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（2010-03-08）",[826,851,852,853,856],{},"段永平还创造了\"有效净资产\"的概念：",[830,854,855],{},"编这个名词的目的就是不想让自己被\"净资产\"的表面数字所迷惑。\"有效净资产\"指的其实就是公司的真实盈利能力。有效净资产只是一个概念，并不是定义为净资产减无效资产的那个东西。"," （2010-08-20）",[822,858,859],{"id":859},"核心要义",[861,862,864],"h3",{"id":863},"_1-有效净资产概念","1. 有效净资产概念",[826,866,867,868,856],{},"段永平解释：",[830,869,870,871,873,874,876,877,879],{},"计算价值只和未来总的",[834,872,88],{"href":843},"折现有关。其实净资产只是产生未来",[834,875,88],{"href":843},"的因素之一，所以我编了个\"有效净资产\"的名词。也就是说，不能产生",[834,878,88],{"href":843},"的净资产其实没有价值（有时还可能是负价值）。",[826,881,882],{},"有效净资产指的是公司的真实盈利能力，而不是账面净资产。",[861,884,886],{"id":885},"_2-不赚钱的净资产是累赘","2. 不赚钱的净资产是累赘",[826,888,889,890,893],{},"段永平强调：",[830,891,892],{},"不赚钱的净资产有时候就是个累赘。比如在渺无人烟的地方建个酒店，花了一个亿，现在每年亏500w。重置成本还是一个亿，现在5000w想卖，这里谁要？"," （2010-04-25）",[826,895,896],{},"有些净资产不仅不能产生价值，还会成为负担。",[861,898,900],{"id":899},"_3-警惕价值陷阱","3. 警惕价值陷阱",[826,902,903,904,910],{},"段永平提醒：",[830,905,906,907,909],{},"这个大概就是人们常说的价值陷阱，如果理解未来",[834,908,88],{"href":843},"折现的概念就容易理解芒格说的是啥了。所以未必市值低过净资产甚至现金的股票就值得投资，除非你能看懂你买的是什么。"," （2012-06-26）",[826,912,913],{},"仅仅因为市值低于净资产就投资，很可能会掉入价值陷阱。",[861,915,917],{"id":916},"_4-净资产收益率roe是参考指标","4. 净资产收益率（ROE）是参考指标",[826,919,920,921,849],{},"段永平说：",[830,922,923],{},"\"净资产收益率\"是个很好的指标，可以用来排除那些你不喜欢的公司，但不能作为\"核心指标\"去决定你是否要投的公司。这个指标如果好的话，你首先要看的是债务；如果没有债务问题则马上要看文化，看这种获利是否可以持续。最后还是要回到\"right business，right people，right price\"。",[826,925,926,932],{},[830,927,928,929,931],{},"在没有贷款的前提下，净资产收益率高的公司当然是不错的，说明公司的盈利能力强。净资产收益率低的公司一般都不太好，但成长型公司的初期可能净资产收益率会很低。关键还是看你能不能看懂公司的未来（",[834,930,88],{"href":843},"）。"," （2011-02-13）",[822,934,935],{"id":935},"实战案例",[861,937,939],{"id":938},"uhal净资产高的机会","UHAL：净资产高的机会",[826,941,942,943,946],{},"段永平举例：",[830,944,945],{},"我的算法很简单，就是朋友告诉我uhal有50块以上的净资产，我不太相信，因为当时股价在5块左右，然后找不同的人查了一下，自己也看了看，确实是有50左右，就买了。这种机会就是巴菲特讲的天上掉馅饼的事吧？最关键的是这时候你的水桶要够大，不然也接不到啥。"," （2010-03-09）",[826,948,949],{},"UHAL的净资产高，但关键是要能看懂公司的真实价值。",[861,951,953],{"id":952},"网易现金比市值高","网易：现金比市值高",[826,955,956,957,963],{},"网友问：",[830,958,959,960,962],{},"你买网易时说它\"企业里面的现金就有2块钱，股价不到1块钱\"。请问大哥：这里的\"现金\"指的是净资产还是",[834,961,88],{"href":843},"？"," 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