巴菲特谈企业价值.docVIP

巴菲特谈企业估值（1986年） 范闻备注：全文摘自1986年巴菲特致股东信的附录部分，原汁原味。为方便深刻理解巴菲特的投资理念，特采用中英文对照方式。这是巴菲特本人对企业估值的一次全面阐释。 Appendix???附录 Purchase-Price Accounting Adjustments and the Cash Flow Fallacy ????购买法会计调整数与「现金流量」的谬误 ?? First a short quiz: below are abbreviated 1986 statements of earnings for two companies. Which business is the more valuable? 首先先来个小考：以下是两家公司的财务报表，请问哪一家比较值钱? ? 图1： ? As youve probably guessed, Companies O and N are the same business - Scott Fetzer. In the O (for old) column we have shown what the companys 1986 GAAP earnings would have been if we had not purchased it; in the N (for new) co