来源：雪球App，作者： 王冠亚，（https://xueqiu.com/4525540121/298277171）
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 invested in Subsidiary B, whose earnings on incremental capital are expected to be 15%. The CEO’s business school oath will allow no lesser behavior. But if his own long-term record with incremental capital is 5%—and market rates are 10%—he is likely to impose a dividend policy on shareholders of the parent company that merely follows some historical or industry-wide payout pattern. Furthermore, he will expect managers of subsidiaries to give him a full account as to why it makes sense for earnings to be retained in their operations rather than distributed to the parent-owner. But seldom will he supply his owners with a similar analysis pertaining to the whole company.（1984）
释义：1.“schizoid”意为“精神分裂症般的”；
2.“oath”意为“宣誓”；
3.“pertaining”意为“适用于”。
精译：正是由于这种精神分裂的做法，一家多元化的公司CEO可能会指示子公司A（其增量资本收益率预计平均为5%）分配所有可用收益，以便将其投资于子公司B（其增量资本收益率预计为15%）。CEO所受的商学院教育将促使他这么做。但如果这名CEO的长期增量资本回报率为5%，而市场利率为10%，他对母公司股东实施的股息政策，可能仅仅遵循一些历史或行业的派息惯例。此外，他会希望子公司的经理人向他详细说明，为什么留存收益比派息给母公司更有意义。但他很少会向母公司股东提供有关整个公司的利润留存/分配分析。（1984年）
心得：什么是双标？就是我要求你做到的，却无法要求自己做到。用中国的一句古话讲，只许州官放火，不许百姓点灯。什么是以身作则？就是我要求你做到的，我自己先做到。用中国的一句古话讲，子帅以正，孰敢不正？
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