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@不明真相的群众 方丈，查理芒格说，不管出价多少，长期来看，你的投资收益率，也就是长期的年化收益率，约等于ROE。那么假如现在茅台每年的利润全部分红，经营所需资金全部向银行借款，我想很多银行都愿意贷款给茅台的，然后未来三十年每年利润都是五六百亿，那么每年的ROE都差不多是30%，那三十...
只是乍看上去赚钱，实际上这个公司财务有很大问题。接下去股价估计会麻烦。
还没理解到$Credit Acceptance(CACC)$ 业务上新的增长点在哪儿，通过增加经销商数量的增长模式似乎这几年遇到阻力了。现在的CEO Ken在去年的股东信里提及a new initiative to catch higher credit customers并更加强调科技，还得再观察观察。不过回购依旧很稳定。PS，Q1 earning call的一段相关问答：“Arjun Tuteja -- Jarislowsky Fraser -- Analyst
Hey. So this question is for Ken. You mentioned in the annual letter that we rolled out a financing program for consumers with higher credit rating. Can you share some more information there, kind of what's our competitive advantage? What are we doing differently? Any information on that program would be helpful.
Ken Booth -- Chief Executive Officer
OK. We're just really -- it's an internal initiative that's designed to capture consumers with just slightly better credit profile. It's something we think we can be profitable at and it's a mix of product more valuable to the dealers. So it's a way to get more volume.
It's been modestly successful so far, we believe, it's about 15% of our volume. So that's all I have to say about it at this point.”
实质上Fastenal, Pool, Unitedhealth, Tractor Supply, Old Dominion Freight, Ulta Beauty, 好市多这些可以算吧，他们配息只是形式主意 留个连年配息的记录
神仙股票啊
这个厉害👍回购对继续持有的股东来说，也是提升roe的好办法，但本质上还是资产规模收缩
七哥大哥哥，你是啥意思？说明白话，我不。