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（2010-05-08）",[383,465,466,446],{},[387,467,468,469,471,472,474,475,477],{},"如果",[391,470,62],{"href":400},"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",[391,473,62],{"href":400},"少于利润不是一件好事，要仔细看财报。",[391,476,62],{"href":400},"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。",[383,479,480,489],{},[387,481,482,483,485,486,488],{},"我一般看",[391,484,62],{"href":400},"和利润。有些公司的利润挺假的，从",[391,487,62],{"href":400},"能看出来。"," （2010-02-14）",[417,491,493],{"id":492},"_3-警惕纸上富贵","3. 警惕纸上富贵",[383,495,496,497,500],{},"网友提到：",[387,498,499],{},"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）",[383,502,503],{},"段永平同意这种观点，强调要区分真实利润和纸上富贵。",[417,505,507],{"id":506},"_4-两种生意模式","4. 两种生意模式",[383,509,510,511,500],{},"段永平引用巴菲特的话：",[387,512,513],{},"有两种生意：第一种每年挣12%，年底可以把钱拿回来；第二种每年挣12%，但是利润必须重新投入运营---永远也看不到现金。这让我想到了一个家伙，他看着自己所有（不能变现的）陈旧设备说：\"这就是我的全部利润了。\"我们可不喜欢这种生意。",[379,515,516],{"id":516},"实战案例",[417,518,520],{"id":519},"创维销售额比市值大","创维：销售额比市值大",[383,522,523,524,500],{},"网友问：",[387,525,526],{},"段总当初买创维我记得是说一年销售额也比市值大很多了，凭这点判断低估了，是不是还有别的因素呢？",[383,528,529],{},"段永平投资创维时，不仅看销售额，更看重真实利润。",[417,531,533],{"id":532},"苹果利润能分给股东","苹果：利润能分给股东",[383,535,536,537,540],{},"段永平说：",[387,538,539],{},"其实最理想的公司是能把利润继续投入到原来的生意模式里的公司，分红是其次的选择。有些公司，比如苹果，就是已经没办法把利润再投入，所以才开始回购和分红的。当然，分红比乱花钱好100倍。"," （2013-9-28）",[383,542,543],{},"苹果的利润是真实的，能够通过分红和回购分给股东。",[417,545,547,548,550],{"id":546},"淘宝早期投入期现金流为负","淘宝：早期投入期",[391,549,62],{"href":400},"为负",[383,552,553,554,446],{},"段永平举例：",[387,555,556,557,559,560,562],{},"但是，有些公司在投放期的利润往往是大于",[391,558,62],{"href":400},"的，比如淘宝头几年，",[391,561,62],{"href":400},"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。",[383,564,565],{},"这种情况需要区分是暂时的还是长期的。",[379,567,568],{"id":568},"常见误解",[417,570,572,573],{"id":571},"误解一净利润就是净现金流","误解一：净利润就是净",[391,574,62],{"href":400},[383,576,577,578,580,581,463],{},"很多投资者以为净利润就是净",[391,579,62],{"href":400},"，但段永平明确说：",[387,582,459,583,462],{},[391,584,62],{"href":400},[417,586,588],{"id":587},"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",[383,590,591,592,594],{},"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",[391,593,62],{"href":400},"来看，有些公司利润只是纸上富贵。",[417,596,598],{"id":597},"误解三ebitda很重要","误解三：EBITDA很重要",[383,600,601,602,605],{},"段永平同意芒格的观点：",[387,603,604],{},"芒格都说ebitda是狗屎咯，狗屎的参考价值是什么？"," （2015-12-02）",[379,607,608],{"id":608},"思想演变",[417,610,612],{"id":611},"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",[383,614,615],{},"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。",[417,617,619,620,622],{"id":618},"投资时期结合现金流看利润","投资时期：结合",[391,621,62],{"href":400},"看利润",[383,624,625,626,628,629,631],{},"在投资中，段永平将利润和",[391,627,62],{"href":400},"结合起来看，通过",[391,630,62],{"href":400},"验证利润的真实性。",[417,633,635],{"id":634},"成熟时期强调长期视角","成熟时期：强调长期视角",[383,637,638,639,641,642,644],{},"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",[391,640,62],{"href":400},"的关系，时间足够长的情况下，",[391,643,62],{"href":400},"实际上就是利润。",[379,646,647],{"id":647},"原话引用",[649,650,651],"blockquote",{},[383,652,653,406],{},[387,654,389,655,394,657,394,659,401,661,405],{},[391,656,43],{"href":393},[391,658,55],{"href":397},[391,660,62],{"href":400},[391,662,76],{"href":404},[649,664,665],{},[383,666,667,406],{},[387,668,412],{},[649,670,671],{},[383,672,673,433],{},[387,674,429,675,432],{},[391,676,62],{"href":400},[649,678,679],{},[383,680,681,446],{},[387,682,439,683,442,685,445],{},[391,684,62],{"href":400},[391,686,62],{"href":400},[649,688,689],{},[383,690,691,463],{},[387,692,459,693,462],{},[391,694,62],{"href":400},[649,696,697],{},[383,698,699,446],{},[387,700,468,701,471,703,474,705,477],{},[391,702,62],{"href":400},[391,704,62],{"href":400},[391,706,62],{"href":400},[649,708,709],{},[383,710,711,489],{},[387,712,482,713,485,715,488],{},[391,714,62],{"href":400},[391,716,62],{"href":400},[649,718,719],{},[383,720,721,500],{},[387,722,513],{},[649,724,725],{},[383,726,727,540],{},[387,728,539],{},[649,730,731],{},[383,732,733,605],{},[387,734,604],{},{"title":736,"searchDepth":12,"depth":12,"links":737},"",[738,739,747,753,759,765],{"id":381,"depth":12,"text":381},{"id":415,"depth":12,"text":415,"children":740},[741,743,745,746],{"id":419,"depth":16,"text":742},"1. 利润与现金流的关系",{"id":449,"depth":16,"text":744},"2. 真实利润需要结合现金流来看",{"id":492,"depth":16,"text":493},{"id":506,"depth":16,"text":507},{"id":516,"depth":12,"text":516,"children":748},[749,750,751],{"id":519,"depth":16,"text":520},{"id":532,"depth":16,"text":533},{"id":546,"depth":16,"text":752},"淘宝：早期投入期现金流为负",{"id":568,"depth":12,"text":568,"children":754},[755,757,758],{"id":571,"depth":16,"text":756},"误解一：净利润就是净现金流",{"id":587,"depth":16,"text":588},{"id":597,"depth":16,"text":598},{"id":608,"depth":12,"text":608,"children":760},[761,762,764],{"id":611,"depth":16,"text":612},{"id":618,"depth":16,"text":763},"投资时期：结合现金流看利润",{"id":634,"depth":16,"text":635},{"id":647,"depth":12,"text":647},null,"真实利润是段永平特别关注的财务指标之一，强调利润的真实性，区分真实利润与纸上富贵。","md",{},true,"\u002Fdao\u002Fconcepts\u002Fzhenshilirun",{"title":65,"description":767},"段永平谈真实利润：真实利润是段永平特别关注的财务指标之一，强调利润的真实性，区分真实利润与纸上富贵。","真实利润｜大道总纲","dao\u002Fconcepts\u002Fzhenshilirun","c3DfZlMb1b2GAL57-4QO0kuxElx82tmdTYbOEs27tSk","dao",1778608453807]