[{"data":1,"prerenderedAt":1623},["ShallowReactive",2],{"library-ba-fei-te-2004nian-mo-hu-shu-xue-yu-gu-piao-qi-quan":3,"library-sidebar-buffett":86,"library-sidebar-dao":1089,"library-sidebar-models":1391},{"id":4,"title":5,"body":6,"category":72,"date":73,"description":74,"extension":75,"meta":76,"navigation":77,"order":78,"path":79,"seo":80,"seoDescription":74,"seoTitle":81,"slug":82,"stem":83,"__hash__":84,"_collection":85},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2004nian-mo-hu-shu-xue-yu-gu-piao-qi-quan.md","巴菲特：2004年模糊数学与股票期权",{"type":7,"value":8,"toc":67},"minimark",[9,13,18,22,25,28,31,34,37,40,43,46,49,52,55,58,64],[10,11,5],"h1",{"id":12},"巴菲特2004年模糊数学与股票期权",[14,15,17],"h2",{"id":16},"巴菲特模糊数学与股票期权2004","巴菲特：模糊数学与股票期权2004",[19,20,21],"p",{},"2004 年7 月6 日 《华盛顿邮报》",[19,23,24],{},"到目前为止，立法机构的数学癫狂记录一直由印第安纳州众议院保持着。1897 年，印第安纳州众议院以67票赞成、0 票反对的结果宣布，圆周率π(周长与直径之比)，不再是3.14159...，而是3.2。印第安纳州的学生们一时为计算的简化而欢欣鼓舞。但是，由冷静的头脑组成的印第安纳州参议院将该法案提交给了禁制委员会，该法案最终夭折。",[19,26,27],{},"让我想起这段往事是因为，最近美国众议院即将审议一项法案，如果该法案获得通过，将导致数学癫狂记录从印第安纳州东移。首先，该法案规定，一种令人垂涎的公司薪酬形式，股票期权，在发放给公司CEO 和其他四位薪酬最高的高管时，应计入费用支出，但在发放给公司其他员工时，则不计入费用支出。其次，该法案规定，公司在计算向五大高管发放的期权的费用时，应假定股票价格永远不会波动。",[19,29,30],{},"该法案的支持者在想象力和讨好出资人方面得了A，在逻辑方面得了一个彻头彻尾的F。",[19,32,33],{},"财务会计准则委员会FASB 的所有七名成员、四家大型会计师事务所以及众多投资专业人士都认为，这两项提案纯属无稽之谈。然而，许多众议院议员却希望无视这些知情的声音，让国会成为最高会计权威。事实上，众议院法案指示证券交易委员会SEC，不承认由会计准则制定机构制定的任何会计原则为'公认'，因为FASB 在期权处理问题上与众议院意见相左。",[19,35,36],{},"应该指出的是，众议院将自己视为投资者的最终记分员，而这来自于一家在自身事务中支持\"安然式会计\"的机构。我们可以看看那些用来满足立法\"评分\"要求的虚幻的\"日落\"条款。以统一预算协议为例，它将每年社保收入的一部分，用于减少既定的预算赤字，却忽略了随之而来的年度应计福利成本。",[19,38,39],{},"我不反对授予期权。公司应该采用任何最能激励员工的薪酬形式，无论是现金奖金、夏威夷之旅、限制性股票奖励还是股票期权。但是，除了期权之外，给予员工的其他任何有价值的项目都被记为费用。你能想象，如果有一项法案规定，在发给员工的所有奖金中，只有5 笔奖金被记为费用，会遭到怎样的嘲笑吗？然而，这正是期权法案所建议的真实类比。",[19,41,42],{},"同样荒谬的是，该法案中有一节要求各公司在评估授予五巨头的期权时，假定其股票的波动率为零。我从事投资62 年，还没有见过一只不会波动的股票。做出这样一个\"爱丽丝梦游仙境\"般的假设的唯一原因，就是为了大幅低估众议院希望计算在内的少数期权的价值。反过来，这种低估又使CEO 们能够谎报他们的真实薪酬，并夸大他们所经营公司的收益。",[19,44,45],{},"有些人认为，期权无法精确估值。那又怎样？会计中普遍存在估算。谁能精确地知道软件、公务机或机床的使用寿命是多少？此外，养老金成本更是模糊不清，因为它需要对未来的死亡率、加薪幅度和投资收益进行估计。这些猜测几乎总是错误的，而且往往是大错特错。但是，所涉及的内在不确定性，并不能成为公司对这些或任何其他费用做出最佳估计的借口。立法者应该记住，模糊的正确总比精确的错误要好。",[19,47,48],{},"如果众议院无视这一逻辑，立法规定这5 个人的开支不等同于其他数千人的开支，那么我们有理由相信，参议院会像107 年前的印第安纳州参议院一样，阻止这一愚蠢行为成为法律。参议院银行委员会主席、参议员Richard Shelby(阿拉巴马州共和党人)坚定的宣称，会计规则应由会计师而不是立法者制定。",[19,50,51],{},"即便如此，那些想要摆脱历史学家嘲笑的众议院议员们，应该自己去否决该法案，让参议院的任务变得毫无意义。或者，如果他们下定决心要干预现实，他们可以宣布从今往后，24 盎司才算一磅，以此来解决肥胖问题。",[19,53,54],{},"如果连这类友好的标准都让他们的选民难以忍受，他们可以让每个国会选区中，除了最胖的五个人之外的所有人都不用测量体重。",[19,56,57],{},"1990 年代末，太多的经理人发现，通过会计手段增加\"利润\"，比通过卓越的运营更加容易。但是，正如印第安纳州的小学生学会了用诚实的数学来计算一样，发行期权的公司CEO 们，也可以学会用诚实的会计来核算。现在是他们站出来的时候了。",[59,60,61],"blockquote",{},[19,62,63],{},"沃伦巴菲特是多元化控股集团伯克希尔哈撒韦公司的CEO，也是《华盛顿邮报》公司的董事，该公司持有伯克希尔股份。《华盛顿邮报》公司",[65,66],"hr",{},{"title":68,"searchDepth":69,"depth":69,"links":70},"",2,[71],{"id":16,"depth":69,"text":17},"访谈与文章",null,"巴菲特在《华盛顿邮报》撰文，批评FASB对股票期权费用化的模糊数学，强调会计透明与常识的重要性。","md",{},true,54,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2004nian-mo-hu-shu-xue-yu-gu-piao-qi-quan",{"title":5,"description":74},"巴菲特：2004年模糊数学与股票期权｜巴菲特","ba-fei-te-2004nian-mo-hu-shu-xue-yu-gu-piao-qi-quan","buffett\u002Finterview\u002Fba-fei-te-2004nian-mo-hu-shu-xue-yu-gu-piao-qi-quan","EZFPjGhMImPxtvfZK7dPQWH5JmfKCOfuhHZ7igX_TNM","buffett",[87,92,95,99,102,105,108,112,115,118,122,125,128,132,135,138,142,145,148,152,155,158,162,165,168,172,175,178,182,185,188,192,195,198,202,205,208,212,215,218,222,225,228,232,235,238,242,245,248,252,255,258,262,265,268,273,276,279,283,286,289,293,296,299,303,306,309,313,316,319,323,326,329,333,336,339,343,346,349,353,356,359,363,366,369,373,376,379,383,386,389,393,396,399,403,406,409,413,416,419,423,426,430,433,437,440,444,447,451,454,458,461,465,468,472,475,479,482,486,489,493,496,500,503,507,510,514,517,521,524,528,531,535,538,542,545,549,552,556,559,562,563,567,570,574,577,581,584,588,591,595,598,602,605,609,612,616,619,623,626,630,633,637,640,644,647,651,654,658,661,665,668,672,675,679,682,686,689,693,696,700,703,707,710,714,717,721,724,728,731,735,738,742,745,749,752,756,759,763,766,770,773,777,780,784,787,791,794,798,801,805,808,812,815,819,822,826,829,833,836,840,843,847,850,854,857,861,864,868,871,875,878,882,885,889,893,897,901,905,909,913,917,921,925,929,933,937,941,945,949,953,957,961,965,969,973,977,981,985,989,993,997,1001,1005,1009,1013,1017,1021,1025,1029,1033,1037,1041,1045,1049,1053,1057,1061,1065,1069,1073,1077,1081,1085],{"title":88,"slug":89,"category":90,"order":91},"1956 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巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":631,"slug":632,"category":72,"order":629},"巴菲特：2006年我为什么慷慨解囊","ba-fei-te-2006nian-wo-wei-shi-me-kang-kai-jie-nang",{"title":634,"slug":635,"category":271,"order":636},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":638,"slug":639,"category":72,"order":636},"巴菲特：2006年给全体经理人备忘录","ba-fei-te-2006nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":641,"slug":642,"category":271,"order":643},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":645,"slug":646,"category":72,"order":643},"巴菲特：2007年11月和比尔·盖茨、大学生对话实录（节目《富豪面对面》）","ba-fei-te-2007nian-11yue-he-bi-er-gai-ci-da-xue-sheng-dui-hua-shi-lu-jie-mu-fu-hao-mian-dui-mian",{"title":648,"slug":649,"category":271,"order":650},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":652,"slug":653,"category":72,"order":650},"巴菲特：2007年对话佐治亚大学学生","ba-fei-te-2007nian-dui-hua-zuo-zhi-ya-da-xue-xue-sheng",{"title":655,"slug":656,"category":271,"order":657},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":659,"slug":660,"category":72,"order":657},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":662,"slug":663,"category":271,"order":664},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":666,"slug":667,"category":72,"order":664},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":669,"slug":670,"category":271,"order":671},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":673,"slug":674,"category":72,"order":671},"巴菲特：2007年接受欧洲MBA学生专访（珍贵精彩实录）","ba-fei-te-2007nian-jie-shou-ou-zhou-mbaxue-sheng-zhuan-fang-zhen-gui-jing-cai-shi-lu",{"title":676,"slug":677,"category":271,"order":678},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":680,"slug":681,"category":72,"order":678},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":683,"slug":684,"category":271,"order":685},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":687,"slug":688,"category":72,"order":685},"巴菲特：2008年21 世纪经济领导者采访","ba-fei-te-2008nian-21-shi-ji-jing-ji-ling-dao-zhe-cai-fang",{"title":690,"slug":691,"category":271,"order":692},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":694,"slug":695,"category":72,"order":692},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":697,"slug":698,"category":271,"order":699},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":701,"slug":702,"category":72,"order":699},"巴菲特：2008年对话IVEY 商学院学生","ba-fei-te-2008nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",{"title":704,"slug":705,"category":271,"order":706},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":708,"slug":709,"category":72,"order":706},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":711,"slug":712,"category":271,"order":713},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":715,"slug":716,"category":72,"order":713},"巴菲特：2008年对话瑞士洛桑国际管理学院","ba-fei-te-2008nian-dui-hua-rui-shi-luo-sang-guo-ji-guan-li-xue-yuan",{"title":718,"slug":719,"category":271,"order":720},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":722,"slug":723,"category":72,"order":720},"巴菲特：2008年怀念恩师格雷厄姆","ba-fei-te-2008nian-huai-nian-en-shi-ge-lei-e-mu",{"title":725,"slug":726,"category":271,"order":727},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":729,"slug":730,"category":72,"order":727},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":732,"slug":733,"category":271,"order":734},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":736,"slug":737,"category":72,"order":734},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":739,"slug":740,"category":271,"order":741},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":743,"slug":744,"category":72,"order":741},"巴菲特：2008年财富杂志：沃伦之思","ba-fei-te-2008nian-cai-fu-za-zhi-wo-lun-zhi-si",{"title":746,"slug":747,"category":271,"order":748},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":750,"slug":751,"category":72,"order":748},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":753,"slug":754,"category":271,"order":755},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":757,"slug":758,"category":72,"order":755},"巴菲特：2009年对话六所商学院学生","ba-fei-te-2009nian-dui-hua-liu-suo-shang-xue-yuan-xue-sheng",{"title":760,"slug":761,"category":271,"order":762},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":764,"slug":765,"category":72,"order":762},"巴菲特：2009年对话哥大商学院学生","ba-fei-te-2009nian-dui-hua-ge-da-shang-xue-yuan-xue-sheng",{"title":767,"slug":768,"category":271,"order":769},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":771,"slug":772,"category":72,"order":769},"巴菲特：2009年恐慌是会传染的，我们必须做点什么","ba-fei-te-2009nian-kong-huang-shi-hui-chuan-ran-de-wo-men-bi-xu-zuo-dian-shi-me",{"title":774,"slug":775,"category":271,"order":776},"2014 伯克希尔的过去现在与未来","2014-bo-ke-xi-er-de-guo-qu-xian-zai-yu-wei-lai",85,{"title":778,"slug":779,"category":72,"order":776},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":781,"slug":782,"category":271,"order":783},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":785,"slug":786,"category":72,"order":783},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":788,"slug":789,"category":271,"order":790},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":792,"slug":793,"category":72,"order":790},"巴菲特：2009年阿克伦大学商学院问答实录","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":795,"slug":796,"category":271,"order":797},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":799,"slug":800,"category":72,"order":797},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":802,"slug":803,"category":271,"order":804},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":806,"slug":807,"category":72,"order":804},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":809,"slug":810,"category":271,"order":811},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":813,"slug":814,"category":72,"order":811},"巴菲特：2010年与罗克国度创始人、福布斯主编对谈","ba-fei-te-2010nian-yu-luo-ke-guo-du-chuang-shi-ren-fu-bu-si-zhu-bian-dui-tan",{"title":816,"slug":817,"category":271,"order":818},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":820,"slug":821,"category":72,"order":818},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":823,"slug":824,"category":271,"order":825},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":827,"slug":828,"category":72,"order":825},"巴菲特：2010年对话IVEY 商学院学生","ba-fei-te-2010nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",{"title":830,"slug":831,"category":271,"order":832},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":834,"slug":835,"category":72,"order":832},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":837,"slug":838,"category":271,"order":839},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":841,"slug":842,"category":72,"order":839},"巴菲特：2010年给全体经理人备忘录","ba-fei-te-2010nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":844,"slug":845,"category":271,"order":846},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":848,"slug":849,"category":72,"order":846},"巴菲特：2010年金融危机调查委员会专访","ba-fei-te-2010nian-jin-rong-wei-ji-diao-cha-wei-yuan-hui-zhuan-fang",{"title":851,"slug":852,"category":271,"order":853},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":855,"slug":856,"category":72,"order":853},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":858,"slug":859,"category":271,"order":860},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":862,"slug":863,"category":72,"order":860},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":865,"slug":866,"category":271,"order":867},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":869,"slug":870,"category":72,"order":867},"巴菲特：2011年对话八所商学院学生","ba-fei-te-2011nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng",{"title":872,"slug":873,"category":271,"order":874},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":876,"slug":877,"category":72,"order":874},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":879,"slug":880,"category":271,"order":881},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":883,"slug":884,"category":72,"order":881},"巴菲特：为何股票能跑赢黄金与债券","ba-fei-te-2012nian-wei-he-gu-piao-neng-pao-ying-huang-jin-yu-zhai-quan",{"title":886,"slug":887,"category":72,"order":888},"巴菲特：2012年对话IVEY 商学院学生","ba-fei-te-2012nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",101,{"title":890,"slug":891,"category":72,"order":892},"巴菲特：2012年跳着踢踏舞去上班","ba-fei-te-2012nian-tiao-zhao-ti-ta-wu-qu-shang-ban",102,{"title":894,"slug":895,"category":72,"order":896},"巴菲特：2013年 《沃伦·巴菲特的办公时间访谈》","ba-fei-te-2013nian-wo-lun-ba-fei-te-de-ban-gong-shi-jian-fang-tan",103,{"title":898,"slug":899,"category":72,"order":900},"巴菲特：2013年乔治城大学演讲","ba-fei-te-2013nian-qiao-zhi-cheng-da-xue-yan-jiang",104,{"title":902,"slug":903,"category":72,"order":904},"巴菲特：2013年如何教孩子理财","ba-fei-te-2013nian-ru-he-jiao-hai-zi-li-cai",105,{"title":906,"slug":907,"category":72,"order":908},"巴菲特：2013年家族三代谈慈善","ba-fei-te-2013nian-jia-zu-san-dai-tan-ci-shan",106,{"title":910,"slug":911,"category":72,"order":912},"巴菲特：2013年对话八所商学院学生","ba-fei-te-2013nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng",107,{"title":914,"slug":915,"category":72,"order":916},"巴菲特：2014年CNBC 专访2014年3月3日","ba-fei-te-2014nian-cnbc-zhuan-fang-2014nian-3yue-3ri",108,{"title":918,"slug":919,"category":72,"order":920},"巴菲特：2014年CNBC 专访2014年5月5日","ba-fei-te-2014nian-cnbc-zhuan-fang-2014nian-5yue-5ri",109,{"title":922,"slug":923,"category":72,"order":924},"巴菲特：2014年与ivey商学院MBA学生会面纪要","ba-fei-te-2014nian-yu-iveyshang-xue-yuan-mbaxue-sheng-hui-mian-ji-yao",110,{"title":926,"slug":927,"category":72,"order":928},"巴菲特：2014年关于游牧者基金","ba-fei-te-2014nian-guan-yu-you-mu-zhe-ji-jin",111,{"title":930,"slug":931,"category":72,"order":932},"巴菲特：2014年给全体经理人备忘录","ba-fei-te-2014nian-gei-quan-ti-jing-li-ren-bei-wang-lu",112,{"title":934,"slug":935,"category":72,"order":936},"巴菲特：2014年谈可口可乐薪酬方案","ba-fei-te-2014nian-tan-ke-kou-ke-le-xin-chou-fang-an",113,{"title":938,"slug":939,"category":72,"order":940},"巴菲特：2015年对话IVEY 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