ROCE(已动用资本回报率)

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驯化银狐:投资中最关键的指标
Hu Xiu· 2025-07-01 07:58
Core Insights - The article discusses the long-term silver fox domestication experiment initiated by Dmitry Belyaev, highlighting its unexpected results and implications for understanding key indicators in both biological and financial contexts [5][10][13]. Group 1: Silver Fox Domestication Experiment - The silver fox domestication experiment began in 1959, focusing on selecting foxes based on a single key trait: tameness [5][6]. - By the sixth generation, some foxes began to exhibit friendly behaviors, and by the thirtieth generation, 70%-80% of the foxes reached elite tameness levels [8]. - The experiment revealed that identifying a key indicator can lead to the emergence of other desirable traits, akin to a "dragging effect" [10][13]. Group 2: ROCE as a Key Financial Indicator - Pulak Prasad, founder of Nalanda Capital, draws parallels between the silver fox experiment and financial analysis, proposing ROCE (Return on Capital Employed) as a critical metric for evaluating companies [16][34]. - ROCE provides a comprehensive view of management's capital allocation efficiency, contrasting with ROE, which focuses solely on shareholder equity [23][24]. - Companies maintaining a high ROCE (above 20%) are likely to possess strong competitive advantages, such as pricing power and brand strength [27][28]. Group 3: Life and Personal Indicators - The article emphasizes the importance of setting personal key indicators for life, akin to the scientific approach in the silver fox experiment and financial analysis with ROCE [37][70]. - Different life stages require different indicators, such as growth speed in youth and balance in adulthood [45][48]. - The overarching message is to find and nurture one's key indicators, similar to how Lyudmila Trut dedicated her life to the silver foxes [70][72].