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If earnings have been unwisely retained,it is likely that managers,too,have been unwisely retained.如果收益的留存是不明智的，那么高管的留任很可能也是不明智的。这句话送给茅台的张manager和其他有可供分配自由现金流企业管理者们。亏损企业则没有这个决择的考验。查看图片
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2024-07-26 08:40
巴菲特致股东的信原文精读Day413：
原文：Nothing in this discussion is intended to argue for dividends that bounce around from quarter to quarter with each wiggle in earnings or in investment opportunities. Shareholders of public corporations understandably prefer that divi...