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翻译：廖斌 01 — 正确的估值方法只有一种 At Berkshire we take a more demanding
approach, defining investing as the transfer to others of purchasing power now
with the reasoned expectation of receiving more purchasing power – after taxes
have been paid on nominal gains – in the future. More succinctly,investing is forgoing consumption now in order to have the ability to consume more at a
later date. 1 Intrinsic value is an all-important concept
that offers the only logical approach to evaluating the relative attractiveness
of investments and businesses. Intrinsic value can be defined simply: It is the
discounted value of the cash that can be taken out of a business during its
remaining life. 2 Leaving aside tax factors, the formula we use for
evaluating stocks and businesses is identical. Indeed, the formula for valuing all assets that are purchased for financial gain. 3 在伯克希尔，我们对投资有更严格的定义：把当前的购买力转让给他人
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