既然这门生意很能挣钱，为什么不一直拿在手上，如果将来可以挣更多的钱，为什么现在不可买。2016的股价至今已经上升近40%了。

芒格：

“Over the long term, it's hard for a stock to earn a much better return that the business which underlies it earns. If the business earns six percent on capital over forty years and you hold it for that forty years, you're not going to make much different than a six percent return - even if you originally buy it at a huge discount. Conversely, if a business earns eighteen percent on capital over twenty or thirty years, even if you pay an expensive looking price, you'll end up with one hell of a result.”

TD 2006 - 2015 ROE

RY 2006 - 2015 ROE

WFC 2006 - 2015 ROE