巴菲特谈企业价值.docxVIP

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。 全文如下： 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 samebusiness - Scott Fetzer. In the O (for old) column we have shown what the companys 1986 GAAPearnings would have been if we had not purchased it; in the N (for new) column we