For any investor there is only one quest that matters: the search for value. But knowing which assets are genuinely cheap is very difficult; this intellectual challenge explains why so few market professionals are consistently successful.
对于任何一名投资者而言,只有一种追求是重要的:对价值的寻找。但了解哪种资产是真正廉价的非常困难;这种智力上的挑战解释了为何持续成功的市场专业人士这么少。
Perhaps the most subjective aspect in analysing any business is the quality of earnings. By this I mean not so much whether the accounts are accurate and conservatively stated, but whether the earnings are repeatable and bankable. Many enterprises have an unsustainable model, only temporary advantages, rising competition and weak fundamentals. They should, all other things being equal, trade for a low multiple.
在对任何一家企业进行分析时,最主观的方面或许是盈利质量。我这样说的意思不是说这些数据是否准确和保守,而是说这些盈利是否可重复以及可靠。很多企业有着不可持续的模式、仅仅暂时性的优势、日益加剧的竞争以及疲弱的基本面因素。假设其他因素都相同,其股价的市盈率应当较低。
By contrast, some companies have high forward visibility of revenue, defendable and attractive margins, a strong franchise with high barriers to entry, proprietary technology or brands, and a sizeable market share. Such rare and enviable situations are usually very expensive to purchase.
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