巴菲特简介ppt

of management quality РIs management rational??Is management candid??Does management resist the institutional imperative?РRationalityРIf pany generates high returns on equity, the duty of management is to reinvest those earnings back into pany, for the benefit of shareholders??If the earnings cannot be reinvested at high rates, management has three options:?ignore the problem and continue to reinvest at below-average rates?buy growth ?return the money to the shareholders, who then might have a chance to reinvest the money elsewhere at higher rates??In Buffett’s mind, only one choice is rational, that is option 3РCandorРBuffett believes that a manager who confesses mistakes publicly is more likely to correct them? ?Managers who discusses the failures of pany with shareholders are admirable