乐生活From gaining income, customers and market share, to investing in various capital and cost, to forming operational profits, the subsequent growth and sustainability of growth are the underlying problems, which are to understand the growth of enterprises and enterprises.
Then, how to carry out capital expenditure and improve operational efficiency in the process of growth, in order to increase market share and build moat, how to obtain these resources and capital from inside and outside to invest, how to form the ability of cash and free cash flow conversion and how to change the rhythm are based on the understanding of enterprises. The value problem of comparative basis after layer problem.
For understanding business and business, this is not the bottom line. But for understanding the value of securities issued by enterprises, this problem is still a bottom problem.
On this basis, we should understand the interest pattern and game pattern of enterprise owners, actual controllers, shareholders of various nature, and the corporate governance structure, capital structure and financial policy based on this interest pattern and game pattern.
This problem begins to enter the level of cash allocation ability of securities and the pricing level of various game terms. Begin to approach the application level from the bottom level.
The application level of investment and speculation is the impact and impact of various policies or news, event-driven impact, or the impact of various capital inflows and outflows, or even the impact of various themes.
Whether it’s investment or speculation, it’s the choice at the operational level. It doesn’t matter how you think of yourself.
Many people think they are investing in value, but in fact they are only speculating for a long time. Many people think that they will not speculate, but because they do not understand the value of enterprises and enterprises, there is no possibility of "investment" for them, in fact, they can only make the "speculation" choice.
Really understand from the bottom, understand from the most fundamental point of view, investment or speculation, will really have the choice.
