企業生命周期與選股策略
牛經滄海
12/26/2020
一個企業,正如一個人一樣,有其自身的生命周期。人有純粹消費的培養成長階段(本人學習就消磨了22年),生產力成長階段(5年左右),生產力高效階段(20年左右),生產力高效階段(n年)。對應一個成長型企業,同樣存在
- 養成期,靠概念吸引投資,不確定性很大;
- 快速成長期,CAGR>20%
- 穩定成長期,CAGR ~15%
- 衰退期,CAGR <10%
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)
很多公司IPO之後會跌50%以上,說明IPO的時候還處於養成期,盈利模型尚未得到驗證。
ARBA, 1999 IPO 上漲300%,2000年達40B市值,2012年4B賣給SAP。
DDD, SPLK,
【長期可持續CAGR】 + 【終極TAM】 + 【Margin優勢】
滄海真誠分享,恪守FINRA規定,不薦股,不建群,不帶學員,不作任何投資建議,不承擔任何投資責任,敬希見諒。
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