Except for special cases (for example, companies with unusual debt-equity ratios or those with important assets carried at unrealistic balance sheet values), we believe a more appropriate measure of managerial…
本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin · 领导
Understanding that Colonel French had brought on board the governor's despatches, I ask'd the captain for those letters that were to be under my care. He said all were put into the bag together and he could not then come at them; but, before we landed in England, I should have an opportunity of picking them out; so I was satisfied for the present, and we proceeded on our voyage. We had a sociable company in the cabin, and lived uncommonly well, having the addition of all Mr. Hamilton's stores, who had laid in plentifully. In this passage Mr. Denham contracted a friendship for me that continued during his life. The voyage was otherwise not a pleasant one, as we had a great deal of bad weather.
Except for special cases (for example, companies with unusual debt-equity ratios or those with important assets carried at unrealistic balance sheet values), we believe a more appropriate measure of managerial…
沃伦·巴菲特《伯克希尔·哈撒韦 1987 年致股东信》· 1987 Chairman's Letter · 投资
By itself, this figure says nothing about economic performance. To evaluate that, we must know how much total capital - debt and equity - was needed to produce these earnings. Debt plays an insignificant role at our seven units: Their net interest expense in 1987 was only $2 million. Thus, pre-tax earnings on the equity capital employed by these businesses amounted to $178 million. And this equity - again on an historical-cost basis - was only $175 million.