1.今天你阅读到的有价值的全文内容链接

Berkshire Hathaway Letters to Shareholders    (1977)

http://www.berkshirehathaway.com/letters/1977.html

2.今天你阅读到的有价值的内容段落摘录

Most companies define “record” earnings as a new high in earnings per share. Since businesses customarily add from year to year to their equity base, we find nothing particularly noteworthy in a management performance combining, say, a 10% increase in equity capital and a 5% increase in earnings per share. After all, even a totally dormant savings account will produce steadily rising interest earnings each year because of compounding.

Except for special cases (for example, companies with unusual debt‐equity ratios or those with important assets carried at unrealistic balance sheet values), we believe a more appropriate measure of managerial economic performance to be return on equity capital. In 1977 our operating earnings on beginning equity capital amounted to 19%, slightly better than last year and above both our own long‐term average and that of American industry in aggregate. But, while our operating earnings per share were up 37% from the year before, our beginning capital was up 24%, making the gain in earnings per share considerably less impressive than it might appear at first glance.

3.今天你阅读到的有价值信息的自我思考点评感想

的确，光看 earnings per share 的增长并不能说明该企业的效益有多好。因为每年的Stockholder’s equity 基数一直在增加。要看 Return on equity 才说明问题啊

4.昨日你阅读的时间量（小时计算，如0.5小时）

0.5小时

5.你参与活动至今的总时间量（小时计算，如20小时）

15小时

停牌4个多月的浙江富润，今天复牌。

半小时，20小时！！

1.今天你阅读到的有价值的全文内容链接
https://bbs.pinggu.org/thread-4406329-1-1.html
2.今天你阅读到的有价值的内容段落摘录
“房地产业关联度高、带动力强，已经成为国民经济的支柱产业……实现房地产市场持续健康发展，对于全面建设小康社会、加快推进社会主义现代化具有十分重要的意义。”早在2002年，朱镕基就指出：“房地产业里面的弊端大的不得了，里面的门道可多了……现在房地产有点热，不敢说过热，不能再这么干下去了。”
3.今天你阅读到的有价值信息的自我思考点评感想
国家有开始宽松政策了，也不知道是房价未来走向如何，可能两级分化是趋势
4.昨日你阅读的时间量（小时计算，如0.5小时）
1
5.你参与活动至今的总时间量（小时计算，如20小时）
15

1.今天你阅读到的有价值的全文内容链接
Trading in the zone https://bbs.pinggu.org/thread-2386785-1-1.html

2.今天你阅读到的有价值的内容段落摘录
What Does it Mean to Make Yourself Available?

Making yourself available means trading from the perspective that you have nothing to prove. You aren’t trying to win or to avoid losing. You aren’t trying get your money back or to take revenge on the market. In other words, you come to the market with no agenda other than to let it unfold in any way that it chooses and to be in the best state of mind to recognize and take advantage of the opportunities it makes available to you.

3.今天你阅读到的有价值信息的自我思考点评感想
这两天我也下了作者的另一本书，自律的交易员，之前出版的，但感觉质量完全没法跟这本相比，想成功，先看trading in the zone

4.昨日你阅读的时间量（小时计算，如0.5小时）
1小时

5.你参与活动至今的总时间量（小时计算，如20小时）
16小时