For years the Standard Oil Company has developed step by step, and I am convinced that it has done well its work of supplying to the people the products from petroleum at prices which have decreased as the efficiency of…
There were at that time not half a dozen "carriage" people in the town; and not for many years after was the attempt made to introduce livery, even for a coachman. As late as 1861, perhaps, the most notable financial…
沃伦·巴菲特《伯克希尔·哈撒韦 1983 年致股东信》· 1983 Chairman's Letter · 投资
o Accounting consequences do not influence our operating or capital-allocation decisions. When acquisition costs are similar, we much prefer to purchase $2 of earnings that is not reportable by us under standard accounting principles than to purchase $1 of earnings that is reportable. This is precisely the choice that often faces us since entire businesses (whose earnings will be fully reportable) frequently sell for double the pro-rata price of small portions (whose earnings will be largely unreportable). In aggregate and over time, we expect the unreported earnings to be fully reflected in our intrinsic business value through capital gains.
There were at that time not half a dozen "carriage" people in the town; and not for many years after was the attempt made to introduce livery, even for a coachman. As late as 1861, perhaps, the most notable financial…
For years the Standard Oil Company has developed step by step, and I am convinced that it has done well its work of supplying to the people the products from petroleum at prices which have decreased as the efficiency of…
沃伦·巴菲特《伯克希尔·哈撒韦 1987 年致股东信》· 1987 Chairman's Letter · 投资
What counts, of course, is the rate of gain in per-share business value, not book value. In many cases, a corporation's book value and business value are almost totally unrelated. For example, just before they went bankrupt, LTV and Baldwin-United published yearend audits showing their book values to be $652 million and $397 million, respectively. Conversely, Belridge Oil was sold to Shell in 1979 for $3.6 billion although its book value was only $177 million.
There were at that time not half a dozen "carriage" people in the town; and not for many years after was the attempt made to introduce livery, even for a coachman. As late as 1861, perhaps, the most notable financial…