Jltan81
2021-07-09
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Opinion: 10 companies that know how to spend money so you have a chance to make some<blockquote>观点：10家知道如何花钱的公司，这样你就有机会赚到一些</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":143557011,"tweetId":"143557011","gmtCreate":1625804280733,"gmtModify":1631891823669,"author":{"id":3581714557515258,"idStr":"3581714557515258","authorId":3581714557515258,"authorIdStr":"3581714557515258","name":"Jltan81","avatar":"https://static.tigerbbs.com/b2d954022aff60813e30fd6c679b1641","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":2,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body><p><span>[Smile] </span><br></p></body></html>","htmlText":"<html><head></head><body><p><span>[Smile] </span><br></p></body></html>","text":"[Smile]","highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/143557011","repostId":1135632463,"repostType":4,"repost":{"id":"1135632463","kind":"news","pubTimestamp":1625800249,"share":"https://www.laohu8.com/m/news/1135632463?lang=zh_CN&edition=full","pubTime":"2021-07-09 11:10","market":"us","language":"en","title":"Opinion: 10 companies that know how to spend money so you have a chance to make some<blockquote>观点：10家知道如何花钱的公司，这样你就有机会赚到一些</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135632463","media":"Market Wacth","summary":"Share buybacks can add value to all corporate constituents — shareholders, employees and customers\nS","content":"<p>Share buybacks can add value to all corporate constituents — shareholders, employees and customers</p><p><blockquote>股票回购可以为所有公司成员（股东、员工和客户）增加价值</blockquote></p><p> Share buybacks are surprisingly controversial. A share buyback is when a company repurchases its own shares, which reduces its shares outstanding. By reducing the number of shares, buybacks effectively allocate a greater portion of corporate capital to remaining investors. For example, earnings per share increases.</p><p><blockquote>股票回购引发了令人惊讶的争议。股票回购是指公司回购自己的股票，从而减少其流通股。通过减少股票数量，回购有效地将更大一部分公司资本分配给剩余的投资者。例如，每股收益增加。</blockquote></p><p> Share buybacks add value to all corporate constituents — shareholders, employees, customers — when capital allocation follows two rules. One: buybacks are made with excess cash after the company has reinvested to maintain or grow the profitability of its current business, whether organically or through acquisitions. <a href=\"https://laohu8.com/S/TWOA.U\">Two</a>: buybacks are made only at share prices below business value—a corporation that overpays for anything, including its own shares, destroys corporate value.</p><p><blockquote>当资本配置遵循两条规则时，股票回购会为所有公司组成部分（股东、员工、客户）增加价值。一：回购是在公司进行再投资以维持或提高当前业务的盈利能力后，用多余现金进行的，无论是有机的还是通过收购的。<a href=\"https://laohu8.com/S/TWOA.U\">二</a>：回购只能以低于商业价值的股价进行——一家公司为任何东西（包括自己的股票）支付过高的价格都会破坏公司价值。</blockquote></p><p> Some critics protest buybacks for the wrong reasons. They complain of transferring corporate cash to shareholders when employees deserve a raise and customers a price cut. But this overlooks Rule One: skimping on employees and stiffing customers are anathema to any corporation and all its long-term shareholders, particularly stock pickers who construct a selective portfolio of high-quality stocks (called quality shareholders).</p><p><blockquote>一些批评者以错误的理由抗议回购。他们抱怨把公司现金转给股东，而员工理应加薪，客户理应降价。但这忽略了第一条规则：吝啬员工和压制客户是任何公司及其所有长期股东的诅咒，尤其是那些精心构建优质股票投资组合的选股者（称为优质股东）。</blockquote></p><p> There are only two types of potential beneficiaries of so diverting cash to share buybacks. The first are transient (short-term) shareholders who don’t care about Rule <a href=\"https://laohu8.com/S/TWOA\">Two</a>: they are happy to cash in at an inflated price even if in the process the company destroys value for remaining shareholders, employees and customers. The second are managers who don’t care about either Rule because their pay is tied heavily to current stock price or current earnings per share.</p><p><blockquote>这种将现金转移到股票回购的潜在受益者只有两种类型。首先是不在乎规则的短期股东<a href=\"https://laohu8.com/S/TWOA\">二</a>：他们乐于以虚高的价格兑现，即使在此过程中公司会破坏剩余股东、员工和客户的价值。第二种是不关心这两条规则的管理者，因为他们的薪酬与当前股价或当前每股收益密切相关。</blockquote></p><p> Faithful managerial stewards who adhere to buyback Rules One and <a href=\"https://laohu8.com/S/TWOA.U\">Two</a>, however, add value for all corporate constituencies. Three of the best corporate managers of all time pioneered and perfected the proper execution of share buyback programs over several decades dating to the 1970s: Kay <a href=\"https://laohu8.com/S/GHC\">Graham</a> of The <a href=\"https://laohu8.com/S/WASH\">Washington</a> <a href=\"https://laohu8.com/S/POST\">Post</a> Co., Larry Tisch of <a href=\"https://laohu8.com/S/L\">Loews</a> Corporation, and Henry Singleton of <a href=\"https://laohu8.com/S/TDY\">Teledyne</a>. All ran decades-long, on-and-off, buyback programs based on these principles — buying only when price was low and there were no better uses of cash.</p><p><blockquote>遵守回购规则一和<a href=\"https://laohu8.com/S/TWOA.U\">二</a>然而，它为所有企业群体增加了价值。从 20 世纪 70 年代开始的几十年里，有史以来最优秀的三位公司经理开创并完善了股票回购计划的正确执行：凯<a href=\"https://laohu8.com/S/GHC\">格雷厄姆</a>的<a href=\"https://laohu8.com/S/WASH\">华盛顿</a><a href=\"https://laohu8.com/S/POST\">张贴</a>公司，拉里·蒂施<a href=\"https://laohu8.com/S/L\">勒斯</a>公司和亨利·辛格尔顿<a href=\"https://laohu8.com/S/TDY\">电信</a>所有这些公司都基于这些原则实施了长达数十年的断断续续的回购计划——只在价格低廉且没有更好的现金用途时才购买。</blockquote></p><p> These managerial titans have some clear successors among today’s corporate leaders. Among active corporate repurchasers in recent years, the following companies boast high-quality, long-term shareholder bases, as compared to transients, who own shares fleetingly, and indexers, who own indiscriminately.</p><p><blockquote>这些管理巨头在当今的企业领导者中都有一些明确的接班人。在近年来活跃的企业回购者中，以下公司拥有高质量的长期股东基础，而转瞬即逝地持有股票，指数持有者则不加区分地持有股票。</blockquote></p><p> AdobeADBE,+0.03%</p><p><blockquote>AdobeADBE，+0.03%</blockquote></p><p> AssurantAIZ,-1.67%</p><p><blockquote>保险，-1.67%</blockquote></p><p> Bank of <a href=\"https://laohu8.com/S/NWY\">New York</a> MellonBK,-2.30%</p><p><blockquote>银行<a href=\"https://laohu8.com/S/NWY\">纽约</a>梅隆BK，-2.30%</blockquote></p><p> CDWCDW,-1.12%</p><p><blockquote>CDWCDW，-1.12%</blockquote></p><p> Deckers OutdoorDECK,-1.76%</p><p><blockquote>德克斯户外甲板，-1.76%</blockquote></p><p> <a href=\"https://laohu8.com/S/HBCP\">Home</a> DepotHD,-1.53%</p><p><blockquote><a href=\"https://laohu8.com/S/HBCP\">家</a>存款，-1.53%</blockquote></p><p> O’Reilly AutomotiveORLY,-0.61%</p><p><blockquote>奥莱利汽车公司，-0.61%</blockquote></p><p> NVRNVR,-2.87%</p><p><blockquote>NVRNVR，-2.87%</blockquote></p><p> $Sherwin-<a href=\"https://laohu8.com/S/WMB\">Williams</a>(SHW)$SHW,-1.56%</p><p><blockquote>$舍温-<a href=\"https://laohu8.com/S/WMB\">威廉姆斯</a>(SHW)$SHW，-1.56%</blockquote></p><p> WalmartWMT,-0.09%</p><p><blockquote>沃尔玛WMT,-0.09%</blockquote></p><p> <b>O’Reilly</b> is an auto parts retailer serving both professional and amateur mechanics. Founded in 1957 by the O’Reilly family, the company runs some 5,600 stores generating annual revenue around $10 billion. Since its 1993 IPO, it has maintained a strong culture of employee stock ownership. The current CEO since 2018 is Greg <a href=\"https://laohu8.com/S/00179\">Johnson</a>, who has been with the company since 2001. The business model is simple: buy new stores and increase sales at all stores. The result has been steady growth over two decades, with a major acquisition every two or three years and compound annual growth rate of 19%. The company offers products and services customers need and steadily adds new workers. Competitive advantages include economics of scale.</p><p><blockquote><b>奥莱利</b>是一家为专业和业余机械师提供服务的汽车零部件零售商。该公司由 O'Reilly 家族于 1957 年创立，拥有约 5600 家门店，年收入约为 100 亿美元。自1993年首次公开募股以来，该公司一直保持着浓厚的员工持股文化。自 2018 年以来的现任首席执行官是 Greg<a href=\"https://laohu8.com/S/00179\">约翰逊</a>他从2001年开始就在公司工作。商业模式很简单：购买新店，增加所有门店的销售额。其结果是二十多年来稳步增长，每两三年就有一次重大收购，年复合增长率为19%。公司提供客户需要的产品和服务，并稳步增加新员工。竞争优势包括规模经济。</blockquote></p><p> Company strengths include capital allocation that emphasizes buybacks. After deploying capital to primary uses of reinvestment and acquisition, many companies adopt a combination of dividends and buybacks. Not O’Reilly, which skips the dividends and goes straight to disciplined and opportunistic buybacks: when price is well below value. The effect is to increase the price-earnings ratio when low and help stabilize it when high. Such an approach reflects prudent capital allocation, increases per share value to shareholders, and maintains a more rational stock price overall. O’Reilly has maintained this on-and-off buyback program since 2011. QSs include Akre Capital, Edge Point Investment Group and <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>.</p><p><blockquote>公司的优势包括强调回购的资本配置。在将资本用于再投资和收购的主要用途后，许多公司采用股息和回购相结合的方式。而不是 O'Reilly，它跳过了股息，直接进行有纪律的机会主义回购：当价格远低于价值时。其效果是在市盈率较低时提高市盈率，在市盈率较高时帮助稳定市盈率。这种做法体现了审慎的资本分配，增加了股东的每股价值，并整体维持了较为理性的股价。O'Reilly 自 2011 年以来一直维持着这一断断续续的回购计划。QS 包括 Akre Capital、Edge Point Investment Group 和<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>.</blockquote></p><p></p><p> <b>CDW</b>, a global leader in integrated IT solutions with annual revenue approaching $20 billion, traces its unlikely origins to a 1984 newspaper ad selling a used computer and printer. The company’s customer-centric business model positions itself as an extension of its customers’ IT staff to help access a vast selection of tech solutions. It presents itself to vendors as a partner facilitating access to a huge customer base. After ownership by private equity from 2007, it has been public since 2013, boasting steady growth in revenue and earnings with a strong runway for sustained growth, both organic and acquired. Competitive advantages include vast scale and scope and a performance driven-culture. The current CEO since 2018 is <a href=\"https://laohu8.com/S/01210\">Christine</a> A. Leahy, who has been with CDW since 2002.</p><p><blockquote><b>CDW</b>是集成IT解决方案的全球领导者，年收入接近200亿美元，其不太可能的起源可以追溯到1984年的一则出售二手电脑和打印机的报纸广告。公司以客户为中心的商业模式将自己定位为客户 IT 人员的延伸，以帮助客户获得大量的技术解决方案。它向供应商展示自己是一个促进接触庞大客户群的合作伙伴。自 2007 年起由私募股权持有后，该公司自 2013 年起上市，收入和盈利稳步增长，拥有强劲的持续增长跑道，无论是有机增长还是收购增长。竞争优势包括巨大的规模和范围以及绩效驱动的文化。自2018年起现任行政总裁为<a href=\"https://laohu8.com/S/01210\">克里斯汀</a>A.Leahy，自2002年以来一直在CDW工作。</blockquote></p><p> The company adopts a classic approach to rational capital allocation: a clear statement of priorities, including reinvestment and acquisitions; a goal of steady annual dividend increases, and returning excess free cash flow through buybacks. The buyback program is clearly opportunistic and maps related pricing fluctuations from period to period. CDW boasts among the highest quality shareholder bases. QSs include Alliance Bernstein, Bessemer, Fenimore Asset Management, <a href=\"https://laohu8.com/S/LAZ\">Lazard</a>, Mawer Investment Management, Neuberger Berman, <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>, Wedgewood Partners, and Wellington.</p><p><blockquote>该公司采用经典的合理资本配置方法：明确说明优先事项，包括再投资和收购；目标是每年稳定增加股息，并通过回购返还多余的自由现金流。回购计划显然是机会主义的，并绘制了不同时期相关的价格波动。CDW拥有最高质量的股东基础。QSs 包括 Alliance Bernstein、Bessemer、Fenimore Asset Management、<a href=\"https://laohu8.com/S/LAZ\">拉扎德</a>, Mawer 投资管理公司, Neuberger Berman,<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>韦奇伍德合伙人和惠灵顿。</blockquote></p><p> <b>NVR</b> is a regional homebuilder and mortgage banker with annual revenues of about $6 billion. Founded in 1980 and public since 1993 after a recession-induced bankruptcy, brands include Ryan Homes, which caters to first-time home buyers, and NV Homes and <a href=\"https://laohu8.com/S/HTLD\">Heartland</a> Homes, which include higher-end properties. The business model avoids costly and risky land development projects in favor of building pre-sold homes on individual lots acquired from developers on terms that minimize builder risk. Along with such a conservative strategy, NVR’s competitive advantages include relationships with developers and real estate professionals in the markets it serves.</p><p><blockquote><b>网络录像机</b>是一家地区性房屋建筑商和抵押贷款银行家，年收入约为 60 亿美元。该公司成立于 1980 年，自 1993 年因经济衰退破产后上市，旗下品牌包括为首次购房者提供服务的 Ryan Homes、NV Homes 和<a href=\"https://laohu8.com/S/HTLD\">中心地带</a>住宅，包括高端物业。这种商业模式避免了昂贵和高风险的土地开发项目，而是在从开发商收购的单个地块上建造预售房屋，以最大限度地降低建筑商风险。除了这种保守的战略，NVR 的竞争优势还包括与其服务市场中的开发商和房地产专业人士的关系。</blockquote></p><p> The current CEO is Paul Seville, in the role since 2005, making him <a href=\"https://laohu8.com/S/AONE\">one</a> of the more seasoned of today’s top executives. NVR has long boasted the highest listed stock price other than <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a>. NVR’s stock repurchase program dates to 1994 and is known to be among the most consistent and dedicated program of its kind. Current QSs include Broad Run, Capital Group, Diamond <a href=\"https://laohu8.com/S/HIL\">Hill</a> Capital, Ensemble Capital, Giverny Capital, Smead Capital, Wellington and <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>.</p><p><blockquote>现任首席执行官是 Paul Seville，自 2005 年起担任该职位，使他<a href=\"https://laohu8.com/S/AONE\">一</a>当今最有经验的高管之一。长期以来，NVR 的上市股价一直是除<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦公司</a>. NVR 的股票回购计划可以追溯到 1994 年，是同类计划中最稳定、最专注的计划之一。目前的 QSs 包括 Broad Run、Capital Group、Diamond<a href=\"https://laohu8.com/S/HIL\">山丘</a>资本、Ensemble Capital、Giverny Capital、Smead Capital、惠灵顿和<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>.</blockquote></p><p> Share buybacks are only controversial because they can be misused. Done right, they are wins all around. Fortunately, Corporate America continues to have some great managers who understand this, and many quality shareholders who appreciate them for it.</p><p><blockquote>股票回购之所以有争议，只是因为它们可能会被滥用。如果做得好，他们是全方位的胜利。幸运的是，美国企业界仍然有一些理解这一点的优秀管理者，以及许多欣赏他们的优质股东。</blockquote></p><p></p>","source":"lsy1604288433698","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opinion: 10 companies that know how to spend money so you have a chance to make some<blockquote>观点：10家知道如何花钱的公司，这样你就有机会赚到一些</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpinion: 10 companies that know how to spend money so you have a chance to make some<blockquote>观点：10家知道如何花钱的公司，这样你就有机会赚到一些</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Market Wacth</strong><span class=\"h-time small\">2021-07-09 11:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Share buybacks can add value to all corporate constituents — shareholders, employees and customers</p><p><blockquote>股票回购可以为所有公司成员（股东、员工和客户）增加价值</blockquote></p><p> Share buybacks are surprisingly controversial. A share buyback is when a company repurchases its own shares, which reduces its shares outstanding. By reducing the number of shares, buybacks effectively allocate a greater portion of corporate capital to remaining investors. For example, earnings per share increases.</p><p><blockquote>股票回购引发了令人惊讶的争议。股票回购是指公司回购自己的股票，从而减少其流通股。通过减少股票数量，回购有效地将更大一部分公司资本分配给剩余的投资者。例如，每股收益增加。</blockquote></p><p> Share buybacks add value to all corporate constituents — shareholders, employees, customers — when capital allocation follows two rules. One: buybacks are made with excess cash after the company has reinvested to maintain or grow the profitability of its current business, whether organically or through acquisitions. <a href=\"https://laohu8.com/S/TWOA.U\">Two</a>: buybacks are made only at share prices below business value—a corporation that overpays for anything, including its own shares, destroys corporate value.</p><p><blockquote>当资本配置遵循两条规则时，股票回购会为所有公司组成部分（股东、员工、客户）增加价值。一：回购是在公司进行再投资以维持或提高当前业务的盈利能力后，用多余现金进行的，无论是有机的还是通过收购的。<a href=\"https://laohu8.com/S/TWOA.U\">二</a>：回购只能以低于商业价值的股价进行——一家公司为任何东西（包括自己的股票）支付过高的价格都会破坏公司价值。</blockquote></p><p> Some critics protest buybacks for the wrong reasons. They complain of transferring corporate cash to shareholders when employees deserve a raise and customers a price cut. But this overlooks Rule One: skimping on employees and stiffing customers are anathema to any corporation and all its long-term shareholders, particularly stock pickers who construct a selective portfolio of high-quality stocks (called quality shareholders).</p><p><blockquote>一些批评者以错误的理由抗议回购。他们抱怨把公司现金转给股东，而员工理应加薪，客户理应降价。但这忽略了第一条规则：吝啬员工和压制客户是任何公司及其所有长期股东的诅咒，尤其是那些精心构建优质股票投资组合的选股者（称为优质股东）。</blockquote></p><p> There are only two types of potential beneficiaries of so diverting cash to share buybacks. The first are transient (short-term) shareholders who don’t care about Rule <a href=\"https://laohu8.com/S/TWOA\">Two</a>: they are happy to cash in at an inflated price even if in the process the company destroys value for remaining shareholders, employees and customers. The second are managers who don’t care about either Rule because their pay is tied heavily to current stock price or current earnings per share.</p><p><blockquote>这种将现金转移到股票回购的潜在受益者只有两种类型。首先是不在乎规则的短期股东<a href=\"https://laohu8.com/S/TWOA\">二</a>：他们乐于以虚高的价格兑现，即使在此过程中公司会破坏剩余股东、员工和客户的价值。第二种是不关心这两条规则的管理者，因为他们的薪酬与当前股价或当前每股收益密切相关。</blockquote></p><p> Faithful managerial stewards who adhere to buyback Rules One and <a href=\"https://laohu8.com/S/TWOA.U\">Two</a>, however, add value for all corporate constituencies. Three of the best corporate managers of all time pioneered and perfected the proper execution of share buyback programs over several decades dating to the 1970s: Kay <a href=\"https://laohu8.com/S/GHC\">Graham</a> of The <a href=\"https://laohu8.com/S/WASH\">Washington</a> <a href=\"https://laohu8.com/S/POST\">Post</a> Co., Larry Tisch of <a href=\"https://laohu8.com/S/L\">Loews</a> Corporation, and Henry Singleton of <a href=\"https://laohu8.com/S/TDY\">Teledyne</a>. All ran decades-long, on-and-off, buyback programs based on these principles — buying only when price was low and there were no better uses of cash.</p><p><blockquote>遵守回购规则一和<a href=\"https://laohu8.com/S/TWOA.U\">二</a>然而，它为所有企业群体增加了价值。从 20 世纪 70 年代开始的几十年里，有史以来最优秀的三位公司经理开创并完善了股票回购计划的正确执行：凯<a href=\"https://laohu8.com/S/GHC\">格雷厄姆</a>的<a href=\"https://laohu8.com/S/WASH\">华盛顿</a><a href=\"https://laohu8.com/S/POST\">张贴</a>公司，拉里·蒂施<a href=\"https://laohu8.com/S/L\">勒斯</a>公司和亨利·辛格尔顿<a href=\"https://laohu8.com/S/TDY\">电信</a>所有这些公司都基于这些原则实施了长达数十年的断断续续的回购计划——只在价格低廉且没有更好的现金用途时才购买。</blockquote></p><p> These managerial titans have some clear successors among today’s corporate leaders. Among active corporate repurchasers in recent years, the following companies boast high-quality, long-term shareholder bases, as compared to transients, who own shares fleetingly, and indexers, who own indiscriminately.</p><p><blockquote>这些管理巨头在当今的企业领导者中都有一些明确的接班人。在近年来活跃的企业回购者中，以下公司拥有高质量的长期股东基础，而转瞬即逝地持有股票，指数持有者则不加区分地持有股票。</blockquote></p><p> AdobeADBE,+0.03%</p><p><blockquote>AdobeADBE，+0.03%</blockquote></p><p> AssurantAIZ,-1.67%</p><p><blockquote>保险，-1.67%</blockquote></p><p> Bank of <a href=\"https://laohu8.com/S/NWY\">New York</a> MellonBK,-2.30%</p><p><blockquote>银行<a href=\"https://laohu8.com/S/NWY\">纽约</a>梅隆BK，-2.30%</blockquote></p><p> CDWCDW,-1.12%</p><p><blockquote>CDWCDW，-1.12%</blockquote></p><p> Deckers OutdoorDECK,-1.76%</p><p><blockquote>德克斯户外甲板，-1.76%</blockquote></p><p> <a href=\"https://laohu8.com/S/HBCP\">Home</a> DepotHD,-1.53%</p><p><blockquote><a href=\"https://laohu8.com/S/HBCP\">家</a>存款，-1.53%</blockquote></p><p> O’Reilly AutomotiveORLY,-0.61%</p><p><blockquote>奥莱利汽车公司，-0.61%</blockquote></p><p> NVRNVR,-2.87%</p><p><blockquote>NVRNVR，-2.87%</blockquote></p><p> $Sherwin-<a href=\"https://laohu8.com/S/WMB\">Williams</a>(SHW)$SHW,-1.56%</p><p><blockquote>$舍温-<a href=\"https://laohu8.com/S/WMB\">威廉姆斯</a>(SHW)$SHW，-1.56%</blockquote></p><p> WalmartWMT,-0.09%</p><p><blockquote>沃尔玛WMT,-0.09%</blockquote></p><p> <b>O’Reilly</b> is an auto parts retailer serving both professional and amateur mechanics. Founded in 1957 by the O’Reilly family, the company runs some 5,600 stores generating annual revenue around $10 billion. Since its 1993 IPO, it has maintained a strong culture of employee stock ownership. The current CEO since 2018 is Greg <a href=\"https://laohu8.com/S/00179\">Johnson</a>, who has been with the company since 2001. The business model is simple: buy new stores and increase sales at all stores. The result has been steady growth over two decades, with a major acquisition every two or three years and compound annual growth rate of 19%. The company offers products and services customers need and steadily adds new workers. Competitive advantages include economics of scale.</p><p><blockquote><b>奥莱利</b>是一家为专业和业余机械师提供服务的汽车零部件零售商。该公司由 O'Reilly 家族于 1957 年创立，拥有约 5600 家门店，年收入约为 100 亿美元。自1993年首次公开募股以来，该公司一直保持着浓厚的员工持股文化。自 2018 年以来的现任首席执行官是 Greg<a href=\"https://laohu8.com/S/00179\">约翰逊</a>他从2001年开始就在公司工作。商业模式很简单：购买新店，增加所有门店的销售额。其结果是二十多年来稳步增长，每两三年就有一次重大收购，年复合增长率为19%。公司提供客户需要的产品和服务，并稳步增加新员工。竞争优势包括规模经济。</blockquote></p><p> Company strengths include capital allocation that emphasizes buybacks. After deploying capital to primary uses of reinvestment and acquisition, many companies adopt a combination of dividends and buybacks. Not O’Reilly, which skips the dividends and goes straight to disciplined and opportunistic buybacks: when price is well below value. The effect is to increase the price-earnings ratio when low and help stabilize it when high. Such an approach reflects prudent capital allocation, increases per share value to shareholders, and maintains a more rational stock price overall. O’Reilly has maintained this on-and-off buyback program since 2011. QSs include Akre Capital, Edge Point Investment Group and <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>.</p><p><blockquote>公司的优势包括强调回购的资本配置。在将资本用于再投资和收购的主要用途后，许多公司采用股息和回购相结合的方式。而不是 O'Reilly，它跳过了股息，直接进行有纪律的机会主义回购：当价格远低于价值时。其效果是在市盈率较低时提高市盈率，在市盈率较高时帮助稳定市盈率。这种做法体现了审慎的资本分配，增加了股东的每股价值，并整体维持了较为理性的股价。O'Reilly 自 2011 年以来一直维持着这一断断续续的回购计划。QS 包括 Akre Capital、Edge Point Investment Group 和<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>.</blockquote></p><p></p><p> <b>CDW</b>, a global leader in integrated IT solutions with annual revenue approaching $20 billion, traces its unlikely origins to a 1984 newspaper ad selling a used computer and printer. The company’s customer-centric business model positions itself as an extension of its customers’ IT staff to help access a vast selection of tech solutions. It presents itself to vendors as a partner facilitating access to a huge customer base. After ownership by private equity from 2007, it has been public since 2013, boasting steady growth in revenue and earnings with a strong runway for sustained growth, both organic and acquired. Competitive advantages include vast scale and scope and a performance driven-culture. The current CEO since 2018 is <a href=\"https://laohu8.com/S/01210\">Christine</a> A. Leahy, who has been with CDW since 2002.</p><p><blockquote><b>CDW</b>是集成IT解决方案的全球领导者，年收入接近200亿美元，其不太可能的起源可以追溯到1984年的一则出售二手电脑和打印机的报纸广告。公司以客户为中心的商业模式将自己定位为客户 IT 人员的延伸，以帮助客户获得大量的技术解决方案。它向供应商展示自己是一个促进接触庞大客户群的合作伙伴。自 2007 年起由私募股权持有后，该公司自 2013 年起上市，收入和盈利稳步增长，拥有强劲的持续增长跑道，无论是有机增长还是收购增长。竞争优势包括巨大的规模和范围以及绩效驱动的文化。自2018年起现任行政总裁为<a href=\"https://laohu8.com/S/01210\">克里斯汀</a>A.Leahy，自2002年以来一直在CDW工作。</blockquote></p><p> The company adopts a classic approach to rational capital allocation: a clear statement of priorities, including reinvestment and acquisitions; a goal of steady annual dividend increases, and returning excess free cash flow through buybacks. The buyback program is clearly opportunistic and maps related pricing fluctuations from period to period. CDW boasts among the highest quality shareholder bases. QSs include Alliance Bernstein, Bessemer, Fenimore Asset Management, <a href=\"https://laohu8.com/S/LAZ\">Lazard</a>, Mawer Investment Management, Neuberger Berman, <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>, Wedgewood Partners, and Wellington.</p><p><blockquote>该公司采用经典的合理资本配置方法：明确说明优先事项，包括再投资和收购；目标是每年稳定增加股息，并通过回购返还多余的自由现金流。回购计划显然是机会主义的，并绘制了不同时期相关的价格波动。CDW拥有最高质量的股东基础。QSs 包括 Alliance Bernstein、Bessemer、Fenimore Asset Management、<a href=\"https://laohu8.com/S/LAZ\">拉扎德</a>, Mawer 投资管理公司, Neuberger Berman,<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>韦奇伍德合伙人和惠灵顿。</blockquote></p><p> <b>NVR</b> is a regional homebuilder and mortgage banker with annual revenues of about $6 billion. Founded in 1980 and public since 1993 after a recession-induced bankruptcy, brands include Ryan Homes, which caters to first-time home buyers, and NV Homes and <a href=\"https://laohu8.com/S/HTLD\">Heartland</a> Homes, which include higher-end properties. The business model avoids costly and risky land development projects in favor of building pre-sold homes on individual lots acquired from developers on terms that minimize builder risk. Along with such a conservative strategy, NVR’s competitive advantages include relationships with developers and real estate professionals in the markets it serves.</p><p><blockquote><b>网络录像机</b>是一家地区性房屋建筑商和抵押贷款银行家，年收入约为 60 亿美元。该公司成立于 1980 年，自 1993 年因经济衰退破产后上市，旗下品牌包括为首次购房者提供服务的 Ryan Homes、NV Homes 和<a href=\"https://laohu8.com/S/HTLD\">中心地带</a>住宅，包括高端物业。这种商业模式避免了昂贵和高风险的土地开发项目，而是在从开发商收购的单个地块上建造预售房屋，以最大限度地降低建筑商风险。除了这种保守的战略，NVR 的竞争优势还包括与其服务市场中的开发商和房地产专业人士的关系。</blockquote></p><p> The current CEO is Paul Seville, in the role since 2005, making him <a href=\"https://laohu8.com/S/AONE\">one</a> of the more seasoned of today’s top executives. NVR has long boasted the highest listed stock price other than <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a>. NVR’s stock repurchase program dates to 1994 and is known to be among the most consistent and dedicated program of its kind. Current QSs include Broad Run, Capital Group, Diamond <a href=\"https://laohu8.com/S/HIL\">Hill</a> Capital, Ensemble Capital, Giverny Capital, Smead Capital, Wellington and <a href=\"https://laohu8.com/S/TROW\">T. Rowe Price</a>.</p><p><blockquote>现任首席执行官是 Paul Seville，自 2005 年起担任该职位，使他<a href=\"https://laohu8.com/S/AONE\">一</a>当今最有经验的高管之一。长期以来，NVR 的上市股价一直是除<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦公司</a>. NVR 的股票回购计划可以追溯到 1994 年，是同类计划中最稳定、最专注的计划之一。目前的 QSs 包括 Broad Run、Capital Group、Diamond<a href=\"https://laohu8.com/S/HIL\">山丘</a>资本、Ensemble Capital、Giverny Capital、Smead Capital、惠灵顿和<a href=\"https://laohu8.com/S/TROW\">T.罗·普莱斯</a>.</blockquote></p><p> Share buybacks are only controversial because they can be misused. Done right, they are wins all around. Fortunately, Corporate America continues to have some great managers who understand this, and many quality shareholders who appreciate them for it.</p><p><blockquote>股票回购之所以有争议，只是因为它们可能会被滥用。如果做得好，他们是全方位的胜利。幸运的是，美国企业界仍然有一些理解这一点的优秀管理者，以及许多欣赏他们的优质股东。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/10-companies-that-know-how-to-spend-money-so-you-have-a-chance-to-make-some-11625766546?mod=home-page\">Market Wacth</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/10-companies-that-know-how-to-spend-money-so-you-have-a-chance-to-make-some-11625766546?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135632463","content_text":"Share buybacks can add value to all corporate constituents — shareholders, employees and customers\nShare buybacks are surprisingly controversial. A share buyback is when a company repurchases its own shares, which reduces its shares outstanding. By reducing the number of shares, buybacks effectively allocate a greater portion of corporate capital to remaining investors. For example, earnings per share increases.\nShare buybacks add value to all corporate constituents — shareholders, employees, customers — when capital allocation follows two rules. One: buybacks are made with excess cash after the company has reinvested to maintain or grow the profitability of its current business, whether organically or through acquisitions. Two: buybacks are made only at share prices below business value—a corporation that overpays for anything, including its own shares, destroys corporate value.\nSome critics protest buybacks for the wrong reasons. They complain of transferring corporate cash to shareholders when employees deserve a raise and customers a price cut. But this overlooks Rule One: skimping on employees and stiffing customers are anathema to any corporation and all its long-term shareholders, particularly stock pickers who construct a selective portfolio of high-quality stocks (called quality shareholders).\nThere are only two types of potential beneficiaries of so diverting cash to share buybacks. The first are transient (short-term) shareholders who don’t care about Rule Two: they are happy to cash in at an inflated price even if in the process the company destroys value for remaining shareholders, employees and customers. The second are managers who don’t care about either Rule because their pay is tied heavily to current stock price or current earnings per share.\nFaithful managerial stewards who adhere to buyback Rules One and Two, however, add value for all corporate constituencies. Three of the best corporate managers of all time pioneered and perfected the proper execution of share buyback programs over several decades dating to the 1970s: Kay Graham of The Washington Post Co., Larry Tisch of Loews Corporation, and Henry Singleton of Teledyne. All ran decades-long, on-and-off, buyback programs based on these principles — buying only when price was low and there were no better uses of cash.\nThese managerial titans have some clear successors among today’s corporate leaders. Among active corporate repurchasers in recent years, the following companies boast high-quality, long-term shareholder bases, as compared to transients, who own shares fleetingly, and indexers, who own indiscriminately.\nAdobeADBE,+0.03%\nAssurantAIZ,-1.67%\nBank of New York MellonBK,-2.30%\nCDWCDW,-1.12%\nDeckers OutdoorDECK,-1.76%\nHome DepotHD,-1.53%\nO’Reilly AutomotiveORLY,-0.61%\nNVRNVR,-2.87%\n$Sherwin-Williams(SHW)$SHW,-1.56%\nWalmartWMT,-0.09%\nO’Reilly is an auto parts retailer serving both professional and amateur mechanics. Founded in 1957 by the O’Reilly family, the company runs some 5,600 stores generating annual revenue around $10 billion. Since its 1993 IPO, it has maintained a strong culture of employee stock ownership. The current CEO since 2018 is Greg Johnson, who has been with the company since 2001. The business model is simple: buy new stores and increase sales at all stores. The result has been steady growth over two decades, with a major acquisition every two or three years and compound annual growth rate of 19%. The company offers products and services customers need and steadily adds new workers. Competitive advantages include economics of scale.\nCompany strengths include capital allocation that emphasizes buybacks. After deploying capital to primary uses of reinvestment and acquisition, many companies adopt a combination of dividends and buybacks. Not O’Reilly, which skips the dividends and goes straight to disciplined and opportunistic buybacks: when price is well below value. The effect is to increase the price-earnings ratio when low and help stabilize it when high. Such an approach reflects prudent capital allocation, increases per share value to shareholders, and maintains a more rational stock price overall. O’Reilly has maintained this on-and-off buyback program since 2011. QSs include Akre Capital, Edge Point Investment Group and T. Rowe Price.\nCDW, a global leader in integrated IT solutions with annual revenue approaching $20 billion, traces its unlikely origins to a 1984 newspaper ad selling a used computer and printer. The company’s customer-centric business model positions itself as an extension of its customers’ IT staff to help access a vast selection of tech solutions. It presents itself to vendors as a partner facilitating access to a huge customer base. After ownership by private equity from 2007, it has been public since 2013, boasting steady growth in revenue and earnings with a strong runway for sustained growth, both organic and acquired. Competitive advantages include vast scale and scope and a performance driven-culture. The current CEO since 2018 is Christine A. Leahy, who has been with CDW since 2002.\nThe company adopts a classic approach to rational capital allocation: a clear statement of priorities, including reinvestment and acquisitions; a goal of steady annual dividend increases, and returning excess free cash flow through buybacks. The buyback program is clearly opportunistic and maps related pricing fluctuations from period to period. CDW boasts among the highest quality shareholder bases. QSs include Alliance Bernstein, Bessemer, Fenimore Asset Management, Lazard, Mawer Investment Management, Neuberger Berman, T. Rowe Price, Wedgewood Partners, and Wellington.\nNVR is a regional homebuilder and mortgage banker with annual revenues of about $6 billion. Founded in 1980 and public since 1993 after a recession-induced bankruptcy, brands include Ryan Homes, which caters to first-time home buyers, and NV Homes and Heartland Homes, which include higher-end properties. The business model avoids costly and risky land development projects in favor of building pre-sold homes on individual lots acquired from developers on terms that minimize builder risk. Along with such a conservative strategy, NVR’s competitive advantages include relationships with developers and real estate professionals in the markets it serves.\nThe current CEO is Paul Seville, in the role since 2005, making him one of the more seasoned of today’s top executives. NVR has long boasted the highest listed stock price other than Berkshire Hathaway. NVR’s stock repurchase program dates to 1994 and is known to be among the most consistent and dedicated program of its kind. Current QSs include Broad Run, Capital Group, Diamond Hill Capital, Ensemble Capital, Giverny Capital, Smead Capital, Wellington and T. Rowe Price.\nShare buybacks are only controversial because they can be misused. Done right, they are wins all around. Fortunately, Corporate America continues to have some great managers who understand this, and many quality shareholders who appreciate them for it.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2943,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":7,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/143557011"}
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