王冠亚

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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发现。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@王冠...

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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...