這次的股東信中,巴菲特想澄清一件事情。他說,波克夏常被稱為是企業集團(Conglomerate)。看起來的確是這樣,波克夏持有的股份遍及各行各業。有保險事業、能源、鐵路、蘋果、可口可樂、糖果公司。
但巴菲特說,這需要做個區分。傳統上說的企業集團,往往是透過100%併購其它公司來擴增企業版圖。這會帶來兩個問題。
第一個,值得投資的企業未必會接受外人100%出資收購。
第二則是,為了100%的控制權,買進的公司往往要付出相當的溢價(Control premium)。
為了支應這些高額支出,想建立集團帝國的公司知道方法,那就是抬升自家股價。
巴菲特有個傳神的說法:
“我想買你的狗。歐,你的狗一隻一萬元。我這裡剛好有兩隻貓,一隻市價五千。跟你換好嗎?”
為了讓換股交易成功執行,讓公司有足夠”資本”,往往必須拉升股價。
於是開始公關操作鼓吹公司前景,或在會計項目上動手腳。嚴重者可能步入詐欺的範疇。
這不是好現象。這也不是波克夏的情形。
巴菲特說,波克夏特別之處在於它可以100%持有一家公司,也可以只是一家公司的部分所有者。兩種方式都可以。
假如不需介入經營,就一樣可以享有公司成長與經營的果實,何樂不為呢?
你將一家公司的股權100%買下,然後親自管理一家公司。假如你做的還比原本的管理者差,或是市場環境不利,你還可能虧錢。
在企業管理的世界,並不會因為你做更多,做的事情更複雜,就一定會有回報。
巴菲特原文是這樣寫的:
“You are awarded no points in business endeavors for ‘degree of difficulty.’ “
在投資管理的世界,也是一樣的道理。
投資人去讀財務報表,出席股東會,或甚至親自採訪公司,把投資弄得很辛苦,很複雜,其實未必會拿到更好的成果。
巴菲特引用雷根的話:
“It’s said that hard work never killed anyone, but I say why take the chance.”
“雖然俗語說努力工作從未殺死人。但我說,何必冒這個險呢?”
完整討論,與波克夏股價表現落後指數幅度,可見今天文章:
https://greenhornfinancefootnote.blogspot.com/2021/03/20211buffetts-letter-to-shareholders.html
同時也有18部Youtube影片,追蹤數超過26萬的網紅志麻ちゃんねる,也在其Youtube影片中提到,バイオ大好き歌い手が完全新作のバイオ8を実況プレイ! 時間は未定、区切りのいいところで終わります! ※志麻が助けを求めたときのみネタバレあり。 ※新作につきネタバレを多く含みます。ご視聴には注意してください。 I play in biohazard Village. The degree of ...
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degree of difficulty 在 Dr. Kayla Teh Facebook 的精選貼文
Would you visit your dentist amidst the COVID-19 outbreak?
Dental professionals, including dentists, nurses, dental therapists, and so much more other dental auxiliaries, are placed into a difficult position amidst this crisis.
We are the people who have to look into a patient’s gaping mouth in such close distance. We face directly with their blood, saliva and other body fluids. The dental aerosol (water and air spray) coming out from our hand-piece & scalers while drilling your tooth or scaling your teeth, can potentially carry airborne microorganisms and viruses from your mouth into the air.
This poses a risk not just to the dentists, but to everyone in the clinic as well. (To learn more on COVID-19 transmission in dental settings, scroll to the end for the relevant journal)
Now imagine. What if one patient had been infected with COVID-19, but doesn’t realise it...yet?
Yes, we disinfect. Yes, we wear all the Personal Protective Equipment we have. But no matter how careful we are, no matter how lowered the risk are...the risk will always be there.
Although the COVID-19 outbreak has worsen drastically in our country the past few days, there are still a lot of people who insisted on getting non-urgent Dental Treatment at clinics with huge patient flow.
If you have fever (>38 Degree Celsius), cough, difficulty in breathing or sore throat, PLEASE don’t attend to certain dental clinics where there’s a huge amount of Old patients waiting for their denture appointments. Where there’s Young kids suffering from toothache and seeking for emergency treatment. Give priority to people who URGENTLY need dental treatment.
Trust me. It does not feel good when we have to reject patients who recently travelled high-risk countries & show dangerous symptoms. We are trained to be sympathetic. To be empathetic with our patients. And it does not feel good at all when we have to advise these patients to self-quarantine (plus getting scolded by some patients). But it is a NECESSARY step and more Malaysians NEED to understand this.
Just know that necessary precautions and protocols are being strictly adhered to, but it takes the patients to cooperate as well.
Let’s be considerate and be safe.
Learn more here:
https://www.nature.com/articles/s41368-020-0075-9
P.S. Pic was taken years back, and not in the mentioned clinic, just to prevent unnecessary false news being spread. This is just to get the message out from the point of view of a dental professional. This is not to cause a panic, but to spread awareness. Stay safe!
degree of difficulty 在 KAKA LAM 嘉嘉 Facebook 的精選貼文
PRODUCTS REVIEW - AWARENESSORGANIC
1. REJUVENATING RADIANT SERUM 5ml & 15ml
💡DETAILS: Deeply nourish and revitalise your skin with 100% natural anti-aging serum. Formulated to brighten and soothe while softening fine lines, Rejuvenating Radiant Serum combines the wonders of nature with pure science. Luxurious Prickly Pear Seed Oil and Maracuja Oil help make the pores appear tighter. This powerful wildcrafted combination of botanicals repairs sun damage. And high levels of Linoleic Acid heal the skin from within. Rich with antioxidants, their ethically-sourced ingredients protect your skin from free radicals and give you a healthier, youthful glow. With added Rosehip Seed Oil and Argan Oil, the Rejuvenating Radiant Serum adds a gorgeous, healthy glow to the skin. These oils also help improve skin elasticity and make the skin appear glowy. Their lightweight, non-greasy serum easily absorbs into the skin for ultimate, moisturising hydration without the residue. Harness the power of their carefully formulated botanical serum’s deeply hydrating, healing properties designed to leave your skin glowing.
✳️INFO: [Benefits] Soothes and hydrates skin + Improves sensitive and maturing skin complexion + Improves skin elasticity by strengthening the collagen layer + Reduces the size of wrinkles and improves skin micro texture + Improves the appearance of dark circles
🔴MY REVIEW: Rejuvenating radiant serum is lightweight and absorbs quickly without leaving an oily layer on my skin. I use it morning and night paired with Heart-Shaped GUA SHA Facial Tool. It makes my face supple and soft. I use it most with my dry sensitive skin and my eczema as well. It works great for my dry areas that tend to scab or crack. Especially I love using this serum before bed. It has a great scent that isn’t overpowering and won’t leave oil spots on my pillow cases. Looking forwards to seeing the long term results.
3. HEART-SHAPED GUA SHA FACIAL TOOL [JADE]
💡DETAILS: Brightening gemstone Jade is highly effective at eliminating toxins by promoting lymphatic drainage – the body’s natural detoxification process. It also boosts circulation to the epidermis to create a visible glow and alleviates facial tensions with its calming qualities.
4. HEART-SHAPED GUA SHA FACIAL TOOL [ROSE QUARTZ]
💡DETAILS: Commonly referred to as the ‘stone of universal love’ Rose Quartz is believed to balance the heart and boost the circulatory system by oxygenating the skin. It can help relieve the pressures of daily life by calming the body, mind, and soul while soothing the skin to bring out its natural radiance.
✳️INFO-1: Their Rose Quartz Gua Sha and Jade Gua Sha Facial Tools are 100% natural gemstones. Each stone is unique, varying in size, colour, and appearance. [Benefits] Defines the jawline + Improves skin tone + Restores skin elasticity + Promotes cellular repair + Firms sagging facial muscles + Lifts and rejuvenates mature skin + Promotes lymphatic drainage to eliminate toxins + Reduces the appearance of fine lines and wrinkles + Reduces the appearance of dark circles under the eyes + Stimulates the flow of oxygenated blood to the epidermis
✳️INFO-2: [How to Use your Gua Sha Facial Tool] For best results, they recommend using your Gua Sha Facial Tool with their Rejuvenating Radiant Serum so that it glides with ease. Apply a few drops to clean, dry skin, before using your Gua Sha to massage your neck, jawline, and face with long scraping strokes, going upwards and outwards to lift and revitalise. As facial skin is delicate, place your Gua Sha Tool at a 45-degree angle to the face and keep your scraping motions light. Repeat two or three times, always using upwards and outwards strokes, to massage your way to a relaxed state and radiant, youthful skin.
✳️INFO-3: Gua Sha has been used in Traditional Chinese Medicine for centuries to treat a range of skin conditions, improve overall skin health, and promote radiance. An integral part of many beauty rituals, Gua Sha Facial Tools not only stimulate the flow of oxygenated blood to the epidermis, but they promote cellular repair to leave the skin smoother, lifted, and visibly younger; making them a valuable skincare tool for mature skin. Their Gua Sha Facial Tools are handmade from 100% natural gemstones, with both Rose Quartz and Jade options available. Heart-shaped for improved handling, they glide across the skin to promote a brighter complexion while soothing facial tension, relaxing the jawline, and instilling an overall feeling of wellbeing. A popular alternative to face rollers, Gua Sha Facial Stones are lightweight, portable, and suitable for use throughout the day to give the skin a natural facelift with a mini workout that promotes blood circulation, drains the lymph nodes, and contours the face for a more refined and youthful look. They are also highly effective at relieving muscular tensions and alleviating mild headaches.
🔴MY REVIEW: They are beautiful and the curves and angles have been able to work on my whole face with no difficulty. They are sturdy but also soft for the face. Excellent quality and easy to use. I’ve been using Rejuvenating Radiant Serum with it to massage my face at night before bed and really quickly in the morning to give my face a nice glow for the day. Looking forward to see what the results will be long term. I highly recommend these.
📌Disclaimer: I received these products for free in return for providing my honest and unbiased review. Please note that what may work for me, may not work for anyone else. Results may vary from person to person, so please take this into consideration if you decide to try those products.
🔎OFFICIAL WEBSITE - https://www.awarenessorganics.com
🔎FACEBOOK - https://www.facebook.com/awarenessorganic/
#awarenessorganic #awarenessorganics #greenbeauty #organicskincare #guashatherapy #guasha #freefromtoxicchemicals
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degree of difficulty 在 志麻ちゃんねる Youtube 的最佳解答
バイオ大好き歌い手が完全新作のバイオ8を実況プレイ!
時間は未定、区切りのいいところで終わります!
※志麻が助けを求めたときのみネタバレあり。
※新作につきネタバレを多く含みます。ご視聴には注意してください。
I play in biohazard Village.
The degree of difficulty is hard core.
I look forward to the comment from overseas one.
バイオハザードヴィレッジの再生リストはこちら
https://youtube.com/playlist?list=PLkemywxPWfEor8Un8BXVURxaTcN7O11br
■Twitter
https://twitter.com/shima_s2
■Youtube
https://www.youtube.com/c/shimachannel
■ニコニコ動画
https://www.nicovideo.jp/mylist/19444428
■Instagram
https://www.instagram.com/shima__s2
志麻公式LINEはこちら!SNSに載せてない自撮りやつぶやきを発信しています!
https://lin.ee/4v8cAtY
#バイオハザード
#バイオハザードヴィレッジ
#バイオハザード8
degree of difficulty 在 志麻ちゃんねる Youtube 的最佳貼文
バイオ大好き歌い手が完全新作のバイオ8を実況プレイ!
時間は未定、区切りのいいところで終わります!
※志麻が助けを求めたときのみネタバレあり。
※新作につきネタバレを多く含みます。ご視聴には注意してください。
I play in biohazard Village.
The degree of difficulty is hard core.
I look forward to the comment from overseas one.
バイオハザードヴィレッジの再生リストはこちら
https://youtube.com/playlist?list=PLkemywxPWfEor8Un8BXVURxaTcN7O11br
■Twitter
https://twitter.com/shima_s2
■Youtube
https://www.youtube.com/c/shimachannel
■ニコニコ動画
https://www.nicovideo.jp/mylist/19444428
■Instagram
https://www.instagram.com/shima__s2
志麻公式LINEはこちら!SNSに載せてない自撮りやつぶやきを発信しています!
https://lin.ee/4v8cAtY
#バイオハザード
#バイオハザードヴィレッジ
#バイオハザード8
degree of difficulty 在 志麻ちゃんねる Youtube 的最佳貼文
バイオ大好き歌い手が完全新作のバイオ8を実況プレイ!
時間は未定、区切りのいいところで終わります!
※志麻が助けを求めたときのみネタバレあり。
※新作につきネタバレを多く含みます。ご視聴には注意してください。
I play in biohazard Village.
The degree of difficulty is hard core.
I look forward to the comment from overseas one.
バイオハザードヴィレッジの再生リストはこちら
https://youtube.com/playlist?list=PLkemywxPWfEor8Un8BXVURxaTcN7O11br
■Twitter
https://twitter.com/shima_s2
■Youtube
https://www.youtube.com/c/shimachannel
■ニコニコ動画
https://www.nicovideo.jp/mylist/19444428
■Instagram
https://www.instagram.com/shima__s2
志麻公式LINEはこちら!SNSに載せてない自撮りやつぶやきを発信しています!
https://lin.ee/4v8cAtY
#バイオハザード
#バイオハザードヴィレッジ
#バイオハザード8