P.A.Fisher十五要点之十一

Fisher的第11个问题有点长，投资者可以先看看：

Point 11: Are there other aspects of the business, somewhat peculiar to the industry involved, which will give the investor important clues as to how outstanding the company may be in relation to its competition?

Fisher之后讨论的内容包括公司的技能、insurance cost 和 专利内容，暂时就理解为：公司在所在行业内，是否有独特的优势？

讨论 1

Fisher 在第一部分讨论的内容中，有些内容不怎么理解，就先摘录一些：

By definition, this is somewhat of a catch-all point of inquiry. This is because matters of this sort are bound to differ considerably from each other — those which are of great importance in some lines of business can, at times, be of litte or no importance in others.

某些对一些企业重要或突出的对其他公司而言就不重要或影响甚微。那么，这里所说的某些是什么呢？Fisher 提到

• in most important operations involving retailing： the quality of its leases
• the relative skill with which a company handles its credits

看下来，这部分内容，实在不清楚 Fisher 要讨论啥！

讨论 2：专利

专利方面，Fisher讲得还算清楚。

Patents are another matter having varying significance from company to company.

这里 Fisher 讲述专利地位的作用，拥有强专利地位的公司比弱公司享受到大的利润率，小公司要超越，也需要时间。

专利这方面，Fisher 有自己的理解，投资者不要拘泥与 Fisher的理解。试想，如果一个公司开发的专利，成本很大，又不实用，那么这个专利又有什么大的用处。 总体而言，对小公司而言，专利还是具有一定优势。

The young company just starting to develop its production, sales, and service organization, and in the early stages of establishing customer goodwill is in a very different position.

没有专利的年轻公司，大公司 Copy 一下，凭着大公司的品牌，小公司如何与之竞争？年轻公司有专利权，也要不断提升自己，这样的公司才是成长的公司。Fisher 举的例子：一家年轻的公司A拥有一项专利，大公司B copy了，并修改了专利的缺点，一段时间后，B 生产出来的产品碰上年轻的公司经过改进后的产品（去除了产品缺点），B 公司的产品一败涂地，还没销售就退出市场。 如果 A 公司不改进自身的产品，不提升自己，如何与大型老牌公司抗衡？

For small companies in the early years of marketing unique products or services, the investor should therefore closely scrutinize the patent position. He should get information from qulified sources as to how broad the protection actually may be. It is one thing to get a patent on a device. It may be quite another to get protection that will prevent others from making it in a slightly different way. Even here, however, engineering that is constantly improving the product can prove considerably more advantageous than mere static patent protection.

有专利并非一劳永逸，公司还需不断改善。有专利也不一定能赚钱，消费者青睐才重要。

log

@Anifacc
2018-03-19

人生苦短, 为欢几何.