巴菲特致股东的信原文精读Day135：
巴神原文：Let’s assume that under Fred’s leadership Stagnant lives up to its name. In each of the ten years after the option grant, it earns $1 billion on $10 billion of net worth, which initially comes to $10 per share on the 100 million shares then outstanding. Fred eschews dividends and regularly uses all earnings to repurchase shares. If the stock constantly sells at ten times earnings per share, it will have appreciated 158% by the end of the option period. That’s because repurchases would reduce the number of shares to 38.7 million by that time, and earnings per share would thereby increase to $25.80. Simply by withholding earnings from owners, Fred gets very rich, making a cool $158 million, despite the business itself improving not at all. Astonishingly, Fred could have made more than $100 million if Stagnant’s earnings had declined by 20% during the ten-year period.
英文释义：1.“lives up to its name”意为“名副其实”；
2.“eschews”意为“避开”；
3.“appreciated”意为“增值”；
4.“astonishingly”意为“令人吃惊地”。
投资解读：让我们想象一下，在“徒劳先生”的领导下，“停滞公司”变得名副其实。在期权授予之后的每一个十年，在100亿美元净值的情况下，它每年能赚到10亿美元净利润，按照它初始发行的1亿流通股来计算，每股净利润10美元。“徒劳先生”一点股息都没有发放，倒是经常拿全部利润去回购自家股票。
假如公司股票的市盈率始终维持在10倍左右，那么在期权到期之日，它的涨幅会达到158%。这是因为，经过这十年的回购，届时公司的股本数会降至3870万股，每股净利润也会因此提升至25.8美元。
仅仅是靠着“不给股东分红”这一点，“徒劳先生”就会变得非常富有。即便是公司业务毫无进展，他也能赚到1.58亿美元，泰裤辣！令人讶异的是，在这十年间，哪怕“停滞公司”的净利润下降20%，“徒劳先生”赚的钱也会超过1亿美元。
手抄原文：
大声朗读：大家请自由发挥，哈哈哈！大家的手抄原文，也可以在评论区上传打卡。今天的内容，依然是小学三年级数学，我给大家演示一下：
1亿股*0.9^9=3874万股；
10亿美元/3874万股=25.8美元/股；
（25.8-10）/10=158%；
100亿美元*1%*158%=1.58亿美元；