 这是我的第368篇原创文章 作者按： 巴菲特在2006年宣布捐出自己99%以上的财富，以巴菲特当时持有的伯克希尔股票计算，如果巴菲特没有进行慈善捐赠的话，其现在的持仓市值已经高达2449亿美元（截至2023年6月），是当之无愧的世界首富。即便是在捐献了超过半数的财富之后，如今的巴菲特依然坐拥千亿美元身家，常年位居“福布斯富豪榜”前5名。 1 Day124：为何取消股东指定捐赠计划？ 巴神原文：For our shareholders, there was some modest tax efficiency in Berkshire doing the giving rather than their making their gifts directly. Additionally, the program was consistent with our “partnership” approach, the first principle set forth in our Owner’s Manual. But these advantages paled when they were measured against damage done loyal associates who had with great personal effort built businesses of their own. Indeed, Charlie and I see nothing charitable in harming decent, hard-working people just so we and other shareholders can gain some minor tax efficiencies. Berkshire now makes no contributions at the parent company level. Our various subsidiaries follow philanthropic policies consistent with their practices prior to their acquisition by Berkshire, except that any personal contributions that former owners had earlier made from their corporate pocketbook are now funded by them personally. 英文释义：1.“modest”意为“些许的”； 2.“consistent with”意为“符合”；“set forth in”意为“载于…”； 3.“paled”意为“变得苍白”；“loyal”意为“忠诚的”； 4.“decent”意为“得体的”；“just so”意为“纯粹是…”、“纯属于…”； 5.“prior to”意为“在…之前”；“pocketbook”意为“钱包”。 投资解读：对于我们的股东而言，如果是通过伯克希尔捐赠，比他们自行捐赠要稍微更有税收效率一些。此外，这项计划也符合我们载于《股东手册》的首要原则——“股东利益至上”原则。但是，我们那些对事业忠心耿耿、对工作兢兢业业的同事却因此受到伤害，这样两相权衡，捐赠的优势就显得非常苍白。事实上，如果我和芒格以及伯克希尔的其他股东，纯粹是为了多获得一点点的税收效率，而去伤害到那些得体的、勤奋的人们，那根本算不上是慈善。 现在的伯克希尔，在母公司层面已经不再做任何捐赠。我们为数众多的子公司，在它们被伯克希尔收购之前是什么样的慈善政策，现在就继续怎么样。当然，有一种情况除外：以前的老板如果是拿公司的钱做个人的捐赠，那么现在他们得自掏腰包。 手抄原文：  @艳军 打卡作品
2 Day125：“投入越多，赚得越多” 巴神原文：H. A Principled Approach to Executive Pay When returns on capital are ordinary, an earn-more-by-putting-up-more record is no great managerial achievement. You can get the same result personally while operating from your rocking chair. Just quadruple the capital you commit to a savings account and you will quadruple your earnings. You would hardly expect hosannas for that particular accomplishment. Yet, retirement announcements regularly sing the praises of CEOs who have, say, quadrupled earnings of their widget company during their reign—with no one examining whether this gain was attributable simply to many years of retained earnings and the workings of compound interest. If the widget company consistently earned a superior return on capital throughout the period, or if capital employed only doubled during the CEO’s reign, the praise for him may be well deserved. But if return on capital was lackluster and capital employed increased in pace with earnings, applause should be withheld. A savings account in which interest was reinvested would achieve the same year-by-year increase in earnings—and, at only 8% interest, would quadruple its annual earnings in 18 years. 英文释义：1.“executive pay”意为“高管薪酬”； 2.“rocking chair”意为“摇椅”； 3.“quadruple”意为“四倍的”； 4.“hosannas”意为“和撒那（赞美上帝之语）”；“accomplishment”意为“专长”； 5.“retirement”意为“退休”；“announcements”意为“宣告”；“widget”意为“小玩意儿”；“reign”意为“在位期间”； 6.“lackluster”意为“平淡无奇”；“in pace with”意为“与…同步”；“withheld”意为“不给”。 投资解读：八、高管薪酬原则： 如果资本回报率普普通通，那么一项“投入越多，赚得越多”的记录就不是多么了不起的管理成就。你哪怕是坐在摇椅上，也可以得到同样的结果。如果你往储蓄账户里投入四倍的资本，你自然会得到四倍的收益。你很难去期望这种特殊的“专长”会得到赞美。 然而，如果很多CEO在他们的任期内，让他们小公司的利润翻了两番，公司的退休通告里通常会对他们大唱赞歌。公司从来不会考虑，利润的增长是否仅仅是因为这些年的利润再投入和复利的增长所带来的。 如果在此期间，这家小公司能够持续获得超高的资本回报率，或者如果在CEO的任期内，资本投入仅仅增长了两倍，那么对他的赞美也许是公允的。但是，如果资本回报率平平，投入的资本和回报保持同步增长，那他就不应获得掌声。 一个储蓄账户，如果利息再投入，也会取得年复一年的利润增长。只要年利息有8%，那么18年之后，它每年的利息就会达到原来的四倍。 手抄原文：  @癫老 打卡作品
3 Day126：不合理的期权发放政策 巴神原文：The power of this simple math is often ignored by companies to the detriment of their shareholders. Many corporate compensation plans reward managers handsomely for earnings increases produced solely, or in large part, by retained earnings—i.e., earnings withheld from owners. For example, ten-year, fixed-price stock options are granted routinely, often by companies whose dividends are only a small percentage of earnings. An example will illustrate the inequities possible under such circumstances. Let’s suppose that you had a $100,000 savings account earning 8% interest and “managed” by a trustee who could decide each year what portion of the interest you were to be paid in cash. Interest not paid out would be “retained earnings” added to the savings account to compound. And let’s suppose that your trustee, in his superior wisdom, set the “pay-out ratio” at one-quarter of the annual earnings. 英文释义：1.“detriment”意为“损害”； 2.“compensation plans”意为“薪酬方案”；“reward”意为“奖励”；“handsomely”意为“大方地”； 3.“i.e.”意为“也就是”；“withheld”意为“不给…”； 4.“granted”意为“授予”；“routinely”意为“常规地”； 5.“illustrate”意为“说明”；“inequities”意为“不公平”； 6.“trustee”意为“受托人”。 投资解读：这种简单的数学威力，经常被那些损害股东利益的公司所忽视。许多公司的薪酬方案都大方地给予高管奖励，仅仅是（或者大部分是）因为留存收益带来了盈利增长。而留存收益实际上是没有发放给股东的利润。举个例子，现在非常流行给高管发放10年期的、固定价格的股票期权，而发放期权的往往是那些分红率很低的公司。 有个案例可以用来说明这种情况的不合理之处。假设你有一个10万美元的储蓄账户，每年可以赚 8%，负责管理你账户的受托人有权决定给你的分红率。没有分红的利息会继续作为“留存收益”参与储蓄账户的复利。假设你的受托人用他聪明绝顶的智慧，设定了每年利润的四分之一拿出来分红。 手抄原文：  @我爱红薯 打卡作品
4 Day127：投资的小学数学题 巴神原文：Under these assumptions, your account would be worth $179,084 at the end of ten years. Additionally, your annual earnings would have increased about 70% from $8,000 to $13,515 under this inspired management. And, finally, your “dividends” would have increased commensurately, rising regularly from $2,000 in the first year to $3,378 in the tenth year. Each year, when your manager’s public relations firm prepared his annual report to you, all of the charts would have had lines marching skyward. Now, just for fun, let’s push our scenario one notch further and give your trustee-manager a ten year fixed-price option on part of your “business” (i.e., your savings account) based on its fair value in the first year. With such an option, your manager would reap a substantial profit at your expense—just from having held on to most of your earnings. If he were both Machiavellian and a bit of a mathematician, your manager might also have cut the pay-out ratio once he was firmly entrenched. 英文释义：1.“inspired”意为“能力卓越的”； 2.“commensurately”意为“相当地”； 3.“marching”意为“行军”；“skyward”意为“天空”； 4.“scenario”意为“脚本”；“notch”意为“缺口”； 5.“reap”意为“取得”；“substantial”意为“大量的”； 6.“Machiavellian”意为“马基雅维利主义的”、“诡计多端的”；“firmly”意为“坚定地”；“entrenched”意为“牢固确立”。 投资解读：在这些假设条件下，10年后你的账户余额会达到179084美元。此外，你每年的盈利会从8000美元增长至13515美元，增幅约70%。最后，你的股息也会得到相应的增长，从第一年的2000美元一路增长至第十年的3378美元。每一年，当你的管理人公司的公关部门为你准备年报时，所有的图表数据看起来都是芝麻开花——节节高。 现在开个玩笑，让我们的脑洞开得更大一点：我们根据你储蓄账户第一年的公允价值，给予你的受托人一份10年期的、固定价格的期权。根据这份期权，你的受托管理人会从你这里大捞一笔。而他所做的，仅仅是将属于你的大部分利润留存下来。如果你的受托管理人不择手段，同时懂一点数学，一旦他的地位巩固，他可能就会下调股息支付比率。 手抄原文：  @淑娟 打卡作品
100000*（1.08-0.08*25%）^10=179085； 100000*8%=8000； 100000*8%*（1.08-0.08*25%）^9=13516； （13516-8000）/8000=69%； 100000*8%*25%=2000； 100000*2%*（1.08-0.08*25%）^9=3379， 大家看明白了么？
5 Day128：高管对待期权的“双标”态度 巴神原文：This scenario is not as farfetched as you might think. Many stock options in the corporate world have worked in exactly that fashion: they have gained in value simply because management retained earnings, not because it did well with the capital in its hands. Managers actually apply a double standard to options. Leaving aside warrants (which deliver the issuing corporation immediate and substantial compensation), I believe it is fair to say that nowhere in the business world are ten-year fixed-price options on all or a portion of a business granted to outsiders. Ten months, in fact, would be regarded as extreme. It would be particularly unthinkable for managers to grant a long-term option on a business that was regularly adding to its capital. Any outsider wanting to secure such an option would be required to pay fully for capital added during the option period. 英文释义：1.“farfetched”意为“牵强的”； 2.“double standard”意为“双标”； 3.“leaving aside”意为“搁置一边”；“warrants”意为“认股权证”；“deliver”意为“兑现”、“交付”； 4.“extreme”意为“极限”； 5.“secure”意为“获得”。 投资解读：前述场景并不像你想象的那样牵强附会。在企业界，很多股票期权都流行这样运作：期权得到增值，仅仅是靠留存收益管理，而不是因为手上的资本运用得当。 对于股票期权，很多公司高管其实都很“双标”。抛开可以让发行公司即时支付大量薪酬的认股权证不说，在商业世界里，坦率地说，我相信没有哪家公司会以整体或部分的方式，将10年期的、固定价格的期权授予外部人士。事实上，10个月可能就是极限。 对于很多高管来说，如果公司的资本在不断增长，授予长期的期权简直是不可思议的。任何想要获得这种期权的外部人士，都会被要求为期权持有期内增加的资本全额付费。 手抄原文：  我的打卡作品
6 Day129：到乡翻似烂柯人
Of course, stock options often go to talented, value-adding managers and sometimes deliver them rewards that are perfectly appropriate. (Indeed, managers who are really exceptional almost always get far less than they should.) But when the result is equitable, it is accidental. Once granted, the option is blind to individual performance. Because it is irrevocable and unconditional (so long as a manager stays in the company), the sluggard receives rewards from his options precisely as does the star. A managerial Rip Van Winkle, ready to doze for ten years, could not wish for a better “incentive” system. 英文释义：1.“unwillingness”意为“不情愿”； 2.“barroom”意为“酒吧间”；“brawl”意为“争吵”； 3.“engineer”意为“设计”、“制造”；“carrying cost”意为“账面成本”； 4.“exceptional”意为“杰出的”；“accidental”意为“意外的”； 5.“irrevocable”意为“不可撤销的”；“unconditional”意为“无条件的”；“sluggard”意为“懒汉”；“precisely”意为“精确地”； 6.“Rip Van Winkle（瑞普·凡·温克尔）”是美国小说人物，他上山遇到一群人，在喝了他们的仙酒后，就睡了一觉。醒后下山回家，才发现时间已过了整整二十年，人世沧桑，一切都十分陌生； 7.“doze”意为“打瞌睡”；“incentive”意为“激励”。 投资解读：公司高管并不情愿对外部人士授予期权，然而他们对自己却没有不情愿。毕竟，跟自己的谈判，通常很少发生争执。公司高管习惯给他们自己设计10年期的、固定期限的期权。与之相关的是：首先，他们完全无视留存收益会自动产生价值的事实；其次，他们忽视了资本的账面成本。结果，这些高管最终依靠期权获利颇丰，就像他们拥有一个自动产生价值的储蓄账户一样。 当然，股票期权经常被授予给那些能干的、创造价值的高管。有时候，给予他们这些奖励是恰如其分的。事实上，真正杰出的管理者几乎总是得不到应有的回报。不过，公平的结果往往是个意外。期权一旦被授予，它就会对个人表现视而不见。由于期权是无条件的、不可撤销的（只要高管没有离职就行），懒汉也能和明星一样从期权中获得奖励。一位温克尔式的管理者，他都准备打上10年瞌睡了，对他来说，这样的“激励”系统就再好不过了。 手抄原文：  @淡事 打卡作品
7 Day130：巴菲特驳斥美化期权的言论 巴神原文：(I can’t resist commenting on one long-term option given an “outsider”: that granted the U.S. Government on Chrysler shares as partial consideration for the government’s guarantee of some lifesaving loans. When these options worked out well for the government, Chrysler sought to modify the payoff, arguing that the rewards to the government were both far greater than intended and outsize in relation to its contribution to Chrysler’s recovery. The company’s anguish over what it saw as an imbalance between payoff and performance made national news. That anguish may well be unique: to my knowledge, no managers—anywhere—have been similarly offended by unwarranted payoffs arising from options granted to themselves or their colleagues.) Ironically, the rhetoric about options frequently describes them as desirable because they put managers and owners in the same financial boat. In reality, the boats are far different. No owner has ever escaped the burden of capital costs, whereas a holder of a fixed-price option bears no capital costs at all. An owner must weigh upside potential against downside risk; an option holder has no downside. In fact, the business project in which you would wish to have an option frequently is a project in which you would reject ownership. (I’ll be happy to accept a lottery ticket as a gift—but I’ll never buy one.) 英文释义：1.“resist”意为“抗拒”；“granted”意为“的确”；“lifesaving”意为“救生的”； 2.“outsize”意为“特大号的”； 3.“anguish”意为“痛苦”；“imbalance”意为“不平衡”； 4.“rhetoric”意为“花言巧语”； 5.“downside”意为“负面”。 投资解读：我忍不住要讲一个长期期权授予“外部人士”的例子：当年美国政府为了挽救克莱斯勒，为其中一些救命贷款提供了政府担保。当政府从这些期权获得巨大价值时，克莱斯勒决定修改支付对价，因为它觉得政府得到的不仅仅远超预期，而且与其在促进克莱斯勒的复苏所做的贡献极不相称。公司为政府的贡献与所得之间的不平衡感到不快，都成了全国性的大新闻。这种不快也是挺稀奇的：据我所知，没有任何一位高管，因为自己或同事从期权中获得了不合理的回报而感到生气。 具有讽刺意味的是，关于美化期权的言论常常是这样说的：期权让高管和股东坐在了同一条船上，因此是可取的。实际上，他们坐的船大不相同。没有股东能逃避承担资本成本的义务，但是一位拥有固定价格的期权持有人却根本不用承担任何资本成本。股东要衡量潜在的收益和风险，但期权持有人却根本没有风险。事实上，你想拥有期权的事业，往往是那种你不想成为股东的事业。我非常乐意接受免费的乐透彩票，但我肯定不会花钱去买。 手抄原文：  @小雪 打卡作品
8 Day131：巴菲特对股票期权的观点之一
Despite their shortcomings, options can be appropriate under some circumstances. My criticism relates to their indiscriminate use and, in that connection, I would like to emphasize three points: First, stock options are inevitably tied to the overall performance of a corporation. Logically, therefore, they should be awarded only to those managers with overall responsibility. Managers with limited areas of responsibility should have incentives that pay off in relation to results under their control. The .350 hitter expects, and also deserves, a big payoff for his performance—even if he plays for a cellar-dwelling team. And the .150 hitter should get no reward—even if he plays for a pennant winner. Only those with overall responsibility for the team should have their rewards tied to its results. 英文释义：1.“ill”意为“不利的”； 2.“conversely”意为“相反地”；“lean to”意为“倾向于”； 3.“indiscriminate”意为“恣意的”；“in that connection”意为“关于那一点”； 4.“inevitably”意为“不可避免地”； 5.“cellar-dwelling”意为“地下室”； 6.“pennant”意为“锦旗”。 投资解读：同样地，在股息政策方面，期权持有者的利息会得到最好的保障，这对股东来说也是不利的。回想一下我们讲过的储蓄账户案例。受托人持有他的期权，将从零股息政策中获益。相反地，账户的所有人应倾向于全额分红。这样的话，他才能阻止持有期权的管理人分享账户里的留存收益。 尽管有种种缺点，但在有些情况下，发放期权是合适的。我批评的是他们滥发期权的行径，关于这方面，我想陈述一下三个要点： 要点一：股票期权不可避免地跟一家公司的整体表现挂钩。从逻辑上讲，这种期权只应授予那些对全公司负责的高管。负责某一块业务的高管，他们得到的奖励，应当只与他们分管的业务相关。一位0.350的击球手，哪怕他为三流球队效力，他的表现也应当得到巨额奖励；一位0.150的击球手，哪怕他为一流球队效力，他的表现也不应得到任何奖励。只有对整个球队负责的人士，他们的奖励才应与球队的比赛结果挂钩。 手抄原文：  @Linda 打卡作品
9 Day132：巴菲特对股票期权的观点之二
英文释义：1.“realistically”意为“如实地”； 2.“offers”意为“报价”；“unfailingly”意为“始终如一地”；“index”意为“量度”； 3.“depressed prices”意为“不景气的”； 4.“Tax Code”意为“税法”； 5.“bargain”意为“便宜”、“减价”。 投资解读：要点二：应当审慎设计期权。抛开特殊原因不说，期权至少应考虑留存收益或资本成本的因素。同样重要的是，应当如实地给期权定价。当管理层面临收购报价时，他们总是不厌其烦地强调，市场价格并不能如实地衡量内在价值。但是，当管理层卖掉公司的一部分所有权给自己时，他们为什么要用同样很低的市场价格作为估值依据呢？ 更有甚者，管理层和董事有时会研究税法，来决定他们能出的最低价。实际上，这相当于把公司的一部分所有权贱卖给了内部人士。当他们这么做时，他们选择的方案往往会对公司产生最坏的赋税影响。除了一些极端情况，无论是将公司的一部分所有权卖给外部人士还是内部人士，只要卖的是打折价，就会损害股东利益。 结论是显然的：期权应当以企业真实的内在价值来定价。 手抄原文：  @弹着吉他的少年 打卡作品
10 Day133：巴菲特对股票期权的观点之三
英文释义：1.“enormously”意为“非常”； 2.“intact”意为“完整的”； 3.“infest”意为“大量滋生”； 4.“purity”意为“纯粹”；“at any price”意为“不惜代价”。 投资解读：要点三：我想强调的是，有一些我非常欣赏的高管，他们的运营记录也远比我更优秀，在看待固定价格的期权问题上跟我有分歧。他们建立的企业文化已经奏效，固定价格的期权可以作为辅助他们工作的工具。 有他们的领导和垂范，有期权作为激励工具，这些高管教会他们的同事要有主人翁意识。这样的企业文化非常稀缺，如果存在这样的企业文化的话，即便是期权项目存在无效和不公，也应保持原样。“不惜代价追求完美”比不上“如果没坏就别动它”。 手抄原文：  @小勇 打卡作品
11 奖品 奖品一：冠亚手写曹植《洛神赋》节选 奖品二：茅台折叠式遮阳帽 感谢武汉市东湖路贵州茅台 酱香系列酒体验中心赞助 冠亚说 今天是3月8日，在此送给女同胞们三句有特色的祝福语，祝大家拥有：洛神之美、咏絮之才、停机之德。 |
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