王冠亚

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巴菲特致股东的信原文精读Day414：
原文：A number of Berkshire shareholders — including some of my good friends — would like Berkshire to pay a cash dividend. It puzzles them that we relish the dividends we receive from most of the stocks that Berkshire owns, but pay out ...

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回复@南小吉: 那能怎么办？当股东的时候，就应该想明白：过度依赖一个人的IP本身就是风险。从老板的角度讲，他不希望任何一个员工是不可替代的；从员工的角度讲，他努力的价值就在于让自己不可替代。所以，两者存在博弈。当后者在博弈中逐渐占据上风时，权责利出现失衡，就会导致矛盾和分歧，并最...

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巴菲特致股东的信原文精读Day413：
原文：Nothing in this discussion is intended to argue for dividends that bounce around from quarter to quarter with each wiggle in earnings or in investment opportunities. Shareholders of public corporations understandably prefer that divi...

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这其实是可以预料到的事情。就好比一家私募的基金经理，自己贡献了私募一半的管理规模和利润，但自己不是老板。待到时机成熟时，这名基金经理肯定会自己开一家私募单干，而不是继续甘做“打工人”。这样的结果，就像“优质公司必然上涨”一样，它一定会来，只是事先不知道何时来而已。

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回复@投资是一场修行之旅: 翻译是个苦差事，一仆二主，杨绛先生说得好形象啊！//@投资是一场修行之旅:回复@王冠亚:精译和心得释义的真好！想起杨绛先生说的：翻译是一项苦差，因为一切得听从主人，不能自作主张，而且一仆二主，同时伺候着两个主人：一是原著，二是译文的读者。译者...

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巴菲特致股东的信原文精读Day412：
原文：In such cases, shareholders would be far better off if earnings were retained only to expand the high-return business, with the balance paid in dividends or used to repurchase stock (an action that increases the owners’ interest in ...

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小区楼下有一家菜鸟驿站，不是独立的门面，而是在店铺最靠里面的库房。店铺最靠外的一块区域是房产中介，靠中间的区域是卖水果、饮料、零食的超市，再往里走是干洗店，再往里走的区域才是菜鸟驿站。
于是，在这不到50㎡的门店里，至少有四种生意业态：房产中介、超市、干洗店、快递收寄服务。...

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回复@欢乐马柏霖: 这句话说的意思是，一般而言，优质业务只须使用少量的增量资本，这样一来，大量的增量资本就会被配置到那些低效的业务中去。除非优质业务本身是高速成长的，它能吸纳的增量资本就会多一点。//@欢乐马柏霖:回复@王冠亚:冠亚兄，“但是，除非优秀的公司会经历巨大的单位增长，否则...

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巴菲特致股东的信原文精读Day411：
原文：Many corporations that consistently show good returns both on equity and on overall incremental capital have, indeed, employed a large portion of their retained earnings on an economically unattractive, even disastrous, basis. Their ...

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巴菲特致股东的信原文精读Day410：
原文：In judging whether managers should retain earnings, shareholders should not simply compare total incremental earnings in recent years to total incremental capital because that relationship may be distorted by what is going on in a co...

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回复@天马行空哎: 公布答案：1979年！只有一个人猜对//@天马行空哎:回复@王冠亚:1979年

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巴菲特致股东的信原文精读Day409：
原文：With this schizoid approach, the CEO of a multi-divisional company will instruct Subsidiary A, whose earnings on incremental capital may be expected to average 5%, to distribute all available earnings in order that they may be invest...

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猜一下是哪一年的？

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回复@UIMAX张艳军: 这种所谓的“追求极致”，就像投资里的“杠杆加满”，是不留任何安全边际的危险行为。//@UIMAX张艳军:回复@王冠亚:刚看到呢，祝福阿姨尽早健步如飞
其实不仅仅是对行人的安全有隐患，骑手自己也深受困扰，很多骑手为了准时超速被汽车撞，早该限速，不去追求所谓的实效...

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巴菲特致股东的信原文精读Day408：
原文：Many corporate managers reason very much along these lines in determining whether subsidiaries should distribute earnings to their parent company. At that level, the managers have no trouble thinking like intelligent owners. But payo...

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早就该对外卖骑手限速了。2022年5月，我母亲在武汉街头骑共享单车，被一个快速通过的外卖骑手撞倒，膝盖粉碎性骨折，后经鉴定为九级伤残。外卖骑手来自农村，要学历没学历，要家境没家境，要存款没存款，总共只垫付了800元现金，而且从来没有到医院看过我母亲一次。法院判定骑手、骑手所在公司、保...

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有的人喜欢怼天怼地怼空气，有的人则性情温和易相处。雷总其实也可以回怼：“我能造空调，你能造汽车么？”但雷总肯定不会这么说，要不然就不是雷总了。言语之中透露的谦逊，更显格局，更显胸怀，也更容易赢得路人缘。向雷总学习做事，更向雷总学习做人

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巴菲特致股东的信原文精读Day407：
原文：An analysis similar to that made by our hypothetical bondholder is appropriate for owners in thinking about whether a company’s unrestricted earnings should be retained or paid out. Of course, the analysis is much more difficult and...

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巴菲特致股东的信原文精读Day406：
原文：If, however, interest rates were 15%, no rational investor would want his money invested for him at 10%. Instead, the investor would choose to take his coupon in cash, even if his personal cash needs were nil. The opposite course—re...

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巴菲特致股东的信原文精读Day405：
原文：To illustrate, let’s assume that an investor owns a risk-free 10% perpetual bond with one very unusual feature. Each year the investor can elect either to take his 10% coupon in cash, or to reinvest the coupon in more 10% bonds with...