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(4)

如果需要在漂亮的会计报表和最大化未来的现金流折现之间做出选择的话，我们选择现金流。
When forced to choose between optimizing the appearance of our GAAP accounting and maximizing the present value of future cash flows， well take the cash flows。
当我们做出大胆的战略抉择时，我们将在竞争许可的最大范围内与股东分享我们的战略想法，以至于股东可以评价我们的投资是否真正从巩固我们长期市场领导地位的角度出发。
We will share our strategic thought processes with you when we make bold choices (to the extent competitive pressures allow)， so that you may evaluate for yourselves whether we are making rational long-term leadership investments。
我们努力保持节俭文化，将钱用在刀刃上，我们明白持续增强成本意识的重要性，尤其是在我们的经营尚处于净亏损状态的当下。
We will work hard to spend wisely and maintain our lean culture。 We understand the importance of continually reinforcing a cost-conscious culture， particularly in a business incurring net losses。
我们将在提升长期盈利能力和短期资本支出之间保持平衡，在当前，我们给予成长更高的优先权，因为我们相信规模对我们商业模式至关重要。
We will balance our focus on growth with emphasis on long-term profitability and capital management。 At this stage， we choose to prioritize growth because we believe that scale is central to achieving the potential of our business model。