Ixabiso leMali yokuThutyelwa kweMali kunye neNgcaciso yeMali
U-Berkshire Hathaway uSihlalo kunye ne-CEO, uWarren Buffett, wadala i-metriki kumtyalo-mali oqhelekileyo obizwa ngokuba yi-look-through earnings to account for both money paid to investors and money retained by the shishini. Ingcamango yokujonga kwakhe-ngengozi yokufumana imali kukuba zonke iinzuzo zenkampani zizuzisa abanini-zimali ukuba ngaba zihlawulwa njengemali ehlawulwayo okanye ihlwayelwe kwinkampani. Ukutshala imali ngokuphumelelayo, ngokutsho kukaBuffett, uthengisa kakhulu ukufumana umvuzo kwixabiso eliphantsi kwaye uvumela iphothifoliyo ukuba iqonde ngokuhamba kwexesha.
Indlela yokubala Ukujonga-ngeNzuzo
Ngokuqhelekileyo, inkampani ibika iingeniso ezisisiseko kunye nokuhlaziywa ngegalelo ngesabelo ngasinye (umzekelo, ukuba sibuyele emva kwexesha, iWashington Post yabika ingxelo ehlawuliswayo yehora ngalinye nge-25.12 ngonyaka wezimali ophele ngomhla ka-2003.) Ngamanye amaxesha, inxalenye yerhafu iyahlawulwa kubanini-nxaxheba ngefom yezabelo zemali (umz., iWashington Post ihlawule i-$ 7.00 yesabelo semali kubanikazi abanini-mali, kwakhona, ngo-2003.) Yatsho enye indlela, ye-$ 25.12 imali ehlawulwayo yenzalo nganye ngenzuzo eyenziwa yinkampani, i-$ 7.00 yathunyelwa ngamnye isabelo-mali kwifom yesahlulo sokuhlawula abanokuyithatha ibhanki yabo kwaye i-18.12 eyaseleyo ibuyiswe kwimashishini angundoqo ase-Washington Post afaka amaphephandaba, iinkonzo zemfundo kunye nezitulo zeekhefri.
Ukungahoyi ixabiso lempahla yokutshintsha , umtyalo-mali ophethe ii-100 zeesahluko se-Washington Post esesigxina esifanelekileyo uye wafumana i-$ 700 yemali yemali ekupheleni konyaka owodwa (izabelo eziyi-100 x $ 7 ngesahlulo sesabelo ngasinye). Noko ke, ngokuqinisekileyo, i-$ 1,812 eyayiba "kumnini-shareholder" kwaye yabuyiselwa kwishishini laseWashington lixabisekile ngokoqoqosho kwaye ayikwazanga ukunyanzelwa, nangona engazange ayifumane imali ngqo.
Ngokwemfundiso, inzuzo eyabuyiselwayo yayiya kubangela intengo ephezulu yamasheya ngokuhamba kwesikhathi.
Njengoko kuthethwe ngaye ngaphambili, ukujonga kweBuffett-ngokufumana i-metric yokuzama ukuzalisa iakhawunti ngokupheleleyo kuyo yonke inzuzo eyenziwa ngumtyalomali - zombini ezo zigcinwe kwaye zihlawulwe njengezihlawulelo. Ukujonga-ngokusebenzisa i-earnings ingabalwa ngokuthatha isabelo somlinganiselo we-investor yenzuzo yenkampani kunye nokunciphisa iirhafu eziya kubangelwa ukuba zonke iingeniso zifunyenwe njengezabelo zemali . Ukuzekelisa eli ngongoma: Cinga ukuba uJohn Smith, umtyalo-mali oqhelekileyo, unalo iphothifoliyo equkethe amabinki-mbini-isisitye esifanayo sokubuyisela i-Wal-Mart enkulu kunye ne-soft drink juggernaut Coca-Cola. Zombini zale nkampani zihlawula inxalenye yemvuzo yazo njengezihlawulelo, kodwa ukuba uJohn kwakufanele abone kuphela izahlulelo zemali ezifunyenwe njengeniso, ingayinakuyinyamekela imali eninzi eyayingenayo inzuzo yakhe. Ukubona ngokwenene indlela utyalo-mali lwakhe owenza ngayo, uJohn kufuneka abale ukubonakala kwakhe kwimivuzo. Enyanisweni, uphendula umbuzo othi, "ingaba yimalini emva kwentela engayinayo namhlanje ukuba iinkampani endinayo zihlawule i-100% yenzuzo ebiweyo?"
I-Stock Position 1: Wal-Mart
Ngonyaka ka-2004, uWal-Mart wabika imali ehlawulwayo yerhafu ngesabelo ngasinye se-$ 2.03.
Izabelo zikaJohane zihlawuliswa kwi-15% kwaye unayo izabelo ezi-5,000 zeWal-Mart. Ukujonga kwakhe ngempumelelo, ngoko ke, zilandelayo: i-$ 2.03 i-earnings diluted x 5,000 shares = $ 10,150 ngaphambi kwentela * [1 - .15 intlawulo yentlawulo] = $ 8,627.50.
I-Stock Position 2: Coca-Cola
Ngo-2004, i-Coca-Cola ibike i-earnings inzuzo nganye kwi-1.00. UJohn ungumnikazi weengxowa ezili-12,000 zeesitokisi eziqhelekileyo zenkampani. Ukukhangela kwakhe ngemali yokufumana ingenakubalwa ngolu hlobo lulandelayo: i-$ 1.00 yokufumana imali ehlawulelwayo x 12,000 shares = $ 12,000 ngaphambi kwentela [1-.15 intlawulo yentlawulo] = $ 10,200.
Ukujonga i-Total-Through Achiments for All Portfolio
Ngokubeka ubungakanani bemivuzo evela kwi-stock holdings, sifumanisa ukuba uYohane ubhekisele kwimali eyi-18,827,50 yezigidi emva kweerhafu ($ 8,627,50 + $ 10,200). Kuya kuba yimpazamo ukuba anike ingqalelo kwi $ 6,630 * efunyenwe njengenzuzo yemali kwisithuba emva kwentela.
Ukuqonda ngokuqhelekileyo kusitsho ukuba enye i $ 12,197.50 eyayihlwayelwe kwiinkampani zombini yayingeniso kwixabiso layo yayixabiseke.
Indlela Ukujonga Ngendlela Ezuze ngayo Inqwenela Ukuthenga Nokuthengisa Izigqibo
Ufanele ukuba uYohane athenge nini i-Coca-Cola okanye iWal-Mart isikhundla sakhe? Ukuba uyaqiniseka ukuba elinye ithuba lokutshala mali liza kumvumela ukuba athenge imali ebonakalayo ngokubonakalayo kwaye loo nkampani inomdla wokufana nokuzinza okufanayo kwimimiselo ngenxa yesigqeba okanye isikhundla sokukhuphisana , unokuthi ulungele ukuthengisa izabelo zakhe kunye nokunyuka kwelinye nkampani (inqaku lokuba kwimeko kaWal-Mart neCoca-Cola, kunjalo, akunakwenzeka ukuba umntu uya kufumana inkampani eneenzuzo ezinokufanisana nokuncintisana nezomnotho.) UBenjamin Graham, uyise wexabiso lokutyalomali kunye nomlobi wohlalutyo loKhuseleko kunye Utyalo-mali, ucebisa ukuba umtyalo-mali unxininise ubuncinane kwi-20% ukuya kwi-30% eyongezelelweyo yokufumana imali yokugweba ukuthengisa indawo enye kunye nokunyuka kwelinye.
Ukongezelela, uJohn kufuneka ahlolisise ukusebenza kwakhe kwentsebenzo ngemiphumo yokusebenza kweshishini, kungekhona isicatshulwa sempahla. Ukuba ukujonga kwakhe kwimivuzo kukhula ngokuqhubekayo kwaye ulawulo lugcinisa ukuqhelaniswa kwabasebenzi abanomdla, inkokhelo yesitokethi iyinkxalabo kuphela kuba iya kumvumela ukuba athenge izabelo ezongezelelweyo kwixabiso elihle; oku kuguquka kukuphela kokutya kukaMnu Market . I-18,827,50 yeeRandi ekubhekeleni kwimbuyekezo uJohn ibalwe yiyo yonke into eyinyani ebutyebi bayo njengokungathi unayo inkunkuma yemoto, isakhiwo sezindlu okanye ikhemisi. Ngokutyalomali ukusuka kwishishini, uJohn ulunge ngakumbi ukwenza izigqibo ezinengqondo, kunokuba zivelele. Ngethuba nje ukuba indawo yokukhuphisana yenkampani ingazange ishintshwe, uJohn kufuneka abheke ukuhla kwamanani entengo ye-Wal-Mart kunye ne-Coca-Cola eselinganayo njengelithuba lokufumana ukujonga okongeziweyo-ngokufumana umvuzo kwixabiso lentengo.
Ukubaluleka kokujonga-ngokufumana iziphumo kwi-Analysis Corporate
Amashishini amaninzi atyala imali kwamanye amashishini. Ngaphansi kweMigaqo-nkqubo eyamkelweyo ye-Akhawunti (GAAP), i-earnings yale mali yokubelwa imali-mali ichazwa ngenye yeendlela ezintathu: indlela yeendleko, indlela yokulingana okanye indlela edibeneyo. Indlela yeendleko ifakwe kwiibamba ezimela phantsi kolawulo lwamavoti angama-20 ekhulwini; kuphela kubhalwa izabelo ezifunyenwe yinkampani yokutyalomali. Oku kungaphumeleli kukubangela uBuffett ukuba acacise ngemali engenayo engenayo kwiibalo zakhe zabanikazi; I-Berkshire, zombini kwaye ngoku, yayinotyalo-mali olukhulu kwiinkampani ezifana neCoca-Cola, iWashington Post, iGillette ne-American Express. Ezi nkampani zihlawula kuphela inxalenye encinci yemali yazo yonke inzuzo ngokwemeko yeegalelo, kwaye ngenxa yoko, iBerkshire yayinobuncwane obuninzi kubanini kunokuba ibonakala kwiingxelo zemali. Ukufumana ulwazi oluthe vetshe, jonga iMinority Interests kwiNkcazo yeNgeniso - Iindleko zeNdlela, Indlela yokuBambisana kunye neNkqubo yoQinisekiso .
** Ukubalwa kweengeniso-mali kwi-tax after-tax basis:
I-Wal-Mart: i-$ .36 ngesabelo ngasinye isabelo semali * ama-5,000 izabelo = $ 1,800 * [1 - .15 intlawulo yentlawulo] = $ 1,530 emva kwentela
I-Coke: i-$ .50 ngesabelo ngasinye isabelo semali * 12,000 shares = $ 6,000 * [1 - .15 intlawulo yentlawulo] = $ 5100 emva kwentela
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Iingeniso ezi-6 630 zamaRhafu ezihlawulwe emva kweerhafu