芒格生前有一句话，反反复复说了一辈子：

"It wasn't a good business just because it was doing sexy things. If it wasn't earning real cash, or wasn't expected to do so in a very short period of time, it wasn't a good business."

（一门生意，不会因为做的事情够“性感”就变成好生意。如果它赚不到真金白银——或者短期内看不到赚到钱的希望——那它就什么都不是。）

对此我这两年我也很有感触，归根结底你是为看好公司未来现金流买单，更不是为公司老板很牛（又不是追星）、世界第一的愿景（你是当股东不是当经理人）等等元素买单。