王冠亚

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巴菲特致股东的信原文精读Day383：
原文：Let’s use IBM as an example. Today, IBM has 1.16 billion shares outstanding, of which we own about 63.9 million or 5.5%. Naturally, what happens to the company’s earnings over the next five years is of enormous importance to us. Be...

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巴菲特致股东的信原文精读Day382：
原文：This discussion of repurchases offers me the chance to address the irrational reaction of many investors to changes in stock prices. When Berkshire buys stock in a company that is repurchasing shares, we hope for two events: First, w...

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巴菲特致股东的信原文精读Day381：
原文：Sometimes, too, companies say they are repurchasing shares to offset the shares issued when stock options granted at much lower prices are exercised. This “buy high, sell low” strategy is one many unfortunate investors have employe...

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巴菲特致股东的信原文精读Day380：
原文：Charlie and I admit that we feel confident in estimating intrinsic value for only a portion of traded equities and then only when we employ a range of values, rather than some pseudo-precise figure. Nevertheless, it appears to us tha...

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巴菲特致股东的信原文精读Day379：
原文：If a company’s stock is selling well below intrinsic value, repurchases usually make the most sense. In the mid-1970s, the wisdom of making these was virtually screaming at managements, but few responded. In most cases, those that d...

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巴菲特致股东的信原文精读Day378：
原文：There is only one combination of facts that makes it advisable for a company to repurchase its shares: First, the company has available funds — cash plus sensible borrowing capacity — beyond the near-term needs of the business and,...

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巴菲特致股东的信原文精读Day377：
原文：The key word is “demonstrated”. A manager who consistently turns his back on repurchases, when these clearly are in the interests of owners, reveals more than he knows of his motivations. No matter how often or how eloquently he mo...

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巴菲特致股东的信原文精读Day376：
原文：The other benefit of repurchases is less subject to precise measurement but can be fully as important over time. By making repurchases when a company’s market value is well below its business value, management clearly demonstrates t...

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巴菲特致股东的信原文精读Day375：
原文：D. Buybacks and Rationality
The companies in which we have our largest investments have all engaged in significant stock repurchases at times when wide discrepancies existed between price and value. As shareholders, we find this...

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巴菲特致股东的信原文精读Day374：
原文：In recent years, it has been written that Charlie and I are unhappy about all investment-banking fees. That’s dead wrong. We have paid a great many fees over the last 30 years—beginning with the check we wrote to Charlie Heider upo...

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窗外见山，猜猜这是哪里？

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巴菲特致股东的信原文精读Day373：
原文：Given that background, it won’t surprise you to learn that we again went to Terry when we decided late in the year to sell an issue of Berkshire notes that can be exchanged for a portion of the Salomon shares that we hold. In this i...

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巴菲特致股东的信原文精读Day372：
原文：Salomon could not have performed better in the handling of this unusual transaction. Its investment bankers understood perfectly what we were trying to achieve and tailored every aspect of the offering to meet these objectives. The f...

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巴菲特致股东的信原文精读Day371：
原文：Overall, we tried to make sure that the B stock would be purchased only by investors with a long-term perspective. Those efforts were generally successful: Trading volume in the B shares immediately following the offering—a rough in...

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巴菲特致股东的信原文精读Day370：
原文：Our issuance of the B shares not only arrested the sale of the trusts, but provided a low-cost way for people to invest in Berkshire if they still wished to after hearing the warnings we issued. To blunt the enthusiasm that brokers n...

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巴菲特致股东的信原文精读Day369：
原文：Some Berkshire shareholders choosing to exit might have found that outcome ideal, since they could have profited at the expense of the buyers entering with false hopes. Continuing shareholders, however, would have suffered once reali...

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巴菲特致股东的信原文精读Day368：
原文：I think it would have been quite easy for such trusts to have sold many billions of dollars worth of units, and I also believe that early marketing successes by these trusts would have led to the formation of others. (In the securiti...

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巴菲特致股东的信原文精读Day367：
原文：We made two good-sized offerings through Salomon, both with interesting aspects. The first was our sale in May of 517,500 shares of Class B Common, which generated net proceeds of $565 million. As I have told you before, we made this...

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巴菲特致股东的信原文精读Day366：
原文：Obviously, the market behavior of Berkshire’s stock will never conform to this ideal. But we will come closer to this goal than we would otherwise if our present and prospective shareholders are informed, business-oriented and not e...

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巴菲特致股东的信原文精读Day365：
原文：That kind of market overperformance cannot persist indefinitely, neither for Berkshire nor any other stock. Inevitably, there will be periods of underperformance as well. The price volatility that results, though endemic to public ma...