1、投資者在判斷公司時，經(jīng)?？茨膫€公司利潤增長得快，然后設想這種增長趨勢可以長期持續(xù)，但最常見的現(xiàn)象是這種過去業(yè)績增長快的公司，其增長速度很快就會降下來。原因很簡單，利潤吸引競爭，猶如白日之后是黑夜。利潤越高，競爭就會越激烈。這是任何自由經(jīng)濟所固有的屬性，資本總是流向高利潤領域。于是，由于競爭者的不斷蠶食，多數(shù)高利潤企業(yè)趨向于越來越平庸。

Investors often judge companies by looking at which ones have increased profits the most and assuming the trend will persist in the future. But more often than not, the firms that look great in the rearview mirror wind up performing poorly in the future, simply because success attracts competition as surely as night follows day. And the bigger the profits, the stronger the competition. That's the basic nature of any (reasonably) free market-capital always seeks the areas of highest expected return. Therefore, most highly profitable firms tend to become less profitable over time as competitors chip away at their franchises.

2、評價經(jīng)濟護城河的四個步驟：

1）分析公司利潤史。公司是否為資產(chǎn)或股份權益賺取了可靠利潤？這是公司是否具有競爭優(yōu)勢的試金石。

Evaluate the firm's historical profitability. Has the firm been able to generate a solid return on its assets and on shareholders' equity? This is the true litmus test of whether a firm has built an economic moat around itself.

2）如果公司能夠持續(xù)盈利，要認真評價公司利潤來源。為什么公司能夠抵御競爭？是什么東西阻止了競爭者分割它的利潤？

If the firm has solid returns on capital and consistent profitability, assess the sources of the firm's profits. Why is the company able to keep competitors at bay? What keeps competitors from stealing its profits?

3）評估公司長期抵御競爭侵蝕的能力，即公司的競爭優(yōu)勢可以保持多長時間。有些公司的競爭優(yōu)勢可以保持幾年，而有的可以保持幾十年。

Estimate how long a firm will be able to hold off competitors, which is the company's competitive advantage period. Some firms can fend off competitors for just a few years, and some firms may be able to do it for decades.

4）分析行業(yè)的競爭格局。公司是怎樣與行業(yè)內(nèi)其它成員競爭的？這是一個多數(shù)公司都能很好盈利的行業(yè)，還是一個企業(yè)拼命維持有限利潤的、競爭激烈的行業(yè)？

Analyze the industry's competitive structure. How do firms in this industry compete with one another? Is it an attractive industry with many profitable firms or a hypercompetitive one in which participants struggle just to stay afloat?

3、評價企業(yè)盈利能力要考察的幾個問題：

1）公司能否產(chǎn)生自由現(xiàn)金流？如果可以，是多少？

現(xiàn)金是最重要資產(chǎn)之一，公司可以將其投向更掙錢的地方而不傷害已有的核心生意。若一個公司能夠在銷售收入中產(chǎn)生5%以上自由現(xiàn)金流，就是好公司。標普500中僅有一半公司能夠達到這個標準。

2）公司凈利潤率是多少？

與自由現(xiàn)金流相似，凈利潤率從另一個側(cè)面反映公司的盈利能力。

3）ROE是多少？

ROE大于15%，說明公司具有競爭優(yōu)勢。

4）ROA是多少？

6-7%的ROA是好公司底線。

4、當你考察上面的四個衡量標準時，多看幾年的數(shù)據(jù)。一家公司能夠連續(xù)多年具有好的ROE，健康的自由現(xiàn)金流和優(yōu)秀的利潤率，那么這家公司就比那些邊際效益和現(xiàn)金流不穩(wěn)定的公司具有更好的競爭優(yōu)勢。

When you're looking at all four of these metrics, look at more than just one year. A firm that has consistently cranked out solid ROES, good free cash flow, and decent margins over a number of years is much more likely to truly have an economic moat than a firm with more erratic results.

5、另外，這些標準都屬于經(jīng)驗法則，不是硬性標準。將公司的這些參數(shù)與行業(yè)內(nèi)其它企業(yè)進行對比是一個好的方法。當然，考察其趨勢—是增加了還是降低了—也同樣是個不錯的主意。

In addition, these benchmarks are rules of thumb, not hard-and-fast cutoffs. Comparing firms with industry averages is always a good idea, as is examining the trend in profitability metrics-are they getting higher or lower?

6、盡管（在形成競爭優(yōu)勢上）好的行業(yè)很重要，但公司層面上的經(jīng)營戰(zhàn)略更重要。在一些沒有競爭力的行業(yè)里一樣有優(yōu)秀的企業(yè)，這一事實表明公司經(jīng)營戰(zhàn)略至關重要。學術研究表明，在建立公司經(jīng)濟護城河的過程中，公司戰(zhàn)略要比進入好的行業(yè)重要大約兩倍以上。

Although being in an attractive industry can certainly help, the strategy pursued at the company level is even more important. The mere fact that there are excellent companies in fundamentally unattractive industries tells us intuitively that this must be the case. Academic research suggests that a firm's strategy is roughly twice as important as a firm's industry when it's trying to build an economic moat.

7、一般情況下，公司有五種手段可以建設競爭優(yōu)勢：

1）通過出眾的技術或質(zhì)量，從品質(zhì)上拉開與同類產(chǎn)品的距離；

2）通過提升品牌可信度或聲望，從聲譽上拉開與同類產(chǎn)品的距離；

4）降低成本，以較低的價格提供類似的產(chǎn)品和服務；

5）客戶轉(zhuǎn)用其它產(chǎn)品時費用較高，以此固定客戶群體；

6）通過建立更高的壁壘阻止競爭者進入，或提高成功進入的壁壘。

In general, there are five ways that an individual firm can build sustainable competitive advantage:

1）Creating real product differentiation through superior technology or features

2）Creating perceived product differentiation through a trusted brand or reputation

3）Driving costs down and offering a similar product or service at a lower price

4）Locking in customers by creating high switching costs

5）Locking out competitors by creating high barriers to entry or high barriers to success

8、要點回顧：

正如白晝之后是黑夜，成功必然導致競爭，公司的高利潤就會隨著時間慢慢消蝕。這就是為什么經(jīng)濟護城河這么重要的原因：它可以幫助優(yōu)秀企業(yè)長期保持優(yōu)秀。

Because success attracts competition as surely as night follows day, the most highly profitable companies tend to become less profitable over time. That's why economic moats are so important: They help great companies stay that way.

經(jīng)濟護城河的有力證據(jù)來自長期穩(wěn)定的利潤。仔細研究自由現(xiàn)金流、凈利潤率、ROE和ROA。

For concrete evidence of an economic moat, look for firms that consistently earn high profits. Focus on free cash flow, net margins, return on equity, and return on assets.

研究完以上指標，你要盡量找出公司競爭優(yōu)勢的來源。公司一般可以通過（真正的或看起來的）產(chǎn)品特色建立可持續(xù)的競爭優(yōu)勢，也可以通過降低成本、通過轉(zhuǎn)換成本鎖定顧客群或通過建立高的壁壘屏蔽競爭者等方法建立自己的競爭優(yōu)勢。

After you've looked at these specific measures, try to identify the source of the company's economic moat. Companies generally build sustainable competitive advantages through product differentiation (real or perceived), driving costs down, locking in customers with high switching costs, or locking out competitors through high barriers to entry.

通過兩個側(cè)面理解經(jīng)濟護城河：深度（公司可以掙多少錢）和廣度（好于一般公司的表現(xiàn)能夠保持多久）。一般情況下，通過技術革新建立起來的競爭優(yōu)勢難以長久維持。

Think about economic moats in two dimensions: depth (how much money the company can make) and width (how long it can sustain above-average profits). In general, any economic moat based on technological innovation is likely to be short-lived.

盡管行業(yè)的吸引力并不代表問題的一切，但是了解一個行業(yè)的競爭特點還是非常重要的，有些行業(yè)就是比其他行業(yè)容易賺錢。

Although the attractiveness of an industry doesn't tell the whole story, it's important to get a feel for the competitive landscape. Some industries are just easier to make money in than others.