对于这位身家高达1540亿美元、始终秉持长线投资和理性消费理财信条的富豪而言，家人的这种行为很 可能让他颇为不悦。玛丽补充道："后来，有一年圣诞节，我们收到一个信封，里面有一封他写的信。 他没有送现金，而是送了价值1万美元的股票——是他新收购的公司的股份，具体来说是可口可乐旗下 的信托基金。他表示，我们可以选择变现，也可以继续持有。" "奥马哈先知"沃伦·巴菲特以卓越的投资才能闻名。因此，当他发现家人每年都将他所赠的数千美元挥 霍一空时，便改变策略，开始赠送股票，或许不足为奇。 过去，每逢佳节，巴菲特家族成员都期待收到1万美元现金。巴菲特前儿媳玛丽·巴菲特（Mary Buffett， 曾与巴菲特的儿子彼得结婚）透露，圣诞节过后，他们一回家，便会挥霍一空。 玛丽在2019年接受ThinkAdvisor采访时表示："我们一回家，就会把钱全部花光！" 或许终于受到公公的启发，玛丽决定持有这些股票："我当时心想'好吧，这只股票的价值肯定不止1万 美元'。于是我一直留着，股价也一直在上涨。" 此后每年，巴菲特持续向家人赠股，有一年送的是富国银行（Wells Fargo）的股票。这无疑是明智之 选：即便在2025年，富国 ...

Summary of EQT Holdings Limited Conference Call Company Overview - **Company Name**: EQT Holdings Limited, operating under the brand Equity Trustees - **Established**: 1888, with a market capitalization of approximately $800 million [2] - **Assets Under Supervision**: Over $250 billion, making it the fifth largest in Australia, excluding government entities [3] Business Segments - **Private Client Business**: Known as Trusted Wealth Services, includes: - Philanthropy services managing over $3 billion, granting around $170 million annually [5] - Health and personal injury sector managing over $4 billion, leading the market [6] - Estate management and planning services, executing about 300 estates annually [6] - Asset management team overseeing over $6 billion [7] - **Corporate and Superannuation Trustee Services**: - Leading provider of responsible entity services in Australia, supervising approximately $140 billion [8] - Superannuation business managing close to $90 billion, growing rapidly from $1 billion in seven years [9] Market Position and Growth Drivers - **Demographic Trends**: - The over-80s population is the fastest-growing cohort in Australia, expected to double in 20 years [11] - Anticipated generational wealth transfer of $3.5 trillion [11] - **Superannuation Growth**: - The superannuation market is valued at $4.2 trillion, with a mandated growth rate of 12% [12] - Revenue is closely correlated with investment markets, providing a positive long-term outlook [13] Financial Performance - **Funds Under Management and Administration**: - Three-year CAGR of 21%, reaching $254 billion [17] - **Revenue Growth**: - Revenue has grown by 19% per annum over the last three years [18] - Group net profit after tax has increased by 11% per annum [18] - **Dividends**: - Dividends have grown around 5% per annum with a payout ratio of 70% to 90% [20] Regulatory Environment - **Regulation**: - Primarily regulated by APRA for superannuation and ASIC for corporate trustee services [35] - Increased regulatory oversight enhances the demand for independent trustee services [14] Strategic Focus - **Independent Trustee Model**: - Favored by the market and regulation, providing unconflicted professional trustee services [22] - **Long-term Revenue Profiles**: - Most trustee appointments are long-term, ensuring enduring revenue streams [23][24] - **Technology Investments**: - Significant investments in technology platforms to enhance service delivery and operational efficiency [26] Future Opportunities - **Aging Population**: - Significant opportunity to serve the aging demographic, with unmet demand for independent trusteeship services [38] - **M&A Activity**: - Plans to be more active in M&A within the trustee space, focusing on specialist opportunities [25] Conclusion - EQT Holdings Limited is well-positioned to capitalize on demographic trends and the growth of superannuation assets, supported by a strong financial performance and a diversified revenue model. The company is focused on maintaining its leadership in the trustee services market while exploring future growth opportunities through technology and strategic acquisitions.