{"entry_id": "d4b1986c-e96a-4e6f-98db-a7693dc6c8b4", "infos": [{"txt": "超级强势股(Super Stocks)读书笔记", "language": "chinese", "position": {"atoms": [{"position_id": 0, "txt": "超级强势股(Super Stocks)读书笔记", "x": ""}]}, "tags": [], "label": "O", "web_segment_id": 0, "global_sentence_id": 0, "edu_l1_label": "EDU_O"}, {"txt": "            超级强势股(Super Stocks)读书笔记          ", "language": "chinese", "position": {"atoms": [{"position_id": 471, "txt": "\n            \n超级强势股(Super Stocks)读书笔记\n          ", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/h1"}]}, "tags": ["h1"], "label": "O", "web_segment_id": 37, "global_sentence_id": 1, "edu_l1_label": "BOT"}, {"txt": "超级强势股(Super Stocks)读书笔记", "language": "chinese", "position": {"atoms": [{"position_id": 473, "txt": "超级强势股(Super Stocks)读书笔记", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/h1[1]/span"}]}, "tags": ["h1"], "label": "article_title", "web_segment_id": 39, "global_sentence_id": 2, "edu_l1_label": "BOT"}, {"txt": "本书的作者是肯尼思 L. 费雪 Kenneth L. Fisher，用作者在序言中所说：", "language": "chinese", "position": {"atoms": [{"position_id": 475, "txt": "本书的作者是肯尼思 L. 费雪 Kenneth L. Fisher，用作者在序言中所说：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[1]"}]}, "tags": [], "label": "author", "web_segment_id": 40, "global_sentence_id": 3, "edu_l1_label": "EDU_O"}, {"txt": "在他管理基金的时候，他要经常跟自己的基金所有人介绍自己投资背后的原则。", "language": "chinese", "position": {"atoms": [{"position_id": 477, "txt": "在他管理基金的时候，他要经常跟自己的基金所有人介绍自己投资背后的原则。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[2]"}]}, "tags": [], "label": "content", "web_segment_id": 41, "global_sentence_id": 4, "edu_l1_label": "IOS"}, {"txt": "持续的沟通下，他的投资人才能够坚持的持有基金的份额，一直到他的业绩证明自己。", "language": "chinese", "position": {"atoms": [{"position_id": 478, "txt": "持续的沟通下，他的投资人才能够坚持的持有基金的份额，一直到他的业绩证明自己。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[2]"}]}, "tags": [], "label": "content", "web_segment_id": 41, "global_sentence_id": 5, "edu_l1_label": "IOS"}, {"txt": "他注意到，很多中小投资人迷失在各类的投资想法中，并为此支付高昂的学费（亏损），却没有机会理解最基本的投资原则。", "language": "chinese", "position": {"atoms": [{"position_id": 480, "txt": "他注意到，很多中小投资人迷失在各类的投资想法中，并为此支付高昂的学费（亏损），却没有机会理解最基本的投资原则。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[3]"}]}, "tags": [], "label": "content", "web_segment_id": 42, "global_sentence_id": 6, "edu_l1_label": "IOS"}, {"txt": "这也是他写这本书的原因之一，向读者介绍自己的投资理念和具体方法，就像给自己的投资人介绍一样。", "language": "chinese", "position": {"atoms": [{"position_id": 481, "txt": "这也是他写这本书的原因之一，", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[3]"}, {"position_id": 483, "txt": "向读者介绍自己的投资理念和具体方法，就像给自己的投资人介绍一样", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[3]/span"}, {"position_id": 485, "txt": "。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[3]/span"}]}, "tags": [], "label": "content", "web_segment_id": 42, "global_sentence_id": 7, "edu_l1_label": "IOS"}, {"txt": "这本书写于1984年，主要针对于当时的科技股的投资，其中提到的PS等的具体市值可能在现在已经不再适用，但是其中的原则却值得细细品读。", "language": "chinese", "position": {"atoms": [{"position_id": 487, "txt": "这本书写于1984年，主要针对于当时的科技股的投资，其中提到的PS等的具体市值可能在现在已经不再适用，但是其中的原则却值得细细品读。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[4]"}]}, "tags": [], "label": "content", "web_segment_id": 43, "global_sentence_id": 8, "edu_l1_label": "IOS"}, {"txt": "几十年过去了，市场中的公司发生了很多变化，但是市场中仍然有很多不变的规律，比如在公司发展好的时候的盲目乐观，公司遇到困境时的极度悲观。", "language": "chinese", "position": {"atoms": [{"position_id": 489, "txt": "几十年过去了，市场中的公司发生了很多变化，但是市场中仍然有很多不变的规律，比如在公司发展好的时候的盲目乐观，公司遇到困境时的极度悲观。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[5]"}]}, "tags": [], "label": "content", "web_segment_id": 44, "global_sentence_id": 9, "edu_l1_label": "IOS"}, {"txt": "书籍要点", "language": "chinese", "position": {"atoms": [{"position_id": 491, "txt": "书籍要点", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/h2[1]/span"}]}, "tags": ["h2"], "label": "title1", "web_segment_id": 45, "global_sentence_id": 10, "edu_l1_label": "BOS"}, {"txt": "超级强势股（super stocks）的定义：", "language": "chinese", "position": {"atoms": [{"position_id": 493, "txt": "超级强势股（super stocks）的定义：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/h3[1]/span"}]}, "tags": ["h3"], "label": "content", "web_segment_id": 46, "global_sentence_id": 11, "edu_l1_label": "IOS"}, {"txt": "在3-5年的时间里，与期初相比，股价增长3-10倍", "language": "chinese", "position": {"atoms": [{"position_id": 495, "txt": "在3-5年的时间里，与期初相比，股价增长3-10倍", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[1]/li[1]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 47, "global_sentence_id": 12, "edu_l1_label": "IOS"}, {"txt": "以相当于次级公司的股价水平，买入超级公司的股票", "language": "chinese", "position": {"atoms": [{"position_id": 497, "txt": "以相当于次级公司的股价水平，买入超级公司的股票", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[1]/li[2]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 48, "global_sentence_id": 13, "edu_l1_label": "IOS"}, {"txt": "超级强势股产生的原因：", "language": "chinese", "position": {"atoms": [{"position_id": 499, "txt": "超级强势股产生的原因：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/h3[2]/span"}]}, "tags": ["h3"], "label": "content", "web_segment_id": 49, "global_sentence_id": 14, "edu_l1_label": "IOS"}, {"txt": "公司发展有生命周期，在其发展的鼎盛时期，人们认为其各方面都没有问题，但是产品有生命周期，公司的管理层可能也较为青涩，没有经历过周期（经历过之后，他们可以逐步从中学习），如果原有产品的衰退比预期来的早，或者新的产品研发并没有接上，就会出现困境期。", "language": "chinese", "position": {"atoms": [{"position_id": 501, "txt": "公司发展有生命周期，在其发展的鼎盛时期，人们认为其各方面都没有问题，但是产品有生命周期，公司的管理层可能也较为青涩，没有经历过周期（经历过之后，他们可以逐步从中学习），如果原有产品的衰退比预期来的早，或者新的产品研发并没有接上，就会出现困境期。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[2]/li/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 50, "global_sentence_id": 15, "edu_l1_label": "IOS"}, {"txt": "在这个过程中，股价会经历更加剧烈的周期：", "language": "chinese", "position": {"atoms": [{"position_id": 502, "txt": "在这个过程中，股价会经历更加剧烈的周期：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[2]/li/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 50, "global_sentence_id": 16, "edu_l1_label": "IOS"}, {"txt": "在最初的高速成长期的时候，人们对于公司未来充满着期待", "language": "chinese", "position": {"atoms": [{"position_id": 504, "txt": "在最初的高速成长期的时候，人们对于公司未来充满着期待", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[2]/ul/li[1]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 51, "global_sentence_id": 17, "edu_l1_label": "IOS"}, {"txt": "一旦公司发展遇到困难，投资者就会抱怨公司没有达到他们的预期，而不是把挫败看成发展的必由之路。", "language": "chinese", "position": {"atoms": [{"position_id": 506, "txt": "一旦公司发展遇到困难，投资者就会抱怨公司没有达到他们的预期，而不是把挫败看成发展的必由之路。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[2]/ul/li[2]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 52, "global_sentence_id": 18, "edu_l1_label": "IOS"}, {"txt": "于是股价会大幅下跌（困境使得股价下跌带来的超级强势股的机会）", "language": "chinese", "position": {"atoms": [{"position_id": 507, "txt": "于是股价会大幅下跌（困境使得股价下跌带来的超级强势股的机会）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[2]/ul/li[2]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 52, "global_sentence_id": 19, "edu_l1_label": "IOS"}, {"txt": "几年之后，如果公司销量和利润屡创新高，股价就又会大幅增长", "language": "chinese", "position": {"atoms": [{"position_id": 509, "txt": "几年之后，如果公司销量和利润屡创新高，股价就又会大幅增长", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[2]/ul/li[3]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 53, "global_sentence_id": 20, "edu_l1_label": "IOS"}, {"txt": "识别超级强势股的方法：", "language": "chinese", "position": {"atoms": [{"position_id": 511, "txt": "识别超级强势股的方法：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/h3[3]/span"}]}, "tags": ["h3"], "label": "content", "web_segment_id": 54, "global_sentence_id": 21, "edu_l1_label": "IOS"}, {"txt": "PS（市销率）和PRR（市值/研发费用支出）是重要的指标（作者主要投资的是科技类股票）", "language": "chinese", "position": {"atoms": [{"position_id": 513, "txt": "PS（市销率）和PRR（市值/研发费用支出）是重要的指标（作者主要投资的是科技类股票）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[3]/li[1]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 55, "global_sentence_id": 22, "edu_l1_label": "IOS"}, {"txt": "超级强势股需要具备营销、生产等一些方面的独特优势（竞争优势）", "language": "chinese", "position": {"atoms": [{"position_id": 515, "txt": "超级强势股需要具备营销、生产等一些方面的独特优势（竞争优势）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[3]/li[2]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 56, "global_sentence_id": 23, "edu_l1_label": "IOS"}, {"txt": "作者简介", "language": "chinese", "position": {"atoms": [{"position_id": 517, "txt": "作者简介", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/h2[2]/span"}]}, "tags": ["h2"], "label": "title1", "web_segment_id": 57, "global_sentence_id": 24, "edu_l1_label": "BOS"}, {"txt": "费雪投资公司创始人、董事会主席以及首席执行官。", "language": "chinese", "position": {"atoms": [{"position_id": 519, "txt": "费雪投资公司创始人、董事会主席以及首席执行官。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[6]"}]}, "tags": [], "label": "content", "web_segment_id": 58, "global_sentence_id": 25, "edu_l1_label": "IOS"}, {"txt": "曾被美国著名杂志《投资顾问》评选为30年内行业最有影响力的30人之一。", "language": "chinese", "position": {"atoms": [{"position_id": 520, "txt": "曾被美国著名杂志《投资顾问》评选为30年内行业最有影响力的30人之一。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[6]"}]}, "tags": [], "label": "content", "web_segment_id": 58, "global_sentence_id": 26, "edu_l1_label": "IOS"}, {"txt": "他的父亲——菲利普•费雪，被誉为“成长股投资策略之父”，也是巴菲特所称的“投资灵感的启发者之一”，著有投资经典著作《怎样选择成长股》。", "language": "chinese", "position": {"atoms": [{"position_id": 521, "txt": "他的父亲——菲利普•费雪，被誉为“成长股投资策略之父”，也是巴菲特所称的“投资灵感的启发者之一”，著有投资经典著作《怎样选择成长股》。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[6]"}]}, "tags": [], "label": "content", "web_segment_id": 58, "global_sentence_id": 27, "edu_l1_label": "IOS"}, {"txt": "肯尼思 L. 费雪在投资领域的成就可能不亚于自己的父亲。", "language": "chinese", "position": {"atoms": [{"position_id": 523, "txt": "肯尼思 L. 费雪在投资领域的成就可能不亚于自己的父亲。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[7]"}]}, "tags": [], "label": "content", "web_segment_id": 59, "global_sentence_id": 28, "edu_l1_label": "IOS"}, {"txt": "其掌管的费雪投资公司成立于1979年，公司旗下管理资产规模从上世纪90年代初的10亿美元增长至350亿美元，2009年8月曾达到450亿美元。", "language": "chinese", "position": {"atoms": [{"position_id": 524, "txt": "其掌管的费雪投资公司成立于1979年，公司旗下管理资产规模从上世纪90年代初的10亿美元增长至350亿美元，2009年8月曾达到450亿美元。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[7]"}]}, "tags": [], "label": "content", "web_segment_id": 59, "global_sentence_id": 29, "edu_l1_label": "IOS"}, {"txt": "第一部分 剖析超级强势股——为什么会出现超级强势股的机会？", "language": "chinese", "position": {"atoms": [{"position_id": 526, "txt": "第一部分 剖析超级强势股——为什么会出现超级强势股的机会？", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/h1[2]/span"}]}, "tags": ["h1"], "label": "title1", "web_segment_id": 60, "global_sentence_id": 30, "edu_l1_label": "BOS"}, {"txt": "1、企业发展阶段有波折，对应股价会带来更加剧烈的波动", "language": "chinese", "position": {"atoms": [{"position_id": 528, "txt": "1、企业发展阶段有波折，对应股价会带来更加剧烈的波动", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/h2[3]/span"}]}, "tags": ["h2"], "label": "title2", "web_segment_id": 61, "global_sentence_id": 31, "edu_l1_label": "IOS"}, {"txt": "公司发展有生命周期，在其发展的鼎盛时期，人们认为其各方面都没有问题，但是产品有生命周期，公司的管理层可能也较为青涩，没有经历过周期（经历过之后，他们可以逐步从中学习），如果原有产品的衰退比预期来的早，或者新的产品研发并没有接上，就会出现困境期，如图所示，公司销量停滞甚至下滑，同时利润大幅亏损的时期。", "language": "chinese", "position": {"atoms": [{"position_id": 530, "txt": "公司发展有生命周期，在其发展的鼎盛时期，人们认为其各方面都没有问题，但是产品有生命周期，公司的管理层可能也较为青涩，没有经历过周期（经历过之后，他们可以逐步从中学习），如果原有产品的衰退比预期来的早，或者新的产品研发并没有接上，就会出现困境期，如图所示，公司销量停滞甚至下滑，同时利润大幅亏损的时期。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[8]"}]}, "tags": [], "label": "content", "web_segment_id": 62, "global_sentence_id": 32, "edu_l1_label": "IOS"}, {"txt": "但是如果公司能够成功推出新的产品等，销量会增长，同时利润也会相应的增长。", "language": "chinese", "position": {"atoms": [{"position_id": 531, "txt": "但是如果公司能够成功推出新的产品等，销量会增长，同时利润也会相应的增长。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[8]"}]}, "tags": [], "label": "content", "web_segment_id": 62, "global_sentence_id": 33, "edu_l1_label": "IOS"}, {"txt": "<img https://wcd-image-bucket-test.oss-cn-zhangjiakou.aliyuncs.com/raw/3mLck01OS03ymt3KO1M06qC.png", "language": "chinese", "position": {"atoms": [{"position_id": 100, "txt": "<img https://wcd-image-bucket-test.oss-cn-zhangjiakou.aliyuncs.com/raw/3mLck01OS03ymt3KO1M06qC.png", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[9]/img"}]}, "tags": ["img"], "label": "figure", "web_segment_id": 63, "global_sentence_id": 34, "edu_l1_label": "EDU_O"}, {"txt": "在这个过程中，股价会经历更加剧烈的周期：", "language": "chinese", "position": {"atoms": [{"position_id": 533, "txt": "在这个过程中，股价会经历更加剧烈的周期：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[10]"}]}, "tags": [], "label": "content", "web_segment_id": 64, "global_sentence_id": 35, "edu_l1_label": "IOS"}, {"txt": "在最初的高速成长期的时候，人们对于公司未来充满着期待", "language": "chinese", "position": {"atoms": [{"position_id": 535, "txt": "在最初的高速成长期的时候，人们对于公司未来充满着期待", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[4]/li[1]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 65, "global_sentence_id": 36, "edu_l1_label": "IOS"}, {"txt": "一旦公司发展遇到困难，投资者就会抱怨公司没有达到他们的预期，而不是把挫败看成发展的必由之路。", "language": "chinese", "position": {"atoms": [{"position_id": 537, "txt": "一旦公司发展遇到困难，投资者就会抱怨公司没有达到他们的预期，而不是把挫败看成发展的必由之路。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[4]/li[2]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 66, "global_sentence_id": 37, "edu_l1_label": "IOS"}, {"txt": "于是股价会大幅下跌（困境使得股价下跌带来的超级强势股的机会）", "language": "chinese", "position": {"atoms": [{"position_id": 538, "txt": "于是股价会大幅下跌（困境使得股价下跌带来的超级强势股的机会）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[4]/li[2]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 66, "global_sentence_id": 38, "edu_l1_label": "IOS"}, {"txt": "几年之后，如果公司销量和利润屡创新高，股价就又会大幅增长", "language": "chinese", "position": {"atoms": [{"position_id": 540, "txt": "几年之后，如果公司销量和利润屡创新高，股价就又会大幅增长", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[4]/li[3]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 67, "global_sentence_id": 39, "edu_l1_label": "IOS"}, {"txt": "<img https://wcd-image-bucket-test.oss-cn-zhangjiakou.aliyuncs.com/raw/2WkC8r3RlCUI4u4j1A3BEryU.png", "language": "chinese", "position": {"atoms": [{"position_id": 115, "txt": "<img https://wcd-image-bucket-test.oss-cn-zhangjiakou.aliyuncs.com/raw/2WkC8r3RlCUI4u4j1A3BEryU.png", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[11]/img"}]}, "tags": ["img"], "label": "figure", "web_segment_id": 68, "global_sentence_id": 40, "edu_l1_label": "EDU_O"}, {"txt": "注意图的横坐标：", "language": "chinese", "position": {"atoms": [{"position_id": 542, "txt": "注意图的横坐标：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[12]"}]}, "tags": [], "label": "content", "web_segment_id": 69, "global_sentence_id": 41, "edu_l1_label": "EDU_O"}, {"txt": "时间以年计", "language": "chinese", "position": {"atoms": [{"position_id": 543, "txt": "时间以年计", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[12]"}]}, "tags": [], "label": "content", "web_segment_id": 69, "global_sentence_id": 42, "edu_l1_label": "EDU_O"}, {"txt": "2、什么使困境发生转变？", "language": "chinese", "position": {"atoms": [{"position_id": 545, "txt": "2、什么使困境发生转变？", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[5]/li[1]/section/h2[1]/span"}]}, "tags": ["h2", "li"], "label": "title2", "web_segment_id": 70, "global_sentence_id": 43, "edu_l1_label": "IOS"}, {"txt": "并不是所有困境中的公司都能够恢复过来，很多也就一蹶不振了。", "language": "chinese", "position": {"atoms": [{"position_id": 547, "txt": "并不是所有困境中的公司都能够恢复过来，很多也就一蹶不振了。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[5]/li[1]/section/p[1]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 71, "global_sentence_id": 44, "edu_l1_label": "IOS"}, {"txt": "第二部分 定价分析", "language": "chinese", "position": {"atoms": [{"position_id": 549, "txt": "第二部分 定价分析", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[5]/li[1]/section/h1/span"}]}, "tags": ["li", "h1"], "label": "title1", "web_segment_id": 72, "global_sentence_id": 45, "edu_l1_label": "BOS"}, {"txt": "3、股票估值传统方法的问题（主要针对的是用利润或净资产为评价标准的方法）：", "language": "chinese", "position": {"atoms": [{"position_id": 551, "txt": "3、股票估值传统方法的问题（主要针对的是用利润或净资产为评价标准的方法）：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[5]/li[1]/section/h2[2]/span"}]}, "tags": ["li", "h2"], "label": "title2", "web_segment_id": 73, "global_sentence_id": 46, "edu_l1_label": "IOS"}, {"txt": "市盈率派的缺陷", "language": "chinese", "position": {"atoms": [{"position_id": 553, "txt": "市盈率派的缺陷", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[5]/li[1]/section/p[2]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 74, "global_sentence_id": 47, "edu_l1_label": "IOS"}, {"txt": "任何时候，预测每股收益（净利润）都是很难的，可能今年还是几倍的市盈率，明年就没有收益了", "language": "chinese", "position": {"atoms": [{"position_id": 555, "txt": "任何时候，预测每股收益（净利润）都是很难的，可能今年还是几倍的市盈率，明年就没有收益了", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[5]/li[2]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 75, "global_sentence_id": 48, "edu_l1_label": "IOS"}, {"txt": "每股收益的计算中，其中有些变化的原因，只是会计记账方法变化带来的——在会计账目中，只有现金是没有任何假设的会计科目", "language": "chinese", "position": {"atoms": [{"position_id": 557, "txt": "每股收益的计算中，其中有些变化的原因，只是会计记账方法变化带来的——在会计账目中，只有现金是没有任何假设的会计科目", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[5]/li[3]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 76, "global_sentence_id": 49, "edu_l1_label": "IOS"}, {"txt": "即使能够精准预测每股收益，这种方法也只能让你赚到小钱：", "language": "chinese", "position": {"atoms": [{"position_id": 559, "txt": "即使能够精准预测每股收益，这种方法也只能让你赚到小钱：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[5]/li[4]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 77, "global_sentence_id": 50, "edu_l1_label": "IOS"}, {"txt": "主要是因为每股收益与股价的变动高度相关，市场也许不是很有效，但还没有失效到让股价与每股收益的预期值或每股收益的真实值完全偏离的程度", "language": "chinese", "position": {"atoms": [{"position_id": 560, "txt": "主要是因为每股收益与股价的变动高度相关，市场也许不是很有效，但还没有失效到让股价与每股收益的预期值或每股收益的真实值完全偏离的程度", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[5]/li[4]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 77, "global_sentence_id": 51, "edu_l1_label": "IOS"}, {"txt": "成长型市盈率：", "language": "chinese", "position": {"atoms": [{"position_id": 562, "txt": "成长型市盈率：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[5]/li[5]/section/p[1]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 78, "global_sentence_id": 52, "edu_l1_label": "IOS"}, {"txt": "公司每股收益在增长，那么股价就会增长——在公司每股收益到达顶点之前，股价经常就已经提前到达了（这时候就显示出了市场的有效，提前反应了信息）", "language": "chinese", "position": {"atoms": [{"position_id": 563, "txt": "公司每股收益在增长，那么股价就会增长——在公司每股收益到达顶点之前，股价经常就已经提前到达了（这时候就显示出了市场的有效，提前反应了信息）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[5]/li[5]/section/p[1]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 78, "global_sentence_id": 53, "edu_l1_label": "IOS"}, {"txt": "本杰明·格雷厄姆的方法：", "language": "chinese", "position": {"atoms": [{"position_id": 565, "txt": "本杰明·格雷厄姆的方法：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[5]/li[5]/section/p[2]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 79, "global_sentence_id": 54, "edu_l1_label": "IOS"}, {"txt": "出色但是还不够", "language": "chinese", "position": {"atoms": [{"position_id": 566, "txt": "出色但是还不够", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[5]/li[5]/section/p[2]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 79, "global_sentence_id": 55, "edu_l1_label": "IOS"}, {"txt": "《聪明的投资者》", "language": "chinese", "position": {"atoms": [{"position_id": 568, "txt": "《聪明的投资者》", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[5]/li[6]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 80, "global_sentence_id": 56, "edu_l1_label": "IOS"}, {"txt": "以尽量低的价格购买股票：", "language": "chinese", "position": {"atoms": [{"position_id": 570, "txt": "以尽量低的价格购买股票：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[5]/li[7]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 81, "global_sentence_id": 57, "edu_l1_label": "IOS"}, {"txt": "这种能够获得回报，但是获利的上限很低", "language": "chinese", "position": {"atoms": [{"position_id": 571, "txt": "这种能够获得回报，但是获利的上限很低", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[5]/li[7]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 81, "global_sentence_id": 58, "edu_l1_label": "IOS"}, {"txt": "用资产估值的方法，一般很难找到超级强势股", "language": "chinese", "position": {"atoms": [{"position_id": 573, "txt": "用资产估值的方法，一般很难找到超级强势股", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[5]/li[8]/section/p[1]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 82, "global_sentence_id": 59, "edu_l1_label": "IOS"}, {"txt": "从每股收益等微观层面超脱出来，思考公司作为一个整体，以及以下信息：", "language": "chinese", "position": {"atoms": [{"position_id": 575, "txt": "从每股收益等微观层面超脱出来，思考公司作为一个整体，以及以下信息：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[5]/li[8]/section/p[2]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 83, "global_sentence_id": 60, "edu_l1_label": "IOS"}, {"txt": "公司经营有多大", "language": "chinese", "position": {"atoms": [{"position_id": 577, "txt": "公司经营有多大", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[5]/li[9]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 84, "global_sentence_id": 61, "edu_l1_label": "IOS"}, {"txt": "与经营有关的成长结构", "language": "chinese", "position": {"atoms": [{"position_id": 579, "txt": "与经营有关的成长结构", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[5]/li[10]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 85, "global_sentence_id": 62, "edu_l1_label": "IOS"}, {"txt": "企业主考虑的公司经营方式", "language": "chinese", "position": {"atoms": [{"position_id": 581, "txt": "企业主考虑的公司经营方式", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[5]/li[11]/section/p[1]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 86, "global_sentence_id": 63, "edu_l1_label": "IOS"}, {"txt": "作者喜欢用市销率（price sales ratios）和市研率（price research ratios）来衡量公司，他购买股票时，经常都是在公司赔钱，或者赚钱很少，以至于市盈率无限大的时候购买的。", "language": "chinese", "position": {"atoms": [{"position_id": 583, "txt": "作者喜欢用市销率（price sales ratios）和市研率（price research ratios）来衡量公司，他购买股票时，经常都是在公司赔钱，或者赚钱很少，以至于市盈率无限大的时候购买的。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[5]/li[11]/section/p[2]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 87, "global_sentence_id": 64, "edu_l1_label": "IOS"}, {"txt": "“", "language": "chinese", "position": {"atoms": [{"position_id": 585, "txt": "“", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/blockquote[1]/span[1]"}]}, "tags": [], "label": "content", "web_segment_id": 88, "global_sentence_id": 65, "edu_l1_label": "IOS"}, {"txt": "💡 我在那些千倍市盈率股票上赚了很多钱，而在那些十倍或更少市盈率的股票上赚很少。", "language": "chinese", "position": {"atoms": [{"position_id": 587, "txt": "💡 我在那些千倍市盈率股票上赚了很多钱，而在那些十倍或更少市盈率的股票上赚很少。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/blockquote[1]/p"}]}, "tags": [], "label": "content", "web_segment_id": 89, "global_sentence_id": 66, "edu_l1_label": "IOS"}, {"txt": "”", "language": "chinese", "position": {"atoms": [{"position_id": 589, "txt": "”", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/blockquote[1]/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 88, "global_sentence_id": 67, "edu_l1_label": "IOS"}, {"txt": "4、市销率（PSR，price sales ratios）", "language": "chinese", "position": {"atoms": [{"position_id": 591, "txt": "4、市销率（PSR，price sales ratios）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/h2[4]/span"}]}, "tags": ["h2"], "label": "title2", "web_segment_id": 90, "global_sentence_id": 68, "edu_l1_label": "IOS"}, {"txt": "市销率定义下的超级成长股：", "language": "chinese", "position": {"atoms": [{"position_id": 593, "txt": "市销率定义下的超级成长股：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[13]/strong"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 91, "global_sentence_id": 69, "edu_l1_label": "IOS"}, {"txt": "公司长期内生增长率在15-20%之间", "language": "chinese", "position": {"atoms": [{"position_id": 595, "txt": "公司长期内生增长率在15-20%之间", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[6]/li[1]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 92, "global_sentence_id": 70, "edu_l1_label": "IOS"}, {"txt": "长期税后净利润率超过5%", "language": "chinese", "position": {"atoms": [{"position_id": 597, "txt": "长期税后净利润率超过5%", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[6]/li[2]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 93, "global_sentence_id": 71, "edu_l1_label": "IOS"}, {"txt": "在市销率为0.75或者更低的水平买入", "language": "chinese", "position": {"atoms": [{"position_id": 599, "txt": "在市销率为0.75或者更低的水平买入", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[6]/li[3]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 94, "global_sentence_id": 72, "edu_l1_label": "IOS"}, {"txt": "为什么应该采用市销率的指标？", "language": "chinese", "position": {"atoms": [{"position_id": 601, "txt": "为什么应该采用市销率的指标？", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[14]/strong"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 95, "global_sentence_id": 73, "edu_l1_label": "IOS"}, {"txt": "对于不同规模的公司，具有普遍的适用性", "language": "chinese", "position": {"atoms": [{"position_id": 603, "txt": "对于不同规模的公司，具有普遍的适用性", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[7]/li[1]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 96, "global_sentence_id": 74, "edu_l1_label": "IOS"}, {"txt": "在公司层面，销售收入本质上具有更大的稳定性（利润的逆转比收入的逆转要容易得多）", "language": "chinese", "position": {"atoms": [{"position_id": 605, "txt": "在公司层面，销售收入本质上具有更大的稳定性（利润的逆转比收入的逆转要容易得多）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[7]/li[2]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 97, "global_sentence_id": 75, "edu_l1_label": "IOS"}, {"txt": "PSR与PE之间的关系：", "language": "chinese", "position": {"atoms": [{"position_id": 607, "txt": "PSR与PE之间的关系：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[7]/li[3]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 98, "global_sentence_id": 76, "edu_l1_label": "IOS"}, {"txt": "如果一个PSR为1的公司，其净利润率是5%的时候，PE是20", "language": "chinese", "position": {"atoms": [{"position_id": 608, "txt": "如果一个PSR为1的公司，其净利润率是5%的时候，PE是20", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[7]/li[3]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 98, "global_sentence_id": 77, "edu_l1_label": "IOS"}, {"txt": "关于市销率的几个规则：", "language": "chinese", "position": {"atoms": [{"position_id": 610, "txt": "关于市销率的几个规则：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[15]/strong"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 99, "global_sentence_id": 78, "edu_l1_label": "IOS"}, {"txt": "避免购买PS值大于1.5的公司股票，永远不要购买PS值大于3的股票", "language": "chinese", "position": {"atoms": [{"position_id": 612, "txt": "避免购买PS值大于1.5的公司股票，永远不要购买PS值大于3的股票", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[8]/li[1]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 100, "global_sentence_id": 79, "edu_l1_label": "IOS"}, {"txt": "积极主动寻找PS值不大于0.75的股票，周边总会有这样的股票，长期持有——会赚钱", "language": "chinese", "position": {"atoms": [{"position_id": 614, "txt": "积极主动寻找PS值不大于0.75的股票，周边总会有这样的股票，长期持有——会赚钱", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[8]/li[2]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 101, "global_sentence_id": 80, "edu_l1_label": "IOS"}, {"txt": "到PSR值上涨到3.0-6.0之间时，卖掉超级公司的任何股票", "language": "chinese", "position": {"atoms": [{"position_id": 616, "txt": "到PSR值上涨到3.0-6.0之间时，卖掉超级公司的任何股票", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[8]/li[3]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 102, "global_sentence_id": 81, "edu_l1_label": "IOS"}, {"txt": "关于PS值的几个研究结论：", "language": "chinese", "position": {"atoms": [{"position_id": 618, "txt": "关于PS值的几个研究结论：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[16]/strong"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 103, "global_sentence_id": 82, "edu_l1_label": "IOS"}, {"txt": "与小公司相比，大公司的PS值更低", "language": "chinese", "position": {"atoms": [{"position_id": 620, "txt": "与小公司相比，大公司的PS值更低", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[9]/li[1]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 104, "global_sentence_id": 83, "edu_l1_label": "IOS"}, {"txt": "PS值小于1的公司的股票可能会带来惊喜", "language": "chinese", "position": {"atoms": [{"position_id": 622, "txt": "PS值小于1的公司的股票可能会带来惊喜", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[9]/li[2]/section/p/span"}]}, "tags": ["li"], "label": "content", "web_segment_id": 105, "global_sentence_id": 84, "edu_l1_label": "IOS"}, {"txt": "PS值过高的公司的股票，在其业绩变差的时候，会出现令人失望的结果", "language": "chinese", "position": {"atoms": [{"position_id": 624, "txt": "PS值过高的公司的股票，在其业绩变差的时候，会出现令人失望的结果", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[9]/li[3]/section[1]/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 106, "global_sentence_id": 85, "edu_l1_label": "IOS"}, {"txt": "“", "language": "chinese", "position": {"atoms": [{"position_id": 626, "txt": "“", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[9]/li[3]/section[1]/blockquote/span[1]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 107, "global_sentence_id": 86, "edu_l1_label": "IOS"}, {"txt": "💡 随着公司规模的增长，其市销率将会下降，直到与现有的大公司类似", "language": "chinese", "position": {"atoms": [{"position_id": 628, "txt": "💡 随着公司规模的增长，其市销率将会下降，直到与现有的大公司类似", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[9]/li[3]/section[1]/blockquote/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 108, "global_sentence_id": 87, "edu_l1_label": "IOS"}, {"txt": "”", "language": "chinese", "position": {"atoms": [{"position_id": 630, "txt": "”", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[9]/li[3]/section[1]/blockquote/span[2]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 107, "global_sentence_id": 88, "edu_l1_label": "IOS"}, {"txt": "5、市研率", "language": "chinese", "position": {"atoms": [{"position_id": 632, "txt": "5、市研率", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[9]/li[3]/section[2]/h2[1]/span"}]}, "tags": ["h2", "li"], "label": "title2", "web_segment_id": 109, "global_sentence_id": 89, "edu_l1_label": "IOS"}, {"txt": "适用范围：", "language": "chinese", "position": {"atoms": [{"position_id": 634, "txt": "适用范围：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[9]/li[3]/section[2]/p[1]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 110, "global_sentence_id": 90, "edu_l1_label": "IOS"}, {"txt": "高科技企业", "language": "chinese", "position": {"atoms": [{"position_id": 636, "txt": "高科技企业", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[9]/li[3]/section[2]/p[1]/strong"}]}, "tags": ["li", "strong"], "label": "content", "web_segment_id": 110, "global_sentence_id": 91, "edu_l1_label": "IOS"}, {"txt": "很可能会得出与市销率相反的结论", "language": "chinese", "position": {"atoms": [{"position_id": 638, "txt": "很可能会得出与市销率相反的结论", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[9]/li[3]/section[2]/p[2]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 111, "global_sentence_id": 92, "edu_l1_label": "IOS"}, {"txt": "市研率：", "language": "chinese", "position": {"atoms": [{"position_id": 640, "txt": "市研率：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[9]/li[3]/section[2]/p[3]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 112, "global_sentence_id": 93, "edu_l1_label": "IOS"}, {"txt": "公司市值➗公司最近12个月的研发支出的比率", "language": "chinese", "position": {"atoms": [{"position_id": 641, "txt": "公司市值➗公司最近12个月的研发支出的比率", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[9]/li[3]/section[2]/p[3]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 112, "global_sentence_id": 94, "edu_l1_label": "IOS"}, {"txt": "研发支出是一项“商品”，各家之间没什么特别的（At most businesses, research is commoditylike in that there is nothing particularly unique in the process.）", "language": "chinese", "position": {"atoms": [{"position_id": 643, "txt": "研发支出是一项“商品”，各家之间没什么特别的（", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[9]/li[3]/section[2]/p[4]"}, {"position_id": 645, "txt": "At most businesses, research is commoditylike in that there is nothing particularly unique in the process.）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[9]/li[3]/section[2]/p[4]/span"}]}, "tags": ["li"], "label": "content", "web_segment_id": 113, "global_sentence_id": 95, "edu_l1_label": "IOS"}, {"txt": "研发的成果，是由营销决定的Market research, in its most fundamental form, determines thenature and success of the product produced.", "language": "chinese", "position": {"atoms": [{"position_id": 647, "txt": "研发的成果，是由营销决定的Market research, in its most fundamental form, determines the", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[9]/li[3]/section[2]/p[5]/span[1]"}, {"position_id": 649, "txt": "nature and success of the product produced.", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[9]/li[3]/section[2]/p[5]/span[2]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 114, "global_sentence_id": 96, "edu_l1_label": "IOS"}, {"txt": "运营准则及场景", "language": "chinese", "position": {"atoms": [{"position_id": 651, "txt": "运营准则及场景", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[9]/li[3]/section[2]/p[6]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 115, "global_sentence_id": 97, "edu_l1_label": "IOS"}, {"txt": "“", "language": "chinese", "position": {"atoms": [{"position_id": 653, "txt": "“", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[9]/li[3]/section[2]/blockquote[1]/span[1]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 116, "global_sentence_id": 98, "edu_l1_label": "IOS"}, {"txt": "不购买PRR值高于15的公司；", "language": "chinese", "position": {"atoms": [{"position_id": 655, "txt": "不购买PRR值高于15的公司；", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[9]/li[3]/section[2]/blockquote[1]/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 117, "global_sentence_id": 99, "edu_l1_label": "IOS"}, {"txt": "找PRR值在5-20之间的公司，PRR值远低于5的公司不多见", "language": "chinese", "position": {"atoms": [{"position_id": 656, "txt": "找PRR值在5-20之间的公司，PRR值远低于5的公司不多见", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[9]/li[3]/section[2]/blockquote[1]/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 117, "global_sentence_id": 100, "edu_l1_label": "IOS"}, {"txt": "”“", "language": "chinese", "position": {"atoms": [{"position_id": 658, "txt": "”", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[9]/li[3]/section[2]/blockquote[1]/span[2]"}, {"position_id": 660, "txt": "“", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[9]/li[3]/section[2]/blockquote[2]/span[1]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 116, "global_sentence_id": 101, "edu_l1_label": "IOS"}, {"txt": "在PS方法不能有效解决其价值时（PS值很高），通过低PRR值发现潜在的获利机会，不用过分追求及精确性，也不能指望其是“狙击手”", "language": "chinese", "position": {"atoms": [{"position_id": 662, "txt": "在PS方法不能有效解决其价值时（PS值很高），通过低PRR值发现潜在的获利机会，不用过分追求及精确性，也不能指望其是“狙击手”", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[9]/li[3]/section[2]/blockquote[2]/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 118, "global_sentence_id": 102, "edu_l1_label": "IOS"}, {"txt": "”", "language": "chinese", "position": {"atoms": [{"position_id": 664, "txt": "”", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[9]/li[3]/section[2]/blockquote[2]/span[2]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 116, "global_sentence_id": 103, "edu_l1_label": "IOS"}, {"txt": "6、市销率在非强势股上的应用", "language": "chinese", "position": {"atoms": [{"position_id": 666, "txt": "6、市销率在非强势股上的应用", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[9]/li[3]/section[2]/h2[2]/span"}]}, "tags": ["li", "h2"], "label": "title2", "web_segment_id": 119, "global_sentence_id": 104, "edu_l1_label": "IOS"}, {"txt": "这一章统计了几家公司的股票，在不同的PS值下买入之后的表现，得出的费雪准则", "language": "chinese", "position": {"atoms": [{"position_id": 668, "txt": "这一章统计了几家公司的股票，在不同的PS值下买入之后的表现，得出的费雪准则", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[9]/li[3]/section[2]/p[7]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 120, "global_sentence_id": 105, "edu_l1_label": "IOS"}, {"txt": "“", "language": "chinese", "position": {"atoms": [{"position_id": 670, "txt": "“", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/blockquote[2]/span[1]"}]}, "tags": [], "label": "content", "web_segment_id": 88, "global_sentence_id": 106, "edu_l1_label": "IOS"}, {"txt": "一家公司的PS偏低（够低）时，买进；", "language": "chinese", "position": {"atoms": [{"position_id": 672, "txt": "一家公司的PS偏低（够低）时，买进；", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/blockquote[2]/p"}]}, "tags": [], "label": "content", "web_segment_id": 121, "global_sentence_id": 107, "edu_l1_label": "IOS"}, {"txt": "如果找不到PS偏低（够低）的股票，什么都不要买（这时候整个股市可能估值都偏高）", "language": "chinese", "position": {"atoms": [{"position_id": 673, "txt": "如果找不到PS偏低（够低）的股票，什么都不要买（这时候整个股市可能估值都偏高）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/blockquote[2]/p"}]}, "tags": [], "label": "content", "web_segment_id": 121, "global_sentence_id": 108, "edu_l1_label": "IOS"}, {"txt": "”", "language": "chinese", "position": {"atoms": [{"position_id": 675, "txt": "”", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/blockquote[2]/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 88, "global_sentence_id": 109, "edu_l1_label": "IOS"}, {"txt": "7、丑小鸭变成白天鹅", "language": "chinese", "position": {"atoms": [{"position_id": 677, "txt": "7、丑小鸭变成白天鹅", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/h2[5]/span"}]}, "tags": ["h2"], "label": "title2", "web_segment_id": 122, "global_sentence_id": 110, "edu_l1_label": "IOS"}, {"txt": "作者及其团队分析了20世纪30年代，在股市低迷状态时，如果投资当时的头部公司，到1957年的表现，进一步印证了PS值是重要的分析指标。", "language": "chinese", "position": {"atoms": [{"position_id": 679, "txt": "作者及其团队分析了20世纪30年代，在股市低迷状态时，如果投资当时的头部公司，到1957年的表现，进一步印证了PS值是重要的分析指标。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[17]"}]}, "tags": [], "label": "content", "web_segment_id": 123, "global_sentence_id": 111, "edu_l1_label": "IOS"}, {"txt": "用数据分析了IBM并不是超级成长股。", "language": "chinese", "position": {"atoms": [{"position_id": 680, "txt": "用数据分析了IBM并不是超级成长股。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[17]"}]}, "tags": [], "label": "content", "web_segment_id": 123, "global_sentence_id": 112, "edu_l1_label": "IOS"}, {"txt": "第三部分：", "language": "chinese", "position": {"atoms": [{"position_id": 682, "txt": "第三部分：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/h1[3]/span"}]}, "tags": ["h1"], "label": "title1", "web_segment_id": 124, "global_sentence_id": 113, "edu_l1_label": "BOS"}, {"txt": "基本面分析", "language": "chinese", "position": {"atoms": [{"position_id": 683, "txt": "基本面分析", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/h1[3]/span"}]}, "tags": ["h1"], "label": "title1", "web_segment_id": 124, "global_sentence_id": 114, "edu_l1_label": "IOS"}, {"txt": "8、超级公司：", "language": "chinese", "position": {"atoms": [{"position_id": 685, "txt": "8、超级公司：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/h2[6]/span"}]}, "tags": ["h2"], "label": "title2", "web_segment_id": 125, "global_sentence_id": 115, "edu_l1_label": "IOS"}, {"txt": "从商业角度追求卓越", "language": "chinese", "position": {"atoms": [{"position_id": 686, "txt": "从商业角度追求卓越", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/h2[6]/span"}]}, "tags": ["h2"], "label": "title2", "web_segment_id": 125, "global_sentence_id": 116, "edu_l1_label": "IOS"}, {"txt": "超级公司，能够获得远超于平均水平的内生增长，15%的真实增长（剔除通胀水平），利润是一个结果，相关的基础是以下几个方面：", "language": "chinese", "position": {"atoms": [{"position_id": 688, "txt": "超级公司，能够获得远超于平均水平的内生增长，15%的真实增长（剔除通胀水平），利润是一个结果，相关的基础是以下几个方面：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[18]"}]}, "tags": [], "label": "content", "web_segment_id": 126, "global_sentence_id": 117, "edu_l1_label": "IOS"}, {"txt": "以成长为中心：", "language": "chinese", "position": {"atoms": [{"position_id": 690, "txt": "以成长为中心：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[10]/li[1]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 127, "global_sentence_id": 118, "edu_l1_label": "IOS"}, {"txt": "所有高管对于公司成长的极度渴望", "language": "chinese", "position": {"atoms": [{"position_id": 691, "txt": "所有高管对于公司成长的极度渴望", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[10]/li[1]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 127, "global_sentence_id": 119, "edu_l1_label": "IOS"}, {"txt": "优秀的市场营销：", "language": "chinese", "position": {"atoms": [{"position_id": 693, "txt": "优秀的市场营销：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[10]/li[2]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 128, "global_sentence_id": 120, "edu_l1_label": "IOS"}, {"txt": "对市场本质变化有大致的了解，并且不断保持客户满意度。", "language": "chinese", "position": {"atoms": [{"position_id": 694, "txt": "对市场本质变化有大致的了解，并且不断保持客户满意度。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[10]/li[2]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 128, "global_sentence_id": 121, "edu_l1_label": "IOS"}, {"txt": "True marketing grace is an art.", "language": "chinese", "position": {"atoms": [{"position_id": 696, "txt": "True marketing grace is an art.", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[10]/li[2]/section/span"}]}, "tags": ["li"], "label": "content", "web_segment_id": 128, "global_sentence_id": 122, "edu_l1_label": "IOS"}, {"txt": "The key to strategic planning is an intuitive ability to determine how currently nonexistent market forces will develop.", "language": "chinese", "position": {"atoms": [{"position_id": 698, "txt": "The key to strategic planning is an intuitive ability to determine how currently nonexistent market forces will develop.", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[19]"}]}, "tags": [], "label": "content", "web_segment_id": 129, "global_sentence_id": 123, "edu_l1_label": "IOS"}, {"txt": " Strategic planning exceeds rationality.", "language": "chinese", "position": {"atoms": [{"position_id": 699, "txt": " Strategic planning exceeds rationality.", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[19]"}]}, "tags": [], "label": "content", "web_segment_id": 129, "global_sentence_id": 124, "edu_l1_label": "IOS"}, {"txt": " Rationality is restricted by logic.", "language": "chinese", "position": {"atoms": [{"position_id": 700, "txt": " Rationality is restricted by logic.", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[19]"}]}, "tags": [], "label": "content", "web_segment_id": 129, "global_sentence_id": 125, "edu_l1_label": "IOS"}, {"txt": " Logic is necessary but not sufficient.", "language": "chinese", "position": {"atoms": [{"position_id": 701, "txt": " Logic is necessary but not sufficient.", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[19]"}]}, "tags": [], "label": "content", "web_segment_id": 129, "global_sentence_id": 126, "edu_l1_label": "IOS"}, {"txt": " Many of the most important decisions in life cannot be made by logic alone.", "language": "chinese", "position": {"atoms": [{"position_id": 702, "txt": " Many of the most important decisions in life cannot be made by logic alone.", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[19]"}]}, "tags": [], "label": "content", "web_segment_id": 129, "global_sentence_id": 127, "edu_l1_label": "IOS"}, {"txt": " It is here that the role of the chief executive comes in.", "language": "chinese", "position": {"atoms": [{"position_id": 703, "txt": " It is here that the role of the chief executive comes in.", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[19]"}]}, "tags": [], "label": "content", "web_segment_id": 129, "global_sentence_id": 128, "edu_l1_label": "IOS"}, {"txt": "竞争优势：", "language": "chinese", "position": {"atoms": [{"position_id": 705, "txt": "竞争优势：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[11]/li/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 130, "global_sentence_id": 129, "edu_l1_label": "IOS"}, {"txt": "相比所以其他竞争对手，或者潜在竞争对手的优势，包括成本的优势，或者是其产品（或部分产品）具备独特的定位优势。", "language": "chinese", "position": {"atoms": [{"position_id": 706, "txt": "相比所以其他竞争对手，或者潜在竞争对手的优势，包括成本的优势，或者是其产品（或部分产品）具备独特的定位优势。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[11]/li/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 130, "global_sentence_id": 130, "edu_l1_label": "IOS"}, {"txt": "“", "language": "chinese", "position": {"atoms": [{"position_id": 708, "txt": "“", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/blockquote[3]/span[1]"}]}, "tags": [], "label": "content", "web_segment_id": 88, "global_sentence_id": 131, "edu_l1_label": "IOS"}, {"txt": "*Above my desk hangs a small sign that reads, “All I really want in life is an unfair advantage.”", "language": "chinese", "position": {"atoms": [{"position_id": 710, "txt": "*Above my desk hangs a small sign that reads, “All I really want in life is an unfair advantage.”", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/blockquote[3]/p"}]}, "tags": [], "label": "content", "web_segment_id": 131, "global_sentence_id": 132, "edu_l1_label": "IOS"}, {"txt": "”", "language": "chinese", "position": {"atoms": [{"position_id": 712, "txt": "”", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/blockquote[3]/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 88, "global_sentence_id": 133, "edu_l1_label": "IOS"}, {"txt": "竞争优势的结果通常是获得更大的市场份额，一家公司为了增加其毛利率所做的努力，同时也会增加其市场份额", "language": "chinese", "position": {"atoms": [{"position_id": 714, "txt": "竞争优势的结果通常是获得更大的市场份额，一家公司为了增加其毛利率所做的努力，同时也会增加其市场份额", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[20]"}]}, "tags": [], "label": "content", "web_segment_id": 132, "global_sentence_id": 134, "edu_l1_label": "IOS"}, {"txt": "最好的长线投资就是投资于一家目前市场份额较低的公司，该公司最终将会夺取最大的市场份额", "language": "chinese", "position": {"atoms": [{"position_id": 716, "txt": "最好的长线投资就是投资于一家目前市场份额较低的公司，该公司最终将会夺取最大的市场份额", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[21]"}]}, "tags": [], "label": "content", "web_segment_id": 133, "global_sentence_id": 135, "edu_l1_label": "IOS"}, {"txt": "创造性的人事关系：", "language": "chinese", "position": {"atoms": [{"position_id": 718, "txt": "创造性的人事关系：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[1]/section[1]/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 134, "global_sentence_id": 136, "edu_l1_label": "IOS"}, {"txt": "员工受到尊敬，已经获得，或者能够获得，平等的晋升机会", "language": "chinese", "position": {"atoms": [{"position_id": 719, "txt": "员工受到尊敬，已经获得，或者能够获得，平等的晋升机会", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[1]/section[1]/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 134, "global_sentence_id": 137, "edu_l1_label": "IOS"}, {"txt": "完善的财务控制：", "language": "chinese", "position": {"atoms": [{"position_id": 721, "txt": "完善的财务控制：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[1]/section[2]/p[1]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 135, "global_sentence_id": 138, "edu_l1_label": "IOS"}, {"txt": "对财务提问需要合理和细节化，不要问敏感问题，好的财务人员对于大多数问题都能找到答案——或者在他们脑子里，或者可以从电脑中马上查到。", "language": "chinese", "position": {"atoms": [{"position_id": 722, "txt": "对财务提问需要合理和细节化，不要问敏感问题，好的财务人员对于大多数问题都能找到答案——或者在他们脑子里，或者可以从电脑中马上查到。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[1]/section[2]/p[1]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 135, "global_sentence_id": 139, "edu_l1_label": "IOS"}, {"txt": "对创新的态度也非常重要。", "language": "chinese", "position": {"atoms": [{"position_id": 723, "txt": "对创新的态度也非常重要。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[1]/section[2]/p[1]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 135, "global_sentence_id": 140, "edu_l1_label": "IOS"}, {"txt": "超级公司的财务人员易于接受新观点。", "language": "chinese", "position": {"atoms": [{"position_id": 724, "txt": "超级公司的财务人员易于接受新观点。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[1]/section[2]/p[1]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 135, "global_sentence_id": 141, "edu_l1_label": "IOS"}, {"txt": "9、规避风险-规避竞争", "language": "chinese", "position": {"atoms": [{"position_id": 726, "txt": "9、规避风险-规避竞争", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[1]/section[2]/h2[1]/span"}]}, "tags": ["h2", "li"], "label": "title2", "web_segment_id": 136, "global_sentence_id": 142, "edu_l1_label": "IOS"}, {"txt": "避开食蚁兽（大公司）出没的地方，进入与公司规模相适应的市场，蚂蚁公司就应该进入那些不吸引食蚁兽的小型市场", "language": "chinese", "position": {"atoms": [{"position_id": 728, "txt": "避开食蚁兽（大公司）出没的地方，进入与公司规模相适应的市场，蚂蚁公司就应该进入那些不吸引食蚁兽的小型市场", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[1]/section[2]/p[2]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 137, "global_sentence_id": 143, "edu_l1_label": "IOS"}, {"txt": "小而不同会很出色", "language": "chinese", "position": {"atoms": [{"position_id": 730, "txt": "小而不同会很出色", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[1]/section[2]/p[3]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 138, "global_sentence_id": 144, "edu_l1_label": "IOS"}, {"txt": "带着稳健的资产负债表，轻声走路：", "language": "chinese", "position": {"atoms": [{"position_id": 732, "txt": "带着稳健的资产负债表，轻声走路：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[1]/section[2]/p[4]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 139, "global_sentence_id": 145, "edu_l1_label": "IOS"}, {"txt": "债务融资的比例很重要，现金流非常重要", "language": "chinese", "position": {"atoms": [{"position_id": 733, "txt": "债务融资的比例很重要，现金流非常重要", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[1]/section[2]/p[4]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 139, "global_sentence_id": 146, "edu_l1_label": "IOS"}, {"txt": "谁在控股：", "language": "chinese", "position": {"atoms": [{"position_id": 735, "txt": "谁在控股：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[1]/section[2]/p[5]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 140, "global_sentence_id": 147, "edu_l1_label": "IOS"}, {"txt": "关注公司管理层的利益，其个体情况", "language": "chinese", "position": {"atoms": [{"position_id": 736, "txt": "关注公司管理层的利益，其个体情况", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[1]/section[2]/p[5]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 140, "global_sentence_id": 148, "edu_l1_label": "IOS"}, {"txt": "10、利润率分析——我这一生最想要的是别人没有的优势（All I Really Want in Life Is an Unfair Advantage）", "language": "chinese", "position": {"atoms": [{"position_id": 738, "txt": "10、利润率分析——我这一生最想要的是别人没有的优势（", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[1]/section[2]/h2[2]/span"}, {"position_id": 740, "txt": "All I Really Want in Life Is an Unfair Advantage）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[1]/section[2]/h2[2]/span/span"}]}, "tags": ["h2", "li"], "label": "title2", "web_segment_id": 141, "global_sentence_id": 149, "edu_l1_label": "IOS"}, {"txt": "分析企业未来的利润率，是投资问题的核心，理想状态是分析未来五年的利润率", "language": "chinese", "position": {"atoms": [{"position_id": 742, "txt": "分析企业未来的利润率，是投资问题的核心，理想状态是分析未来五年的利润率", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[1]/section[3]/p/strong"}]}, "tags": ["li", "strong"], "label": "content", "web_segment_id": 142, "global_sentence_id": 150, "edu_l1_label": "IOS"}, {"txt": "先观察公司以往的利润率：", "language": "chinese", "position": {"atoms": [{"position_id": 744, "txt": "先观察公司以往的利润率：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[2]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 143, "global_sentence_id": 151, "edu_l1_label": "IOS"}, {"txt": "是长期稳定的赚钱5-7%，还是赚了好几年10%多之后，好几年没有再赚钱，平均下来利润率只有5%左右", "language": "chinese", "position": {"atoms": [{"position_id": 745, "txt": "是长期稳定的赚钱5-7%，还是赚了好几年10%多之后，好几年没有再赚钱，平均下来利润率只有5%左右", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[2]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 143, "global_sentence_id": 152, "edu_l1_label": "IOS"}, {"txt": "一个长期利润率很低的公司，说明了公司的一些情况，有可能公司是沉睡的狮子，这时候就需要一些刺激因素才能使公司重振旗鼓，通常来说，这个刺激因素通常需要新的管理层，需要文化重塑", "language": "chinese", "position": {"atoms": [{"position_id": 747, "txt": "一个长期利润率很低的公司，说明了公司的一些情况，有可能公司是沉睡的狮子，这时候就需要一些刺激因素才能使公司重振旗鼓，通常来说，这个刺激因素通常需要新的管理层，需要文化重塑", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[3]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 144, "global_sentence_id": 153, "edu_l1_label": "IOS"}, {"txt": "问公司的管理层：", "language": "chinese", "position": {"atoms": [{"position_id": 749, "txt": "问公司的管理层：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[4]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 145, "global_sentence_id": 154, "edu_l1_label": "IOS"}, {"txt": "长期的净利润率水平是多少；", "language": "chinese", "position": {"atoms": [{"position_id": 750, "txt": "长期的净利润率水平是多少；", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[4]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 145, "global_sentence_id": 155, "edu_l1_label": "IOS"}, {"txt": "想管理者询问提升净利润率水平的具体方法。", "language": "chinese", "position": {"atoms": [{"position_id": 751, "txt": "想管理者询问提升净利润率水平的具体方法。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[4]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 145, "global_sentence_id": 156, "edu_l1_label": "IOS"}, {"txt": "避免诱导性提问。", "language": "chinese", "position": {"atoms": [{"position_id": 752, "txt": "避免诱导性提问。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[4]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 145, "global_sentence_id": 157, "edu_l1_label": "IOS"}, {"txt": "提高利润率水平有两个思路，一种是提高毛利率，一种是削减各项费用，包括行政、销售或者研究费用等。", "language": "chinese", "position": {"atoms": [{"position_id": 754, "txt": "提高利润率水平有两个思路，一种是提高毛利率，一种是削减各项费用，包括行政、销售或者研究费用等。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[5]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 146, "global_sentence_id": 158, "edu_l1_label": "IOS"}, {"txt": "其中提高毛利率是效果最持久的方法", "language": "chinese", "position": {"atoms": [{"position_id": 755, "txt": "其中提高毛利率是效果最持久的方法", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[5]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 146, "global_sentence_id": 159, "edu_l1_label": "IOS"}, {"txt": "获得高毛利的关键是在于公司要做出独特的事情：", "language": "chinese", "position": {"atoms": [{"position_id": 757, "txt": "获得高毛利的关键是在于公司要做出独特的事情：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[6]/section/p[1]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 147, "global_sentence_id": 160, "edu_l1_label": "IOS"}, {"txt": "产品规划（营销）正确的掌握了消费者的未来需求和竞争特性，因此能够做出正确的产品定价和销售量估计值", "language": "chinese", "position": {"atoms": [{"position_id": 759, "txt": "产品规划（营销）正确的掌握了消费者的未来需求和竞争特性，因此能够做出正确的产品定价和销售量估计值", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[6]/section/p[2]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 148, "global_sentence_id": 161, "edu_l1_label": "IOS"}, {"txt": "产品经工程部门设计后，使用的工艺或者原材料可以大幅降低产品成本（其他人不容易模仿）", "language": "chinese", "position": {"atoms": [{"position_id": 761, "txt": "产品经工程部门设计后，使用的工艺或者原材料可以大幅降低产品成本（其他人不容易模仿）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[6]/section/p[3]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 149, "global_sentence_id": 162, "edu_l1_label": "IOS"}, {"txt": "别人没有的优势（竞争优势）的来源：", "language": "chinese", "position": {"atoms": [{"position_id": 763, "txt": "别人没有的优势（竞争优势）的来源：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[7]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 150, "global_sentence_id": 163, "edu_l1_label": "IOS"}, {"txt": "营销优势、生产优势、研究优势 ", "language": "chinese", "position": {"atoms": [{"position_id": 764, "txt": "营销优势、生产优势、研究优势 ", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[7]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 150, "global_sentence_id": 164, "edu_l1_label": "IOS"}, {"txt": "相对市场占有率更加重要，看起来C公司处于更好的市场地位，最高的市场占有率，能够将更多的钱投入市场，但是这里面也有很多潜在的变量：", "language": "chinese", "position": {"atoms": [{"position_id": 766, "txt": "相对市场占有率更加重要，看起来C公司处于更好的市场地位，最高的市场占有率，能够将更多的钱投入市场，但是这里面也有很多潜在的变量：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[8]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 151, "global_sentence_id": 165, "edu_l1_label": "IOS"}, {"txt": "1）如果市场的技术发生变革，C难以及时掉头，就会掉队，2）如果是高速成长的行业，小公司更容易拿到投资等扩张，也会影响市场的情况，", "language": "chinese", "position": {"atoms": [{"position_id": 767, "txt": "1）如果市场的技术发生变革，C难以及时掉头，就会掉队，2）如果是高速成长的行业，小公司更容易拿到投资等扩张，也会影响市场的情况，", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[12]/li[8]/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 151, "global_sentence_id": 166, "edu_l1_label": "IOS"}, {"txt": "<img https://wcd-image-bucket-test.oss-cn-zhangjiakou.aliyuncs.com/raw/xTLj31MpCRH1wD5Tm2I2iZo.png", "language": "chinese", "position": {"atoms": [{"position_id": 318, "txt": "<img https://wcd-image-bucket-test.oss-cn-zhangjiakou.aliyuncs.com/raw/xTLj31MpCRH1wD5Tm2I2iZo.png", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[22]/img"}]}, "tags": ["img"], "label": "figure", "web_segment_id": 152, "global_sentence_id": 167, "edu_l1_label": "EDU_O"}, {"txt": "11、利润率分析（续）——公示和准则", "language": "chinese", "position": {"atoms": [{"position_id": 769, "txt": "11、利润率分析（续）——公示和准则", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[1]/h2/span"}]}, "tags": ["h2"], "label": "title2", "web_segment_id": 153, "global_sentence_id": 168, "edu_l1_label": "IOS"}, {"txt": "一个公司长期的潜在利润率水平的公式：", "language": "chinese", "position": {"atoms": [{"position_id": 771, "txt": "一个公司长期的潜在利润率水平的公式：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[1]/p[2]"}]}, "tags": [], "label": "content", "web_segment_id": 154, "global_sentence_id": 169, "edu_l1_label": "IOS"}, {"txt": "<img https://wcd-image-bucket-test.oss-cn-zhangjiakou.aliyuncs.com/raw/13PI5T3iKOkVJDQeu3DqNGU.png", "language": "chinese", "position": {"atoms": [{"position_id": 326, "txt": "<img https://wcd-image-bucket-test.oss-cn-zhangjiakou.aliyuncs.com/raw/13PI5T3iKOkVJDQeu3DqNGU.png", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[23]/img"}]}, "tags": ["img"], "label": "figure", "web_segment_id": 155, "global_sentence_id": 170, "edu_l1_label": "EDU_O"}, {"txt": "作者自己也提到这个公式是经验的总结，艺术成分大于科学成分，只是一种潜在的参考。", "language": "chinese", "position": {"atoms": [{"position_id": 773, "txt": "作者自己也提到这个公式是经验的总结，艺术成分大于科学成分，只是一种潜在的参考。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[13]/li/section/p[1]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 156, "global_sentence_id": 171, "edu_l1_label": "IOS"}, {"txt": "12、在实践中应用", "language": "chinese", "position": {"atoms": [{"position_id": 775, "txt": "12、在实践中应用", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[13]/li/section/h2/span"}]}, "tags": ["h2", "li"], "label": "title2", "web_segment_id": 157, "global_sentence_id": 172, "edu_l1_label": "IOS"}, {"txt": "实践中的理念基础：", "language": "chinese", "position": {"atoms": [{"position_id": 777, "txt": "实践中的理念基础：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[13]/li/section/p[2]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 158, "global_sentence_id": 173, "edu_l1_label": "IOS"}, {"txt": "我们购买的是股票，而不是整个股票市场，People buy stocks—not the whole stock market.", "language": "chinese", "position": {"atoms": [{"position_id": 779, "txt": "我们购买的是股票，而不是整个股票市场，", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ol[1]/li[1]/section"}, {"position_id": 781, "txt": "People buy stocks—not the whole stock market.", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ol[1]/li[1]/section/span"}]}, "tags": ["li"], "label": "content", "web_segment_id": 159, "global_sentence_id": 174, "edu_l1_label": "IOS"}, {"txt": " It is much better to focus on the stocks and the businesses—not on the market.", "language": "chinese", "position": {"atoms": [{"position_id": 782, "txt": " It is much better to focus on the stocks and the businesses—not on the market.", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ol[1]/li[1]/section/span"}]}, "tags": ["li"], "label": "content", "web_segment_id": 159, "global_sentence_id": 175, "edu_l1_label": "IOS"}, {"txt": "机会没有标签：", "language": "chinese", "position": {"atoms": [{"position_id": 784, "txt": "机会没有标签：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ol[1]/li[2]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 160, "global_sentence_id": 176, "edu_l1_label": "IOS"}, {"txt": "Opportunities Are Seldom Labeled。", "language": "chinese", "position": {"atoms": [{"position_id": 786, "txt": "Opportunities Are Seldom Labeled。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ol[1]/li[2]/section/span"}]}, "tags": ["li"], "label": "content", "web_segment_id": 160, "global_sentence_id": 177, "edu_l1_label": "IOS"}, {"txt": "如果是被大肆宣传的赚钱机会，很可能只是想把东西卖给你。", "language": "chinese", "position": {"atoms": [{"position_id": 788, "txt": "如果是被大肆宣传的赚钱机会，很可能只是想把东西卖给你。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ol[1]/li[2]/section/span"}]}, "tags": ["li"], "label": "content", "web_segment_id": 160, "global_sentence_id": 178, "edu_l1_label": "IOS"}, {"txt": "所以要识别属于自己的标签，作者倾向于关注的：", "language": "chinese", "position": {"atoms": [{"position_id": 789, "txt": "所以要识别属于自己的标签，作者倾向于关注的：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ol[1]/li[2]/section/span"}]}, "tags": ["li"], "label": "content", "web_segment_id": 160, "global_sentence_id": 179, "edu_l1_label": "IOS"}, {"txt": "所了解行业中的低PS或者低PRR的公司", "language": "chinese", "position": {"atoms": [{"position_id": 791, "txt": "所了解行业中的低PS或者低PRR的公司", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[14]/li[1]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 161, "global_sentence_id": 180, "edu_l1_label": "IOS"}, {"txt": "不了解的，赔钱的公司", "language": "chinese", "position": {"atoms": [{"position_id": 793, "txt": "不了解的，赔钱的公司", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[14]/li[2]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 162, "global_sentence_id": 181, "edu_l1_label": "IOS"}, {"txt": "其他人对有前景的优秀生意做的定性评估", "language": "chinese", "position": {"atoms": [{"position_id": 795, "txt": "其他人对有前景的优秀生意做的定性评估", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[14]/li[3]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 163, "global_sentence_id": 182, "edu_l1_label": "IOS"}, {"txt": "寻找低市销率PS", "language": "chinese", "position": {"atoms": [{"position_id": 797, "txt": "寻找低市销率PS", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ol[2]/li[1]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 164, "global_sentence_id": 183, "edu_l1_label": "IOS"}, {"txt": "寻找赔钱的公司", "language": "chinese", "position": {"atoms": [{"position_id": 799, "txt": "寻找赔钱的公司", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ol[2]/li[2]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 165, "global_sentence_id": 184, "edu_l1_label": "IOS"}, {"txt": "尤其是对陌生的名字感兴趣（反面是人人都熟悉的热门股票）", "language": "chinese", "position": {"atoms": [{"position_id": 801, "txt": "尤其是对陌生的名字感兴趣（反面是人人都熟悉的热门股票）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[15]/li[1]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 166, "global_sentence_id": 185, "edu_l1_label": "IOS"}, {"txt": "找出不熟悉的公司之后，查看每家公司的情况，并且在一家纸上简单归纳这家公司在经营什么，简单的财务数据，包括市销率", "language": "chinese", "position": {"atoms": [{"position_id": 803, "txt": "找出不熟悉的公司之后，查看每家公司的情况，并且在一家纸上简单归纳这家公司在经营什么，简单的财务数据，包括市销率", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[15]/li[2]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 167, "global_sentence_id": 186, "edu_l1_label": "IOS"}, {"txt": "丢掉没有兴趣或者不够了解的（肯定错过了一些机会，但是时间有限，专注在能够理解的事情上）", "language": "chinese", "position": {"atoms": [{"position_id": 805, "txt": "丢掉没有兴趣或者不够了解的（肯定错过了一些机会，但是时间有限，专注在能够理解的事情上）", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[15]/li[3]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 168, "global_sentence_id": 187, "edu_l1_label": "IOS"}, {"txt": "寻找超级公司的定性评估", "language": "chinese", "position": {"atoms": [{"position_id": 807, "txt": "寻找超级公司的定性评估", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ol[3]/li/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 169, "global_sentence_id": 188, "edu_l1_label": "IOS"}, {"txt": "长期以来，试图理解：", "language": "chinese", "position": {"atoms": [{"position_id": 809, "txt": "长期以来，试图理解：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[16]/li[1]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 170, "global_sentence_id": 189, "edu_l1_label": "IOS"}, {"txt": "Who is doing What Well, Where, and Why?", "language": "chinese", "position": {"atoms": [{"position_id": 811, "txt": "Who is doing What Well, Where, and Why?", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[16]/li[1]/section/span"}]}, "tags": ["li"], "label": "content", "web_segment_id": 170, "global_sentence_id": 190, "edu_l1_label": "IOS"}, {"txt": "比如在California Microwave这家公司陷入困境之前，作者已经在各种场合了解了微波公司的大体情况，只是还没有详细调研。", "language": "chinese", "position": {"atoms": [{"position_id": 813, "txt": "比如在California Microwave这家公司陷入困境之前，作者已经在各种场合了解了微波公司的大体情况，只是还没有详细调研。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[16]/li[2]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 171, "global_sentence_id": 191, "edu_l1_label": "IOS"}, {"txt": "等到遭遇困境股价下跌的时候，意识到近距离观察的机会到了", "language": "chinese", "position": {"atoms": [{"position_id": 814, "txt": "等到遭遇困境股价下跌的时候，意识到近距离观察的机会到了", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[16]/li[2]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 171, "global_sentence_id": 192, "edu_l1_label": "IOS"}, {"txt": "获取信息的来源：", "language": "chinese", "position": {"atoms": [{"position_id": 816, "txt": "获取信息的来源：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[16]/li[3]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 172, "global_sentence_id": 193, "edu_l1_label": "IOS"}, {"txt": "专业杂志、金融和技术会议，与金融分析师交流，与从事这一行业的人交流，与其他的职业投资者交流，重要的是了解信息，而不是他们的投资观点。", "language": "chinese", "position": {"atoms": [{"position_id": 817, "txt": "专业杂志、金融和技术会议，与金融分析师交流，与从事这一行业的人交流，与其他的职业投资者交流，重要的是了解信息，而不是他们的投资观点。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[16]/li[3]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 172, "global_sentence_id": 194, "edu_l1_label": "IOS"}, {"txt": "通过阅读获取信息：", "language": "chinese", "position": {"atoms": [{"position_id": 819, "txt": "通过阅读获取信息：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[16]/li[4]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 173, "global_sentence_id": 195, "edu_l1_label": "IOS"}, {"txt": "公司的最新年报、季报、SEC Forms 10-K及SEC Forms 10-Q以及股东委托书；", "language": "chinese", "position": {"atoms": [{"position_id": 820, "txt": "公司的最新年报、季报、SEC Forms 10-K及SEC Forms 10-Q以及股东委托书；", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[16]/li[4]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 173, "global_sentence_id": 196, "edu_l1_label": "IOS"}, {"txt": "公开市场的新闻；", "language": "chinese", "position": {"atoms": [{"position_id": 821, "txt": "公开市场的新闻；", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[16]/li[4]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 173, "global_sentence_id": 197, "edu_l1_label": "IOS"}, {"txt": "注意时间的有效利用", "language": "chinese", "position": {"atoms": [{"position_id": 822, "txt": "注意时间的有效利用", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[16]/li[4]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 173, "global_sentence_id": 198, "edu_l1_label": "IOS"}, {"txt": "避免来自华尔街的竞争：", "language": "chinese", "position": {"atoms": [{"position_id": 824, "txt": "避免来自华尔街的竞争：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[16]/li[5]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 174, "global_sentence_id": 199, "edu_l1_label": "IOS"}, {"txt": "如果已经被很多人覆盖了，就不要浪费时间了", "language": "chinese", "position": {"atoms": [{"position_id": 825, "txt": "如果已经被很多人覆盖了，就不要浪费时间了", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[16]/li[5]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 174, "global_sentence_id": 200, "edu_l1_label": "IOS"}, {"txt": "公司拜访：", "language": "chinese", "position": {"atoms": [{"position_id": 827, "txt": "公司拜访：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[16]/li[6]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 175, "global_sentence_id": 201, "edu_l1_label": "IOS"}, {"txt": "整理好问题之后，就可以考虑拜访公司，直接写信联系比通过秘书联系反而要容易，在信中做自我介绍，说明自己拜访的原因，列出方便拜访的时间供对方挑选，如果对方时间不方便问他是否可以安排其他人", "language": "chinese", "position": {"atoms": [{"position_id": 828, "txt": "整理好问题之后，就可以考虑拜访公司，直接写信联系比通过秘书联系反而要容易，在信中做自我介绍，说明自己拜访的原因，列出方便拜访的时间供对方挑选，如果对方时间不方便问他是否可以安排其他人", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[16]/li[6]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 175, "global_sentence_id": 202, "edu_l1_label": "IOS"}, {"txt": "联系客户、竞争者、供货商以及专业投资人士，更多维度的获取信息", "language": "chinese", "position": {"atoms": [{"position_id": 830, "txt": "联系客户、竞争者、供货商以及专业投资人士，更多维度的获取信息", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ul[16]/li[7]/section"}]}, "tags": ["li"], "label": "content", "web_segment_id": 176, "global_sentence_id": 203, "edu_l1_label": "IOS"}, {"txt": "得出结论：", "language": "chinese", "position": {"atoms": [{"position_id": 832, "txt": "得出结论：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ol[4]/li/section/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 177, "global_sentence_id": 204, "edu_l1_label": "IOS"}, {"txt": "“", "language": "chinese", "position": {"atoms": [{"position_id": 834, "txt": "“", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ol[4]/li/section/blockquote[1]/span[1]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 178, "global_sentence_id": 205, "edu_l1_label": "IOS"}, {"txt": "💡 哪些因素可能会使股票下跌？", "language": "chinese", "position": {"atoms": [{"position_id": 836, "txt": "💡 哪些因素可能会使股票下跌？", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ol[4]/li/section/blockquote[1]/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 179, "global_sentence_id": 206, "edu_l1_label": "IOS"}, {"txt": "我预期未来5年的销量会以怎样的速度增长？", "language": "chinese", "position": {"atoms": [{"position_id": 837, "txt": "我预期未来5年的销量会以怎样的速度增长？", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ol[4]/li/section/blockquote[1]/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 179, "global_sentence_id": 207, "edu_l1_label": "IOS"}, {"txt": "公司可能达到的未来利润目标是什么？", "language": "chinese", "position": {"atoms": [{"position_id": 838, "txt": "公司可能达到的未来利润目标是什么？", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ol[4]/li/section/blockquote[1]/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 179, "global_sentence_id": 208, "edu_l1_label": "IOS"}, {"txt": "未来几年内，市场对该公司的合理且保守的估值是多少？", "language": "chinese", "position": {"atoms": [{"position_id": 839, "txt": "未来几年内，市场对该公司的合理且保守的估值是多少？", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ol[4]/li/section/blockquote[1]/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 179, "global_sentence_id": 209, "edu_l1_label": "IOS"}, {"txt": "什么时候可以实现这些利润？", "language": "chinese", "position": {"atoms": [{"position_id": 840, "txt": "什么时候可以实现这些利润？", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ol[4]/li/section/blockquote[1]/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 179, "global_sentence_id": 210, "edu_l1_label": "IOS"}, {"txt": "在3-5年的时间里，将这些利润转化为市盈率，大致是多少？", "language": "chinese", "position": {"atoms": [{"position_id": 841, "txt": "在3-5年的时间里，将这些利润转化为市盈率，大致是多少？", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ol[4]/li/section/blockquote[1]/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 179, "global_sentence_id": 211, "edu_l1_label": "IOS"}, {"txt": "按意愿数量购买全部股票，我需要多少资金？", "language": "chinese", "position": {"atoms": [{"position_id": 842, "txt": "按意愿数量购买全部股票，我需要多少资金？", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ol[4]/li/section/blockquote[1]/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 179, "global_sentence_id": 212, "edu_l1_label": "IOS"}, {"txt": "这一数量占该公司的股票数量是多少？", "language": "chinese", "position": {"atoms": [{"position_id": 843, "txt": "这一数量占该公司的股票数量是多少？", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ol[4]/li/section/blockquote[1]/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 179, "global_sentence_id": 213, "edu_l1_label": "IOS"}, {"txt": "”", "language": "chinese", "position": {"atoms": [{"position_id": 845, "txt": "”", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ol[4]/li/section/blockquote[1]/span[2]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 178, "global_sentence_id": 214, "edu_l1_label": "IOS"}, {"txt": "13、把钱带回家——何时卖出", "language": "chinese", "position": {"atoms": [{"position_id": 847, "txt": "13、把钱带回家——何时卖出", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ol[4]/li/section/h2/span"}]}, "tags": ["h2", "li"], "label": "title2", "web_segment_id": 180, "global_sentence_id": 215, "edu_l1_label": "IOS"}, {"txt": "“", "language": "chinese", "position": {"atoms": [{"position_id": 849, "txt": "“", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ol[4]/li/section/blockquote[2]/span[1]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 178, "global_sentence_id": 216, "edu_l1_label": "IOS"}, {"txt": "卖出的时机:", "language": "chinese", "position": {"atoms": [{"position_id": 851, "txt": "卖出的时机:", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ol[4]/li/section/blockquote[2]/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 181, "global_sentence_id": 217, "edu_l1_label": "IOS"}, {"txt": " PS值高的不像话; 这家公司开始失去超级公司的特征", "language": "chinese", "position": {"atoms": [{"position_id": 852, "txt": " PS值高的不像话; 这家公司开始失去超级公司的特征", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ol[4]/li/section/blockquote[2]/p"}]}, "tags": ["li"], "label": "content", "web_segment_id": 181, "global_sentence_id": 218, "edu_l1_label": "IOS"}, {"txt": "”", "language": "chinese", "position": {"atoms": [{"position_id": 854, "txt": "”", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/ol[4]/li/section/blockquote[2]/span[2]"}]}, "tags": ["li"], "label": "content", "web_segment_id": 178, "global_sentence_id": 219, "edu_l1_label": "IOS"}, {"txt": "在随着公司一起成长的时候，管理层创造了业绩的大幅提升，这时候容易无法客观看待管理层，即使他们犯了错误也会轻易原谅", "language": "chinese", "position": {"atoms": [{"position_id": 856, "txt": "在随着公司一起成长的时候，管理层创造了业绩的大幅提升，这时候容易无法客观看待管理层，即使他们犯了错误也会轻易原谅", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[25]"}]}, "tags": [], "label": "content", "web_segment_id": 182, "global_sentence_id": 220, "edu_l1_label": "IOS"}, {"txt": "PS多高算高？", "language": "chinese", "position": {"atoms": [{"position_id": 858, "txt": "PS多高算高？", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[26]"}]}, "tags": [], "label": "content", "web_segment_id": 183, "global_sentence_id": 221, "edu_l1_label": "IOS"}, {"txt": "在做着的眼里，超过3就值得担心，超过5则非常可怕", "language": "chinese", "position": {"atoms": [{"position_id": 859, "txt": "在做着的眼里，超过3就值得担心，超过5则非常可怕", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/p[26]"}]}, "tags": [], "label": "content", "web_segment_id": 183, "global_sentence_id": 222, "edu_l1_label": "IOS"}, {"txt": "14、实际案例", "language": "chinese", "position": {"atoms": [{"position_id": 861, "txt": "14、实际案例", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[2]/h2/span"}]}, "tags": ["h2"], "label": "title2", "web_segment_id": 184, "global_sentence_id": 223, "edu_l1_label": "IOS"}, {"txt": "作者介绍了自己投资的两家公司的具体案例，在这两家公司遇到财务上的问题的时候，作者如何能够逆市行动，发现了企业业务发展中的关键点。", "language": "chinese", "position": {"atoms": [{"position_id": 863, "txt": "作者介绍了自己投资的两家公司的具体案例，在这两家公司遇到财务上的问题的时候，作者如何能够逆市行动，发现了企业业务发展中的关键点。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[2]/p[1]"}]}, "tags": [], "label": "content", "web_segment_id": 185, "global_sentence_id": 224, "edu_l1_label": "IOS"}, {"txt": "“", "language": "chinese", "position": {"atoms": [{"position_id": 865, "txt": "“", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[2]/blockquote/span[1]"}]}, "tags": [], "label": "content", "web_segment_id": 186, "global_sentence_id": 225, "edu_l1_label": "IOS"}, {"txt": "这本书整体的理念很值得借鉴和思考，但是在具体的实践过程中，对于行业的研究、商业的理解等仍然是重中之重，正如作者所说，有些机会在发生前，作者已经对相关行业初步研究过几年的时间。", "language": "chinese", "position": {"atoms": [{"position_id": 867, "txt": "这本书整体的理念很值得借鉴和思考，但是在具体的实践过程中，对于行业的研究、商业的理解等仍然是重中之重，正如作者所说，有些机会在发生前，作者已经对相关行业初步研究过几年的时间。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[2]/blockquote/p"}]}, "tags": [], "label": "content", "web_segment_id": 187, "global_sentence_id": 226, "edu_l1_label": "IOS"}, {"txt": "”", "language": "chinese", "position": {"atoms": [{"position_id": 869, "txt": "”", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[2]/blockquote/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 186, "global_sentence_id": 227, "edu_l1_label": "IOS"}, {"txt": "在看的过程中，中文版本有些地方看起来很不通顺，但直接看英文版也很费劲，所以我采取的方法是，主要看中文版，看到觉得不太对的地方，再去翻看英文版找原文，比如：", "language": "chinese", "position": {"atoms": [{"position_id": 871, "txt": "在看的过程中，中文版本有些地方看起来很不通顺，但直接看英文版也很费劲，所以我采取的方法是，主要看中文版，看到觉得不太对的地方，再去翻看英文版找原文，比如：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[2]/p[2]"}]}, "tags": [], "label": "content", "web_segment_id": 188, "global_sentence_id": 228, "edu_l1_label": "IOS"}, {"txt": "有一小节的名字是：", "language": "chinese", "position": {"atoms": [{"position_id": 873, "txt": "有一小节的名字是：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[2]/p[3]"}]}, "tags": [], "label": "content", "web_segment_id": 189, "global_sentence_id": 229, "edu_l1_label": "IOS"}, {"txt": "THE ECONOMICS OF GOING PUBLIC， 后文是在讨论公开上市的事情，翻译是：", "language": "chinese", "position": {"atoms": [{"position_id": 875, "txt": "THE ECONOMICS OF GOING PUBLIC， 后文是在讨论公开上市的事情，翻译是：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[2]/p[3]/span"}]}, "tags": [], "label": "content", "web_segment_id": 189, "global_sentence_id": 230, "edu_l1_label": "IOS"}, {"txt": "从众经济学，显然是不对的。", "language": "chinese", "position": {"atoms": [{"position_id": 876, "txt": "从众经济学，显然是不对的。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[2]/p[3]/span"}]}, "tags": [], "label": "content", "web_segment_id": 189, "global_sentence_id": 231, "edu_l1_label": "IOS"}, {"txt": "而后面的一段话也出现了错误：", "language": "chinese", "position": {"atoms": [{"position_id": 878, "txt": "而后面的一段话也出现了错误：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[2]/p[4]/span"}]}, "tags": [], "label": "content", "web_segment_id": 190, "global_sentence_id": 232, "edu_l1_label": "IOS"}, {"txt": "When a company goes public at 10 times sales, it is the same as 100 times earnings for a company earning 10 percent after-tax profits。", "language": "chinese", "position": {"atoms": [{"position_id": 880, "txt": "When a company goes public at 10 times sales, it is the same as 100 times earnings for a company earning 10 percent after-tax profits。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[2]/p[5]/span"}]}, "tags": [], "label": "content", "web_segment_id": 191, "global_sentence_id": 233, "edu_l1_label": "IOS"}, {"txt": "这句话的意思应该是，如果一个企业以10倍PS 的估值IPO，在10%净利润率的情况下，相当于是100倍PE。", "language": "chinese", "position": {"atoms": [{"position_id": 882, "txt": "这句话的意思应该是，如果一个企业以10倍PS 的估值IPO，在10%净利润率的情况下，相当于是100倍PE。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[2]/p[6]"}]}, "tags": [], "label": "content", "web_segment_id": 192, "global_sentence_id": 234, "edu_l1_label": "IOS"}, {"txt": "而我看的那版中文版翻译的是：", "language": "chinese", "position": {"atoms": [{"position_id": 884, "txt": "而我看的那版中文版翻译的是：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[2]/p[7]"}]}, "tags": [], "label": "content", "web_segment_id": 193, "global_sentence_id": 235, "edu_l1_label": "IOS"}, {"txt": "对于获得10%税后利润的上市公司而言，销售额扩大十倍，相当于收益扩大100倍。", "language": "chinese", "position": {"atoms": [{"position_id": 885, "txt": "对于获得10%税后利润的上市公司而言，销售额扩大十倍，相当于收益扩大100倍。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[2]/p[7]"}]}, "tags": [], "label": "content", "web_segment_id": 193, "global_sentence_id": 236, "edu_l1_label": "IOS"}, {"txt": "错的离谱。", "language": "chinese", "position": {"atoms": [{"position_id": 886, "txt": "错的离谱。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[2]/p[7]"}]}, "tags": [], "label": "content", "web_segment_id": 193, "global_sentence_id": 237, "edu_l1_label": "IOS"}, {"txt": "后来我找到经济科学出版社，在2000年出版的翻译版本，反而整体翻译的内容准确度要高很多。", "language": "chinese", "position": {"atoms": [{"position_id": 888, "txt": "后来我找到经济科学出版社，在2000年出版的翻译版本，反而整体翻译的内容准确度要高很多。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[2]/p[8]"}]}, "tags": [], "label": "content", "web_segment_id": 194, "global_sentence_id": 238, "edu_l1_label": "IOS"}, {"txt": "————————————————————————————————", "language": "chinese", "position": {"atoms": [{"position_id": 890, "txt": "————————————————————————————————", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[2]/p[9]"}]}, "tags": [], "label": "O", "web_segment_id": 195, "global_sentence_id": 239, "edu_l1_label": "EDU_O"}, {"txt": "我是锦诗，一级市场从业者，看二级投资的书，其实基本理念仍可借鉴：", "language": "chinese", "position": {"atoms": [{"position_id": 892, "txt": "我是锦诗，一级市场从业者，看二级投资的书，其实基本理念仍可借鉴：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[2]/p[10]/span"}]}, "tags": [], "label": "author", "web_segment_id": 196, "global_sentence_id": 240, "edu_l1_label": "EDU_O"}, {"txt": "寻找短期遇到困难，但是长期有前景的公司。", "language": "chinese", "position": {"atoms": [{"position_id": 893, "txt": "寻找短期遇到困难，但是长期有前景的公司。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[2]/p[10]/span"}]}, "tags": [], "label": "content", "web_segment_id": 196, "global_sentence_id": 241, "edu_l1_label": "EDU_O"}, {"txt": "二级追高了尚有离场的机会，一级天然的长期锁定，更需要有更长远的视野和耐心。", "language": "chinese", "position": {"atoms": [{"position_id": 895, "txt": "二级追高了尚有离场的机会，一级天然的长期锁定，更需要有更长远的视野和耐心。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[2]/p[11]/span"}]}, "tags": [], "label": "content", "web_segment_id": 197, "global_sentence_id": 242, "edu_l1_label": "EDU_O"}, {"txt": "欢迎关注我的公众号，关于我的介绍及写作初心，请见公众号的第一篇文章：", "language": "chinese", "position": {"atoms": [{"position_id": 897, "txt": "欢迎关注我的公众号，关于我的介绍及写作初心，", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[2]/p[12]/span[1]"}, {"position_id": 899, "txt": "请见公众号的第一篇文章：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[2]/p[12]/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 198, "global_sentence_id": 243, "edu_l1_label": "EDU_O"}, {"txt": "我为什么写作，后台输入“联系方式”，可获得作者的联系方式。", "language": "chinese", "position": {"atoms": [{"position_id": 901, "txt": "我为什么写作", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[2]/p[12]/span[2]/a"}, {"position_id": 903, "txt": "，", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[2]/p[12]/span[2]/a"}, {"position_id": 905, "txt": "后台输入“联系方式”，可获得作者的联系方式。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section/section[2]/p[12]/span[3]"}]}, "tags": [], "label": "content", "web_segment_id": 198, "global_sentence_id": 244, "edu_l1_label": "EDU_O"}, {"txt": "                        一五一十一少年                      ", "language": "chinese", "position": {"atoms": [{"position_id": 907, "txt": "\n                        一五一十一少年                      ", "x": "/html/body/div[4]/div[2]/div[2]/div[1]/div[1]/div/div/div/div/div[2]/div/div"}]}, "tags": [], "label": "O", "web_segment_id": 216, "global_sentence_id": 245, "edu_l1_label": "EDU_O"}], "type": "WEB"}
# 超级强势股(Super Stocks)读书笔记
## 书籍要点
### 超级强势股（super stocks）的定义：
### 超级强势股产生的原因：
### 识别超级强势股的方法：
## 作者简介
## 第一部分 剖析超级强势股——为什么会出现超级强势股的机会？
### 1、企业发展阶段有波折，对应股价会带来更加剧烈的波动
### 2、什么使困境发生转变？
## 第二部分 定价分析
### 3、股票估值传统方法的问题（主要针对的是用利润或净资产为评价标准的方法）：
#### 市盈率派的缺陷
#### 本杰明·格雷厄姆的方法：出色但是还不够
#### 从每股收益等微观层面超脱出来，思考公司作为一个整体，以及以下信息：
### 4、市销率（PSR，price sales ratios）
#### 市销率定义下的超级成长股：
#### 为什么应该采用市销率的指标？
#### 关于市销率的几个规则：
#### 关于PS值的几个研究结论：
### 5、市研率
### 6、市销率在非强势股上的应用
### 7、丑小鸭变成白天鹅
## 第三部分：基本面分析
### 8、超级公司：从商业角度追求卓越
### 9、规避风险-规避竞争
### 10、利润率分析——我这一生最想要的是别人没有的优势（All I Really Want in Life Is an Unfair Advantage）
### 11、利润率分析（续）——公示和准则
### 12、在实践中应用
#### 实践中的理念基础：
### 13、把钱带回家——何时卖出
### 14、实际案例