大公司不一定是好的投资之选_BEC初级作文

大公司不一定是好的投资之选

A Great Business Isn't a Great Investment at the Wrong Price or Wrong Terms

如果价格或者条件不合适，那大公司也不是好的投资之选

We spend a lot of time talking about the various traits of a good business - high returns on equity, little or no debt, franchise value, a shareholder friendly management, etc.

我们花了大量时间讨论好的投资产品的多种特点：股本收益高、基本没有债务、特许权价值、对股东有益的管理等等。

Although Charlie Munger's dictum, "it's far better to buy a good business at a fair price rather than a fair business a great price" is true, it is important for you to realize that good results are not likely to be had by those that buy such stocks regardless of price.

虽然查理·芒格说的“以相对公平的价格买下好的投资产品要好于以高昂价格买下一个相对公平的投资产品”是对的，但对你来说，懂得不考虑价格就买这样的股票也不一定会有好的收益，这一点很重要。

大公司不一定是好的投资之选1

It's a fine distinction, but one that can mean the difference between good results and disastrous losses. At least, not within a short period of time.

这是细微的差别，但它指的是高收益和灾难性损失之间的区别。至少短期内是这样的。

Back in the late 1960's, Wall Street became enthralled with a group of stocks dubbed The Nifty Fifty. Perhaps the online encyclopedia Wikipedia sums it up best, "[These stocks] had everything going for them - brand names, patents, top management, spectacular sales, and solid profits.