巴菲特致股东的信原文精读Day148：

巴神原文：It’s understandable how pay got out of hand. When management hires employees, or when companies bargain with a vendor, the intensity of interest is equal on both sides of the table. One party’s gain is the other party’s loss, and the money involved has real meaning to both. The result is an honest-to-God negotiation.

But when CEOs (or their representatives) have met with compensation committees, too often one side — the CEO’s — has cared far more than the other about what bargain is struck. A CEO, for example, will always regard the difference between receiving options for 100,000 shares or for 500,000 as monumental. To a comp committee, however, the difference may seem unimportant — particularly if, as has been the case at most companies, neither grant will have any effect on reported earnings. Under these conditions, the negotiation often has a “play-money” quality.

英文释义：1.“got out of hand”意为“失控”；

2.“intensity”意为“强度”；

3.“honest-to-God”意为“真正的”；

4.“monumental”意为“重要的”；

5.“comp”意为“补偿”、“薪酬”；

6.“play-money”意为“金钱游戏”。

投资解读：薪酬管理走向失控是很好理解的。当管理层雇佣员工，或者当公司与供应商讨价还价时，双方对自身利益都非常关切。一方的利益就是另一方的损失，这笔钱对双方而言都有实际意义，双方会展开一场实打实的谈判。

但是，当CEO或者他们的代表与薪酬委员会交换意见时，通常CEO对自身利益的关切程度远远超过对方。举个例子，对于一名CEO来说，收到的期权是10万股还是50万股，他会非常看重这两者之间的差异。而对于薪酬委员会来说，这种差异根本无关紧要。特别是在绝大多数公司，授予多少期权都对报告盈利毫无影响。在这种情况下，谈判就像是玩关于金钱的数字游戏。

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，巴菲特点名了薪酬管理走向失控的根本原因：谈判双方的利益关切程度不同，导致薪酬委员会无所谓，而CEO肯定会全力争取，结果就可想而知啦！