8. 关注公司的股利政策
原文
General company would tell shareholders report dividend policy， but usually will not give a detailed explanation， and some companies will say that our target payment of 40% -50% of the surplus to pay dividends， and at the same time the rate of increase to the Consumer Price Index （CPI）， so.no analysis to explain why such policy would beneficial to the shareholders， however， allocate capital for corporate and investment management is very important， so we think the managers and owners should think about in what circumstancessurplus retained or to be allocated will be most advantageous to shareholders. The first thing to understand is that not all of the surplus will produce the same results in many businesses， especially those capital-intensive （asset / profit ratios） company， inflation often makes the book the surplus into human illusion， this the surplus is often restricted and can not be treated as the real dividend to award must be retained for reinvestment in order to maintain the economic substance and allows the company to see if reluctantly issued， will lose their competitiveness in the following aspects： （1） to maintain the capacity of the original sales volume （2） to maintain its long-term competitive advantage （3） to maintain its financial strength， regardless of their dividend payout ratio is how conservative a company if often this past will make its destined to be phased out， unless you repeatedly suppressing injection of more funds.
——摘自1984年巴菲特写给全体股东的年报
译文
一般公司都会和股东报告股息政策，但通常都不会给出详细的解释，有些公司会说我们的目标是发放40%-50%的盈余，并以消费者物价指数所增加的比率派发股息，仅此而已。他们并没有向股东解释这类的政策为何会有利 ，然而，资金方面的配置对于任何企业或者投资管理而言都是异常关键的一部分，因此我们觉得经理人和所有权人都应该认真思考在何种情况下将盈余保留或者再分配才是对股东最有利的。在我看来，首先应该明白的是，并不是所有的盈余都能释放出一样的成果，很多企业尤其是一项资本密集的公司，通货膨胀大多会使其账面盈余成为人为的假象，这种受到限制的盈余根本很难被看成是真正的股利，假如非要勉强发放股利，将会让企业在以下一些方面失去竞争力：（1）使原有销售数量失去竞争力（2）失去长期竞争的优势（3）失去原有财务实力的优势。因此，无论其股利发放率如何保守，一家公司假如任其往不良方向发展的话，终将面临淘汰，除非一再打压注入的资金。
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