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（2010-03-08）",[505,530,531,532,528],{},"段永平强调：",[509,533,534],{},"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。",[501,536,537],{"id":537},"核心要义",[539,540,542,543,545],"h3",{"id":541},"_1-利润与现金流的关系","1. 利润与",[513,544,67],{"href":522},"的关系",[505,547,548,549,555],{},"段永平认为：",[509,550,551,552,554],{},"长期来讲，没有正的",[513,553,67],{"href":522},"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）",[505,557,558,559,568],{},"他还说：",[509,560,561,562,564,565,567],{},"时间足够长的情况下，",[513,563,67],{"href":522},"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",[513,566,67],{"href":522},"老是远小于利润时。"," （2010-05-27）",[539,570,572,573,575],{"id":571},"_2-真实利润需要结合现金流来看","2. 真实利润需要结合",[513,574,67],{"href":522},"来看",[505,577,578,579,585],{},"段永平提醒：",[509,580,581,582,584],{},"不能。但一般如果净利润大于",[513,583,67],{"href":522},"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）",[505,587,588,568],{},[509,589,590,591,593,594,596,597,599],{},"如果",[513,592,67],{"href":522},"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",[513,595,67],{"href":522},"少于利润不是一件好事，要仔细看财报。",[513,598,67],{"href":522},"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。",[505,601,602,611],{},[509,603,604,605,607,608,610],{},"我一般看",[513,606,67],{"href":522},"和利润。有些公司的利润挺假的，从",[513,609,67],{"href":522},"能看出来。"," （2010-02-14）",[539,613,615],{"id":614},"_3-警惕纸上富贵","3. 警惕纸上富贵",[505,617,618,619,622],{},"网友提到：",[509,620,621],{},"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）",[505,624,625],{},"段永平同意这种观点，强调要区分真实利润和纸上富贵。",[539,627,629],{"id":628},"_4-两种生意模式","4. 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（2013-9-28）",[505,664,665],{},"苹果的利润是真实的，能够通过分红和回购分给股东。",[539,667,669,670,672],{"id":668},"淘宝早期投入期现金流为负","淘宝：早期投入期",[513,671,67],{"href":522},"为负",[505,674,675,676,568],{},"段永平举例：",[509,677,678,679,681,682,684],{},"但是，有些公司在投放期的利润往往是大于",[513,680,67],{"href":522},"的，比如淘宝头几年，",[513,683,67],{"href":522},"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。",[505,686,687],{},"这种情况需要区分是暂时的还是长期的。",[501,689,690],{"id":690},"常见误解",[539,692,694,695],{"id":693},"误解一净利润就是净现金流","误解一：净利润就是净",[513,696,67],{"href":522},[505,698,699,700,702,703,585],{},"很多投资者以为净利润就是净",[513,701,67],{"href":522},"，但段永平明确说：",[509,704,581,705,584],{},[513,706,67],{"href":522},[539,708,710],{"id":709},"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",[505,712,713,714,716],{},"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",[513,715,67],{"href":522},"来看，有些公司利润只是纸上富贵。",[539,718,720],{"id":719},"误解三ebitda很重要","误解三：EBITDA很重要",[505,722,723,724,727],{},"段永平同意芒格的观点：",[509,725,726],{},"芒格都说ebitda是狗屎咯，狗屎的参考价值是什么？"," （2015-12-02）",[501,729,730],{"id":730},"思想演变",[539,732,734],{"id":733},"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",[505,736,737],{},"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。",[539,739,741,742,744],{"id":740},"投资时期结合现金流看利润","投资时期：结合",[513,743,67],{"href":522},"看利润",[505,746,747,748,750,751,753],{},"在投资中，段永平将利润和",[513,749,67],{"href":522},"结合起来看，通过",[513,752,67],{"href":522},"验证利润的真实性。",[539,755,757],{"id":756},"成熟时期强调长期视角","成熟时期：强调长期视角",[505,759,760,761,763,764,766],{},"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",[513,762,67],{"href":522},"的关系，时间足够长的情况下，",[513,765,67],{"href":522},"实际上就是利润。",[501,768,769],{"id":769},"原话引用",[771,772,773],"blockquote",{},[505,774,775,528],{},[509,776,511,777,516,779,516,781,523,783,527],{},[513,778,48],{"href":515},[513,780,60],{"href":519},[513,782,67],{"href":522},[513,784,81],{"href":526},[771,786,787],{},[505,788,789,528],{},[509,790,534],{},[771,792,793],{},[505,794,795,555],{},[509,796,551,797,554],{},[513,798,67],{"href":522},[771,800,801],{},[505,802,803,568],{},[509,804,561,805,564,807,567],{},[513,806,67],{"href":522},[513,808,67],{"href":522},[771,810,811],{},[505,812,813,585],{},[509,814,581,815,584],{},[513,816,67],{"href":522},[771,818,819],{},[505,820,821,568],{},[509,822,590,823,593,825,596,827,599],{},[513,824,67],{"href":522},[513,826,67],{"href":522},[513,828,67],{"href":522},[771,830,831],{},[505,832,833,611],{},[509,834,604,835,607,837,610],{},[513,836,67],{"href":522},[513,838,67],{"href":522},[771,840,841],{},[505,842,843,622],{},[509,844,635],{},[771,846,847],{},[505,848,849,662],{},[509,850,661],{},[771,852,853],{},[505,854,855,727],{},[509,856,726],{},{"title":858,"searchDepth":13,"depth":13,"links":859},"",[860,861,869,875,881,887],{"id":503,"depth":13,"text":503},{"id":537,"depth":13,"text":537,"children":862},[863,865,867,868],{"id":541,"depth":17,"text":864},"1. 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