Warren Buffett and the Interpretation of Financial Statements巴菲特教你读财报 115盘 下载 pdf txt 电子版 mobi snb docx

With an insider's view of the mind of the master, Mary Buffett and David Clark have written a simple guide for reading financial statements from Warren Buffett's succccessful perspective.

Buffett and Clark clearly outline Warren Buffett's strategies in a way that will appeal to newcomers and seasoned Buffettologists alike. Inspired by the seminal work of Buffett's mentor, Benjamin Graham (The Interpretation of Financial Statements, 1937), this book presents Buffett's interpretation of financial statements with anecdotes and quotes from the master investor himself.

Potential investors will discover:

• Buffett's time-tested dos and don'ts for interpreting an income statement and balance sheet

• Why high research and development costs can kill a great business

• How much debt Buffett thinks a company can carry before it becomes too dangerous to touch

• The financial ratios and calculations that Buffett uses to identify the company with a durable competitive advantage -- which he believes makes for the winning long-term investment

• How Buffett uses financial statements to value a company

• What kinds of companies Warren stays away from no matter how cheap their selling price

Once readers complete and master Buffett's simple financial calculations and methods for interpreting a company's financial statement, they'll be well on their way to identifying which companies are going to be tomorrow's winners -- and which will be the losers they should avoid at all costs.

Destined to become a classic in the world of investment books, Warren Buffett and the Interpretation of Financial Statements is the perfect companion volume to The New Buffettology and The Tao of Warren Buffett.

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巴菲特分析损益表主要关注以下8个指标：1.毛利率：巴菲特认为，只有具备某种可持续竞争优势的公司才能在长期运营中一直保持盈利，尤其是毛利率在40%及以上的公司，我们应该查找公司在过去10年的年毛利率，以确保是否具有持续性。2.销售费用及一般管理费用占销售收入的比例：越少越好，30%以下最好。3.研发开支：巴菲特总是回避那些必须经常花费巨额研发开支的公司，尤其是高科技公司。4.折旧费用：巴菲特发现，那些具有持续性竞争优势的公司相对于那些陷入过度竞争困境的公司而言，其折旧费实占毛利润的比例较低。5.利息费用：具有持续竞争优势的公司几乎不需要支付利息。在消费品类领域，巴菲特所钟爱的那些具有持续竞争优势的公司，其利息支出均小于其营业利润的15%。6.税前利润。7.净利润是否一致保持在总收入的20%以上。8.每股收益

对于巴菲特来说，利润的来源比利润本身更具有意义。

公司的可持续性竞争优势能够创造高毛利率，因为这种竞争优势可以让企业对其产品或服务进行自由定价，让售价远远高于产品成本。倘若缺乏持续竞争优势，公司只能通过降低产品及服务价格来保持竞争力。

毛利率较高的公司也有可能会误入歧途，并且丧失其长期竞争优势，一是过高的研发费用，其次是过高的销售和管理费用，还有就是过高的债务利息支出。这三种费用中的任何一种如果过高，都有可能削弱企业的长期经济原动力。这些被称为营业费用，它们是所有公司的眼中钉。

但在此注明：公司有可能因为股票回购计划而导致净利润的历史走势不同于每股收益。股票回购方案将减少流通股数量，从而增加每股收益。巴菲特关注公司净利润的真正走势。

债务股权比率=总负债/股东权益 使用债务股权比率作为判断公司是否具有持续性竞争优势的依据，其问题在于：一些具有持续性竞争优势公司的经济实力是如此强大，以至于它们根本不必使用大量的股东权益或留存收益就能提供公司正常的运作资金，有些公司甚至完全不需要这些收益。因为其强大的盈利能力，它们通常会将积累起来的股东权益和留存收益用来回购公司股票，这样会减少其股东权益或留存收益的总量。

当一个公司回购自身的股票时，有两种处理方式，要么直接将回购的股份注销，要么保留它们，以为今后可能再发行时使用。如果直接将它们注销的话，这部分股份就不复存在了。但是如果保留它们以备日后可能再发行时使用，它们将被记录在库存股票账户里。一库存股票方式存在的股份既没有投标表决权，也不享有分红的权力。一家公司具有持续性竞争优势的主要标志之一，就是其资产负债表上出现库存股票。

最好弄明白高股东权益回报率是财务处理的结果，还是因为公司杰出的业绩，或者两者皆有。为了区分各自的作用，我们将库存股票的负值转化成正值，并加到股东权益上，然后用这个新的股东权益除以公司的净利润。

要想知道一家公司是否在回购自身股票，可以到现金流量表上仔细查看其投资活动所产生的现金流。在那里，你将看到名为“发行（回购）股票”的一个账户。该账户列出了公司发行和回购股票的净额。

估算股票的市场价值的简单方法是，用每股盈利除以长期公司债券利率。巴菲特非常重视买入价格的高低。最好是在熊市中开始买入。当一家优质公司面临一个偶然的、可解决的困难时，一个完美的买入契机就从天而降。

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Review

"Just as top musicians memorize scales, and the best golfers perfect swings at the driving range, investors who want sustainable, good returns must master the critical basics that Mary Buffett and David Clark lay out for us in this clear explanation of Warren Buffett's methods. I don't think there has been a better time for investors to relearn the fundamentals. Follow these methods and you will see results!" - Timothy P. Vick, senior portfolio manager, The Sanibel Captiva Trust Company, and author of How to Pick Stocks Like Warren Buffett

书籍介绍

With an insider's view of the mind of the master, Mary Buffett and David Clark have written a simple guide for reading financial statements from Warren Buffett's succccessful perspective. Buffett and Clark clearly outline Warren Buffett's strategies in a way that will appeal to newcomers and seasoned Buffettologists alike. Inspired by the seminal work of Buffett's mentor, Benjamin Graham ( The Interpretation of Financial Statements , 1937), this book presents Buffett's interpretation of financial statements with anecdotes and quotes from the master investor himself. Potential investors will discover: • Buffett's time-tested dos and don'ts for interpreting an income statement and balance sheet

• Why high research and development costs can kill a great business

• How much debt Buffett thinks a company can carry before it becomes too dangerous to touch

• The financial ratios and calculations that Buffett uses to identify the company with a durable competitive advantage -- which he believes makes for the winning long-term investment

• How Buffett uses financial statements to value a company

• What kinds of companies Warren stays away from no matter how cheap their selling price Once readers complete and master Buffett's simple financial calculations and methods for interpreting a company's financial statement, they'll be well on their way to identifying which companies are going to be tomorrow's winners -- and which will be the losers they should avoid at all costs. Destined to become a classic in the world of investment books, Warren Buffett and the Interpretation of Financial Statements is the perfect companion volume to The New Buffettology and The Tao of Warren Buffett .