王冠亚

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巴菲特致股东的信原文精读Day359：
原文：However, because the Class A stock will entitle its holders to full voting rights and access to Berkshire’s contributions program, these shares will be superior to the Class B shares and we would expect most shareholders to remain h...

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回复@布马丷: 不可以，后来B股又1拆50了，所以A/B股的兑换比例成为1:1500，你说的1514倍，刚好验证了A股略有溢价，但溢价率不到1%，这是合乎市场逻辑的。//@布马丷:回复@王冠亚:大师兄早刚看了下伯克希尔A股价是627400，B是414.4，已经是1514倍了。后面AB股的准则有变化吗，没有的话...

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巴菲特致股东的信原文精读Day358：
原文：The market will ultimately determine the price of the B shares. Their price, though, should be in the neighborhood of 1/30th of the price of the A shares.
Class A shareholders who wish to give gifts may find it convenient to conv...

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巴菲特致股东的信原文精读Day357：
原文：When the recapitalization is complete, each share of A will become convertible, at the holder’s option and at any time, into 30 shares of B. This conversion privilege will not extend in the opposite direction. That is, holders of B ...

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巴菲特致股东的信原文精读Day356：
原文：C. Berkshire’s Dual Class：Thwarting Clones
At the Annual Meeting you will be asked to approve a recapitalization of Berkshire, creating two classes of stock. If the plan is adopted, our existing common stock will be designated ...

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巴菲特致股东的信原文精读Day355：
原文：Additionally, we believe that our shares turn over far less actively than do the shares of any other widely-held company. The frictional costs of trading—which act as a major “tax” on the owners of many companies—are virtually no...

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巴菲特致股东的信原文精读Day354：
原文：We issue the customary warning: Consult with your own tax advisor before taking action on any of the more esoteric methods of gift-making.
We hold to the view about stock splits that we set forth in the preceding essay. Overall, ...

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巴菲特致股东的信原文精读Day353：
原文：I can suggest three ways to address this problem. The first would be useful to a married shareholder, who can give up to $20,000 annually to a single recipient, as long as the donor files a gift tax return containing his or her spous...

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回复@黎子_: 当时伯克希尔B股的价格也超过3000美元，对于普通投资者而言仍然属于天价，拆股后有利于方便更多中小投资者。另外，此前伯克希尔由于股价高，流动性不足，一直没有被吸纳为标普500指数成分股。B股拆分后，伯克希尔成为标普500指数成分股。//@黎子_:回复@王冠亚:谢谢冠亚老师的分享，现...

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巴菲特致股东的信原文精读Day352：
原文：Late last year Berkshire’s stock price crossed $10,000. Several shareholders have mentioned to me that the high price causes them problems: They like to give shares away each year and find themselves impeded by the tax rule that dra...

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巴菲特致股东的信原文精读Day351：
原文：Meanwhile, true turnover in Berkshire stock (excluding inter-dealer transactions, gifts and bequests) probably runs 3% per year. Thus our owners, in aggregate, are paying perhaps 6/100 of 1% of Berkshire’s market value annually for ...

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鲁迅先生曾说：“一切好诗，到唐已被作完。”不同于网络上对名人名言的牵强附会，这句话真的是鲁迅说的。现代人写诗再难超越唐诗，是因为一个时代有一个时代的主题，比如宋词、元曲、明清小说，都是一朝一代的文化巅峰。我们生活的时代，同样出现了难以超越的一代“股神”——沃伦·巴菲特。化用开...

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回复@淡事: sixteen and two third//@淡事:回复@王冠亚:不知道怎么读

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巴菲特致股东的信原文精读Day350：
原文：Contrast the hyperactive stock with Berkshire. The bid-and-ask spread in our stock currently is about 30 points, or a little over 2%. Depending on the size of the transaction, the difference between proceeds received by the seller of...

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回复@Xue_W: 恭喜小雪，相信小雪连续打满365天没问题的！外界的环境我改变不了，但希望在我们的小气候里，能让认真的人得到认真的结果。我不会提前说，大家如何做就能得到礼品，这样的目的性太强了；大家遵从自己的内心，坚持做正确的事，总是会有意想不到的小惊喜的//@Xue_W:回复@王冠亚:惊...

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巴菲特致股东的信原文精读Day349：
原文：All that makes for a rather expensive game of musical chairs. Can you imagine the agonized cry that would arise if a governmental unit were to impose a new 16⅔% tax on earnings of corporations or investors? By market activity, inves...

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巴菲特致股东的信原文精读Day348：
原文：For example, consider a typical company earning, say, 12% on equity. Assume a very high turnover rate in its shares of 100% per year. If a purchase and sale of the stock each extract commissions of 1% (the rate may be much higher on ...

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打开邮箱，找到了一封伯克希尔5K健康跑的邮件，5公里，31分钟完赛，算是一个正常人的正常水平，留个纪念吧！

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巴菲特致股东的信原文精读Day347：
原文：We will try to avoid policies that attract buyers with a short-term focus on our stock price and try to follow policies that attract informed long-term investors focusing on business values. just as you purchased your Berkshire share...

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巴菲特致股东的信原文精读Day346：
原文：Were we to split the stock or take other actions focusing on stock price rather than business value, we would attract an entering class of buyers inferior to the exiting class of sellers. Would a potential one-share purchaser be bett...