王冠亚

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回复@天马行空哎: 公布答案：1979年！只有一个人猜对//@天马行空哎:回复@王冠亚:1979年

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巴菲特致股东的信原文精读Day409：
原文：With this schizoid approach, the CEO of a multi-divisional company will instruct Subsidiary A, whose earnings on incremental capital may be expected to average 5%, to distribute all available earnings in order that they may be invest...

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猜一下是哪一年的？

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回复@UIMAX张艳军: 这种所谓的“追求极致”，就像投资里的“杠杆加满”，是不留任何安全边际的危险行为。//@UIMAX张艳军:回复@王冠亚:刚看到呢，祝福阿姨尽早健步如飞
其实不仅仅是对行人的安全有隐患，骑手自己也深受困扰，很多骑手为了准时超速被汽车撞，早该限速，不去追求所谓的实效...

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巴菲特致股东的信原文精读Day408：
原文：Many corporate managers reason very much along these lines in determining whether subsidiaries should distribute earnings to their parent company. At that level, the managers have no trouble thinking like intelligent owners. But payo...

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早就该对外卖骑手限速了。2022年5月，我母亲在武汉街头骑共享单车，被一个快速通过的外卖骑手撞倒，膝盖粉碎性骨折，后经鉴定为九级伤残。外卖骑手来自农村，要学历没学历，要家境没家境，要存款没存款，总共只垫付了800元现金，而且从来没有到医院看过我母亲一次。法院判定骑手、骑手所在公司、保...

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有的人喜欢怼天怼地怼空气，有的人则性情温和易相处。雷总其实也可以回怼：“我能造空调，你能造汽车么？”但雷总肯定不会这么说，要不然就不是雷总了。言语之中透露的谦逊，更显格局，更显胸怀，也更容易赢得路人缘。向雷总学习做事，更向雷总学习做人

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巴菲特致股东的信原文精读Day407：
原文：An analysis similar to that made by our hypothetical bondholder is appropriate for owners in thinking about whether a company’s unrestricted earnings should be retained or paid out. Of course, the analysis is much more difficult and...

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巴菲特致股东的信原文精读Day406：
原文：If, however, interest rates were 15%, no rational investor would want his money invested for him at 10%. Instead, the investor would choose to take his coupon in cash, even if his personal cash needs were nil. The opposite course—re...

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巴菲特致股东的信原文精读Day405：
原文：To illustrate, let’s assume that an investor owns a risk-free 10% perpetual bond with one very unusual feature. Each year the investor can elect either to take his 10% coupon in cash, or to reinvest the coupon in more 10% bonds with...

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巴菲特致股东的信原文精读Day404：
原文：This principle is not universally accepted. For a number of reasons managers like to withhold unrestricted, readily distributable earnings from shareholders—to expand the corporate empire over which the managers rule, to operate fro...

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巴菲特致股东的信原文精读Day403：
原文：Restricted earnings need not concern us further in this dividend discussion. Let’s turn to the much-more-valued unrestricted variety. These earnings may, with equal feasibility, be retained or distributed. In our opinion, management...

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股市果然是最大的娱乐场

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巴菲特致股东的信原文精读Day402：
原文：Restricted earnings are seldom valueless to owners, but they often must be discounted heavily. In effect, they are conscripted by the business, no matter how poor its economic potential. (This retention-no-matter-how-unattractive-the...

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巴菲特致股东的信原文精读Day401：
原文：The first point to understand is that all earnings are not created equal. In many businesses particularly those that have high asset/profit ratios—inflation causes some or all of the reported earnings to become ersatz. The ersatz po...

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巴菲特致股东的信原文精读Day400：
原文：E. Dividends and Capital Allocation
Dividend policy is often reported to shareholders, but seldom explained. A company will say something like, “Our goal is to pay out 40% to 50% of earnings and to increase dividends at a rate a...

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巴菲特致股东的信原文精读Day399：
原文：One final observation for this section: As the subject of repurchases has come to a boil, some people have come close to calling them un-American — characterizing them as corporate misdeeds that divert funds needed for productive en...

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巴菲特致股东的信原文精读Day398：
原文：To date, repurchasing our shares has proved hard to do. That may well be because we have been clear in describing our repurchase policy and thereby have signaled our view that Berkshire’s intrinsic value is significantly higher than...

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巴菲特致股东的信原文精读Day397：
原文：To recap Berkshire’s own repurchase policy: I am authorized to buy large amounts of Berkshire shares at 120% or less of book value because our Board has concluded that purchases at that level clearly bring an instant and material be...

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巴菲特致股东的信原文精读Day396：
原文：Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of ...