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First Law Of Capital Allocation

Community
kangarooking
first-law-of-capital-allocation

用户在做资本配置决策:回购、分红、收购、再投资。关键判断"这个行动在当前价格下是聪明还是愚蠢"。 语言信号:"公司要回购股票"/"应该分红还是再投资"/"这个收购价格合理吗"/"留存收益能不能创造价值" 不适用于:不涉及价格的纯经营决策。

Overview

Publisherkangarooking
Repositorybuffett-letters-skill
Skill namefirst-law-of-capital-allocation
Stars
109
Forks
20
Bundled files
1
LicenseMIT
Links
  • Markdown instructions

    A SKILL.md file the model loads on demand, so it only costs tokens when a request actually matches.

  • Works with any LLM

    AI skills are plain Markdown, not provider-specific code, so this works with GPT, Claude, Gemini, Grok, or a local model.

  • 1 bundled files

    Scripts, templates, and references the model can read while it works. Files are read-only and never executed.

  • Open source

    Published by kangarooking on GitHub. Read the source before you install it.

Installation

Install the First Law Of Capital Allocation AI skill in TypingMind to use it with any LLM, or drop it into another agent that reads SKILL.md.

1

Install in TypingMind

TypingMind installs a skill straight from its GitHub folder — it reads SKILL.md, bundles the resource files, and stores the result locally.

  1. Open the app and go to Plugins → Skills.
  2. Choose "Install from GitHub".
  3. Paste the skill folder URL below and confirm.
    https://github.com/kangarooking/buffett-letters-skill/tree/main/first-law-of-capital-allocation
  4. Enable the skill in any chat where you want it available.
Plugins → Skills → Add skill → From GitHub URL, then paste the folder URL and press Continue.
2

Install in another agent

Any agent that reads the Agent Skills format can use this skill — copy the folder into that agent's skills directory.

Claude Code — .claude/skills
git clone --depth 1 https://github.com/kangarooking/buffett-letters-skill.git /tmp/buffett-letters-skill
mkdir -p .claude/skills
cp -r /tmp/buffett-letters-skill/first-law-of-capital-allocation .claude/skills/first-law-of-capital-allocation
Restart Claude Code after copying so it picks up the new skill.

Use it in TypingMind

Enable First Law Of Capital Allocation in any TypingMind chat and the model takes it from there. Its name and description sit in the system prompt, and the moment a request matches, the model loads the full instructions itself — you never invoke it by hand, and it costs no tokens until it is actually used.

The model loads First Law Of Capital Allocation on its own as soon as a request matches it.

Works with any AI model

AI skills are plain Markdown instructions rather than provider-specific code, so First Law Of Capital Allocation is not tied to the model it was written for. Install it once in TypingMind and use it with GPT-5, Claude, Gemini, Grok, DeepSeek, Mistral, Llama, or a local model you run yourself — all on your own API keys.

  • Loaded only when it is needed

    The system prompt carries just the name and description. The instructions are fetched on the first matching request, so an idle skill costs nothing.

  • Switch models mid-chat

    Because the skill is instructions rather than code, changing model does not break it — the next model reads the same SKILL.md.

Skill instructions

This is the SKILL.md content the model loads. Read it before installing — a skill is instructions your model will follow.

资本配置第一法则

R — 原文 (Reading)

"What is smart at one price is dumb at another." (2011) "We test the wisdom of retaining earnings by assessing whether retention, over time, delivers shareholders at least $1 of market value for each $1 retained." (1983)

I — 方法论骨架

价格是决定一切的核心变量。同一行为在不同价格下可能是聪明或愚蠢的:

  • 回购:低于内在价值时是好事(为留任股东创造价值),高于内在价值时是坏事($1.10买$1)
  • 收购:价格合理+企业优秀=好交易,价格过高+协同效应幻觉=灾难
  • 留存收益:每保留$1至少创造$1市场价值,否则应分红
  • 分红:如果留存不能创造≥$1的价值,应把现金还给股东

A1 — 书中的应用

案例: 1999年回购批评

  • 问题: 公司高价回购是否对股东好?
  • 使用: 以高于内在价值回购 = "用$1.10买$1" = 对留任股东的损害
  • 结果: 巴菲特批评了许多"为推高股价或抵消期权稀释"而回购的公司

A2 — 触发场景

  1. 公司宣布回购计划——是否对股东有利?
  2. 公司留存大量利润不分红——是否创造了价值?
  3. 考虑收购另一家公司——价格是否合理?
  4. 应该卖掉持仓还是继续持有?

语言信号

  • "公司要回购,是不是利好?"
  • "应该分红还是再投资?"
  • "这个收购价格合理吗?"
  • "留存收益能创造多少价值?"

与相邻 skill 的区分

  • 与 never-issue-shares 的区别:不用股票收购是绝对原则,第一法则是具体判断

E — 可执行步骤

  1. 先问"在什么价格"——不问"做什么",先问"价格多少"

    • 完成标准:明确当前价格与内在价值的比较
  2. 用$1测试

    • 完成标准:判断这个行动是为股东创造还是毁灭价值(>$1 or <$1)
  3. 对任何"无视价格"的建议保持警惕

    • 完成标准:检查是否有"回购总是好的"/"分红总是好的"这类绝对化建议

B — 边界

  • 需要能评估内在价值——否则无法判断价格是否合理
  • 市场可能长期低估,导致"合理"的回购在短期内看似不明智
  • 作者盲点:巴菲特有足够的资金等待——小投资者可能等不起

相关 skills (阶段 3 填充)

  • depends-on: aesop-three-questions
  • composes-with: hold-forever, economic-moat

审计信息

  • 验证通过: V1 ✓ / V2 ✓ / V3 ✓
  • 蒸馏时间: 2026-04-16

Bundled files

The model reads these on demand while the skill is loaded. They are exposed as readable files and are never executed.

Frequently asked questions

What does the First Law Of Capital Allocation AI skill do?

用户在做资本配置决策:回购、分红、收购、再投资。关键判断"这个行动在当前价格下是聪明还是愚蠢"。 语言信号:"公司要回购股票"/"应该分红还是再投资"/"这个收购价格合理吗"/"留存收益能不能创造价值" 不适用于:不涉及价格的纯经营决策。

Why use First Law Of Capital Allocation on TypingMind?

Because you install it once and use it with any model. First Law Of Capital Allocation is plain Markdown rather than provider-specific code, so the same skill runs on GPT-5, Claude, Gemini, Grok, or a local model — and you can switch model mid-chat without it breaking. TypingMind runs on your own API keys, so you pay providers directly instead of a per-seat subscription, and your skills and chats stay in your own storage.

How do I install First Law Of Capital Allocation in TypingMind?

Open Plugins → Skills → Install from GitHub in TypingMind and paste https://github.com/kangarooking/buffett-letters-skill/tree/main/first-law-of-capital-allocation. TypingMind reads its SKILL.md and bundles its files and installs it as a skill you can enable per chat.

Which AI models can use First Law Of Capital Allocation?

Any model you connect in TypingMind. AI skills are plain Markdown instructions rather than provider-specific code, so GPT, Claude, Gemini, Grok, and local models can all load this skill when a request matches it.

How many AI models can I use with First Law Of Capital Allocation?

As many as you like. As long as a model supports skills, you can use First Law Of Capital Allocation with it — GPT, Claude, Gemini, Grok, DeepSeek, Mistral, Llama and more — all on TypingMind with your own API keys.

Is the First Law Of Capital Allocation AI skill free?

Yes. It is published on GitHub by kangarooking under the MIT license. You only pay your own AI provider for the tokens you use.

What are AI skills?

An AI skill is a reusable instruction bundle that teaches an AI model how to do one specific task. It follows the open Agent Skills format: a SKILL.md file with a name and description, plus any scripts, templates or reference files the model may need. The model reads the instructions only when your request matches the skill, so an installed skill costs nothing until it is used.

How are AI skills different from plugins or MCP servers?

A plugin or MCP server gives a model new tools to call — code that runs somewhere and returns a result. An AI skill gives the model knowledge and process instead: how to approach a task, which steps to follow, what good output looks like. Skills are plain Markdown, so they need no server, no API key and no runtime, and they work with any model.

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