关注投资家，⭐，您会收到最新推送 作者 | 彼得·林奇 01远景型公司不能给你带来回报 "避免远景型公司（longshots）。每一次你听到有人向你推荐股票，他们推荐的股票让人如此兴奋，以 至于他们在电话上和你交谈的声音很轻柔。我不知道这是因为他们担心隔壁的邻居听见，还是因为担心 SEC的监听。或许如果你以轻柔的腔调打电话，你就不用坐牢或者只需要服一半的刑。" "不管怎样，他们轻声细语地说，'我给你推荐的这家公司非常好、好得不可思议，或者这是一家实力强 大的公司'等。但是他们漏掉了一些东西。对这些股票有一个非常技术性的术语NNTE即短期无利润。这 些公司没有盈利。它们没有历史记录（即这些公司只有一个远景--译者注）。它们有的仅仅是一个很好 的想法而已。实际上，这个想法可能行得通。可是经常行不通。" "记住：如果股票从2美元涨到300美元，你在8美元买入同样可以获得很高的回报，甚至在12美元进入也 可以。当别人向你推荐这类远景型公司时，你可以在一年之后跟进，把它们写在纸上，然后放到抽屉里 面。一年之后再拿出来看看，三年之后再拿出来看看都行。考察这些公司三年之后的基本面如何再作投 资决定。" "我曾经买入过25家 ...

Core Viewpoint - The article emphasizes the importance of understanding the essence and risks of businesses, particularly through the lens of financial statements, especially the balance sheet, rather than just focusing on profit margins [9][10][11]. Group 1: Investment Philosophy - The company values a deep understanding of the core business and its risks, as demonstrated by Warren Buffett's focus on the balance sheet during acquisitions [6][9]. - The company believes that the balance sheet reveals more about a business's true nature than the income statement, which can often be misleading [10][11]. - The management team is committed to maintaining a strong financial structure and reputation while allocating capital strategically [16][18]. Group 2: Capital Allocation Strategy - The company plans to continue its traditional approach to capital allocation, focusing on familiar business sectors and ensuring a robust capital structure [19]. - The management will prioritize 100% ownership acquisitions and investments in publicly traded companies, ensuring a thorough understanding of their long-term economic prospects [20]. - The company recognizes the need for significant capital investment in the energy sector to meet future demands, indicating a shift in focus towards this area [28][81]. Group 3: Regulatory and Market Challenges - The company acknowledges a structural change in the regulatory environment affecting public utilities, which has led to a significant decline in valuations [75][77]. - The management is aware of the increasing risks associated with natural disasters, such as wildfires, and is actively working on strategies to mitigate these risks [44][46]. - The company emphasizes the importance of collaboration with government entities to address systemic issues in the energy sector [25][66]. Group 4: Future Outlook - The company is cautious about future investments in public utilities due to changing market dynamics and regulatory challenges [80]. - The management is focused on building trust and a solid reputation to attract future capital investments [81]. - The company is committed to continuous learning and adaptation in response to evolving risks and market conditions [64][65].