內在價值
實際價值才是王道
 
In the next section, I would like to say a few words about the often mentioned the concept of the real value of a during corporate mergers and acquisitions and equity investments, it is important but difficult to clearly defined criteria in the last four years, the annual report, that is, assuming that the company, we provide a table that we think can be most able to estimate the real value of Berkshire,just updated information table artificial General Re’s figures added since the year the outset we have, the figures of the first column on our behalf has the per share amount of investment (including cash and cash equivalents, net of securities held by the Finance unit),and the second column is the per share inafter deducting interest and operating expenses, Berkshire from the business interests of the industry (but before income tax and purchase accounting adjustments) and, of course, the latter has been deducted from the first column of the investment contribution dividend income, interest income and capital gains, in fact, from this table can be seen if Berkshire is split into two parts, then what would become of the result would be tantamount to an investment position held by the holding company, as well as another operating all of our businesses and bearing all the cause of corporate costs.
 
―—摘自1999年巴菲特寫給全體股東的年報
 
譯文
 
在接下來的這一部分裡，我要說說經常被提及的有關實際價值的概念。可以說，這是一個投資者在進行企業並購業務或者進行股票投資時，非常重要且又很難清晰界定的標準。