Hey. So this question is for Ken. You mentioned in the annual letter that we rolled out a financing program for consumers with higher credit rating. Can you share some more information there, kind of what's our competitive advantage? What are we doing differently? Any information on that program would be helpful.
Ken Booth -- Chief Executive Officer
OK. We're just really -- it's an internal initiative that's designed to capture consumers with just slightly better credit profile. It's something we think we can be profitable at and it's a mix of product more valuable to the dealers. So it's a way to get more volume.
It's been modestly successful so far, we believe, it's about 15% of our volume. So that's all I have to say about it at this point.”//@坚信价值: 回复@六六汉堡包: 暂时来说 $Credit Acceptance(CACC)$ 做到了,不分红的情况下长期维持接近30%的ROE,而且近年来并没有下降趋势。资金过剩、好机会不够多时它就回购自己股票。//@六六汉堡包:回复@坚信价值:没有哪个公司能在不分红的情形下长期保持30%的ROE,也没有哪个投资者拿到分红后再投资+原公司留存收益再投资能够长期保持30%的ROE:这种无论内部还是外部的长期收益率都是不存在的,伯克希尔不行,茅台也不行——规模是天敌。
至于茅台,或许分红再投资要比留存收益再投资要更靠谱一些哈哈。
@不明真相的群众 方丈,查理芒格说,不管出价多少,长期来看,你的投资收益率,也就是长期的年化收益率,约等于ROE。那么假如现在茅台每年的利润全部分红,经营所需资金全部向银行借款,我想很多银行都愿意贷款给茅台的,然后未来三十年每年利润都是五六百亿,那么每年的ROE都差不多是30%,那三十...