Whether appropriate or not, the term "value investing" is widely used. Typically, it connotes the purchase of stockshaving attributes such as a low ratio of price to book value, a low price-earnings ratio, or a high dividend yield. Unfortunately, such characteristics, even if they appear in combination, are far from determinative as to whether an investor is indeed buying something for what it is worth and is therefore truly operating on the principle of obtaining value in his investments... Similarly, business growth, per se, tells us little about value. It's true that growth often has a positive impact on value, sometimes one of spectacular proportions. But such an effect is far from certain. For example, investors have regularly poured money into the domestic airline business to finance profitless (or worse) growth. For these investors,it would have been far better if Orville had failed to get off the ground at Kitty Hawk: The more the industry has grown, the worse the disaster for owners.
Using precise numbers is, in fact, foolish; working with a range of possibilities is the better approach. Usually, the range must be so wide that no useful conclusion can be reached. Occasionally though, even very conservative estimates about the future emergence of birds reveal that the price quoted is startlingly low in relation to value.
Leaving the question of price aside, the best business to own is one that over an extended period can employ large amounts of incremental capital at very high rates of return. The worst business to own is one that must, or will, do the opposite - that is, consistently employ ever-greater amounts of capital at very low rates of return.
Unfortunately, the first type of business is very hard to find: Most high-return businesses need relatively little capital. Shareholders of such a business usually will benefit if it pays out most of its earnings in dividends or makes significant stock repurchases.
Through a truly rare blend of marketing andfinancial skills, Roberto has maximized both the growth of his product and the rewards that this growth brings to shareholders. Normally, the CEO of a consumer products company, drawing on his natural inclinations or experience, will cause either marketing or finance to dominate the business at the expense of the other discipline. With Roberto, the mesh of marketing and finance is perfect and theresult is a shareholder's dream.
如果同意上述讨论，那么很容易就能在市场上找到内在价值非常高的公司：轻资产，同时能够将经营产生的现金流全部用于极高回报的再投入。公众号提到的消费品公司，比如Wayfair、Duluth Trading和周黑鸭财务上看均是如此。更有趣的事情是，Mr. Market显然不是这样估值的，两者估值间常常有巨大的差距。