1.今天你阅读到的有价值的全文内容链接
Berkshire Hathaway Letters to Shareholders (1977)
http://www.berkshirehathaway.com/letters/1977.html
2.今天你阅读到的有价值的内容段落摘录
Most companies define “record” earnings as a new high in earnings per share. Since businesses customarily add from year to year to their equity base, we find nothing particularly noteworthy in a management performance combining, say, a 10% increase in equity capital and a 5% increase in earnings per share. After all, even a totally dormant savings account will produce steadily rising interest earnings each year because of compounding.
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 economic performance to be return on equity capital. In 1977 our operating earnings on beginning equity capital amounted to 19%, slightly better than last year and above both our own long‐term average and that of American industry in aggregate. But, while our operating earnings per share were up 37% from the year before, our beginning capital was up 24%, making the gain in earnings per share considerably less impressive than it might appear at first glance.
3.今天你阅读到的有价值信息的自我思考点评感想
的确,光看 earnings per share 的增长并不能说明该企业的效益有多好。因为每年的Stockholder’s equity 基数一直在增加。要看 Return on equity 才说明问题啊
4.昨日你阅读的时间量(小时计算,如0.5小时)
0.5小时
5.你参与活动至今的总时间量(小时计算,如20小时)
15小时
|