Kukosha Kwekugadziriswa Kwakawanikwa uye Cash Zvikamu
Berkshire Hathaway Chairman uye Mutungamiri Mukuru, Warren Buffett, akagadzira mamiriyoni emushambadzi wezvikamu anozivikanwa sekutarisa kuburikidza nemari yekubhadhara mari yose yakabhadharwa kune vatengesi nemari yakachengetwa nebhizimisi. Nheyo yekutarisa kwake-kuburikidza nemari yekuwana mari ndeyekuti mitsva yose yekambani inobhadhara vatinhi vemabhizimisi kana vachibhadharwa semari inowanikwa mari kana kuti vachirima zvakare mukambani. Kubudirira kwekutsvaga, maererano naBuffett, kunotenga zvakanyanya kutarisa kuburikidza nemari inowanikwa pamadhora ekuderera uye kubvumira kuti chikamu cheporofiti chizive nekufamba kwenguva.
Nzira yekuverenga sei Tarisa kuburikidza nemari
Kazhinji, kambani inoratidzira zvakakosha uye inoderedzwa mari yekugoverana kwegairo (somuenzaniso, kana isu tine danho shure munguva, Washington Post yakarondedzera mari inoshandiswa muga wega ye $ 25.12 mugore rekusvitsa rakapera 2003.) Dzimwe nguva, chikamu chemari inobhadharwa kune vashandi vekutsvaga semafambisi emari (eg, Washington Post yakabhadhara $ 7.00 mari yemugove wemari kune vashandi, zvakare, muna 2003.) Yakarongwa neimwe nzira, ye $ 25.12 yakaderedzwa mubhadharo wega yega inowanikwa nekambani, $ 7.00 yakatumirwa kune mugove wega wega mune fomu chekuongorora chekugovera chavanogona kutora kubhengi ravo uye mari yakasara yeR $ 18.12 yakadzorerwa zvakare mumabhizimisi eSearch Washington ayo akange akabatanidza mapepanhau, masangano ezvidzidzo, uye zviteshi zvepafa.
Kusiya mari yematengo kuchinja , mutengesi ane zvikamu 100 zveWashington Post nhengo imwechete yaive yakagamuchira madhora mazana manomwe emari pamagumo egore rimwe (zvikamu 100 x $ 7 per share dividend). Zvinonzwisisika, zvakadaro, mari ye $ 1,812 iyo "yaiva" kune avo vashandi uye yakadzorerwazve mubhizinesi reWashington yaive nehuwandu hwezvemari uye yakange isingagoni kuregererwa, pasinei nokuti haana kumbobvuma kuwana mari yacho zvakananga.
Panofungidzira, purogiramu inobhadharwa ingadai yakaguma nemutengo wepamusoro wemadhora munguva.
Sezvambotaurwa, Buffett anotarisa-kuburikidza nemari yekuwana mitero inoedza kunyatsotarisa zvikwereti zvese zvinowanikwa kune anowirima - zvose zvakachengetwa uye izvo zvakabhadharwa sezvikamu. Tarisa-kuburikidza nemari inowanikwa inogona kuverengwa kuburikidza nokutora chikamu chekugadzirisa chikamu chemari yekambani uye kubvisa mitero inenge yakakodzera kana zvikwereti zvose zvakagamuchirwa semugove wemari . Kuenzanisira pfungwa iyi: fungidzira John Smith, muveji wekudyara, ane puroforeti ine zvivimbiso zviviri - nzvimbo yakawanda yekugadzirisa guru guru reWal-Mart uye yewaini inodhaka juggernaut Coca-Cola. Mamwe mapoka emakambani aya ari kubhadhara chikamu chemari yavanowana kunze kwezvikamu, asi kana John aifanira kungoona chete zvikamu zvemari zvakagamuchirwa semari inowanikwa, aisazvidza mari yakawanda yakanga iri kuwedzera kune zvaaibatsira. Kunyatsoona kuti mari yake inoshanda sei, Johane anoda kuverenga kutarisa-kuburikidza nekuwana kwake. Zvechokwadi, ari kupindura mubvunzo uyu, "mari yakawanda sei mushure mekutora mari yandingadai ine nhasi kana makambani andinazvo akaripa 100% yehuwandu hwehupfumi hwakataurwa?"
Stock Position 1: Wal-Mart
Muna 2004, Wal-Mart akarondedzera mari inoderedzwa mugove we $ 2.03.
Zvikamu zvaJohn zvakabhadhara pa15% uye ane zvikamu zvishanu zveWal-Mart. Maonero ake ekubudirira, saka, ndeaya anotevera: $ 2.03 mari yakaderedzwa x 5,000 chikamu = $ 10,150 kuteresa * [1 - .15 mutengo mutengo] = $ 8,627.50.
Stock Position 2: Coca-Cola
Muna 2004, Coca-Cola yakarondedzerwa kubhadharwa mari yega yega ye $ 1.00. John ane zvikamu gumi nezviviri zvezvikwata zvinowanikwa nekambani. Kutarisa kwake kuburikidza nemari inobhadharwa kunogona kuverengwa sezvinotevera: $ 1.00 inowanikwa mubhadharo x 12,000 chikamu = $ 12,000 kusati kwabhadhara [1-.15 mutengo mutengo] = $ 10,200.
Zvose Tarisa-kuburikidza Nemigumisiro Yese YePodfolio
Nokuratidza kubhadharwa kwemari yakawanikwa neavo stockings, tinoona kuti John anotarisa kuburikidza nemari ye $ 18,827.50 mushure mekunge ($ 8,627,50 + $ 10,200). Zvingava kukanganisa kuti atangoteerera $ 6 630 * iyo yakagamuchirwa sezvikamu zvemari pamutero wekutevera.
Nzwisisiro inowanzotiudza kuti imwe $ 12,197.50 yakanga yakarimwa zvakare kumakambani maviri akanga achiwedzera kubatsiro yake zvechokwadi yakanga yakakosha.
Kutarisa-kuburikidza nemigumisiro Kusarudza Kutenga uye Kutengesa Zvisarudzo
Ndeipi Johane anofanira kutengesa nzvimbo dzake dze Coca-Cola kana kuti Wal-Mart? Kana iye akagutsikana kuti imwe mukana wekutsvaga huchaita kuti iye atenge zvakanyanya kutarisa-kuburikidza nemari yekuwana uye kuti kambani inonakidzwa nehutano hwakadaro mukubhadhara pamusana pemutemo kana kukwikwidzana , angave akakodzera kutengesa zvikamu zvake uye kuenda kune imwe kambani (chinyorwa chokuti munyaya yeWal-Mart neCoca-Cola, zvisinei, hazvigoneki kuti mumwe munhu achawana sangano rine mari inokwikwidzana yakakwikwidzana uye yezvokugadzirisa zvemari.) Benjamin Graham, baba vane kukosha kwekuisa mari uye munyori wekuchengetedzwa kwekuchengeteka uye Akachenjera muInvestor, akakurudzira kuti mutengesi aomere pane makumi maviri kubva ku20 kusvika ku30% mamwe mahomwe kuti awane chikonzero chekutengesa imwe nzvimbo uye kuenda kune imwe.
Uyezve, Johane anofanirwa kuongorora kushandiswa kwemari yake kuburikidza nemigumisiro yekushanda kwebhizimisi, kwete inowedzero yezviyo. Kana kutarisa kwake kuburikidza nekuwana kwacho kuri kukura nekukurumidza uye kutarisira kunogadzirisa chikamu-chakanaka chinotarisirwa, mutengo wekutengesa unongova nehanya nekuti zvichamubvumira kutenga zvimwe zvikamu pamutengo unofadza; izvi kuchinja kunongova kuguma kwaMu Market . I $ 18,827.50 mukutarisa-kuburikidza nemari yakawanikwa Johane inorondedzerwa iyo yose seyechokwadi kumapfumi ake sekunge iye ane yegezi yekushambidza, chivako cheimba kana pharmacy. Nokutsvaga kubva mubhizinesi rezvebhizimisi, Johane ari nani kukwanisa kuchenjera, panzvimbo yekunetseka, zvisarudzo. Chero bedzi kukwikwidzana kwekambani kusina kuchinja, John anofanirwa kutarisa madonhwe makuru mumutengo weWal-Mart uye yaAngland-Cola yakawanda semukana wekuwanazve kutarisa-kuburikidza nemari yekuwana pamutengo wekutengesa.
Kukosha kwekutarisa-kuburikidza nekubudirira mukuongorora kwekambani
Makambani akawanda anowedzera mune mamwe mabhizinesi. Pasi Pemagariro Akagamuchirwa Kubika Mazano (GAAP), mari yezvikwereti izvi inoratidzwa mune imwe yenzira zvitatu: nzira yekubhadhara, nzira yekuenzanisa kana nzira yakasimbiswa. Nzira inoshandiswa inoshandiswa kune zvigaro zvinomiririra pasi pe makumi maviri kubva muzana kutonga kwekuvhota; iyo inongopa chete zvikamu zvakagamuchirwa nekambani yekubatsira. Kukanganisa uku ndiko kwakakonzera Buffett kutsanangura pamusana pekupihwa kusinganzwisisiki kune tsamba dzake dzevatengesi; Berkshire, zvose panguva iyoyo uye ikozvino, yakanga ine mari yakawanda mumakambani akadai seCoca-Cola, Washington Post, Gillette, uye American Express. Makambani aya ari kubhadhara chikamu chiduku chekuwana mahomwe avo ose maitiro ezvimwe zvikamu uye, zvichiguma, Berkshire yaiwedzera pfuma yakawanda kuvaridzi kupfuura yakaratidzwa mune zvinyorwa zvemari. Kuti uwane mamwe mashoko, ona Minority Interests pamusoro peNhepfenyuro yeNyaya - The Cost Method, Equity Method uye Consolidated Method .
** Kuverenga kwemari-chikamu pane imwe mushure mitezo:
Wal-Mart: $ .36 per share mari inowanikwa zvikamu * 5,000 chikamu = $ 1,800 * [1 - .15 mutengo mutengo] = $ 1,530 mushure mekutere
Coke: $ .50 per share mari inokwana * 12,000 chikamu = $ 6,000 * [1 - .15 mutengo mutengo] = $ 5100 mushure mekutere
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$ 6 630 mushure mekunge mutero wemari inowanikwa