说明版
做对的事情，把事情做对！ 投资是什么？ 说明版： 买股票就是买公司，买公司就是买其未来现金流。这里现金流指的是净现金流，未来指的是公司的整个生命周期。 折现率实际上是相对于投资人的机会成本而言的。最低的机会成本就是无风险回报率，比如美国国债的利率。 所谓能看懂公司就是能看懂其未来现金流。（做对的事情…
Source: http://nteswjq.blog.163.com/blog/static/126998120123504720534/
Explained version
> By Duan Yongping · his NetEase blog (nteswjq.blog.163.com, now closed; read from web archives) · 2012-04-05 · [Original link](http://nteswjq.blog.163.com/blog/static/126998120123504720534/) ([archived](https://web.archive.org/web/20120410193350/http://nteswjq.blog.163.com:80/blog/static/126998120123504720534/))
Do the right thing, and do things right!
What is investing?
Explained version:
Buying a stock is buying a company, and buying a company is buying its future cash flows. Cash flow here means net cash flow, and future means the company's whole life cycle.
The discount rate is really relative to the investor's opportunity cost. The lowest opportunity cost is the risk-free rate of return, such as the interest rate on US Treasuries.
Being able to understand a company means being able to understand its future cash flows. (Doing the right thing.)
Everything said about investing is really a discussion of how to understand cash flows (how to do things right), such as business model, moat, circle of competence and so on.
Copyright: © LookMinds. Our own edited text and translation, not a substitute for the original; rights in the original belong to the author and the platform. Please see the original link.