格林布拉特在2005年出版了《股市稳赚》一书，将自己的投资经验浓缩为一个简单易懂的"神奇公式"： 从资产收益率高和市盈率低的综合排名中，选择前20-30只股票，形成一个组合，分别买入并持有一年 后卖出。这个公式完全遵从价值投资的本质：用便宜的价格买入好企业。 格林布拉特使用的是EBIT（息税前收益）/EV（市值+净有息负债），得出的结果是一个百分比，他称 之为收益率。可以这样解释，EV代表买下这个企业的总付出（即总市值加上买下企业后需要承担的原 有的债务）。这个百分比说明了这个生意目前买下来，能够给我们带来什么样的回报率。为什么不用 PE（每股收益/股价，或净利润/市值）？因为PE中间关键的每股收益或是净利润，不如息税前收益更能 说明企业总体盈利能力。 多数投资者倾向于通过看PE的高低判断股价的高低，但其实PE的倒数更能说明问题。举例来说，20倍 PE，其倒数为5％，即这只股票的收益率为5％，收回成本要20年。而10倍PE的收益率为10％，收回成 本为10年。10倍PE的收益率已经高于国债长期收益率5％达两倍，股票当然是便宜了。 什么是好企业？ 乔尔·格林布拉特认为，好企业就是资本回报率高（ROIC）的企业。 ...

Core Insights - The importance of Return on Equity (ROE) as a key indicator for assessing a company's profitability and efficiency in generating returns for shareholders is emphasized [1][2] - A good business is defined as a combination of a good product, a sustainable pricing model, high growth potential, high margins, and strong free cash flow [4][25] Group 1: Good Business Characteristics - A good product is characterized by high repurchase rates and strong word-of-mouth recommendations, indicating customer satisfaction and loyalty [6][5] - A sustainable pricing model should ideally allow for long-term customer relationships, with recurring revenue being more favorable than one-time sales [15][16] - High growth potential is often linked to large or emerging markets, such as the electric vehicle sector and instant retail [19][20] Group 2: Financial Metrics - High margins and differentiation are crucial for a good business, as they often correlate with profitability [22][23] - Strong free cash flow is essential for maintaining competitive advantage and ensuring sustainable profits, especially in capital-intensive industries [24][25] Group 3: Market Dynamics - The competitive landscape is influenced by the ability of companies to leverage their pricing models and customer relationships to drive growth and efficiency [18][20] - Companies like Costco and Apple exemplify successful business models that generate high customer loyalty and recurring revenue streams [17][18]