来源：雪球App，作者： 王冠亚，（https://xueqiu.com/4525540121/300306491）
巴菲特致股东的信原文精读Day426：
原文：Moreover, your annual cash receipts from the sell-off policy would now be running 4% more than you would have received under the dividend scenario. Voila! — you would have both more cash to spend annually and more capital value.
This calculation, of course, assumes that our hypothetical company can earn an average of 12% annually on net worth and that its shareholders can sell their shares for an average of 125% of book value. To that point, the S&P 500 earns considerably more than 12% on net worth and sells at a price far above 125% of that net worth. Both assumptions also seem reasonable for Berkshire, though certainly not assured.（2012）
释义：1.“voila”意为“瞧”，表示事情成功或满意之感叹词用语；
2.“hypothetical”意为“假设的”。
精译：此外，你现在按照“卖股法”获得的年度现金收入，将比你按照“分红法”获得的现金收入多4%。瞧！你每年都会有更多的钱可以花，而且资本价值也会更高。
当然，这种计算假设我们的虚拟公司每年平均可以赚取12%的净资产收益率，其股东能以平均125%的账面价值出售他们的股票。截至目前，标普500指数的净资产收益率远高于12%，股价远高于净资产的125%。对伯克希尔来说，这两个假设条件尽管不能确保一定会实现，但似乎也是合理的。（2012年）
心得：按照巴菲特设定的条件，按照“分红法”，第一年每人会收到分红4万美元，以后每年按照8%递增；按照“卖股法”，第一年每人可以得到现金也是4万美元，以后每年按照12%递增。相当于从第二年开始，“卖股法”比“分红法”得到的现金就会高出约4个百分点。
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