如何寻找超级成长股？世界首富24封股东信“吐露天机”：现金流比利润更重要(18)

Our ultimate financial measure， and the one we most want to drive over the long-term， is free cash flow per share.Why not focus first and foremost， as many do， on earnings， earnings per share or earnings growth？ The simple answer is that earnings dont directly translate into cash flows， and shares are worth only the present value of their future cash flows， not the present value of their future earnings。
Future earnings are a component—but not the only important component—of future cash flow per share。 Working capital and capital expenditures are also important， as is future share dilution。
尽管这听起来是反直觉的，有些公司在某些情况下增加利润的行为却损害了股东价值。当为增长进行的资本投入大于这项投资未来所产生的现金流折现时，就会发生损害股东价值的情形。
Though some may find it counterintuitive， a company can actually impair shareholder value in certain circumstances by growing earnings。 This happens when the capital investments required for growth exceed the present value of the cash flow derived from those investments。
现金流量表没有受到足够的重视，有洞察力的投资者应该不满足于仅仅分析损益表就去投资。