巴菲特致股东的信原文精读Day342：

原文：B. Stock Splits and the Invisible Foot

We often are asked why Berkshire does not split its stock. The assumption behind this question usually appears to be that a split would be a pro-shareholder action. We disagree. Let me tell you why.

One of our goals is to have Berkshire Hathaway stock sell at a price rationally related to its intrinsic business value. (But note “rationally related”, not “identical”: if well-regarded companies are generally selling in the market at large discounts from value, Berkshire might well be priced similarly.) The key to a rational stock price is rational shareholders, both current and prospective.（1983）

释义：1.“split”意为“拆分”；

2.“prospective”意为“潜在的”。

精译：二、股票分拆与看不见的“脚”

我们经常被问到：为什么伯克希尔不拆分股票？这一问题背后的假设通常是，拆分股票是一种利于股东的行为。我们不赞同这种看法。让我来告诉你为什么。

让伯克希尔-哈撒韦的股票以跟内在价值合理相关的价格出售，这是我们的目标之一。（但请注意，“合理相关”不等于“完全相同”：如果备受尊重的公司在市场上以大幅折价出售，伯克希尔的股价可能也不会例外。）合理的股价取决于理性的股东，包括现有以及潜在的股东。（1983年）

心得：市场上有很多似是而非的观点，比如说拆股有利于股东，因为它方便了股东的交易。但巴菲特一针见血地指出，拆股会导致交易更加频繁，股价偏离内在价值的次数更多、幅度更大，实际上是不利于股东的。

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