相比之下,一些企业拥有很高的预期收入能见度、具有防御能力且颇具吸引力的利润率、准入门槛很高的强大业务、专有技术或品牌以及大规模市场份额。这些罕见而令人羡慕的股票通常价格非常昂贵。
As savvy entrepreneurs know, there is a world of difference between accounting profits and cash profits. Cash flow matters much more than almost anything in a company. This is the money left over every year after tax, interest, capital expenditure and all outgoings have been settled – the retained earnings.
正如精明的企业家所了解的那样,账面利润和现金利润之间有着天壤之别。在一家企业,现金流的重要性超过其它几乎一切。它是除去税收、利息、资本支出以及在各项耗费结清之后每年剩下的资金,即留存利润。
The equity holders of a company enjoy the residual profits after all other claims, such as interest and dividends, are paid. Over time, this should lead to growth in net worth.
在支付利息和股息等其他所有财务要求之后,一家公司的股权持有者享有剩余利润。随着时间的流逝,这应会带来净值的增长。
For many years investors have obsessed about growth and neglected to consider underlying cash generation. Yet it is possible to make solid and safe returns by owning mundane companies that barely increase their revenue or bottom line each year, but are effective at converting profits into cash. These types of businesses can often be bought on modest multiples of perhaps four or five times.
【现金流:投资企业的关键】相关文章:
★ 巴菲特投资太阳能
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