通胀的效果也会受影响。
总之，无论通胀与否，无论什么投资方式，如果1块钱的东西你8块钱买来，都不太容易获得良好的回报。而如果1块钱的东西，5毛钱买，也许还能获得些回报。这其实就是价值投资的真谛。通胀环境下，各种投资方式都会有各自的问题。能否获得合理的回报，与投资方式有关，但更与价值投资有关。
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