P.A.Fisher十五要点之十四

Fisher 第14要点的问题是：

Point 14. Does the management talk freely to investors about its affairs when things are going well but “clam up” when troubles and disappointments occur?

墨菲定律指出“Anything that can go wrong will go wrong.”

It is the nature of business that in even the best-run companies unexpected difficulties, profit squeezes, and unfavorable shifts in demand for their products will at times occur.

再大的企业，运营良好的企业，也会出错，遇到不可预测的困难，利润收缩，产品需求的变换等等。这时候就考研管理层处理困难，解决问题的能力，以及面对麻烦时候对待股东的态度。

管理层是否坦诚，是否诚信？诚信是底线。如果管理层只在顺风顺水的时候对投资者（股东）实话实说，遇到麻烦或处理不好之时，不愿意实事求是，向投资者坦诚处理问题的结果，那么这样的管理层，投资者还需要考虑么？

Such disappointments are an inevitable part of even the most successful business. If met forthrightly and with good judgment, they are merely one of the costs of eventual success. They are frequently a sign of strength rather than weakness in a company.

管理层坦诚并处理得当，那么失败（困境）是成功之母。投资者要留意公司管理层面对困境时的反应、态度及解决能力。投资者需要谨慎那些“三缄其口”的管理层。

log

@Anifacc
2018-03-20

人生苦短, 为欢几何.