我从达尔文那里学到的投资知识

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• I claimed that Costco at an operating margin of 3 percent is a better business than Tiffany at 19 percent. If we limit our definition of “better” to the level of ROCE, then I was right. This is because Costco’s average ROCE from 2014 to 2019 (pre-pandemic) was 22 percent compared to Tiffany’s 16 percent. Costco is deploying its capital much more effectively than Tiffany, and this more than compensates for Costco’s low margin. Let’s take the example of just one important part of its capital employed: inventory. Costco keeps about 31 days of inventory in its warehouses and retail stores. Guess the same number for Tiffany. It is 521 days, or almost a year and half! Tiffany’s operating margin is impressive, but Costco’s dramatically better management of its inventory and other assets ensures i... (查看原文)

  目送飞鸿 2赞 2024-02-05 23:53:03

• 那烂陀注意到，一些传统行业（如油漆、服装、发动机、涡轮机、汽车）的趋同程度会比较大，而新兴行亚（如虚拟现实、机器人、电动车、生物技术）的趋同程度则相对较小。只有在各个企业获得足够的时间来规划和实施其战略方针之后，在赢家和输家已经（基本上）决定之后，在行业变化的速度已经下降之后，各行各业的发展才会向类似的命运靠拢，因此，如果那烂陀正在探讨是否应该买入德国一家涂料公司的股票，那么研究西方世界的涂料行业会有帮助。但如果我们是在2000年以美国的电子商务行业为参考依据，来判晰是否应该投资中国的网络零售商，这可能就有点不太合适了。 (查看原文)

  雷克希 1赞 2026-04-11 17:44:12

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