巴菲特致股东的信原文精读Day228：

巴神原文：1) The certainty with which the long-term economic characteristics of the business can be evaluated;

2) The certainty with which management can be evaluated, both as to its ability to realize the full potential of the business and to wisely employ its cash flows;

3) The certainty with which management can be counted on to channel the rewards from the business to the shareholders rather than to itself;

4) The purchase price of the business;

5) The levels of taxation and inflation that will be experienced and that will determine the degree by which an investor’s purchasing-power return is reduced from his gross return.

英文释义：1.“counted on”意为“指望”；

2.“gross”意为“总的”。

投资解读：1）能够评估企业长期经济特质的确定性；

2）对管理层进行评估的确定性，包括其充分发挥业务潜力和明智利用现金流的能力；

3）管理层人品的可靠性，也就是能否给股东创造回报，而不是自己中饱私囊；

4）购买企业的价格；

5）将要产生的税收和通货膨胀，这会决定投资者从总收益中扣除税负和通胀后的实际购买力。

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，巴菲特讲到影响企业估值的五项因素，其中前三项都提到了“确定性”，可见巴菲特投资风格之稳健。