2011年3月31日

鲁尼高薪从何而来?Wayne Rooney and Ricardo forge the ultimate dream team

 

韦恩•鲁尼(Wayne Rooney)最近与曼联(Manchester United)签下了新合约。这份合同保证在4年的有效期内,鲁尼将获得5000万英镑,相当于周薪25万英镑。作为一名球员,鲁尼禀赋出众,但他没有什么其它明显的才能。如果不是干上了足球这一行,他的收入可能会很一般。职业球员的生活激动人心,他们是媒体关注的焦点,也是美女们倾心的对象。所以,即使拿的薪水少很多,鲁尼可能还是愿意当一名职业球员。

在许多人心目中,斯坦利•马修斯爵士(Sir Stanley Matthews)是英格兰最伟大的球员。他的自传中讲述了一种截然不同的生活。20世纪60年代早期,当他职业生涯结束时,他当时的最高周薪仅为20英镑。他踢过的最伟大的一场比赛,是1948年在汉普敦公园球场举行的战后庆典比赛,对阵双方是苏格兰和英格兰,现场共有15万名观众(结果英格兰获胜)。当时英格兰足球总会(Football Association)寄出的一封信中,附上了马修斯的出场费14英镑(按当前价格计算约合500英镑),以及从斯托克赶往格拉斯哥的火车票钱(二等车厢)。马修斯想要报销在卡莱尔车站餐厅喝茶所花的6便士(合今天的1英镑),这一请求却遭到了拒绝:此项花销不可报销。

鲁尼与马修斯之间的收入差额叫做经济租金(economic rent)。经济租金是指从事一项活动得到的实际收入,与获取从事这项活动所需资源的回报之间的差额。这个名称带有误导性,原因在于人们最初阐述这一概念时,农业还是经济活动的主要形式。一般认为,这个概念是英格兰经济学家大卫•李嘉图(David Ricardo)提出的,但其实苏格兰乡绅兼学者詹姆斯•安德森(James Anderson)比他早50年便提出了这个概念。在这一场较量中,获胜的是苏格兰。

"苏格兰西海岸谷物价格总是高于东海岸,我(安德森)想问,其原因何在?难道是因为洛锡安地主与克莱德谷地主相比,前者更加仁厚,而后者更为贪婪?"他解释道,其实不然。"并不是土地的租金决定了农产品价格,而是农产品价格决定了土地的租金。这似乎是一个需要加以解释的悖论。"

安德森随后对这一悖论的阐述,在250年后的今天仍经得起检验。对谷物的需求,决定了需要开垦多少土地:为满足这种需求而投入生产的最差的土地,只能赚回生产的成本,而好一点的土地则能赚回符合其优势价值的租金。谁从这些收入中获益是一个政治问题。鲁尼的收入水平,部分源自于足球运动的收入规模,另一部分则取决于他的经纪人的讨价还价能力。马修斯的二等车厢车票,并不是一个无足轻重的细节,而是展示了马修斯工作的社会背景——我们可以猜想英格兰足总官员前往格拉斯哥坐的不会是二等车厢。洛锡安地主的生活方式是由决定该地区谷物需求的经济力量,以及允许当地士绅抽取大部分收入的封建制度共同决定的。经济租金的数额和分配是政治经济相互作用的产物。

正如安德森率先提出的那样,要讨论经济租金的金额和分配,首先要理解经济租金产生的机制。他曾经问道"如果克莱德谷的绅士们,表现出异乎寻常的爱国心和鼓励制造业的热忱,下定决心要降低租金",结果会如何?谷物价格会因此而下降吗?(提出这个问题时,他仿佛预见到了银行家高额奖金所引发的公愤。)绝对不会。"有洞察力的读者能够自己勾勒出完整的图景,"他这样总结道。当今的读者也必须这样做。

译者/何黎


http://www.ftchinese.com/story/001037844


 

Wayne Rooney recently signed a new contract with Manchester United. The agreement guaranteed him £50m over its four-year life, equivalent to £250,000 a week. Mr Rooney is an exceptionally gifted footballer, but has few other evident talents. If he were not employed as a footballer, his earnings would probably be modest. And the life of a professional footballer is an exciting one, which attracts media attention and glamorous women. So it is likely that Mr Rooney would be willing to play professional football even if he were paid much less.

Many think of Sir Stanley Matthews as England's greatest footballer. His autobiography describes a rather different lifestyle. At the end of his career, in the early 1960s, he was receiving the then maximum wage of £20 a week. One of his greatest matches was a postwar celebration in which Scotland met England in 1948 at Hampden Park before a crowd of 150,000 people (England won). A letter from the Football Association encloses Matthews's match fee of £14 (about £500 at current prices) and his (second-class) rail fare from Stoke to Glasgow. But his claim for 6d (about £1 today) spent on a cup of tea in the station buffet at Carlisle was rejected: not a reimbursable expense.

The difference between what Rooney is paid and Matthews was paid is economic rent. Economic rent is the difference between actual earnings in an activity and the returns necessary to attract resources to that activity. The name seems misleading. The explanation is that early elaboration of the idea dates back to when agriculture was a principal form of economic activity. The concept is generally attributed to the English economist David Ricardo, but the idea was set out 50 years earlier by a Scottish gentleman farmer and scholar, James Anderson. Scotland won this one.

"Whence comes it, I [Anderson] may ask, that the price of grain is always higher on the west than on the east coast of Scotland? Are the proprietors in the Lothians more tender-hearted and less avaricious than those of Clydesdale?" No, he explains, "it is not the rent of the land that determines the price of its produce, but it is the price of that produce which determines the rent of the land. This seems to be a paradox that deserves to be explained".

Mr Anderson's subsequent account of that paradox stands up well 250 years later. The demand for corn determined how much land had to be cultivated: the worst land that needed to be brought into production to satisfy that demand would earn only the cost of production, and better land would earn rents that measured the value of their superiority. Who benefited from these earnings was a political issue. Rooney's earnings are partly the result of the scale of revenues that football generates, and partly a result of the ability of his agent to bargain for them. Matthews' second-class ticket is not an unimportant detail – we can assume that the officers of the Football Association did not travel second class to Glasgow – but a demonstration of the social milieu within which Matthews worked. The lifestyle of the proprietors of Lothian was the result of a combination of the economic forces that determined the regional demand for corn and a feudal regime that enabled the local gentry to extract a substantial fraction of the benefits. The amount and distribution of economic rent is the product of the interplay of politics and economics.

As Mr Anderson was the first to argue, to comment on the amount and distribution of economic rent we must begin by understanding the mechanisms that gave rise to it. He might have been anticipating the furore on bankers' bonuses when he asked what might happen if "the gentlemen of Clydesdale, from an extraordinary exertion of patriotism and an inordinate desire to encourage manufactures, should resolve to lower the rents". Would the price of grain fall in consequence of this? By no means. "Readers of penetration will be able themselves to finish the sketch," he concluded. They must do so again today.


http://www.ftchinese.com/story/001037844/en

2011年3月30日

中美能源CEO索科尔辞职 巴菲特亲撰新闻稿

这个消息让我吃惊,我本来认为索科尔最有希望成为巴菲特的接班人。


巴菲特热门继任候选人大卫-索科尔离职声明

腾讯财经讯 北京时间3月31日早间,一直以来被认为是亿万富翁巴菲特热门继任人选的大卫-索科尔(David Sokol)突然宣布辞职,这让所有人都倍感震惊。以下是大卫-索科尔助手对其离职原因所作出的声明:

“正 如我过去向你们所提到的那样,我的目标是希望能在自己接下来的工作里,将更多的精力有效的投入到家族事业里,从而为我的后代创造出好的机会,并为我一直以 来所追求的慈善事业理念提供资金支持。除此之外,我没有其他更进一步的打算了,因为我在伯克希尔哈撒韦的首要使命就是专注我的工作,并将其当做第一要务来 抓。”(��)

索科尔辞职 巴菲特亲撰新闻稿

图为大卫-索科尔(David Sokol)和比亚迪总裁王传福图为大卫-索科尔(David Sokol)和比亚迪总裁王传福(专栏)

  新浪财经讯 美国东部时间3月30日(北京时间3月31日)消息,股神巴菲特备受关注的接班人选大卫-索科尔(David Sokol)周三突然宣布辞职,原因是计划 投资家庭和创建慈善基金。对此,巴菲特亲自撰写新闻稿,除去对昔日爱将的肯定之外,也诚恳地澄清外界对索科尔拥有路博润股票是引发其辞职的猜测。

  译文全文如下:

  这是一篇不同寻常的新闻稿。首先,我会像写一封信那样写这篇稿件;其次,它包括两部分,都是关于伯克希尔子公司董事长大卫-索科尔。

  3月28日当天晚些时候,我收到了由大卫的辞职信,由他的助理转交给我。大卫辞职的理由如下:“正如我在过去跟您提到过,我的目标是利用日后职 业生涯的时间去投资我的家庭,用这样的方式创造出不朽的权益价值,并希望通过一个企业,为我的后代和慈善基金投资创造机会。我没有比这更详细的计划,因为 伯克希尔-哈撒韦公司是我第一个也是唯一一个商业重点。”

  我从来没有要求他辞职,这使我感到意外。大约两年前,大卫曾两次对我提出过辞职。每一次,他都对我说出的都是跟周一提交的那封辞职信同样的理由。那两次,我和其他董事会成员劝他留下来。伯克希尔今天能够更有价值,是因为我们过去努力所取得的成功。

  大卫的贡献无以伦比。在中美能源公司,他和Greg Abel 已经展现了在公共事业领域管理者的最佳表现。在NetJets,大卫没有借助伯 克希尔,成功地恢复了这家临近破产的公司的经营。他一直为Johns Manville提供巨大帮助,几年前,大卫改善了新的管理和监督工作。

  最后,在1月14日或15日的时候,大卫把收购路博润(Lubrizol)的想法告诉我。起初,我不以为然。但在1月25日,他提供给我与该公 司CEO詹姆斯-汉姆布瑞克(James Hambrick)洽谈报告,我的想法迅速升温。尽管收购要约完全是我的决定,并在3月13日得到伯克希尔董事 会的支持,但是没有大卫早期的努力就不会有这次收购。

  这将我们带到第二部分的事实面前。在我们第一次谈论路博润时候,大卫提到他拥有该公司的股票。这是顺便讲的话,我没有询问他购买股票的日期或者控股程度。

  在3月19日我出发去亚洲之前,我才知道大卫在12月14日第一次购买2300股路博润股票,并于12月21日卖出该股票。随后,在1月5日、6日和7日,他以每股104美元的价格下单购买10万股路博润股票,最终成交96,060股。

  大卫在跟我讨论路博润之前已经购买该公司股票,他并不知道我会对收购路博润作出什么反应。此外,当然,他也不知道如果我有兴趣收购,路博润将会 有什么反应。并且,他知道尽管他提出这个建议,但他在伯克希尔没有决定权。这将是我和查理-芒格来决定,须经伯克希尔董事会批准。而大卫并不是其中的成 员。

  直到1月24日,我发给大卫一个简短的说明,表示我对是否购买路博润仍表怀疑,并且表达出我对中美能源作出的另一个重大收购的偏好。在大卫向我汇报了1月25日他和詹姆斯-哈姆布里克的晚餐谈话之后,我才真正对收购路博润产生兴趣。

  大卫和我都不觉得他的路博润股票是以任何非法的形式购买的。他告诉我,这不是他决定辞职的原因。

  大卫的辞职信让我很吃惊,尽管在此之前,他曾经两次提出辞职。我在前一天跟他谈过各种运营事宜,那时并没有得到任何他打算辞职的暗示。这一次,我并没有试图劝说他放弃辞职决定,并接受了他的辞呈。

  由于大卫的辞职生效,格雷格-阿贝尔(Greg Abel),现任中美能源控股公司总裁兼首席执行官将成为公司主席;托德-拉巴 (Todd Raba),Johns Manville公司总裁兼首席执行官将成功公司主席;约旦-汉塞尔 (Jordan Hansell),NetJets公司总裁,将成为该公司董事长兼首席执行官。

  我在这份声明中没有任何隐瞒。因此,如果这个问题在未来受到质疑,我将会简单地请质疑人来参考这个版本。(段皎宇(微博 专栏) 发自美国旧金山)

  原文如下:

  This press release will be unusual. First, I will write it almost as if it were a letter. Second, it will contain two sets of facts, both about Dave Sokol, Chairman of several Berkshire subsidiaries。

  Late in the day on March 28, I received a letter of resignation from Dave,delivered by his assistant. His reasons were as follows:“As I have mentioned to you in the past, it is my goal to utilize the

  time remaining in my career to invest my family’s resources in such a way as to create enduring equity value and hopefully an enterprise which will provide opportunity for my descendents and funding for my philanthropic interests. I have no more detailed plan than this because my obligations from Berkshire Hathaway have been my first and only business priority。”

  I had not asked for his resignation, and it came as a surprise to me. Twice before, most recently two or so years ago, Dave had talked to me of resigning. In each case he had given me the same reasons that he laid out in his Monday letter. Both times, I and other Board members persuaded him to stay. Berkshire is far more valuable today because we were successful in those efforts。

  Dave’s contributions have been extraordinary. At MidAmerican, he and Greg Abel have delivered the best performance of any managers in the public utility field. At NetJets, Dave resurrected an operation that was destined for bankruptcy, absent Berkshire’s deep pockets. He has been of enormous help in the operation of Johns Manville, where he installed new management some years ago and oversaw major change。

  Finally, Dave brought the idea for purchasing Lubrizol to me on either January 14 or 15. Initially, I was unimpressed, but after his report of a January 25 talk with its CEO, James Hambrick, I quickly warmed to the idea. Though the offer to purchase was entirely my decision, supported by Berkshire’s Board on March 13, it would not have occurred without Dave’s early efforts。

  That brings us to our second set of facts. In our first talk about Lubrizol, Dave mentioned that he owned stock in the company. It was a passing remark and I did not ask him about the date of his purchase or the extent of his holdings。

  Shortly before I left for Asia on March 19, I learned that Dave first purchased 2,300 shares of Lubrizol on December 14, which he then sold on December 21. Subsequently, on January 5, 6 and 7, he bought 96,060 shares pursuant to a 100,000- share order he had placed with a $104 per share limit price。

  Dave’s purchases were made before he had discussed Lubrizol with me and with no knowledge of how I might react to his idea. In addition, of course, he did not know what Lubrizol’s reaction would be if I developed an interest. Furthermore, he knew he would have no voice in Berkshire’s decision once he suggested the idea; it would be up to me and Charlie Munger, subject to ratification by the Berkshire Board of which Dave is not a member。

  As late as January 24, I sent Dave a short note indicating my skepticism about making an offer for Lubrizol and my preference for another substantial acquisition for which MidAmerican had made a bid. Only after Dave reported on the January 25 dinner conversation with James Hambrick did I get interested in the acquisition of Lubrizol。

  Neither Dave nor I feel his Lubrizol purchases were in any way unlawful. He has told me that they were not a factor in his decision to resign。

  Dave’s letter was a total surprise to me, despite the two earlier resignation talks. I had spoken with him the previous day about various operating matters and received no hint of his intention to resign. This time, however, I did not attempt to talk him out of his decision and accepted his resignation。

  Effective with Dave’s resignation, Greg Abel, presently President and CEO of MidAmerican Holding Company, will become its Chairman; Todd Raba, President and CEO of Johns Manville, will become its Chairman; and Jordan Hansell, President of NetJets, will become its Chairman and CEO。

  I have held back nothing in this statement. Therefore, if questioned about this matter in the future, I will simply refer the questioner back to this release.  – End-


 

Buffett on Sokol

  • MARCH 30, 2011, wall street journal


[0330sokol4] David Yellen

David Sokol, left, and Warren Buffett.

Longtime Warren Buffett lieutenant and possible successor David Sokol resigned from his position at Berkshire Hathaway Wednesday. Take a look back at Mr. Buffett's comments about Mr. Sokol over the years.

If I only had two draft picks out of American business, Walter Scott and David Sokol are the ones I would choose for this industry. Mr. Buffett on Mr. Sokol when announcing Berkshire Hathaway's plan to buy MidAmerican in October 1999

His leadership has been transforming: Debt has already been reduced to $1.4 billion, and, after suffering a staggering loss of $711 million in 2009, the company is now solidly profitable. Mr. Buffett on Mr. Sokol's role at MidAmerican, in his letter to shareholders on 2009 performance

He gets more done in a day than probably I get done in a week, and I'm not kidding.Mr. Buffett on Mr. Sokol in an interview with Fortune magazine in August 2010

I don't think there's a record that comes close to that of David at MidAmerican [in the utility industry]. Mr. Buffett on Mr. Sokol in a February 2010 interview

I am proud of what has been accomplished for our society by Matt Rose at BNSF and by David Sokol and Greg Abel at MidAmerican. I am also both proud and grateful for what they have accomplished for Berkshire shareholders. Mr. Buffett on Mr. Sokol's role at MidAmerican, in his annual letter to shareholders, Feb. 26, 2011

I can't overstate the breadth and importance of Dave Sokol's achievements at this company Mr. Buffett on Mr. Sokol's work at NetJets, in his annual letter to shareholders, Feb. 26, 2011

Neither Dave nor I feel his Lubrizol purchases were in any way unlawful. He has told me that they were not a factor in his decision to resign. Mr. Buffett on Mr. Sokol's resignation decision March 30, 2011


http://blog.sina.com.cn/s/blog_53c8e9ab0100px79.html

唐桥的一段采访(2)

2011年03月16日

去年年底,五粮液、茅台等高端白酒争相涨价,引发市场关注。近日,五粮液集团总裁、五粮液股份公司董事长唐桥接受记者专访时称,五粮液等高端白酒依然具有涨价的空间。他说涨价是一把"双刃剑",不是企业说了算,而是由市场决定,今年是否涨价还要看条件。他还认为,白酒行业的整合时代已经来临,并购整合将会作为公司的战略来思考。

关于白酒涨价

衡量高端白酒的标准是价格

新京报:综合出厂价格和终端价格来看,五粮液去年到今年有三次提价,涨价的原因是什么?

唐桥:去年五粮液的原材料价格上涨了26%,我们的成本大幅度增加。但由于国务院出台"国十六条",作为国企,当时决定五粮液不再提高出厂价格,由企业自己消化成本增加因素。

但另一方面,还要考虑高端消费人群的问题。比如,我邀请一位尊贵的客人吃饭,我希望喝酒的时候能够喝第一品牌的高端白酒。衡量高端和第一品牌的是价格,如果五粮液的价格低于其他品牌太多,人家势必要选择别的品牌。这对企业来说也是一种压力,所以市场上同类产品涨起来了,我们的终端价格也就提上去了,主要是为满足这部分高端人群。

涨价是一把"双刃剑",不是企业说了算,而是由市场决定。涨价一方面增加了利润,消化了成本增加因素;另一方面,如果消费者不接受,则可能造成消费者接受的价格与商品实际价格的倒挂,这对企业不利。我们提价主要考虑市场空间有多大,消费者是否接受。

新京报:五粮液是否还有涨价的市场空间?

唐桥:肯定还是有一定上涨空间的,五粮液是一种稀缺的酒。

新京报:五粮液今年还会提价吗?

唐桥:这个要看情况,我今年的压力很大,国家出台"十二五"规划要求改善民生,提高劳动报酬在初次分配中的比重。中央提完要求,企业就要自己挖掘潜力去执行。因此我就要算账,首先五粮液是上市公司,我要保证投资者的利益;其次,职工的利益也要考虑,要让职工享受公司收入增长的成果,所以公司提出职工的收入增长15%;第三,政府要对我进行考核,五粮液税收占宜宾市的一半以上,政府下达的任务,公司要全力完成。

今年是否涨价还是要看条件,只要消费者能接受,五粮液就有提价的空间。但如果消费者不能接受,同时我们又能靠企业自身挖掘潜力将成本上涨因素消化掉,保证投资者、职工和政府的利益,那就没必要提价。

关于同业竞争

与茅台既有竞争又有合作

新京报:五粮液的市场定位是什么,奢侈品?

唐桥:五粮液从来都没有将自己定位成奢侈品,与三四万元一瓶的拉菲比起来,1000块钱以上不应该算作奢侈品,但五粮液面向的确实是高端消费者。五粮液的生产是精益求精,生产一吨酒,只有10%能做五粮液。我们一年产酒13万吨左右,五粮液只有1万多吨,剩下来的有五粮春和五粮醇等。因为我们国家已经有一部分人先富起来了,他们的要求、收入水平和消费水平不一样。这一万多吨五粮液主要面向他们。而其他类型的酒就根据价格做成不同的产品来满足不同的消费者。

新京报:目前高端市场竞争的主要对手是茅台。

唐桥:白酒行业中民族企业的两面大旗需要茅台和五粮液扛起来,五粮液跟茅台有竞争,但更多的应该是合作。茅台是酱香型白酒的老大,五粮液是浓香型白酒的龙头。现在白酒行业的第一品牌只有我们两个,我们如果互相诋毁、恶性竞争,则不利于整个行业。

茅台与五粮液的竞争主要是在争取高端消费群体方面,高端消费群体就这么多,不喝茅台就喝五粮液,作为企业来讲,我们比的是理念、售后服务和对市场的管理。

关于白酒出口

出口五粮液出厂价便宜百元

新京报:今年五粮液集团将加大在海外的投入,作为稀缺酒的五粮液在国内市场的流通岂不是更少了?

唐桥:是的。五粮液出口有两个原因。首先是政府要求出口,每年都会给我们下达出口任务;第二是企业自身原因,作为一家酒类龙头企业我们有责任走出去,我们每年出口的五粮液在1千吨以上。

出口海外市场的五粮液出厂价格比国内市场的出厂价格要便宜上百块钱。国外消费五粮液等白酒的几乎都是华人。白酒不是一个国家支持性的行业,我们企业出口还是单兵作战。酒与文化有关,白酒要打开海外市场,首先要推广中国文化,而文化的推广应该是政府的责任。

关于行业整合

每种香型只需留十个品牌

新京报:你如何看待目前的白酒行业和整个白酒市场?

唐桥:整个白酒市场呈现三个特点。首先是白酒企业多,据统计,我国白酒企业大约有37000多家;第二是品牌多,在3万多家企业中有将近10万个品牌;第三是白酒企业的门槛低,因此造成白酒企业非常离散,集中度不高。

在我看来,白酒行业的品牌不应该超过50个。五大香型中每种香型保留10个品牌就够了,然后按照价位的不同,对每种香型中的品牌从高端到低端进行排列。这样消费者对品牌的诉求就比较清楚,也容易有针对性地作出选择。

在发达国家的成熟行业中,几乎都是几个品牌就能支撑一个行业。而我国白酒行业的竞争已经无序化,同时很多白酒企业难以达到食品安全条件,造成粮食浪费和严重污染。目前规模以上白酒企业不足500家。在这种情况下,白酒行业的整合时代已经来临。

新京报:白酒行业的整合面临哪些难题?

唐桥:白酒行业只靠企业自己整合是很难的。首先在税收方面,现在财政是分灶吃饭。假如五粮液作为国有企业去外省兼并,兼并后税收是对方的。(四川政府)肯定对我们有意见。过去有些企业来找我们,希望五粮液兼并他们,但我们是国有企业,首先应得到地方政府的同意。

其次是不同地域在文化和口感方面存在差异。白酒跟啤酒不同,啤酒的口感基本一样,白酒的工艺和原料决定了它有不同香型。比如,四川白酒的香味远高于其他地域的白酒,因为四川菜属麻辣,需要靠白酒的香味将麻辣压下去。而华东地区的菜属清淡偏甜,该地区的白酒香味就淡些。白酒跟一个地域的文化和口感有很大关系。如果不考虑这些,兼并就会失败。

现在有些省希望将自己的白酒企业做大,不希望其他省的大企业去兼并。比如江苏省就有意成立苏酒集团,希望将双沟、洋河等几大名酒整合在一起。我的看法是每个省都可以先整合自己省内的白酒企业,将企业做大,如果有必要再跨省并购整合。

新京报:五粮液有并购整合的意向吗?

唐桥:五粮液今年还不会整合,但会把并购整合作为公司战略来思考。四川政府提出建设"白酒金三角",如果要把四川的白酒产业做好,迟早要有整合的这一天,要靠政府下决心推动。

我在2007年就提出白酒行业要走整合的道路。目前四川白酒的"六朵金花"自相残杀,四川生产白酒具有得天独厚的条件,但白酒企业恶性竞争,将白酒资源以基酒的形式低价卖给外省的企业,而别的企业将品牌建立起来就可以高价卖出。如果四川的白酒企业不整合,将始终处于产业链的低端。四川的白酒要走出去必须靠"抱拳头"。

本报记者 李蕾唐桥的一段采访(2)


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