BG投资十问（Baillie Gifford）

1，公司是否能正面推动经济、社会或者文化发展？

如果做不到，BG可能就不会再往下看了。比如军火、赌博类公司再便宜，BG不会去看。

2，公司销售额在5年之内能否翻倍？

为什么要讨论销售额？因为BG关注公司成长，销售额是比较简单直观的指标，而利润可有一些方法调节。所以，BG主要先关注销售额，再看现金流。

3，公司5年之后会怎么样？

这是未来5到10年或者5到15年的中间维度，一是看公司的成长空间究竟还有多大，二是考虑5年之后，公司的短期估值会不会下降，会不会变得成熟。

4，公司的竞争优势到底是什么？随着时间会变强还是变弱？

BG认为，如果公司的竞争优势是不断变弱的，将来在更远期挣回现金流的可能性就更低了。

5，公司是否有非常独特的文化？文化是否能够进化？

毕竟要投资这么长时间，对创始人和公司管理文化是非常关注的。特别喜欢创始人领导的公司，而不是说创始人什么都不干，创始人在做房地产，找了一些人在做新公司，要尽量避免这样的公司。

谈到进化在BG看来，大部分公司都会有大公司病，需要看它怎么能维持比较灵活的管理，变大之后还能够保持非常快速的成长，比如亚马逊的day one文化（注：就是始终处在创业启动状态，充满迷茫和压力，但是充满创造力和颠覆思想）。

6，公司过去的回报率怎么样？

一方面是考虑到公司的ROE（净资产收益率），二是考虑公司的Margins（利润），看它的过去是不是值得投资，如果每年ROE都不到10个点，可能长期来看也没什么意思。

7，ROE能不能随着时间增长？

有些公司一开始没有盈利，一直在烧钱，5年之后说不定ROE会到20%或者更高，它是一个动态过程。这样的公司BG也会投资，包括一些早期项目，很多公司都是没有盈利的。

8，公司怎么分配资本？

资本现金流无非就是5种方法：再投资、收购、还债、分红、回购股份，要看公司在某个阶段的资本分配是不是最优的。

如果公司明明可以发展更多，结果乱分红了；或者是明明到了特别成熟的时候，还不愿意分红，都是错误的分配资本。

9，公司怎样才能长成5倍？

BG关注的是怎样，而不是能不能。这会强迫BG每个人去设想一些未来的可能性，包括公司现在的底层架构能不能够延伸到更多的业务。

比如，早期的亚马逊或者是阿里，连一个概念都没有，BG会考虑这个公司有没有这种机遇，以后去扩展到可触及的市场。

10，市场对公司有哪些误解，哪些事情是市场没有反映出来的？

产品随想 | 周刊第130期：集结信徒，而非官僚

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A Sister’s Eulogy for Steve Jobs

I grew up as an only child, with a single mother. Because we were poor and because I knew my father had emigrated from Syria, I imagined he looked like Omar Sharif. I hoped he would be rich and kind and would come into our lives (and our not yet furnished apartment) and help us. Later, after I’d met my father, I tried to believe he’d changed his number and left no forwarding address because he was an idealistic revolutionary, plotting a new world for the Arab people. Even as a feminist, my whole life I’d been waiting for a man to love, who could love me. For decades, I’d thought that man would be my father. When I was 25, I met that man and he was my brother. By then, I lived in New York, where I was trying to write my first novel. I had a job at a small magazine in an office the size of a closet, with three other aspiring writers. When one day a lawyer called me — me, the middle-class girl from California who hassled the boss to buy us health insurance — and said his cl...

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《Becoming Steve Jobs》Chapter 16 Blind Spots, Grudges, and Sharp Elbows

Steve could be pretty thin-skinned when someone prominent criticized the aesthetics of his products. He took great umbrage that Neil would, as Steve put it, “pop off in public like that without coming to talk to us about his technical concerns first.” From that point on he had rebuffed all of Neil’s attempts to smoke the peace pipe. 有趣 He had blind spots, grating behavioral habits, and a tendency to give in to emotional impulse that persisted his entire life. These characteristics are often used to make the case that Steve was an “asshole” or a “jerk,” or perhaps simply “binary”—that odd adjective often used to convey the sense that he was half asshole/half genius from birth to death. These aren’t useful, interesting, or enlightening descriptions. What’s more illuminating is to take a look at the specific ways in which Steve failed to do an effective job of tempering some of his weaknesses and antisocial traits, and to consider how, when, and why some of them continued to flare up even...

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黑客技术论坛推荐

原文来自知乎，世界各大黑客技术论坛TOP排行榜，表示感谢这份名单基本上囊括了目前世界上各大最佳黑客技术论坛。

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360T7 刷机步骤及固件

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写给大家看的中文排版指南

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《Becoming Steve Jobs》Chapter 17 “Just Tell Them I’m Being an Asshole”

For several months, I had been working to set up a joint interview of Steve, Andy Grove, Bill Gates, and Michael Dell. The confab was supposed to kick off the reporting for a book I had in mind. I had what I thought was a snappy title—Founders Keepers—and a plan to describe how a handful of geeky entrepreneurs had evolved into captains of industry; how self-absorbed inventors morphed into self-taught empire builders; how shaggy-haired idealists managed to stay in the saddle even as the companies they created grew rapidly by orders of magnitude, and as their own wealth and influence over the world itself became far more than the stuff of dreams. 好可惜啊，这次采访没有成形 During this time, Steve came to visit me in the hospital a couple of times. I was so addled with sedatives and painkillers and my own delirious hallucinations that during one visit I expressed my sincerest regrets at not being able to play saxophone in a Beatles retrospective show he was planning to put on in Las Vegas with Ringo S...

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巴菲特致股东信-1980年

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Steve Jobs at 44, By Michael Krantz, 1999

Differences and Similarities Between Apple and Pixar Apple turns out many products--a dozen a year; if you count all the minor ones, probably a hundred. Pixar is striving to turn out one a year. But the converse of that is that Pixar's products will still be used fifty years from now, whereas I don't think you'll be using any product Apple brings to market this year fifty years from now. Pixar is making art for the ages. Kids will be watching Toy Story in the future. And Apple is much more of a constant race to continually improve things and stay ahead of the competition. His Role At Pixar At Pixar my job is to help build the studio and recruit people and help create a situation where they can do the best work of their lives. And to some degree it's the same at Apple. But at Pixar, I don't direct the movies, whereas at Apple probably, if I had to pick a role out of a film production, I'd be the director. So it...

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Interview with Steve Jobs, WGBH, 1990

Interviewer: what is it about this machine? Why is this machine so interesting? Why has it been so influential? Jobs: Ah ahm, I'll give you my point of view on it. I remember reading a magazine article a long time ago ah when I was ah twelve years ago maybe, in I think it was Scientific American . I'm not sure. And the article ahm proposed to measure the efficiency of locomotion for ah lots of species on planet earth to see which species was the most efficient at getting from point A to point B. Ah and they measured the kilocalories that each one expended. So ah they ranked them all and I remember that ahm...ah the Condor, Condor was the most efficient at [CLEARS THROAT] getting from point A to point B. And humankind, the crown of creation came in with a rather unimpressive showing about a third of the way down...

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