Never Issue Shares

Q: What does the Never Issue Shares AI skill do?

用户在评估收购方式、股权稀释问题，或考虑用自家股票作为支付手段时。 语言信号:"用股票收购好不好"/"股权稀释怎么办"/"现金收购vs股票收购"/"为什么要用现金不用股票" 不适用于:不涉及股权支付/稀释的纯现金交易决策。

Community

kangarooking

never-issue-shares

用户在评估收购方式、股权稀释问题，或考虑用自家股票作为支付手段时。语言信号:"用股票收购好不好"/"股权稀释怎么办"/"现金收购vs股票收购"/"为什么要用现金不用股票" 不适用于:不涉及股权支付/稀释的纯现金交易决策。

Overview

Publisher	kangarooking
Repository	`buffett-letters-skill`
Skill name	`never-issue-shares`
Stars	109
Forks	20
Bundled files	1
License	MIT
Links	Skill source Repository

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 Never Issue Shares AI skill in TypingMind to use it with any LLM, or drop it into another agent that reads SKILL.md.

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.

Open the app and go to Plugins → Skills.
Choose "Install from GitHub".
Paste the skill folder URL below and confirm.
https://github.com/kangarooking/buffett-letters-skill/tree/main/never-issue-shares
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.

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/never-issue-shares .claude/skills/never-issue-shares

Restart Claude Code after copying so it picks up the new skill.

Use it in TypingMind

Enable Never Issue Shares 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 Never Issue Shares 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 Never Issue Shares 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.

不用股票收购

R — 原文 (Reading)

"I would rather have prepared for a colonoscopy than issued Berkshire shares." (2016, on the Dexter Shoe mistake)

I — 方法论骨架

用自家股票收购 = 放弃未来复利力量：

股票不是"免费货币"——你放弃的是持有优秀企业的复利回报
Dexter Shoe：用$4.34亿伯克希尔股票收购，那批股票后来值$60亿+，而Dexter归零
General Re：发行272,200股 = 21.8%稀释——相当于白送了1/5的公司
"无现金交易"是最危险的说法——股票支付有巨大的隐性成本

A1 — 书中的应用

案例: Dexter Shoe

问题: 1993年用4,309股伯克希尔股票（$4.34亿）收购Dexter Shoe
使用: 典型的用股票收购错误——卖出了一个未来价值$60亿+的"黄金资产"换了一个归零的业务
结果: 巴菲特称之为"历史级别的错误"——如果用现金收购，损失只是$4.34亿而非$60亿

案例: General Re

使用: 1998年用272,200股伯克希尔股票收购General Re
结果: 21.8%的稀释——巴菲特后来承认如果用现金会更优

A2 — 触发场景

公司考虑用股票收购另一家公司
评估收购方案中的支付方式
分析股权稀释对现有股东的影响
理解为什么有些CEO偏好"无现金交易"

语言信号

"用股票收购不是不用花钱吗？"
"股权稀释严重吗？"
"现金收购和股票收购哪个好？"
"为什么巴菲特后悔用股票收购？"

与相邻 skill 的区分

与 first-law-of-capital-allocation 的区别：第一法则是关于留存收益使用，本skill是关于收购支付方式

E — 可执行步骤

计算"隐性成本"
- 完成标准：假设被收购的业务归零，你发行的股票30年后值多少？这个数字就是真实成本
做"现金测试"
- 完成标准：如果你有足够的现金，你还会选择用股票支付吗？如果不 → 不应该用股票
评估被收购方的质量
- 完成标准：被收购的企业是否比你自家的企业更优秀？如果不是 → 绝不用股票

B — 边界

在极少数情况下（两家企业都极度优秀且估值合理），股票收购可能可接受
小公司在无法获得足够现金融资时可能被迫用股票——这是融资约束而非选择
作者盲点：伯克希尔股价长期极度低估——换股收购对巴菲特来说尤其昂贵，其他公司情况可能不同

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.

test-prompts.json2 KB

Frequently asked questions

What does the Never Issue Shares AI skill do?

Why use Never Issue Shares on TypingMind?

Because you install it once and use it with any model. Never Issue Shares 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 Never Issue Shares in TypingMind?

Open Plugins → Skills → Install from GitHub in TypingMind and paste https://github.com/kangarooking/buffett-letters-skill/tree/main/never-issue-shares. 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 Never Issue Shares?

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 Never Issue Shares?

As many as you like. As long as a model supports skills, you can use Never Issue Shares with it — GPT, Claude, Gemini, Grok, DeepSeek, Mistral, Llama and more — all on TypingMind with your own API keys.

Is the Never Issue Shares 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.

View all

To Questionnaire

mattpocock

CommunityPopular

Turn a decision you can't fully answer into a questionnaire for someone else to fill in.

Wait What

Stop. That last message did not land: re-pitch it.

Get Search View Results

microsoft

OrganizationPopular

Get the current search results from the Search view in VS Code

React Sync

Build local React changes in the bundle variants consumed by Next.js, sync them into a local Next.js checkout, and test the resulting integration. Use when working on React changes that need…

Never Issue Shares

Overview