So often investors and entrepreneurs look at the wrong financial numbers and ratios when analysing companies. They focus obsessively on the latest year’s pre-tax profits, or perhaps post-tax earnings. But these can often be manipulated, or temporary. What matters much more are underlying sales, strong gross margins and free cash flow. Study these numbers over several years to see if a business really owns a solid franchise.
在分析企業時，投資者和企業家往往把注意力放在「錯誤的」財務數據和比率上。他們過分關注最近一年的稅前利潤或者稅後利潤。但這些數據可能經常受到操縱，或者只具短期意義。更重要的數據其實是潛在銷售收入、較高的毛利率和自由現金流。我們對若干年的這些數據進行研究，以判定一家企業是否真的擁有堅實的經營優勢。
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