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巴菲特非常引以为傲的强项就是资本配置。什么是资本配置呢?就是将企业所有不同来源的资源进行组合和分配,让股东产生最大权益。举例来说,一家公司如果产生了比预期多的现金,管理团队该如何动用这些现金?有几种做法:1买回自家股票;2多发放股利;3多买设备增加产能;4增加研发费用;5并购。这5种不同选项,都会对公司财务产生很大的影响,至于多大的比例以及放在什么位置,都会有很大的不同。以上5个不同方向就像男女择偶,选择不同对象,未
Buffett is very proud of the strength is the capital allocation. What is the allocation of capital? It is to combine and distribute all the resources of different sources in the enterprise so that the shareholders have the greatest rights and interests. For example, if a company generates more cash than expected, how does the management team use the cash? There are several ways to do this: 1 buy your own stock; 2 pay more dividends; 3 buy more equipment to increase capacity; 4 increase your research and development costs ; 5 mergers and acquisitions. These five different options will have a great impact on the company’s financial affairs. As for the ratio and the location, there will be a big difference. More than 5 different directions like mate mate, choose different objects, not