Capital Allocation
cbrock84/headcount
Evaluates where to spend limited capital — investment appraisal, hurdle rates, payback, and comparing proposals that are not alike.
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". An agent skill from kangarooking/buffett-letters-skill.
MITAuto-check passed
Install First Law Of Capital Allocation
$ npx skills add kangarooking/buffett-letters-skill --skill first-law-of-capital-allocation -a claude-codeProject install by default; add -g for ~/.claude/skills/.
$ gh skill install kangarooking/buffett-letters-skill first-law-of-capital-allocation --agent claude-codeProject scope by default; add --scope user for a personal install. Needs GitHub CLI 2.90.0 or later (public preview).
$ git clone --depth 1 https://github.com/kangarooking/buffett-letters-skill.git skills-src && mkdir -p .claude/skills && cp -r skills-src/first-law-of-capital-allocation .claude/skills/first-law-of-capital-allocation && rm -rf skills-srcUse ~/.claude/skills/ instead of .claude/skills for a personal install. The folder must contain SKILL.md.
Claude Code skills documentation · loads skills from .claude/skills/
Install the "first-law-of-capital-allocation" agent skill from https://github.com/kangarooking/buffett-letters-skill/tree/main/first-law-of-capital-allocation into .claude/skills/first-law-of-capital-allocation/ in this project. Copy the whole folder (SKILL.md and every file beside it), keep the folder name "first-law-of-capital-allocation", then confirm the skill loads.Claude Code copies the folder itself, the same result as the manual copy. Check what it changed before you commit it.
$skill-installer install https://github.com/kangarooking/buffett-letters-skill/tree/main/first-law-of-capital-allocationType this inside Codex. $skill-installer <name> installs a curated skill from openai/skills. The installer writes to $CODEX_HOME/skills (default ~/.codex/skills). Restart Codex if the skill does not show up.
$ npx skills add kangarooking/buffett-letters-skill --skill first-law-of-capital-allocation -a codexProject install goes to .agents/skills/; add -g for ~/.codex/skills/.
$ gh skill install kangarooking/buffett-letters-skill first-law-of-capital-allocation --agent codexProject scope by default (.agents/skills/); add --scope user for a personal install.
$ git clone --depth 1 https://github.com/kangarooking/buffett-letters-skill.git skills-src && mkdir -p .agents/skills && cp -r skills-src/first-law-of-capital-allocation .agents/skills/first-law-of-capital-allocation && rm -rf skills-srcUse ~/.agents/skills/ instead of .agents/skills for a personal install.
Codex skills documentation · loads skills from .agents/skills/
Install the "first-law-of-capital-allocation" agent skill from https://github.com/kangarooking/buffett-letters-skill/tree/main/first-law-of-capital-allocation into .agents/skills/first-law-of-capital-allocation/ in this project. Copy the whole folder (SKILL.md and every file beside it), keep the folder name "first-law-of-capital-allocation", then confirm the skill loads.Codex copies the folder itself, the same result as the manual copy. Check what it changed before you commit it.
$ npx skills add kangarooking/buffett-letters-skill --skill first-law-of-capital-allocation -a cursorProject install goes to .agents/skills/; add -g for ~/.cursor/skills/.
$ gh skill install kangarooking/buffett-letters-skill first-law-of-capital-allocation --agent cursorProject scope by default (.agents/skills/); add --scope user for a personal install.
$ git clone --depth 1 https://github.com/kangarooking/buffett-letters-skill.git skills-src && mkdir -p .cursor/skills && cp -r skills-src/first-law-of-capital-allocation .cursor/skills/first-law-of-capital-allocation && rm -rf skills-srcUse ~/.cursor/skills/ instead of .cursor/skills for a personal install.
Cursor skills documentation · loads skills from .cursor/skills/, .agents/skills/, .claude/skills/, .codex/skills/
Install the "first-law-of-capital-allocation" agent skill from https://github.com/kangarooking/buffett-letters-skill/tree/main/first-law-of-capital-allocation into .cursor/skills/first-law-of-capital-allocation/ in this project. Copy the whole folder (SKILL.md and every file beside it), keep the folder name "first-law-of-capital-allocation", then confirm the skill loads.Cursor copies the folder itself, the same result as the manual copy. Check what it changed before you commit it.
$ gemini skills install https://github.com/kangarooking/buffett-letters-skill.git --path first-law-of-capital-allocation--scope user (default) or --scope workspace; --path is the subfolder of the repo that holds the skill; --consent skips the security confirmation prompt.
$ npx skills add kangarooking/buffett-letters-skill --skill first-law-of-capital-allocation -a gemini-cliProject install goes to .agents/skills/; add -g for ~/.gemini/skills/.
$ gh skill install kangarooking/buffett-letters-skill first-law-of-capital-allocation --agent gemini-cliProject scope by default (.agents/skills/); add --scope user for a personal install.
$ git clone --depth 1 https://github.com/kangarooking/buffett-letters-skill.git skills-src && mkdir -p .gemini/skills && cp -r skills-src/first-law-of-capital-allocation .gemini/skills/first-law-of-capital-allocation && rm -rf skills-srcUse ~/.gemini/skills/ instead of .gemini/skills for a personal install, then run /skills reload.
Gemini CLI skills documentation · loads skills from .gemini/skills/, .agents/skills/
Install the "first-law-of-capital-allocation" agent skill from https://github.com/kangarooking/buffett-letters-skill/tree/main/first-law-of-capital-allocation into .gemini/skills/first-law-of-capital-allocation/ in this project. Copy the whole folder (SKILL.md and every file beside it), keep the folder name "first-law-of-capital-allocation", then confirm the skill loads.Gemini CLI copies the folder itself, the same result as the manual copy. Check what it changed before you commit it.
$ gh skill install kangarooking/buffett-letters-skill first-law-of-capital-allocationInstalls for Copilot at project scope by default; add --scope user for a personal install. Preview a skill first with gh skill preview. Needs GitHub CLI 2.90.0 or later (public preview).
$ npx skills add kangarooking/buffett-letters-skill --skill first-law-of-capital-allocation -a github-copilotProject install goes to .agents/skills/; add -g for ~/.copilot/skills/.
$ git clone --depth 1 https://github.com/kangarooking/buffett-letters-skill.git skills-src && mkdir -p .github/skills && cp -r skills-src/first-law-of-capital-allocation .github/skills/first-law-of-capital-allocation && rm -rf skills-srcUse ~/.copilot/skills/ instead of .github/skills for a personal install. Commit .github/skills so cloud agent and code review can use it.
GitHub Copilot skills documentation · loads skills from .github/skills/, .claude/skills/, .agents/skills/
Install the "first-law-of-capital-allocation" agent skill from https://github.com/kangarooking/buffett-letters-skill/tree/main/first-law-of-capital-allocation into .github/skills/first-law-of-capital-allocation/ in this project. Copy the whole folder (SKILL.md and every file beside it), keep the folder name "first-law-of-capital-allocation", then confirm the skill loads.GitHub Copilot copies the folder itself, the same result as the manual copy. Check what it changed before you commit it.
$ npx skills add kangarooking/buffett-letters-skill --skill first-law-of-capital-allocation -a opencodeOpenCode documents no install command of its own. Project install goes to .agents/skills/; add -g for ~/.config/opencode/skills/.
$ gh skill install kangarooking/buffett-letters-skill first-law-of-capital-allocation --agent opencodeProject scope by default (.agents/skills/); add --scope user for a personal install.
$ git clone --depth 1 https://github.com/kangarooking/buffett-letters-skill.git skills-src && mkdir -p .opencode/skills && cp -r skills-src/first-law-of-capital-allocation .opencode/skills/first-law-of-capital-allocation && rm -rf skills-srcUse ~/.config/opencode/skills/ instead of .opencode/skills for a personal install.
OpenCode skills documentation · loads skills from .opencode/skills/, .claude/skills/, .agents/skills/
Install the "first-law-of-capital-allocation" agent skill from https://github.com/kangarooking/buffett-letters-skill/tree/main/first-law-of-capital-allocation into .opencode/skills/first-law-of-capital-allocation/ in this project. Copy the whole folder (SKILL.md and every file beside it), keep the folder name "first-law-of-capital-allocation", then confirm the skill loads.OpenCode copies the folder itself, the same result as the manual copy. Check what it changed before you commit it.
Facts
- Skill name
first-law-of-capital-allocation- GitHub stars
- 102
- Token cost
- ~424 tokens
- SKILL.md length
- 116 words
- Files
- 2
- Skills in repo
- 12
- Repo updated
- First seen
- Licence
- MIT
At a glance
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". An agent skill from kangarooking/buffett-letters-skill.
- Works in 4 steps: 公司宣布回购计划——是否对股东有利？ → 公司留存大量利润不分红——是否创造了价值？ → 考虑收购另一家公司——价格是否合理？ → …
- SKILL.md covers R — 原文 (Reading), I — 方法论骨架, A1 — 书中的应用 and A2 — 触发场景, plus 4 more sections
- Instructions only: no scripts, shell commands, URLs or credentials in SKILL.md
What it does
First Law Of Capital Allocation is an agent skill from kangarooking/buffett-letters-skill. 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。
Its SKILL.md is about 420 tokens, which your agent loads only when the skill is triggered. The skill folder holds 1 other file (for example `test-prompts.json`).
The repository describes itself as: An AI skill pack for value investing, capital allocation, and behavioral discipline, distilled from Warren Buffett's 60+ years of shareholder letters. The licence is MIT.
Example prompts
- “这个行动在当前价格下是聪明还是愚蠢”
- “公司要回购股票”
- “应该分红还是再投资”
- “/first-law-of-capital-allocation”
Workflow steps
4 steps, taken from the first numbered list in SKILL.md.
- 公司宣布回购计划——是否对股东有利？
- 公司留存大量利润不分红——是否创造了价值？
- 考虑收购另一家公司——价格是否合理？
- 应该卖掉持仓还是继续持有？
What it can do on your machine
Read from SKILL.md and the folder at commit 5b1fbe1. It shows what the files ask for, not the result of running them.
Tool permissions
Pre-approves nothing: there is no allowed-tools line, so your agent's usual permission prompts apply.
From allowed-tools in the SKILL.md frontmatter.
Runs code
No scripts in the folder and no shell commands in SKILL.md.
From the folder's file list and the shell code blocks in SKILL.md.
Network
No URLs in SKILL.md.
From URLs in SKILL.md, links to its own repository left out.
Credentials
Names no API keys, tokens, secrets or passwords.
From names ending in _API_KEY, _TOKEN, _SECRET, _KEY or _PASSWORD in SKILL.md.
Context cost
First Law Of Capital Allocation loads about 424 tokens when it runs. Until then it costs about 38 tokens; SKILL.md has 116 words of instructions outside code blocks.
Estimates: characters ÷ 4, the usual rule of thumb; real counts depend on the model's tokenizer. Scripts and assets cost tokens only if the agent reads them.
Safety
Auto-check passed
The automated check found no risky patterns in SKILL.md.
Automated static check — not a guarantee. Review scripts before installing. It scans the text of SKILL.md for risky patterns (piping downloads into a shell, reading credential files, hidden Unicode, destructive commands); files beside SKILL.md are not scanned.
SKILL.md
The full file from kangarooking/buffett-letters-skill at commit 5b1fbe1, republished under its MIT licence (© kangarooking). 116 words, ~424 tokens.
Download SKILL.mdSave it as
.claude/skills/first-law-of-capital-allocation/SKILL.md (or your agent's skills folder). This skill also uses 1 other file; get the full folder from GitHub.- name
- first-law-of-capital-allocation
- description
- 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。
- source_book
- 《巴菲特致股东的信》 沃伦·巴菲特
- source_chapter
- 2011年信 / 1983年信
- tags
- capital-allocation, price, buyback, dividend
- related_skills
- aesop-three-questions, hold-forever, economic-moat, never-issue-shares
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
- 公司宣布回购计划——是否对股东有利？
- 公司留存大量利润不分红——是否创造了价值？
- 考虑收购另一家公司——价格是否合理？
- 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
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
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）
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
© kangarooking, MIT. Rendered from Markdown: HTML in the file is shown as text, images as links, and headings moved down two levels. Raw file
Files
SKILL.md and 1 other file in first-law-of-capital-allocation of kangarooking/buffett-letters-skill.
- SKILL.md
- test-prompts.json
Open the folder on GitHubat commit 5b1fbe1
Compare with similar skills
First Law Of Capital Allocation next to the 5 skills that share the most tags, products or categories with it. Stars are the repository's; “used in” counts other GitHub owners with a copy.
| Skill | Stars | Used in | Tokens | Auto-check | Licence | Repo updated |
|---|---|---|---|---|---|---|
| First Law Of Capital Allocation this skillkangarooking/buffett-letters-skill | 102 | — | ~424 | Automated safety check: Pass | MIT | |
| Capital Allocationcbrock84/headcount | 2k | — | ~791 | Automated safety check: Pass | MIT | |
| Capital Allocationmohitagw15856/pm-claude-skills | 1.4k | — | ~983 | Automated safety check: Pass | MIT | |
| Capital Allocationdaloopa/investing | 489 | — | ~2.3k | Automated safety check: Pass | Apache-2.0 | |
| Agent Resource Allocatorruvnet/ruflo | 74k | 2 repos | ~4.9k | Automated safety check: Pass | MIT | |
| Alloc ProfileClickHouse/ClickHouse | 50k | — | ~4.3k | Automated safety check: Pass | Apache-2.0 |
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A Share Capital Allocation
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A股资本配置/再投资分析/资本支出与股东回报评估。当用户说"资本配置"、"capital allocation"、"回购"、"增发"、"并购"、"钱怎么花的"、"XX在做什么并购"、"定增"、"再融资"、"股份回购"、"资本开支"、"资本配置策略"、"资本配置分析"、"CAPEX"、"股东回报"时触发。MUST USE when user asks about capital…
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Questions about First Law Of Capital Allocation
What does First Law Of Capital Allocation 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". An agent skill from kangarooking/buffett-letters-skill. First Law Of Capital Allocation is an agent skill from kangarooking/buffett-letters-skill.
How do I install First Law Of Capital Allocation in Claude Code?
Run `npx skills add kangarooking/buffett-letters-skill --skill first-law-of-capital-allocation -a claude-code`. Or copy the skill folder (first-law-of-capital-allocation in kangarooking/buffett-letters-skill) into .claude/skills/first-law-of-capital-allocation in your project. Claude Code loads it when a task matches its description.
How do I install First Law Of Capital Allocation in Codex?
Run `npx skills add kangarooking/buffett-letters-skill --skill first-law-of-capital-allocation -a codex`. Or copy the skill folder (first-law-of-capital-allocation in kangarooking/buffett-letters-skill) into .agents/skills/first-law-of-capital-allocation in your project. Codex loads it when a task matches its description.
Can I use First Law Of Capital Allocation in Cursor, Gemini CLI or GitHub Copilot?
Cursor, Gemini CLI, GitHub Copilot and OpenCode also load SKILL.md folders. With the skills CLI, run `npx skills add kangarooking/buffett-letters-skill --skill first-law-of-capital-allocation -a cursor` (or -a gemini-cli, github-copilot or opencode for the others). To copy it by hand, put the folder in .cursor/skills/first-law-of-capital-allocation, .gemini/skills/first-law-of-capital-allocation, .github/skills/first-law-of-capital-allocation and .opencode/skills/first-law-of-capital-allocation in your project.
What does First Law Of Capital Allocation need to run?
SKILL.md names no scripts, command-line tools or credentials: First Law Of Capital Allocation is instructions for the agent only.
Does First Law Of Capital Allocation access the network?
SKILL.md contains no URLs. Any network use would come from the scripts or tools the agent runs. This is read from the text; nothing was executed.
Is First Law Of Capital Allocation safe to install?
Our automated static check of SKILL.md found no risky patterns, such as piping downloads into a shell, reading credential files or hidden Unicode. It is not a guarantee. Review the folder before installing.
What licence does First Law Of Capital Allocation use?
First Law Of Capital Allocation is published under the MIT licence (the repository's licence). It allows redistribution, so the full SKILL.md is shown on this page.
How many tokens does First Law Of Capital Allocation use?
About 424 tokens (SKILL.md is roughly 1.7k characters). Agents keep only the skill's name and description in context until a task matches; then they load SKILL.md in full.
What are the alternatives to First Law Of Capital Allocation?
Skills that share tags, products or a category with First Law Of Capital Allocation: Capital Allocation (cbrock84/headcount, 2k stars), Capital Allocation (mohitagw15856/pm-claude-skills, 1.4k stars), Capital Allocation (daloopa/investing, 489 stars) and Agent Resource Allocator (ruvnet/ruflo, 74k stars). The comparison table on this page puts their stars, adoption, token cost, safety result and licence side by side.
Who maintains First Law Of Capital Allocation?
kangarooking (a GitHub user) maintains it in kangarooking/buffett-letters-skill, which has 102 GitHub stars. The repository holds 12 skills in this directory. The repository was last updated on April 17, 2026.
Source: kangarooking/buffett-letters-skill on GitHub. Facts on this page come from the repository at the commit we read; the author's words are quoted as theirs.