王冠亚

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巴菲特致股东的信原文精读Day398：
原文：To date, repurchasing our shares has proved hard to do. That may well be because we have been clear in describing our repurchase policy and thereby have signaled our view that Berkshire’s intrinsic value is significantly higher than...

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巴菲特致股东的信原文精读Day397：
原文：To recap Berkshire’s own repurchase policy: I am authorized to buy large amounts of Berkshire shares at 120% or less of book value because our Board has concluded that purchases at that level clearly bring an instant and material be...

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巴菲特致股东的信原文精读Day396：
原文：Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of ...

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回复@3班谢文博: 当股价和内在价值对等时，回购实际上是无法增厚股东权益的。好比三个人合伙，每人出100元，每人各占300元的33%；现在其中一人以100元的价格卖回股份，剩下的两人各占200元的50%，并没有占到任何便宜。巴菲特说回购对卖方也有利，是因为回购增加了供给，并不是从股价的角度说的。//...

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巴菲特致股东的信原文精读Day395：
原文：Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this pat...

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巴菲特致股东的信原文精读Day394：
原文：Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little...

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巴菲特致股东的信原文精读Day393：
原文：There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by makin...

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巴菲特致股东的信原文精读Day392：
原文：The second exception, less common, materializes when a business acquisition (or some other investment opportunity) offers far greater value than do the undervalued shares of the potential repurchaser. Long ago, Berkshire itself often...

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巴菲特致股东的信原文精读Day391：
原文：It is important to remember that there are two occasions in which repurchases should not take place, even if the company’s shares are underpriced. One is when a business both needs all its available money to protect or expand its ow...

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在网上买调味酱，结果下单之后发现店家送了一瓶临期的辣椒酱，7月25日过期。下单的时候没有“是否需要赠品”这个选项，相当于是强制送的。虽然是免费的，也没有额外多出一分钱，但总感觉心里不太舒服——己所不欲，为什么要强施于人呢？请问我这种心态正常么？如果是你，收到了店家免费附赠的临期...

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巴菲特致股东的信原文精读Day390：
原文：It is puzzling, therefore, that corporate repurchase announcements almost never refer to a price above which repurchases will be eschewed. That certainly wouldn’t be the case if a management was buying an outside business. There, pr...

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巴菲特致股东的信原文精读Day389：
原文：For continuing shareholders, however, repurchases only make sense if the shares are bought at a price below intrinsic value. When that rule is followed, the remaining shares experience an immediate gain in intrinsic value. Consider a...

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巴菲特致股东的信原文精读Day388：
原文：In the investment world, discussions about share repurchases often become heated. But I’d suggest that participants in this debate take a deep breath: Assessing the desirability of repurchases isn’t that complicated.
From the s...

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巴菲特致股东的信原文精读Day387：
原文：In the end, the success of our IBM investment will be determined primarily by its future earnings. But an important secondary factor will be how many shares the company purchases with the substantial sums it is likely to devote to th...

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巴菲特致股东的信原文精读Day386：
原文：Charlie and I don’t expect to win many of you over to our way of thinking — we’ve observed enough human behavior to know the futility of that — but we do want you to be aware of our personal calculus. And here a confession is in ...

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巴菲特致股东的信原文精读Day385：
原文：The logic is simple: If you are going to be a net buyer of stocks in the future, either directly with your own money or indirectly (through your ownership of a company that is repurchasing shares), you are hurt when stocks rise. You ...

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巴菲特致股东的信原文精读Day384：
原文：Let’s do the math. If IBM’s stock price averages, say, $200 during the period, the company will acquire 250 million shares for its $50 billion. There would consequently be 910 million shares outstanding, and we would own about 7% o...

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巴菲特致股东的信原文精读Day383：
原文：Let’s use IBM as an example. Today, IBM has 1.16 billion shares outstanding, of which we own about 63.9 million or 5.5%. Naturally, what happens to the company’s earnings over the next five years is of enormous importance to us. Be...

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巴菲特致股东的信原文精读Day382：
原文：This discussion of repurchases offers me the chance to address the irrational reaction of many investors to changes in stock prices. When Berkshire buys stock in a company that is repurchasing shares, we hope for two events: First, w...

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巴菲特致股东的信原文精读Day381：
原文：Sometimes, too, companies say they are repurchasing shares to offset the shares issued when stock options granted at much lower prices are exercised. This “buy high, sell low” strategy is one many unfortunate investors have employe...