阅读志:巴菲特论回购之益
12 Jan 2019巴菲特在1984年讲述回购的益处, 一个显而易见, 一个隐藏其中的益处.
Benifits of Repurchase
The companies in which we have our largest investments have all engaged in significant stock repurchases at times when wide discrepancies existed between price and value. As shareholders, we find this encouraging and rewarding for two important reasons - one that is obvious, and one that is subtle and not always understood. The obvious point involves basic arithmetic: major repurchases at prices well below per-share intrinsic business value immediately increase, in a highly significant way, that value. When companies purchase their own stock, they often find it easy to get 2 dollars of present value for 1 dollar. Corporate acquisition programs almost never do as well and, in a discouragingly large number of cases, fail to get anything close to 1 dollar of value for each 1 dollor expended.
The other benefit of repurchases is less subject to precise measurement but can be fully as important over time. By making repurchases when a company’s market value is well below its business value, management clearly demonstrates that it is given to actions that enhance the wealth of shareholders, rather than to actions that expand management’s domain but that do nothing for (or even harm) shareholders. Seeing this, shareholders and potential shareholders increase their estimates of future returns from the business. This upward revision, in turn, produces market prices more in line with intrinsic business value. These prices are entirely rational. Investors should pay more for a business that is lodged in the hands of a manager with demonstrated pro-shareholder leanings than for one in the hands of a self-interested manager marching to a different drummer. (To make the point extreme, how much would you pay to be a minority shareholder of a company controlled by Robert Wesco?)
The key word is “demonstrated”. A manager who consistently turns his back on repurchases, when these clearly are in the interests of owners, reveals more than he knows of his motivations. No matter how often or how eloquently he mouths some public relations-inspired phrase such as “maximizing shareholder wealth” (this season’s favorite), the market correctly discounts assets lodged with him. His heart is not listening to his mouth - and, after a while, neither will the market.
We have prospered in a very major way - as have other shareholders - by the large share repurchases of GEICO, Washington Post, and General Foods, our three largest holdings. (Exxon, in which we have our fourth largest holding, has also wisely and aggressively repurchased shares but, in this case, we have only recently established our position.) In each of these companies, shareholders have had their interests in outstanding businesses materially enhanced by repurchases made at bargain prices. We feel very comfortable owning interests in businesses such as these that offer excellent economics combined with shareholder-conscious managements.
第一点很明显，是一个简单的数学问题，透过买回公司的股票，等于只要花一块钱的代价便能够获得两块钱的价值的，所以每股的内含价值可大大的提高，这比花大钱去购并别人的公司的效果要好得多。
第二点较不明显，且没有什么人知道，实际上也很难去衡量，但时间一长其效果越明显，那就是管理当局可透过买回自家的股票来对外宣示其重视股东权益的心而非一昧的要扩张个人经营事业的版图，因为后者往往不但对股东没有帮助，甚至反而有害股东的利益。如此一来，原有的股东与有兴趣的投资人将会对公司的前景更具信心，而股价便会向上反应而与其本身的价值更为接近。
相对地那一些成天把维护股东权益的口号挂在嘴边，却对买回自家股票的建议置之不理的人，很难说服大家他不是口是心非，久而久之，他便会被市场投资人所离弃。第一点很明显，是一个简单的数学问题，透过买回公司的股票，等于只要花一块钱的代价便能够获得两块钱的价值的，所以每股的内含价值可大大的提高，这比花大钱去购并别人的公司的效果要好得多。
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@Jeremy Anifacc
2019-01-12
人生苦短, 为欢几何.
