我的工作就是搞清楚我知道的哪些公司未来一段时期内的现金流。
My job is to figure out which companies I know will have cash flow over a period of time in the future.
如果你能告诉我一家企业的现金流入和现金支出，从现在到结束经营时的将是多少，假设我知道适合的利率，我就能告诉你这家企业的价值。
If you can tell me what a business's cash inflows and cash outflows will be between now and the end of its operations, assuming I know the appropriate interest rate, I can tell you what that business is worth.
这并不取决于这家企业是卖悠悠球、呼啦圈还是电脑。因为从现在到结束经营的这段时间内会有现金流入，而现金就是现金，不管这些现金来自于哪里。
It doesn't depend on whether the business sells yo-yos, hula hoops or computers. It's because there will be an influx of cash between now and the end of the business, and cash is cash, no matter where it comes from.
作为一名投资分析师，或者是一名企业分析师，我现在的工作就是搞清楚我知道哪些公司未来一段时期内的现金流，以及哪些是自己不知道的。
As an investment analyst, or a corporate analyst, my job right now is to figure out which companies I know will have cash flow over the next period, and which ones I don't.
研究我所理解的企业，然后试图搞清楚这家企业一段时间内的现金流会是多少,并将这些现金流通过一个合适的利率贴现成现值通，这一利率将会使用政府债券的长期利率。之后，我会试着买入这家企业通过大幅低于贴现现金流价值的价格的方式，我就是这么做的。
Studying the companies that I understand, and then try to figure out what the cash flows of that company will be over time, and discount those cash flows to present value using an appropriate interest rate, which will be the long-term interest rate on government bonds. After that, I would try to buy the business for substantially less than the value of the discounted cash flows, which is what I did.
以上内容为巴菲特对“现金流”的看法
由数字人巴菲特播报
本视频由七华软件用人工智能技术生成
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