老巴回购的理由

别的公司回购的真实理由可能有无穷个，但老巴回购的理由大概就只有一个，那就是他现在暂时很难找到比BRK更便宜的股票，也就是说他认为BRK确实很便宜了。我理解的老巴对很便宜的定义大概是安全的年复合回报率在10%或以上的意思。（这个有意思，发现别的更便宜就买别的）

Source: http://nteswjq.blog.163.com/blog/static/1269981201182784143387/

Old Buffett's reason for buying back

> By Duan Yongping · his NetEase blog (nteswjq.blog.163.com, now closed; read from web archives) · 2011-09-27 · [Original link](http://nteswjq.blog.163.com/blog/static/1269981201182784143387/) ([archived](https://web.archive.org/web/20111007233505/http://nteswjq.blog.163.com/blog/static/1269981201182784143387/))

> This post includes letters from others or quoted material; Duan Yongping's own words are marked separately.

Other companies' real reasons for buybacks may be endless, but old Buffett probably has only one reason: for now he finds it hard to find stocks cheaper than BRK, which is to say he thinks BRK really is very cheap.

As I understand it, old Buffett's definition of very cheap probably means a safe compound annual return of 10% or more.

http://finance.sina.com.cn/stock/usstock/c/20110926/222710542837.shtml

[Translator's note: a quoted passage from the Sina Finance report stands here; it is not Duan Yongping's words and is not translated.]

(This is interesting: if he finds something else cheaper, he buys that instead.)

[Translator's note: a further quoted passage from the same report stands here; not translated.]

(Actually old Buffett thinks that for some time to come, the returns of the companies he understands and can invest in are not as good as BRK's.)

[Here the original reposted the remainder of the same report; it is not Duan Yongping's words and is not included. See the archived page linked at the top.]