大公司不一定是好的投资之选
<p><span word="A">A</span> <span word="Great">Great</span> <span word="Business">Business</span> <span word="Isn">Isn</span>'<span word="t">t</span> <span word="a">a</span> <span word="Great">Great</span> <span word="Investment">Investment</span> <span word="at">at</span> <span word="the">the</span> <span word="Wrong">Wrong</span> <span word="Price">Price</span> <span word="or">or</span> <span word="Wrong">Wrong</span> <span word="Terms">Terms</span></p><p>如果价格或者条件不合适，那大公司也不是好的投资之选</p><p><span word="We">We</span> <span word="spend">spend</span> <span word="a">a</span> <span word="lot">lot</span> <span word="of">of</span> <span word="time">time</span> <span word="talking">talking</span> <span word="about">about</span> <span word="the">the</span> <span word="various">various</span> <span word="traits">traits</span> <span word="of">of</span> <span word="a">a</span> <span word="good">good</span> <span word="business">business</span> - <span word="high">high</span> <span word="returns">returns</span> <span word="on">on</span> <span word="equity">equity</span>, <span word="little">little</span> <span word="or">or</span> <span word="no">no</span> <span word="debt">debt</span>, <span word="franchise">franchise</span> <span word="value">value</span>, <span word="a">a</span> <span word="shareholder">shareholder</span> <span word="friendly">friendly</span> <span word="management">management</span>, <span word="etc">etc</span>.</p><p>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。</p><p><span word="Although">Although</span> <span word="Charlie">Charlie</span> <span word="Munger">Munger</span>'<span word="s">s</span> <span word="dictum">dictum</span>, "<span word="it">it</span>'<span word="s">s</span> <span word="far">far</span> <span word="better">better</span> <span word="to">to</span> <span word="buy">buy</span> <span word="a">a</span> <span word="good">good</span> <span word="business">business</span> <span word="at">at</span> <span word="a">a</span> <span word="fair">fair</span> <span word="price">price</span> <span word="rather">rather</span> <span word="than">than</span> <span word="a">a</span> <span word="fair">fair</span> <span word="business">business</span> <span word="a">a</span> <span word="great">great</span> <span word="price">price</span>" <span word="is">is</span> <span word="true">true</span>, <span word="it">it</span> <span word="is">is</span> <span word="important">important</span> <span word="for">for</span> <span word="you">you</span> <span word="to">to</span> <span word="realize">realize</span> <span word="that">that</span> <span word="good">good</span> <span word="results">results</span> <span word="are">are</span> <span word="not">not</span> <span word="likely">likely</span> <span word="to">to</span> <span word="be">be</span> <span word="had">had</span> <span word="by">by</span> <span word="those">those</span> <span word="that">that</span> <span word="buy">buy</span> <span word="such">such</span> <span word="stocks">stocks</span> <span word="regardless">regardless</span> <span word="of">of</span> <span word="price">price</span>.</p><p>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。</p>
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