巴菲特的护城河

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph"><span style="font-size: 9px;">晨星公司：全球基金评级公司、80年代成立、2003年成立深圳公司</span></div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph"><span style="font-size: 9px;">股票评级标准：1、股票预期公允价值贴现：熟悉情况的投资人进行交割的价格；2、公司护城河的规模评级；<br></span></div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">1、挑选绩优股的评级工具、判断框架；</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">2、通过工具体系化，强化我们在投资上的自律性；</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">3、成功的高概率性，即使估值贴现出现误差，也能通过时间弥补差异；</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">4、通过护城河体系过程，识别我们的“能力范围”</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">1、真护城河特征：保持竞争优势的结构性特征，是其竞争对手难以复制的品质，一副好牌。</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">2、被误会的护城河：优质的产品、高市场份额、有效执行、卓越管理</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">3、真正的护城河：无形资产、客户转换成本、网络经济、成本优势；</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">1、品牌：仅凭品牌收取高于同类竞争产品的价格；不在于品牌的受欢迎程度，而是它能否影响消费者的行为。（案例:钻石蒂芙尼、建筑材料USG）</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">2、专利：那些拥有多样专利权的创新传统企业；（药企）</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">3、法定许可：可以像垄断者一样定价还不被管制；（老虎机、债券评级、营利教育机构）</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">总结，关键因素要看给企业创造多少价值，能持续多久。</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a:W3siYmxvY2tJZCI6IjY0NDAtMTU5MDk4MDM0NjM4NSIsImJsb2NrVHlwZSI6InBhcmFncmFwaCIsInN0eWxlcyI6eyJhbGlnbiI6ImxlZnQiLCJpbmRlbnQiOjAsInRleHQtaW5kZW50IjowLCJsaW5lLWhlaWdodCI6MS43NSwiYmFjay1jb2xvciI6IiIsInBhZGRpbmciOiIifSwidHlwZSI6InBhcmFncmFwaCIsInJpY2hUZXh0Ijp7ImRhdGEiOlt7ImNoYXIiOiLmgLsifSx7ImNoYXIiOiLnu5MifSx7ImNoYXIiOiLvvIwifSx7ImNoYXIiOiLlhbMifSx7ImNoYXIiOiLplK4ifSx7ImNoYXIiOiLlm6AifSx7ImNoYXIiOiLntKAifSx7ImNoYXIiOiLopoEifSx7ImNoYXIiOiLnnIsifSx7ImNoYXIiOiLnu5kifSx7ImNoYXIiOiLkvIEifSx7ImNoYXIiOiLkuJoifSx7ImNoYXIiOiLliJsifSx7ImNoYXIiOiLpgKAifSx7ImNoYXIiOiLlpJoifSx7ImNoYXIiOiLlsJEifSx7ImNoYXIiOiLku7cifSx7ImNoYXIiOiLlgLwifSx7ImNoYXIiOiLvvIwifSx7ImNoYXIiOiLog70ifSx7ImNoYXIiOiLmjIEifSx7ImNoYXIiOiLnu60ifSx7ImNoYXIiOiLlpJoifSx7ImNoYXIiOiLkuYUifSx7ImNoYXIiOiLjgIIifV0sImlzUmljaFRleHQiOnRydWUsImtlZXBMaW5lQnJlYWsiOnRydWV9fV0=-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">1、转换成本：（B产品价格-A产品价格）&nbsp; 比较&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A-B转换成本</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">2、决定转换成本的变量：和客户的交互触点数量、深度决定了风险成本、培训成本等，无处不在；</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">3、案例公司：银行、资产管理公司、软件公司（数据库）；</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">1、网络效应：一种产品和服务的价值随使用者的增加而提高；</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">2、和有形资本相比，网络效应在信息或知识转移行业更为常见（排他性商品）；</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">3、网络效应的发挥：既有广度又有深度的流动蓄水池，利润滚滚而来；</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">4、有效性：想从网络效应中获利，必须营造一个封闭的网络；</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">1、成本优势的四个方面：低成本的流程优势、更优越的地理位置、与众不同的资源、相对较大的市场规模；</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">2、流程优势需要谨慎：建立在竞争对手懒惰、犯错误、经营模式风格较难模仿、体系的周期长等：案例：戴尔（取消分销、接近0库存）、西南航空（低价机票）</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">3、更优越的地理位置：垃圾搬运、石料加工、水泥厂、钢铁厂等；</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">4、独特的资源优质：矿藏类资源低于其他资源生产商的采掘成本；</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">5、地理位置和资源优势更具有持久性，可以形成局部垄断；</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">1、关键的不是绝对规模，而是和竞争对比的相对规模；</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">2、固定成本相对变动成本的比值越高，规模收益就越大：工厂生产越接近100%产能，盈利就越高，固定成本可以分摊到更多的产品上；</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">3、利基市场的统治:即使一家公司在绝对规模上不够大，但只要在市场的某一局部超过其竞争对手，一样能形成强大的优势。</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">案例1：华盛顿邮报（市场容不下两家）</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">案例2：工业泵生产商（市场规模小）</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">案例3：小型应用软件（小额细分市场）</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">案例4：私人的基础设施建设企业（机场的管理批准、市场规模小）</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">1、技术变革：销售技术的企业随时在激烈竞争中丧失原有优势，”长期来看，一切将会变得平淡无奇“</div><div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">技术落伍对非技术型企业的影响，是一种更无法预料、同时也是更严重的威胁</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">2、行业变迁：地区变化、劳动力变化、非理性竞争对手的进入；</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">3、破坏性增长：在一个没有护城河的领域寻求增长时，不把赚钱当作唯一目标；</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a:W3siYmxvY2tJZCI6IjUxNDItMTU5MzQwODExODUwOSIsImJsb2NrVHlwZSI6InBhcmFncmFwaCIsInN0eWxlcyI6eyJhbGlnbiI6ImxlZnQiLCJpbmRlbnQiOjAsInRleHQtaW5kZW50IjowLCJsaW5lLWhlaWdodCI6MS43NSwiYmFjay1jb2xvciI6IiIsInBhZGRpbmciOiIifSwidHlwZSI6InBhcmFncmFwaCIsInJpY2hUZXh0Ijp7ImRhdGEiOlt7ImNoYXIiOiIzIn0seyJjaGFyIjoi44CBIn0seyJjaGFyIjoi56C0In0seyJjaGFyIjoi5Z2PIn0seyJjaGFyIjoi5oCnIn0seyJjaGFyIjoi5aKeIn0seyJjaGFyIjoi6ZW/In0seyJjaGFyIjoi77yaIn0seyJjaGFyIjoi5ZyoIn0seyJjaGFyIjoi5LiAIn0seyJjaGFyIjoi5LiqIn0seyJjaGFyIjoi5rKhIn0seyJjaGFyIjoi5pyJIn0seyJjaGFyIjoi5oqkIn0seyJjaGFyIjoi5Z+OIn0seyJjaGFyIjoi5rKzIn0seyJjaGFyIjoi55qEIn0seyJjaGFyIjoi6aKGIn0seyJjaGFyIjoi5Z+fIn0seyJjaGFyIjoi5a+7In0seyJjaGFyIjoi5rGCIn0seyJjaGFyIjoi5aKeIn0seyJjaGFyIjoi6ZW/In0seyJjaGFyIjoi5pe2In0seyJjaGFyIjoi77yMIn0seyJjaGFyIjoi5LiNIn0seyJjaGFyIjoi5oqKIn0seyJjaGFyIjoi6LWaIn0seyJjaGFyIjoi6ZKxIn0seyJjaGFyIjoi5b2TIn0seyJjaGFyIjoi5L2cIn0seyJjaGFyIjoi5ZSvIn0seyJjaGFyIjoi5LiAIn0seyJjaGFyIjoi55uuIn0seyJjaGFyIjoi5qCHIn0seyJjaGFyIjoi77ybIn1dLCJpc1JpY2hUZXh0Ijp0cnVlLCJrZWVwTGluZUJyZWFrIjp0cnVlfX1d-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">4、当客户说”不“的时候；甲骨文的运维费用停止提价；</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">1、行业决定护城河的宽窄，如汽车行业和资本管理行业</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">2、不同行业的护城河对比</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a:W3siYmxvY2tJZCI6IjQ5MTMtMTU5NDYxMzc1NzMxMCIsImJsb2NrVHlwZSI6InBhcmFncmFwaCIsInN0eWxlcyI6eyJhbGlnbiI6ImxlZnQiLCJpbmRlbnQiOjAsInRleHQtaW5kZW50IjowLCJsaW5lLWhlaWdodCI6MS43NSwiYmFjay1jb2xvciI6IiIsInBhZGRpbmciOiIifSwidHlwZSI6InBhcmFncmFwaCIsInJpY2hUZXh0Ijp7ImRhdGEiOlt7ImNoYXIiOiIyIn0seyJjaGFyIjoi44CBIn0seyJjaGFyIjoi5LiNIn0seyJjaGFyIjoi5ZCMIn0seyJjaGFyIjoi6KGMIn0seyJjaGFyIjoi5LiaIn0seyJjaGFyIjoi55qEIn0seyJjaGFyIjoi5oqkIn0seyJjaGFyIjoi5Z+OIn0seyJjaGFyIjoi5rKzIn0seyJjaGFyIjoi5a+5In0seyJjaGFyIjoi5q+UIn1dLCJpc1JpY2hUZXh0Ijp0cnVlLCJrZWVwTGluZUJyZWFrIjp0cnVlfX1d-->

<div style="text-align: left; line-height: 1.75; font-size: 14px; white-space: pre-wrap;" yne-bulb-block="paragraph">3、衡量资本的回报率</div><!--5f39ae17-8c62-4a45-bc43-b32064c9388a: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-->

4、财务杠杆系数：企业权益资本变动相对税前利润变动率的倍数

行业竞争态势大于经营决策的力量（90%）

“卓越”只是意识选择

应该投资业务，而不是管理团队

为什么CEO吸引投资者的注意？<br>

投资的成功倚赖于对时机的把握，或者说对概率的认识

与可能出类拔萃的管理者相比，企业所处的行业对其是否能长期保持较高的资本回报率更有影响力

如何识别护城河

5个案例

为什么要估计公司的股票价值

企业价值到底几何：公司未来所创造现金的现值

要投资不要投机

第一组：价格乘数

第二组：收益率

估值的应用

抛出时机和买入时机一样重要

找到抛出的理由

没有一个是因为估计波动