我到伦敦GIM基金公司餐叙,有幸获赠了威廉·桑代克在2012年出版的《商界局外人》一书,非常有趣!此书简单易读。它讲了8家美国上市公司在过去40-50年内持续为股东创造超高回报率的故事。这8家公司有以下四个共同点,却恰恰是中国企业最不愿意做的事情:(一)长期、大量地回购自己的股票。比如,特利丹公司在1972-1984年间,从公开市场回购了自己公司90%的流通股!华盛顿邮报公司光在2009-2011年间,就通过回购把股票总数缩减了20%。食品巨头罗森-普瑞纳公司回购了60%的流通股。其CEO说,投资自己是把握最大的投资,全部在自己掌控之中。其实,任何并购和资本支出都必须 I went to London GIM Fund Company for dinner, and I was fortunate to have received the book “Outsiders in the Business Sector” published by William Thunderdock in 2012. The book is easy to read. It tells the story of eight US public companies that have consistently delivered exceptionally high shareholder returns over the past 40 to 50 years. These eight companies have the following four things in common, but it is precisely the Chinese enterprises are most reluctant to do: (a) long-term, extensive repurchase of their own stock. For example, Theithidan repurchased 90% of its outstanding shares from the open market between 1972 and 1984! Washington Post Company reduced the total number of shares by 20% through buybacks during 2009-2011. Food giant Lawson Purina repurchased 60% of its outstanding shares. Its CEO said that investing is the biggest investment, all in their own hands. In fact, any mergers and acquisitions and capital expenditures must be