第三，随着时间的推移_老虎社区_美港股上老虎 - 老虎社区

第三，随着时间的推移，很可能伯克希尔将成为重要股票回购者，交易价格将高于账面价值、但低于我们对内生价值的估计。回购将令每股内生价值上升、每股账面价值下降，将导致账面价值越来越与经济现实脱节。

请教各位，这段话是啥意思？$道琼斯(.DJI)$ $纳斯达克(.IXIC)$ $标普500(.INX)$

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精彩评论

yuripapa
2019-02-24
yuripapa
账面价值是个财务概念，因为伯克希尔是个家基金公司，那账面价值可以粗略看做公开市场当前价值(撇除可以忽略不计的负债比率)，内生价值可以简单描述为企业产生的利润价值
简单来意思是伯克希尔可能会加大回购力度，大量买方所以交易价格会高于当前市场价格。但他们自己觉得自己的企业按照盈利计算比公开市场价值高，因此我个人觉得这段话只是立场不客观的废话，就是会更回购自己公司股票，因为觉得股票比真实价格低。
- 韭菲特回复yuripapa:
  感谢指点！
- yuripapa回复韭菲特:
  至于每股账面是否下降，那是一个由回购股票数和回购价格两个变量形成的一个二元方程式，可以画一个曲线图，所以我说这些只是伯克希尔自己的预期
- yuripapa回复韭菲特:
  我没看到英文原文，我觉得原文的意思应该是以自有现金流以相对高价回购股票，因为现金也会计入总的账面价值，所以导致总的账面收益下降。
- 韭菲特:
  谢谢。但是“回购令每股内生价值上升，每股账面价值下降”我不明白，回购股票，流通股少了，分母变小，那不应该导致内生价值、账面价值都上升吗？
股神民
2019-02-24
股神民
怎样？

发表看法

6

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