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冠亚老师心得：回购的显性好处是可以有效地增厚股东权益，隐性好处则涉及到管理层的价值观。有能力且以股东利益为导向的管理层，自然会让股东和潜在股东平添很多信心，从而增强对未来的乐观预期，进而推升股价至合理水平。巴菲特提到的罗伯特·威斯科，是美国金融史上著名的诈骗犯，假如与这样的人为伍，你能夜夜安眠么？
元宝翻译冠亚老师心得：
The explicit benefit of share repurchases is that they can effectively thicken shareholders' equity, while the implicit benefits involve the values of management. A capable management team that is oriented towards shareholder interests naturally instills a lot of confidence in both current and potential shareholders, thereby enhancing optimistic expectations for the future and thus pushing the stock price to a reasonable level. Warren Buffett mentioned Robert Vesco, a famous swindler in American financial history. If you were to associate with such a person, could you sleep soundly at night?
元宝还对这段话提供一个更简洁的翻译：
The clear advantage of buybacks is they boost shareholder value, while the hidden benefit relates to management's values. Competent, shareholder-focused management builds confidence, improving outlook and lifting stock prices. Associating with a swindler like Robert Vesco, could you rest easy?查看图片