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（2010-03-08）",[501,526,527,528,524],{},"段永平强调：",[505,529,530],{},"但是我在乎利润、成本这些数据里面到底是由哪些东西组成的，你要知道它真实反映的东西是什么。而且你要把数据连续几个季度甚至几年来看，你跟踪一家公司久了，你就知道他是在说谎还是说真话。",[497,532,533],{"id":533},"核心要义",[535,536,538,539,541],"h3",{"id":537},"_1-利润与现金流的关系","1. 利润与",[509,540,63],{"href":518},"的关系",[501,543,544,545,551],{},"段永平认为：",[505,546,547,548,550],{},"长期来讲，没有正的",[509,549,63],{"href":518},"的业务是不可能有利润的。没有利润的业务当然是不行的。"," （2010-04-19）",[501,553,554,555,564],{},"他还说：",[505,556,557,558,560,561,563],{},"时间足够长的情况下，",[509,559,63],{"href":518},"实际上就是利润（或叫基本等于），你想想看什么道理。我有时会把两个东西混一起说是因为我总是假设很长的时间。如果只看一年或几年，他的差别可以很大，有差别时往往要小心，尤其是",[509,562,63],{"href":518},"老是远小于利润时。"," （2010-05-27）",[535,566,568,569,571],{"id":567},"_2-真实利润需要结合现金流来看","2. 真实利润需要结合",[509,570,63],{"href":518},"来看",[501,573,574,575,581],{},"段永平提醒：",[505,576,577,578,580],{},"不能。但一般如果净利润大于",[509,579,63],{"href":518},"时一定要更小心，要看清楚利润到底是些什么（当然平时也要看）。"," （2010-05-08）",[501,583,584,564],{},[505,585,586,587,589,590,592,593,595],{},"如果",[509,588,63],{"href":518},"少于利润的话就要小心了，要看他的钱花在哪里，是否确实对未来的发展有好处，不然会不见的。长期",[509,591,63],{"href":518},"少于利润不是一件好事，要仔细看财报。",[509,594,63],{"href":518},"多于利润这往往是由于折旧或预收等原因。不管是什么原因，最好能明白。",[501,597,598,607],{},[505,599,600,601,603,604,606],{},"我一般看",[509,602,63],{"href":518},"和利润。有些公司的利润挺假的，从",[509,605,63],{"href":518},"能看出来。"," （2010-02-14）",[535,609,611],{"id":610},"_3-警惕纸上富贵","3. 警惕纸上富贵",[501,613,614,615,618],{},"网友提到：",[505,616,617],{},"有些公司是资本黑洞，利润只是纸上富贵。有些公司多年以来全部利润再投入都不够，还要增发或举债，我会避开此类公司，哪怕利润表很漂亮。"," （2010-03-28）",[501,620,621],{},"段永平同意这种观点，强调要区分真实利润和纸上富贵。",[535,623,625],{"id":624},"_4-两种生意模式","4. 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（2013-9-28）",[501,660,661],{},"苹果的利润是真实的，能够通过分红和回购分给股东。",[535,663,665,666,668],{"id":664},"淘宝早期投入期现金流为负","淘宝：早期投入期",[509,667,63],{"href":518},"为负",[501,670,671,672,564],{},"段永平举例：",[505,673,674,675,677,678,680],{},"但是，有些公司在投放期的利润往往是大于",[509,676,63],{"href":518},"的，比如淘宝头几年，",[509,679,63],{"href":518},"有可能是负的（花的钱比进来的钱多，不算发行股票的话），现在情况怎么样不知道。",[501,682,683],{},"这种情况需要区分是暂时的还是长期的。",[497,685,686],{"id":686},"常见误解",[535,688,690,691],{"id":689},"误解一净利润就是净现金流","误解一：净利润就是净",[509,692,63],{"href":518},[501,694,695,696,698,699,581],{},"很多投资者以为净利润就是净",[509,697,63],{"href":518},"，但段永平明确说：",[505,700,577,701,580],{},[509,702,63],{"href":518},[535,704,706],{"id":705},"误解二利润表漂亮就是好公司","误解二：利润表漂亮就是好公司",[501,708,709,710,712],{},"很多人只看利润表，以为利润表漂亮就是好公司，但段永平提醒要结合",[509,711,63],{"href":518},"来看，有些公司利润只是纸上富贵。",[535,714,716],{"id":715},"误解三ebitda很重要","误解三：EBITDA很重要",[501,718,719,720,723],{},"段永平同意芒格的观点：",[505,721,722],{},"芒格都说ebitda是狗屎咯，狗屎的参考价值是什么？"," （2015-12-02）",[497,725,726],{"id":726},"思想演变",[535,728,730],{"id":729},"早期从经营企业中理解真实利润","早期：从经营企业中理解真实利润",[501,732,733],{},"段永平在经营步步高时就非常注重真实利润，明白有些利润只是账面的，不一定能变成现金。",[535,735,737,738,740],{"id":736},"投资时期结合现金流看利润","投资时期：结合",[509,739,63],{"href":518},"看利润",[501,742,743,744,746,747,749],{},"在投资中，段永平将利润和",[509,745,63],{"href":518},"结合起来看，通过",[509,748,63],{"href":518},"验证利润的真实性。",[535,751,753],{"id":752},"成熟时期强调长期视角","成熟时期：强调长期视角",[501,755,756,757,759,760,762],{},"随着经验的积累，段永平越来越强调从长期视角来看利润和",[509,758,63],{"href":518},"的关系，时间足够长的情况下，",[509,761,63],{"href":518},"实际上就是利润。",[497,764,765],{"id":765},"原话引用",[767,768,769],"blockquote",{},[501,770,771,524],{},[505,772,507,773,512,775,512,777,519,779,523],{},[509,774,44],{"href":511},[509,776,56],{"href":515},[509,778,63],{"href":518},[509,780,77],{"href":522},[767,782,783],{},[501,784,785,524],{},[505,786,530],{},[767,788,789],{},[501,790,791,551],{},[505,792,547,793,550],{},[509,794,63],{"href":518},[767,796,797],{},[501,798,799,564],{},[505,800,557,801,560,803,563],{},[509,802,63],{"href":518},[509,804,63],{"href":518},[767,806,807],{},[501,808,809,581],{},[505,810,577,811,580],{},[509,812,63],{"href":518},[767,814,815],{},[501,816,817,564],{},[505,818,586,819,589,821,592,823,595],{},[509,820,63],{"href":518},[509,822,63],{"href":518},[509,824,63],{"href":518},[767,826,827],{},[501,828,829,607],{},[505,830,600,831,603,833,606],{},[509,832,63],{"href":518},[509,834,63],{"href":518},[767,836,837],{},[501,838,839,618],{},[505,840,631],{},[767,842,843],{},[501,844,845,658],{},[505,846,657],{},[767,848,849],{},[501,850,851,723],{},[505,852,722],{},{"title":854,"searchDepth":13,"depth":13,"links":855},"",[856,857,865,871,877,883],{"id":499,"depth":13,"text":499},{"id":533,"depth":13,"text":533,"children":858},[859,861,863,864],{"id":537,"depth":17,"text":860},"1. 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