P.A.Fisher十五要点之十二

Fisher 问了第12个问题：

Point 12: Does the company have a short-range or long-range outlook in regard to profits?

Some companies will conduct their affairs so as to gain the greatest possible profit right now. Others will deliberately curtail maximum immediate profits to build up good will and thereby gain greater overall profits over a period of years. Treatment of customers and vendors gives frequent examples of this. One company will constantly make the sharpest possible deals with suppliers. Another will at times pay above contract price to a vendor who has had unexpected expense in making delivery, because it wants to be sure of having a dependable source of needed raw materials or high-quality components available when the market has turned and supplies may be desperately needed. The difference in treatment of customers is equally noticeable. The company that will go to special trouble and expense to take care of the needs of a regular customer caught in an unexpected jam may show lower profits on the particular transaction, but far greater profits over the years.

The “scuttlebutt” method usually reflects these differences in policies quite clearly. The investor wanting maximum results should favor companies with a truly long-range outlook concerning profits.

找投资标的，投资者需要查找那些有长远眼光的企业。怎样的公司算是有长远的眼光，所做决策对未来长期有利，而不是当当看重眼前的短小利益。

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@Anifacc
2018-03-19

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