2009 巴菲特給股東的信 -讀後

每股內在價值不能精確的求得，只能
分配資金、控制企業風險、挑選經理人

Ajit Jain，保險業務的不可能承保者

保險業，無利息貸款

Dave Sokol，重整資產架構NETJETS，但沒有降低安全和服務標準。
CATHY PACific


When stock is the currency being contemplated in an acquisition and when directors are hearing from
an advisor, it appears to me that there is only one way to get a rational and balanced discussion. Directors should
hire a second advisor to make the case against the proposed acquisition, with its fee contingent on the deal not
going through. Absent this drastic remedy, our recommendation in respect to the use of advisors remains: “Don’t
ask the barber whether you need a haircut.”

用雙軌分析來定價收購案。HIRE AN advisor to agree and Hire another to disagree.

不能忽視rish management, 這太重要了

拿衍生工具作例子，不是不能持有，但是要了解透徹，
並同樣地，找認為定錯價的來投資。

股票認購投資例子。