Warren Buffett's Letter to Shareholders, (1980
年巴菲特致股東信)
If a fine business is selling in the market
place for far less than intrinsic value, what more certain or more profitable
utilization of capital can there be than significant enlargement of the
interests of all owners at that bargain price? The competitive nature of
corporate acquisition activity almost guarantees the payment of a
full-frequently more than full price when a company buys the entire ownership
of another enterprise. But the auction nature of security market often allows
finely-run companies the opportunity to purchase portions of their own business
at a price under 50% of that needed to acquire the same earning power through
the negotiated acquisition of another enterprise.
沒有留言:
張貼留言