Corporate Culture
Selected Quotes on Corporate Culture & Business Model
💡 Core Golden Quotes
- “Corporate culture as a filter is very powerful and has saved me from many mistakes”
- “Once a bad corporate culture is established, it’s very hard to get rid of”
- “How to choose the right company is a matter of capability; not choosing the wrong company is a matter of right and wrong”
- “Buying a stock often requires many reasons; not buying usually only needs one or two reasons”
- “In the long run, persistently investing only in companies with good business models and good corporate culture will likely yield good returns”
❓ Selected Q&A
Q: Do you verify financial statements? Do you examine them carefully like Graham?
A: For companies I feel I truly understand, I rarely examine statements in detail—but I do look at them (or at least should) before understanding them. Generally, I first understand corporate culture. If I don’t trust a company, I won’t even look at its statements. (2010-06-04)
Q: You don’t just buy companies based on corporate culture, do you?
A: I don’t buy companies based only on corporate culture, but having good corporate culture is one of my prerequisites for wanting to buy. (2015-05-25)
Q: What’s the impact of bad corporate culture?
A: Indeed, bad company culture will inevitably harm the enterprise itself over time. And once a bad corporate culture is established, it’s very difficult to remove. (2015-05-28)
Q: Have you ever invested in enterprises with weak moats (including corporate culture)?
A: If I don’t like a company’s corporate culture, it’s very hard for me to pull the trigger. (2011-01-22)
Q: Can “culture” really explain everything?
A: Basically it can explain those things where failures exceed successes. (2012-02-14)
Q: How do you evaluate a company’s corporate culture, and which aspects do you value most?
A: I focus on factors that make an enterprise healthier and more enduring. Corporate culture as a filter has been very powerful for me, saving me from many mistakes. Choosing the right company is a matter of capability; not choosing the wrong company is a matter of right and wrong. (2019-04-09 / 2020-06-08)
Q: When making an investment decision to buy a stock, are you guided by many reasons combined, or by one or two key reasons?
A: Buying a stock often requires many reasons. Not buying usually only needs one or two reasons. (2010-03-30)
Q: In the long run, if you insist on investing only in companies with good business models and good corporate culture, what will happen?
A: In the long run (10, 20 years or longer), insisting on investing only in companies with good business models and good corporate culture will likely yield relatively good returns. And this investment approach is enjoyable—you don’t need to worry all day long. Simply put, if investors think about 10-to-20-year horizons when making each investment decision, the final result can hardly be bad—otherwise it’s hard to say. Finding companies that you can think clearly about over 10 or 20 years is very difficult. Having 8-10 such opportunities in a lifetime would be excellent. (2015-04-11)
Q: From what aspects do you generally judge a company?
A: Generally from three aspects: business model, corporate culture, and purchase price. Actually, purchase price isn’t that important here. (2019-03-14)
Q: How to judge whether a company’s business model is good?
A: Old Buffett has also said that great businesses can generally be explained clearly in one paragraph. Companies whose businesses you understand at first glance tend to be pretty good. (2013-02-01)
Q: How should we understand “there are no favored industries, only favored enterprises”?
A: There are no favored industries (but there are disfavored industries), only favored enterprises. (2010-03-26)
Q: Where should we start when paying attention to enterprises?
A: Paying attention to enterprises should probably start with paying attention to products. I haven’t thought of any exceptions. (2020-10-27)
Q: What is a good business model?
A: A good business model is one that can generate net cash flow over the long term. Moat is an important tool for judging a company’s intrinsic value. Corporate culture is an important part of the “moat.” It’s hard to imagine an enterprise without strong corporate culture having a very wide “moat.” (2010-05-25)
Q: How do you view a company’s management team?
A: Choosing management should be like choosing partners. (2013-04-21)
Q: How to judge whether a company’s corporate culture is good?
A: My main criterion for evaluating enterprises is their health—everything else is secondary. (2010, discussing BBK)
Q: Is the principle of investing in small companies the same as investing in large ones?
A: The principle of investment is the same. Finding small companies also means looking for those with good business models, good corporate culture, and reasonable prices. (2010)
🔗 Related Notes
Related Concepts Corporate Culture · Business Model · Moat · Pursuit Beyond Profit · Criteria for Good Companies Related People Duan Yongping · Warren Buffett Related Topics How to Judge a Good Company · Criteria for Good Companies
企业文化与商业模式篇精选
💡 核心金句
- “企业文化作为过滤器非常有威力，为我避免了很多错误”
- “不好的企业文化一旦建立就很难去掉了”
- “怎么选对的公司是能力问题，不选错的公司是是非问题”
- “买一只股票往往要很多理由，不买的理由往往就一两个就够了”
- “长期而言坚持只投好的商业模式、好的企业文化的公司，大概率上是会有比较好的回报的”
❓ 精选问答
问：您是否检验看到的报表？您会不会像格雷厄姆那样仔细地看报表？
答：对自己觉得真正了解的公司，很少细看报表，但了解以前会看（至少是应该看）。我一般会先了解企业文化，如果觉得不信任这家公司，就连报表都不会看的。（2010-06-04）
问：您不会只是基于企业文化买公司吧？
答：我不会只是基于企业文化买公司，但会把有好的企业文化作为想买的前提之一。（2015-05-25）
问：不好的企业文化有什么影响？
答：确实如此，不好的公司文化时间长了一定会伤害到企业自己，而且不好的企业文化一旦建立就很难去掉了。（2015-05-28）
问：您是否投资过护城河（含企业文化）不怎么好的企业？
答：如果不喜欢一个公司的企业文化，我很难下手。（2011-01-22）
问：“文化”二字真能解释所有的事情吗？
答：基本上可以解释败事有余的”事情”。（2012-02-14）
问：您是如何考察一家公司的企业文化，并且最看重企业文化的哪些方面？
答：我看重那些让企业更健康更长久的因素。企业文化作为过滤器非常有威力，为我避免了很多错误。怎么选对的公司是能力问题，不选错的公司是是非问题。（2019-04-09 / 2020-06-08）
问：您在做一个投资决定买入一只股票的时候，是由很多理由综合决定的，还是由一个二个关键理由决定的？
答：买一只股票往往要很多理由。不买的理由往往就一两个就够了。（2010-03-30）
问：长期而言，坚持只投好的商业模式、好的企业文化的公司，结果会怎样？
答：长期而言（10年20年或以上）坚持只投好的生意模式，好的企业文化的公司大概率上是会有比较好的回报的，而且这种投资方法让人很愉快，不需要整天瞎操心。简言之，投资人每次做投资决定时如果想的是10年20年的事情，最后的结果很难不好，不然就难说了。要找到自己能想清楚10年20年的公司是非常不容易的，一生有那么10个8个机会就非常非常好了。（2015-04-11）
问：一般从哪些方面来判断一家公司？
答：一般从三个方面：生意模式，企业文化，以及买入价钱。这里买入价钱其实没那么重要。（2019-03-14）
问：如何判断一家公司的商业模式好不好？
答：老巴也讲过，伟大的生意一般只要一个paragraph就可以说得很清楚。买自己一眼就看懂得生意的公司往往都不错。（2013-02-01）
问：没有看好的行业，只有看好的企业，这句话怎么理解？
答：没有看好的行业（但有不看好的行业），只有看好的企业。（2010-03-26）
问：关注企业应该从哪里开始？
答：关注企业应该只能从关注产品开始的吧？没想到例外。（2020-10-27）
问：什么是好的商业模式？
答：好的商业模式就是能够长期产生净现金流的生意。护城河是用来判断公司内在价值的一个重要手段。企业文化是”护城河”的重要部分。很难想象一个没有很强企业文化的企业可以有个很宽的”护城河”。（2010-05-25）
问：如何看待一家公司的管理层？
答：选择管理层也要像选择合伙人一样。（2013-04-21）
问：如何判断一家公司的企业文化好不好？
答：我评价企业的主要标准就是其健康度，其他都相对次要。（2010年，谈步步高）
问：投资小公司和大公司的原理一样吗？
答：投资的原理是一样的。找小公司也是要找那些生意模式好，企业文化好，价格合理的公司。（2010年）
🔗 相关笔记
相关概念 企业文化 · 生意模式 · 护城河 · 利润之上的追求 · 好公司的标准 相关人物 段永平 · 巴菲特 相关主题 如何判断一家好公司 · 好公司的标准