感恩!經由你的舉例說明,我終於明白下面一段話。
遠流《和巴菲特同步買進》137頁
BANKS, INVESTMENT BANKS, AND FINANCIAL COMPANIES
Banks, investment banks, and financial companies rely on borrowing large amounts of money that they
hope to loan out at higher interest rates to businesses and consumers. A company like Freddie Mac, which
deals in residential mortgages, carries $175 billion in short-term debt and $185 billion in long-term debt. If
your business is borrowing money at 6÷ and loaning it out at 7÷, there is no way your return on total
capital is going to even approach 12÷. In these instances, Warren likes to look at what the bank or finance
company earned in relation to the total assets under its control. The rule here is, the higher the better.
Anything over 1÷ is good and anything over 1.5÷ is fantastic.
Key Point With banks, investment banks, and financial companies, look for a consistent return on assets
in excess of 1÷ and a consistent return on shareholders' equity in excess of 12÷.
遠流《和巴菲特同步買進》164頁,問題摘要2
對於銀行或金融公司,巴菲特會觀察其總資產報酬率是否大於一%,以斷定該公司是否具備某種競爭優勢。
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