王冠亚

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巴菲特致股东的信原文精读Day368：
原文：I think it would have been quite easy for such trusts to have sold many billions of dollars worth of units, and I also believe that early marketing successes by these trusts would have led to the formation of others. (In the securiti...

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巴菲特致股东的信原文精读Day367：
原文：We made two good-sized offerings through Salomon, both with interesting aspects. The first was our sale in May of 517,500 shares of Class B Common, which generated net proceeds of $565 million. As I have told you before, we made this...

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巴菲特致股东的信原文精读Day366：
原文：Obviously, the market behavior of Berkshire’s stock will never conform to this ideal. But we will come closer to this goal than we would otherwise if our present and prospective shareholders are informed, business-oriented and not e...

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巴菲特致股东的信原文精读Day365：
原文：That kind of market overperformance cannot persist indefinitely, neither for Berkshire nor any other stock. Inevitably, there will be periods of underperformance as well. The price volatility that results, though endemic to public ma...

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巴菲特致股东的信原文精读Day364：
原文：Through our creation of the B stock—a low-denomination product far superior to Berkshire-only trusts—we hope to make the clones unmerchandisable.
But both present and prospective Berkshire shareholders should pay special attent...

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巴菲特致股东的信原文精读Day363：
原文：In the end, Charlie and I do not care whether our shareholders own Berkshire in large or small amounts. What we wish for are shareholders of any size who are knowledgeable about our operations, share our objectives and long-term pers...

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回复@赵小咸: 哈哈哈，元宝恰好理解反了，是不是从一个侧面也可以说明，AI其实有很多替代不了人工的地方//@赵小咸:回复@王冠亚:摸摸，元宝翻译 ，根本不是巴神的意思
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回复@肖亚文2023: 这里要翻译成“我劝退这些人，不是因为我喜欢大投资者甚于小投资者”，千万别理解成了“我没有劝退这些人，因为我喜欢大投资者甚于小投资者”。这样意思就全反过来了//@肖亚文2023:回复@王冠亚:1、感谢对巴菲特措辞的两点解释，否则真没有读懂2、哪位同学帮忙讲讲第一句话...

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巴菲特致股东的信原文精读Day362：
原文：I did not discourage these people because I prefer large investors over small. Were it possible, Charlie and I would love to turn $1,000 into $3,000 for multitudes of people who would find that gain an important answer to their immed...

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巴菲特致股东的信原文精读Day361：
原文：What Berkshire will incur by way of the B stock are certain added costs, including those involving the mechanics of handling a larger number of shareholders. On the other hand, the stock should be a convenience for people wishing to ...

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恢复正常了，不过那个74w的长长的上影线又是怎么回事？

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巴菲特致股东的信原文精读Day360：
原文：There are tradeoffs for Berkshire in this recapitalization. But they do not arise from the proceeds of the offering—we will find constructive uses for the money—nor in any degree from the price at which we will sell the B shares. A...

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回复@巨馍蘸酱好吃: 当时伯克希尔A类股票大约3.6w美元/股，虽然也不便宜，但还不似今天这般天价。新发行的B类股票本来就不多，再加上A类股票的权利明显优于B类股票，所以A转B也仅在捐赠免税等极少情况下会出现。绝大多数股东仍然持有和交易A类股票，当然是流动性更好咯！ //@巨馍蘸酱好吃:回复@王...

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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, ...