巴菲特的护城河notes
这篇书评可能有关键情节透露
1、 只要一个资源有利可图,竞争就会接踵而至,这就是资本的本质,所以要想好护城河!
2、 竞争的加剧,企业的超额效益将逐渐萎缩,只有不断革新,把对手远远甩在背后。
3、 那些持久高居不下的高回报产业,也许只是幸运而已,或者他们拥有大多数企业欠缺的某种特质。
4、 价钱跟耐用呈正比。
5、 一鸟在手,胜似二鸟在林。【兑现】
6、 购买一只股票,只意味着你掌握了这个企业的一点皮毛,而且是非常有限的、少得可怜的一点点。
7、 企业价值等于它在未来所创造的全部现金。
8、 一个能长期实现现金盈利增长的企业,要比那些只能实现短期现金盈利增长的企业更具有投资价值。
9、 资本回报率是判断一个企业盈利能力的最佳指标。它反映了企业用投资者的钱为投资者创造收益的能力。
10、 经济护城河能保护企业免受外来竞争的影响,帮助它们在更长的时间内获取更多的财富,因而,这样的企业对投资者而言也就更有价值。
11、 “赌马赌的是骑师,而不是马。”换句话说,管理团队的质量要比业务质量本身更重要。
12、 作为投资者,你的工作就是关注马匹,而不是骑师。【这不是和11冲突吗,神马情况?】
13、 即使是管理再糟糕的制药公司和银行,在长期资本回报率方面也会让极其优秀的化工或汽车配件公司自叹弗如。
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