生活與風(fēng)格的巴菲特方法論(編輯修改稿)
2025-03-05 04:24 本頁面
【文章內(nèi)容簡介】 ject the Annual Compounding Rate of Return ? PV / FV Formula Increasing Shareholder Value ? Stock Repurchases ? Decreases of shares outstanding ? Increases EPS ? Increase in share price ? Investor receives high return High Rates of Return on Equity ? Buffett views some stocks as equity/bond because of variable rates of return ? High ROE ? EPS will increase faster and at a higher rate ? Rates of return pete with the rate of return paid on government bonds Valuing Relative to Government Bonds Current per share earnings Rate of return for government bonds ? Determines the intrinsic value of the pany ? Compare this price with the market price Price = ShortTerm Arbitrage Opportunities ? Opportunities that arise upon the mergers or acquisitions of firms ? Profit is determined by the price spread ? Annual Return = CG – L (100% C)/YP ? C = expected chance of success (%) ? G = expected gain in the event of success ? L = expected loss in the event of failure ? Y = expected time of holding (years) ? P = current price of the security Let’s begin the Buffet Analysis! ? Do research and gather annual report on McDonald’s Corporation 1. Does McDonald’s have any identifiable consumer monopoly or do they sell a moditytype product? 2. Is the pany conservatively financed? Long Term Debt Total Liabilities + Shareholder’s Equity = 37% Buffettology 3. Are the earnings of the pany strong, and do they show an upward trend? 4. How does McDonald’s allocate capital? 5. Does McDonald’s make buybacks? Year Earnings 1986 $ 1987 $ 1988 $ 1989 $ 1990 $ 1991 $ 1992 $ 1993 $ 1994 $ 1995 $ 1996 $ More Buffettology 6. Does McDonald’s increase shareholder earnings? ? % rate of return ? $ 1986 share price ? $ in 1996 7. How is the pany’s return on equity? 8. Is the pany free to adjust prices to inflation? Year ROE 1986 % 1987 % 1988 % 1989 % 1990 % 1991 % 1992 % 1993 % 1994 % 1995 % 1996 % Price Analysis ? Initial Rate of Return and Relative Value to Government Bonds ? Government bond w/static rate of return: 7% ? McDonald’s equity w/initial rate of return: % increasing at an annual rate of
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