股东盈余

在 1986 年的信中,巴菲特提到了股东盈余(Owner Earnings)的概念,并对其进行了定义。

Owner earnings represent

(a) reported earnings

(b) depreciation, depletion, amortization, and certain other non cash charges…

(c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long term competitive position and its unit volume.

Owner earnings = (a) + (b) - (c)

股东盈余 = 净利润 + 折旧摊销 - 长期资本平均投入。