关键词: 巴菲特, 价格预期, 股价泡沫, 基本面变量, 集中投资

Abstract: Over the past six decades，Warren Buffetts investment strategy has significantly outperformed S&P 500 Index，which attracted a lot of investors attention in the market to track and follow his strategy From the modern finance theory，this paper gives insights into Buffetts investing principles of emphasizing fundamental analysis and maintaining a concentrated portfolio Using the rational expectation model，this paper reveals the central role of future firm fundamentals in stock pricing When adding a bubble term to the model，the stock price has the same solution Therefore，investors should rationally see price fluctuations originating from the bubble process Moreover，this paper explains the philosophy of concentrated portfolio choice with Mertons optimal investing strategy In addition，this paper shows the implications of these insights for the asset management industry in China

Key words:  , Buffett；price expectation；stock bubble；firm fundamentals；concentrated portfolio