#芒格金句#
In the long run, it is difficult for a company's stock to make more profits than the company's profits. If the company earns 6% every year for 40 years, your final annualized return will be about 6%, even if you buy the stock at a big discount. But conversely, if the company's annual return on assets reaches 18% and lasts for 20 to 30 years, even if it looks expensive when you buy it, it will still surprise you.
长期而言，一个公司股票的盈利很难比这个公司的盈利多。如果公司每年赚6%持续40年，你最后的年化回报也就是6%左右，即使你买的时候股票有很大的折扣。但反过来如果公司每年资产收益率达18%并且持续二三十年，即使你买的时候看起来很贵，他还是会给你带来惊喜。
#芒格内部讲话#
In the long run, it is difficult for a company's stock to make more profits than the company's profits. If the company earns 6% every year for 40 years, your final annualized return will be about 6%, even if you buy the stock at a big discount. But conversely, if the company's annual return on assets reaches 18% and lasts for 20 to 30 years, even if it looks expensive when you buy it, it will still surprise you.
长期而言，一个公司股票的盈利很难比这个公司的盈利多。如果公司每年赚6%持续40年，你最后的年化回报也就是6%左右，即使你买的时候股票有很大的折扣。但反过来如果公司每年资产收益率达18%并且持续二三十年，即使你买的时候看起来很贵，他还是会给你带来惊喜。
#芒格内部讲话#
