巴菲特致股东的信原文精读Day375：

原文：D. Buybacks and Rationality

The companies in which we have our largest investments have all engaged in significant stock repurchases at times when wide discrepancies existed between price and value. As shareholders, we find this encouraging and rewarding for two important reasons—one that is obvious, and one that is subtle and not always understood. The obvious point involves basic arithmetic: major repurchases at prices well below per-share intrinsic business value immediately increase, in a highly significant way, that value. When companies purchase their own stock, they often find it easy to get $2 of present value for $1. Corporate acquisition programs almost never do as well and, in a discouragingly large number of cases, fail to get anything close to $1 of value for each $1 expended.（1984）

释义：1.“discrepancies”意为“差异”；

2.“subtle”意为“微妙的”；

3.“arithmetic”意为“算术”。

精译：四、回购与理性

当价格和价值之间存在巨大差异时，我们投资最多的公司都进行了大量的股票回购。作为股东，我们认为这是有益和令人振奋的，原因主要有两点：其一是显而易见的，其二略显微妙，并不总是为人所理解。显而易见的一点涉及基础的算术：以远低于内在价值的价格进行的重大回购，会立即以非常显著的方式增加每股内在价值。当公司购买自己的股票时，他们常常会发现，用1美元就能轻易获得2美元的现值。而如果是企业收购的话，几乎从来做不到那么好。很多时候都是令人沮丧的，每花费1美元，根本无法获得接近1美元的价值。（1984年）

心得：低价回购自家股票，可以有效增厚股东权益。举个简单的例子，甲、乙各出资50万元，成立一家公司，价值100万元。过了一段时间，乙因为个人资金需求，以30万元将自己所持的公司50%的股份卖给了甲。如此一来，甲以80万元的总对价，就获得了公司100%的股份。巴菲特讲的第二点又是什么呢？且听下回分解。

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