Date: Sun, 13 May 2012 22:28:39 +0800
Dear Mikeon 桑,
找到 1985 AR 了.
在 Page.17~18.看來老巴是用 72 法則算的 --
故 18 Year 後本金變四倍,所以利息也變四倍.
If the widget company consistently earned a superior return
on capital throughout the period, or if capital employed only
doubled during the CEO reign, the praise for him may be well
deserved. But if return on capital was lackluster and capital
employed increased in pace with earnings, applause should be
withheld. A savings account in which interest was reinvested
would achieve the same year-by-year increase in earnings - and,
at only 8% interest, would quadruple its annual earnings in 18