为什么要以现金流为重呢?因为每股股票代表了一份公司未来现金流,跟其他单变量相比,现金流更能诠释一家公司长期股价。
2001:贝索斯致股东信《我们始终坚持现金流为王》
You can't connect the dots looking forward; you can only connect them looking backwards.
The real competition is not between companies, but between different visions of the future.
The stock market is filled with individuals who know the price of everything, but the value of nothing.