来源：雪球App，作者： 王冠亚，（https://xueqiu.com/4525540121/311991495）
巴菲特致股东的信原文精读Day520：
原文：Soon borrowers found even the new, lax standards intolerably binding. To induce lenders to finance even sillier transactions, they introduced an abomination, EBDIT—Earnings Before Depreciation, Interest and Taxes—as the test of a company’s ability to pay interest. Using this sawed-off yardstick, the borrower ignored depreciation as an expense on the theory that it did not require a current cash outlay.
Such an attitude is clearly delusional. At 95% of American businesses, capital expenditures that over time roughly approximate depreciation are a necessity and are every bit as real an expense as labor or utility costs. Even a high school dropout knows that to finance a car he must have income that covers not only interest and operating expenses, but also realistically-calculated depreciation. He would be laughed out of the bank if he started talking about EBDIT.（1989）
释义：1.“lax”意为“松弛的”；“binding”意为“捆绑”；
2.“abomination”意为“令人憎恨的事物”；
3.“sawed-off”意为“锯断的”、“降格的”；“outlay”意为“经费”；
4.“delusional”意为“妄想的”；
5.“dropout”意为“辍学者”。
精译：借款人很快发现，即使是新的宽松标准，也让他们感到了难以忍受的束缚。为了诱使贷款人为更愚蠢的交易提供资金，他们引入了可恶的EBDIT（折旧、利息和税前收益），作为公司支付利息能力的测试标准。使用这一降格的标准，借款人认为折旧作为一项费用可以忽略不计，因为它无须当期的现金支出。
这种态度显然是掩耳盗铃。长期而言，95%的美国企业，其折旧费用与资本支出大致接近，并且与员工成本或水电费用成本一样真实。即使是高中没毕业也知道，要贷款买一辆车，他的收入不仅要能支付利息和运营费用，还要支付实际计算的折旧费用。如果他开始大谈EBDIT，不但会被银行嘲笑，还会被扫地出门。（1989年）
心得：利息保障倍数，又称已获利息倍数，是企业生产经营所获得的息税前利润与利息费用之比，它是衡量企业长期偿债能力的指标。 而所谓的EBDIT，在计算偿债能力时连折旧都不考虑，显然是自欺欺人。
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