Labitan.沃伦.巴菲特文集(EN)——The_Warren_Buffett_Bu(3)

TAXATION AND INFLATION .......................................................................................................................... 32

"LOOK-THROUGH" EARNINGS..................................................................................................................... 34

NON-INSURANCE OPERATIONS .................................................................................................................... 35

CORPORATE GOVERNANCE .......................................................................................................................... 38

EQUITY VALUE-ADDED ................................................................................................................................... 40

EFFICIENT MARKET THEORY ...................................................................................................................... 42

EBITDA OR EBDIT ............................................................................................................................................. 43

CAPITAL STRUCTURE ..................................................................................................................................... 45

JUNK BONDS ....................................................................................................................................................... 46

SOME MISTAKES ............................................................................................................................................... 46

THE INSTITUTIONAL IMPERATIVE ............................................................................................................. 47

ARBITRAGE ......................................................................................................................................................... 49

INSURANCE OPERATIONS .............................................................................................................................. 52

MEASURING INSURANCE PERFORMANCE ............................................................................................... 54

COST AND RETURN ON CAPITAL ................................................................................................................. 55

THE MANAGER-OWNER RELATIONSHIP: ................................................................................................. 56

BONDS, VALUATION APPROACH ................................................................................................................. 58

CONVERTIBLE PREFERREDS AND STRUCTURED INVESTMENT ...................................................... 60

ZERO-COUPON SECURITIES .......................................................................................................................... 62

INVESTMENT BANKERS .................................................................................................................................. 65

ADVANTAGE IN PURCHASING ...................................................................................................................... 65

INSURANCE OPERATIONS ADVANTAGE ................................................................................................... 66

GENERAL RE ....................................................................................................................................................... 66

THE BORSHEIM ADVANTAGE ....................................................................................................................... 67

SUPER-CATS ADVANTAGE ............................................................................................................................. 67

COCA-COLA AND GILLETTE ADVANTAGES ............................................................................................ 68

CAPITAL STRENGTH ADVANTAGE ............................................................................................................. 69

ACQUISITIONS ................................................................................................................................................... 69