Friday, November 19, 2010

老友到MCKINSEY見工。碰巧,同一天,《金融時報》有篇文章,談到這間國際管理顧問公司裏三位頭目剛出版的一本書,叫《VALUE:THE FOUR CORNERSTONES OF CORPORATE FINANCE》。


我本來中英文皆差。為免LOST IN TRANSLATION,不得不做一次文抄公。

1. 「CORE OF VALUE」:Companies create value by investing capital to generate future cash flows at higher rates of return than the cost of capital.

2. 「CONSERVATION OF VALUE」:Companies crate value by generating higher cash flows, not by rejigging the capital structure.

3. 「EXPECTATIONS TREADMILL」:Expectations drive a company's stock price as well as its actual performance, so the higher one's expectations, the faster one must run to keep up.

4. 「BEST OWNER」:The value of a business depends on who is managing it and the strategy they pursue.


其中一個作者TIM KOLLER回答說,這是一個提醒,提醒他們究竟什麼事情緊要,也叫他們聆聽投資者時候要細心一點。因為許多時候,他們都會給一些噪音滋擾,影響了他們的邏輯思維。(They are often influenced by noise rather than reason. This book serves as a helpful reminder of what matters and is intended to convince companies to be more thoughtful when they listen to investors.)


這是我的經驗。所以,我經常提醒自己臨殺莫急。我想,那就是書中作者提到的「MORE THOUGHTFUL」的意思。

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