如何定义优质企业？
（ a high-quality business？）
1、在各自行业中处于垄断或寡头地位
(monopolies or oligopolies in their respective industries )
2、很少有再投资需求的公司。
(have very few reinvestment needs.)
当公司的资本支出或研发费用较高时，其投资回报率就很难预测。
When companies have high capital expenditures or high levels of research and development expenses, the return on investment is difficult to predict.
3. 首要的衡量标准/指标：每股自由现金流增长
（内在价值增长息息相关）
Free cash flow per share growth as the primary metric
（correlated with intrinsic value growth.）
4. 优质企业常常年年回购股票
(announce stock-repurchase program annually: to buy back stock every year)
$贵州茅台(SH600519)$ $欧普康视(SZ300595)$ $桂发祥(SZ002820)$