Perhaps it is the sheer weight of money chasing those scarce companies that appears to deliver growth. Or perhaps it is the habit of buying and selling businesses between private equity firms – possibly creating a closed universe with no sense check on value.
或许这是因为有大量资金在追捧那些貌似会带来增长的罕见公司。或许这是因为私人股本公司之间买卖业务的习惯,这可能会创造一个封闭的空间,缺乏对价值的核查。
Most of us are guilty of getting overexcited at new prospects, forgetting all the possible pitfalls contained in every opportunity.
我们多数人都可能对新的前景过于兴奋,而忘记了每个机会中隐藏的所有可能的陷阱。
And due diligence will only reveal so much – I have spent hundreds of thousands of pounds on advisers, only to discover after the event that they missed critical issues. And I was recently reminded that when we backed Topps Tiles, one of our better bets, we commissioned no financial analysis.
尽职调查透露的信息是有限的——我曾花费数十万英镑聘用顾问,结果却发现他们遗漏了关键的问题。我最近得到提醒,当我们支持Topps Tiles时(这是我们比较出色的投资之一),我们没有委托进行财务分析。
Perhaps the only rules when buying companies are to do your own homework, and trust history and cash rather more than spreadsheets showing a buoyant future. Ultimately, financial models are less important than common sense.
【现金流:投资企业的关键】相关文章:
最新
2020-09-15
2020-09-15
2020-09-15
2020-09-15
2020-09-15
2020-09-15