巴菲特致股东的信原文精读Day521：原文：Capital outlays at a business can be skipped, of course, in any given month, just as a human can skip a day or e...
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巴菲特致股东的信原文精读Day459：原文：Every actor on Protégé’s side was highly incentivized: Both the fund-of-funds managers and the hedge-fund man...
巴菲特致股东的信原文精读Day442：原文：At almost all major companies other than Berkshire, investors would not find what we’ll call this “non-recogni...
巴菲特致股东的信原文精读Day436：原文：Going in, he planned to argue that stocks would perform better than bonds during inflationary periods and that b...
巴菲特致股东的信原文精读Day421：原文：But never forget: In repurchase decisions, price is all-important. Value is destroyed when purchases are made ab...
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 ear...
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....
巴菲特致股东的信原文精读Day404：原文：This principle is not universally accepted. For a number of reasons managers like to withhold unrestricted, read...
巴菲特致股东的信原文精读Day403：原文：Restricted earnings need not concern us further in this dividend discussion. Let’s turn to the much-more-valued...
巴菲特致股东的信原文精读Day402：原文：Restricted earnings are seldom valueless to owners, but they often must be discounted heavily. In effect, they a...
巴菲特致股东的信原文精读Day401：原文：The first point to understand is that all earnings are not created equal. In many businesses particularly those ...
巴菲特致股东的信原文精读Day400：原文：E. Dividends and Capital AllocationDividend policy is often reported to shareholders, but seldom explained. A co...
