来源：雪球App，作者： 王冠亚，（https://xueqiu.com/4525540121/310816033）
巴菲特致股东的信原文精读Day512：
原文：In our case, the bonds were issued at 44.314% of maturity value and are due in 15 years. For investors purchasing the bonds, that is the mathematical equivalent of a 5.5% current payment compounded semi-annually. Because we received only 44.31 cents on the dollar, our proceeds from this offering were $400 million (less about $9.5 million of offering expenses).
The bonds were issued in denominations of $10,000 and each bond is convertible into .4515 shares of Berkshire Hathaway. Because a $10,000 bond cost $4,431, this means that the conversion price was $9,815 per Berkshire share, a 15% premium to the market price then existing. Berkshire can call the bonds at any time after September 28, 1992 at their accreted value (the original issue price plus 5.5% compounded semi-annually) and on two specified days, September 28 of 1994 and 1999, the bondholders can require Berkshire to buy the securities at their accreted value.（1989）
释义：1.“denominations”意为“面值”；
2.“accreted”意为“增长的”。
精译：伯克希尔发行的零息债券，发行价格为面值的44.314%，债券期限为15年。对于购买债券的投资者来说，这相当于5.5%的复利，每半年支付一次。因为我们每1美元面值的债券只收到44.31美分，所以我们此次发行的收入为4亿美元（还得另付约950万美元的发行费用）。
每份债券的面值为1万美元，可转换为0.4515股伯克希尔-哈撒韦公司股票。因为1万美元的债券成本为4431美元，这意味着伯克希尔的转换价格为9815美元/股，比当时的市场价格溢价15%。伯克希尔可以在1992年9月28日之后的任何时间以增值后的价格（原始发行价格加上5.5%的复利，每半年支付一次）赎回债券。此外，在1994年9月28日和1999年9月28日，债券持有人可以要求伯克希尔按照增值后的价格买回证券。（1989年）
心得：今天依然是小学计算题：
44.314%*（1+5.5%/2）^（15*2）=1；
9.026*44.314%=4；
4431.4÷0.4515=9815；
手抄：
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