来源：雪球App，作者： 王冠亚，（https://xueqiu.com/4525540121/254816505）

巴菲特致股东的信原文精读Day26：

巴神原文：10.We will issue common stock only when we receive as much in business value as we give. This rule applies to all forms of issuance—not only mergers or public stock offerings, but stock-for-debt swaps, stock options, and convertible securities as well. We will not sell small portions of your company—and that is what the issuance of shares amounts to—on a basis inconsistent with the value of the entire enterprise.

When we sold the Class B shares in 1996, we stated that Berkshire stock was not undervalued—and some people found that shocking. That reaction was not well-founded. Shock should have registered instead had we issued shares when our stock was undervalued. Managements that say or imply during a public offering that their stock is undervalued are usually being economical with the truth or uneconomical with their existing shareholders’ money: Owners unfairly lose if their managers deliberately sell assets for 80￠ that in fact are worth $1. We didn’t commit that kind of crime in our offering of Class B shares and we never will. (We did not, however, say at the time of the sale that our stock was overvalued, though many media have reported that we did.)

英文释义：1.“issue”意为“发行”；“common stock”意为“普通股”；

2.“mergers”意为“并购”；“stock-for-debt swaps”意为“以股抵债”；“stock options”意为“股票期权”；“convertible securities”意为“可转换证券”；

3.“amounts”意为“金额”；“inconsistent with”意为“与…不一致”；

4.“undervalued”意为“低估”；

5.“well-founded”意为“理由充足的”；“not well-founded”意为“没有道理的”；

6.“registered”意为“发表意见”，此处引申意为“表现出来”；

7.“say”意为“明说”；“imply”意为“暗示”；

8.“economical with the truth”意为“隐瞒真相”；“uneconomical with their existing shareholders’ money”意为“挥霍现有股东群体的财富”；这里“economical”与“uneconomical”形成对应，用得非常巧妙；

9.“unfairly”意为“不公平地”，“deliberately”意为“蓄意地”；

10.“commit that kind of crime”意为“犯…的罪”；“overvalued”意为“高估”。

投资解读：巴菲特讲，当且仅当我们得到的商业价值和我们付出的一样多时，我们才会发行普通股。这一规则适用于各种形式的股份发行，不仅仅是并购或者股票公开发行，还包括以股抵债、股票期权、可转换证券，等等。发行新股所得金额，实际上就是出售了公司原有股东的一部分权益。如果这一部分权益的发行价与整家企业的估值不一致，那么巴菲特就不会这样做。

巴菲特回忆说，1996年伯克希尔发行B股时，他就声明说，伯克希尔的股票没有被低估，当时很多人对这种说法感到震惊。巴菲特认为，这样的反应实在是没有道理。如果股价被低估了，巴菲特还在发行新股，那才让人感到震惊呢。当一家公司发行新股时，如果管理层明说或者暗示自家的股票被低估，要么就是没说实话，要么就是在挥霍原有股东群体的财富：如果管理层明知道股票被低估，还蓄意地将价值1美元的资产以80美分的价格出售，这当然会让原有股东群体遭受到不公平的损失呀！巴菲特声明说，当伯克希尔发行B股时，他并没有犯这种“罪过”，而且以后也不会。不过，当时巴菲特也没有说伯克希尔的股票被高估了，虽然很多媒体报道称巴菲特这样说过。

手抄原文：

大声朗读：大家请自由发挥，哈哈哈！大家的手抄原文，也可以在评论区上传打卡。很多朋友的英文书写都很棒，每天我会选一位字迹美观的转发~