发布于: iPhone转发：0回复：0喜欢：0
并非所有盈利都是平等的，这句话让我想起了不同行业，赚同样的利润，差异却相当的大。典型如制造业和白酒行业的对比，制造业每年需要大量的资本投入，而且面临各种行业风险。而白酒行业则轻松很多，每年赚取大把现金，再投入的资金却很少。
引用：
2024-07-14 09:10
巴菲特致股东的信原文精读Day401：
原文：The first point to understand is that all earnings are not created equal. In many businesses particularly those that have high asset/profit ratios—inflation causes some or all of the reported earnings to become ersatz. The ersatz po...