TIP772：卓越的复利投资者如何将时间转化为超能力 - Kyle Grieve

因此，公司规模最终缩减了40%。

So this ended up shrinking the business by 40%.

由此可见，公开市场的股东对此恐怕不会太满意。

So you can see how a public equity holder probably wouldn't be very happy with that.

但在接下来的几年里，Lifeco的营业利润率实际上从2%提升到了8%，翻了四倍。

But over the next few years, was able to actually four times Lifeco's operating profit margins from two to 8%.

而如今这一数字已达到16.5%。

And today they're at 16 and a half percent.

书中涵盖了促成Lifeco今日成功的多个方面。

So the book covers several areas that have contributed to Lifeco's success today.

首先是资本回报纪律，这对成功的连续收购者至关重要。

The first is discipline and capital returns, which are essential for a successful serial acquirer.

如果在收购时对价格不够自律，整个体系就会崩溃。

If you're just not disciplined with what you're paying for an acquisition, the system just falls apart.

因此，Lifeco收购时支付的EBITDA倍数从不超8倍也就不足为奇了。

Therefore, it's no surprise that Lifeco pays no more than eight times EBITDA for acquisitions.

但收购企业仅仅是个开始。

But buying a business is only the beginning.

对于像Lifeco这样的公司来说，核心价值在于参与收购的管理层能够有机提升业务增长的能力。

The principal value add for a company like Lifeco is the ability of management involved in the acquisition to boost the businesses growth organically.

因此在Lifeco内部，负责收购的负责人也有动力通过有机方式提升公司盈利能力，这关系到他们能否获得激励奖金。

So inside Lifeco, the person heading the acquisition is also incentivized to organically improve the company's profitability, which helps them achieve or not achieve their incentive.

他们通过提高专业化程度来实现这一点，这使得他们能够提高价格，从而解锁奖金。

So they do this by increasing specialization, which allows them to raise prices, which helps them unlock their bonus.

说到激励机制，当它们能统一管理层和股东的利益时最为有效。

Speaking of incentives, they're most effective when they align the interests of management and shareholders.

但Lifeco更进一步，还将业务卖方与这两个关键群体的利益进行了统一。

But Lifeco took this a step further by also aligning the seller of the business with these two key groups.

他们通过允许卖方保留部分业务所有权来实现这一点。

They achieved this by allowing sellers to retain a portion of their ownership in the business.

Lifeco经过测试发现，当卖方保留股权时，收购后的业务表现要好得多。

Lifeco tested this out and found that they had much better performance post acquisition when the seller retained on ownership stake.

第二点是关于分权管理。

The second point is on decentralization.

Bennett从Hans Verthen那里学到这一点，并将其传授给现任CEO Per Valdemarsen。

Bennett learned from Hans Verthen and pass it on to current CEO Per Valdemarsen.

Lifeco的员工非常精简。

Lifeco has a very lean staff.

这位CEO甚至连助理都没有。

The CEO just doesn't even have an assistant.

许多针对单个业务的决策由该个体或团队层面做出，从而减少了CEO和高管的决策权限。

Many of the decisions for individual businesses are made at that individual or group level, which reduces the decision making authority for the CEO and upper management.

这使得Lifeco能够削减全公司范围的日常开支，包括业务发展、战略、人力资源和财务等部门。

This enables Lifeco to eliminate everyday corporate wide expenses, including, you know, business development, strategy, HR, and finance.

这些职能全部下放到各子公司层面。

These are all pushed down to the individual company level.

关于人力资源，CEO Per Valdemarason曾表示：招聘HR专员在前两年看起来不错，但五年后我们可能不得不面临雇佣五名员工的风险。

So regarding HR CEO Per Valdemarason has said, hiring an HR person looks good for about two years, but five years down the road, we have to risk having five employees.

最后一个优势是能够在公司内部发掘人才。

So the last advantage is being able to find talent within the company.

同时管理多家公司的集团经理都是从公司内部提拔的。

Group managers who manage multiple companies simultaneously are all brought up from within the company.

由于所有集团经理都曾担任过运营公司的CEO，他们真正理解如何妥善经营公司的细微差别。

And because all group managers were also CEOs of operating companies, they really understand the nuances of running them properly.

而且他们被寄予厚望要表现出色。

And they're expected to perform.

当你表现出色时，你会得到非常丰厚的报酬。

And when you perform, you're very well compensated.

现任CEO佩尔·瓦尔德马森就是一个绝佳的例子。

The current CEO Per Valdemarsen is an excellent example of this.

他实际上是在弗雷德里克·卡尔森掌权期间逐步晋升，最终登上了最高职位。

So he actually rose through the ranks while Fredrik Carlson was in charge and gradually worked his way up to the very top.

作为卡尔森对Lifeco公司及其帮助建立的企业文化高度信任的证明，他在被宣布卸任Lifeco CEO的当天，反而购入了Lifeco的股票。

And as a testament to the amount of trust that Carlson had in Lifeco and the culture that he helped build, he actually bought Lifeco shares on the day that it was announced that he would be removed as Lifeco CEO.

接下来我想讨论的另一家值得注意的瑞典收购方是InduTrade。

The next business I would like to discuss is another notable Swedish acquirer called InduTrade.

InduTrade拥有五个业务板块，每个板块都具备有利的发展势头。

So InduTrade has five business segments, which all have attractive tailwinds.

它们分别是工业工程、基础设施与建筑、生命科学、过程能源与水处理技术，以及系统解决方案。

They are industrial engineering, infrastructure and construction, life sciences, process, energy and water technology, and system solutions.

自2005年上市以来，该公司现金流以14%的年复合增长率增长。

The company has grown its cash flow at a 14% CAGR since its IPO in 2005.

同期股东总回报的年复合增长率达到22%。

And during that same time period, the total shareholder return has compound at 22%.

该企业最初由三家公司合并成立，当时名为AB Nilsdak。

So the business was formed from a group of three firms that merged to form a company called AB Nilsdak.

这三家公司之一的CEO是名为Gunnar Tinberg的先生。

The CEO of one of these three companies was this gentleman named Gunnar Tinberg.

他非常热衷于通过收购其他由优秀企业家运营的企业来实现增长。

And he was a significant fan of growing by acquiring other businesses that were also operated by highly talented entrepreneurs.

InduTrade从Tinberg传承下来的另一大优势在于其与客户和供应商的关系。

Another strong suit of Indu trade that was passed on from Tinberg was in its relationships with its customers and suppliers.

正因为他们专注于维护这些关系并确保其牢固健康，许多额外效益随之显现。

So because they focus on maintaining these relationships and making sure that they were strong and healthy, many additional benefits emerged.

例如，在与阿特拉斯·科普柯采购代理的一次会面中，Tinberg询问对方谁是他们最好的供应商。

For instance, in one meeting with a purchasing agent from Atlas Copco, Tinberg asked their representative who their best supplier was.

他们提到了名为Collie Group的企业，这家公司至今仍归InduTrade所有。

And they named this business called Collie Group, a business that InduTrade still owns.

Tinberg于2004年退休，由Johnny Alverson接任。

So Tinberg retired in 2004 and was succeeded by Johnny Alverson.

一年后，公司完成上市。

A year later, they went public.

他们的企业文化很大程度上基于我今天讨论的这些特质——节俭、分权管理和任人唯贤。

So much of their culture was based on very similar traits that I've discussed today, you know, frugality, decentralization, and meritocracy.

Alverson在任期间推行的一项举措是将企业从技术贸易公司转型为更注重制造、拥有专有技术的公司。

One initiative that Alverson undertook in the business was to shift from technical trading companies to a more manufacturing oriented companies with proprietary technology.

他将拥有专有产品的公司销售占比从个位数中段一路提升至50%，同时将收购规模从60家扩大到200家。

He brought the sales mix from companies with a proprietary product from mid single digits all the way up to 50% while scaling their acquisitions from 60 to 200.

阿尔弗森观察到的另一个优势是收购那些不在竞争激烈的北欧地区的企业。

Another advantage that Alverson observed was in adding businesses that were outside of the highly competitive Nordic companies.

于是我们开始关注英国、德国、奥地利和瑞士的公司，这些地区他正在考察的企业收购竞争没有那么激烈。

So we started looking at companies in The UK, Germany, Austria, and Switzerland where the competition for acquiring businesses that he was looking at just wasn't as high.

阿尔弗森执掌公司约十三年间，EBITDA复合年增长率达14%，股东总回报复合年增长率约为24%。

Alverson stayed in the business for about thirteen years and compounded EBITDA at 14% during that time while compounding total shareholder returns at about 24%.

在他退休后，继任CEO是名为博·安维克的先生，他在业务转型方面完全延续了阿尔弗森的工作方向。

Now, once he retired, their next CEO was a gentleman named Bo Anvik, and he picked up exactly where Alverson left off in terms of evolving the business.

安维克完美融合了廷伯格和阿尔弗森的特质，既懂技术贸易，又精通制造业和国际业务拓展。

So Anvik was a great blend of Tinberg and Alverson in terms of understanding technical trade, manufacturing, and international growth.

他持续推进国际扩张、完善公司治理，并加强InduTrade内部赋权。

He helped continue to improve international expansion, governance, and empowering from within InduTrade.

InduTrade的另一个关键要素——也是我非常认同的理念——在于他们的产品策略。

Another key to InduTrade, which is a concept that I really like, is in their products.

这主要是因为他们的许多产品在相关机器或系统的总成本中占比很小。

So primarily this was because many of their products accounted for a small percentage of the total cost of, you know, the machine or system that they were involved in.

这些产品属于消耗品，比如阀门、传动装置、紧固件、管道、泵和过滤器。

These were kind of consumables, you know, valves, transmissions, fasteners, pipes, pumps, and filters.

一个连续收购者需要确保其子公司在保持这种分散式结构的同时持续产生现金流。

A serial acquirer needs to ensure that their subsidiaries continue to grow cash while maintaining this kind of decentralized structure.

这可能具有一定挑战性，但实现目标的一种方式是建立正确的激励机制。

Now this can be kind of challenging, but one way to achieve it is by creating the right incentive program.

与其从上至下对企业进行大规模改革，如果选对了负责人并给予适当激励，你完全可以信任这个人来为你扭转局面。

Instead of going in and making massive changes to a business from the top, if you have the right person in charge of the company with the proper incentive, you could just trust that person to write the ship for you.

这正是InduTrade做得如此出色的地方。

That's what InduTrade does so well.

InduTrade不仅要求利润增长，还规定只有在投入资本回报率可观时才能扩张。

Not only does InduTrade require profits to grow, but they should also only grow when generating an attractive return on invested capital.

这就形成了一种局面：企业无法仅通过降低利润率、糟糕的营运资本管理或向客户大幅折扣来实现增长。

This creates a situation where businesses just can't grow by simply decreasing margins or having poor working capital management or by giving significant discounts to customers.

关于Sierra收购方，我常听到的一个反对观点是：为什么企业要卖给他们而不是私募股权？

So one argument I get against Sierra acquirers is often why would a company sell to them rather than to private equity?

理由是私募股权很可能会出价最高。

And the argument is that private equity will likely be the highest bidder.

虽然这在多数情况下可能成立，但除了金钱之外，卖家还有其他考量因素。

And while that's probably valid in the majority of cases, there's more than one reason that someone is gonna sell other than just money.

例如，企业主可能希望继续发展业务，只是需要他人提供资金和专业知识来协助实现。

For instance, the owner of a business might wanna continue improving their business, but maybe just require some capital and know how from others to help them do that.

InduTrade这家公司能在不引发大规模变革（如裁员或企业文化剧变）的情况下提供这种支持。

InduTrade is a company that can offer this without making significant scale changes that would likely result in things such as layoffs or rapid shifts in a company's culture.

我欣赏InduTrade的另一个举措是他们的三年期后效评估机制。

Another initiative that I respect that InduTrade does is this three year post performance review.

这能让管理层着眼于长远发展，而非仅仅关注下一年或当前年度。

This keeps management's eyes on the future rather than worrying about just, you know, the following year or the current year.

如果企业实施这类激励计划，就能打造出优化多年周期发展的业务模式，而非只确保短期表现。

If your business possesses this type of incentive program, you're creating a business that's optimized for a multi year time period rather than, you know, just making sure things are performing well in the very, very short term.

接下来我们要讨论的企业让我联想到Constellation Software未来十年可能的发展方向——它将成为一个成功的母舰，旗下多个子公司都遵循着与母舰相似的运营模式。

Now, the next business we're going to go over here reminds me of where Constellation Software is probably going to end up in the next ten years, which is a successful mothership with multiple spin offs running similar playbooks to that mothership.

我们稍后会在本期节目中更详细地探讨Constellation Software。

So we're gonna be going over Constellation more later on this episode.

现在，请允许我向你们介绍Bergmann and Beving，它是系列收购者的先驱之一。

But for now, let me introduce you to Bergmann and Beving, which is one of the pioneers of serial acquirers.

Bergmann and Beving（我将在本期剩余部分简称为BNB）是一家专注于建筑和工业领域利基产品的所有者与开发商。

So Bergmann and Beving, which I'm just gonna refer to for the rest of episode as BNB, is an owner and developer of niche products for the construction and industrial industries.

BNB有两个显著特征。

So two defining characteristics mark BNB.

第一个是对分权管理的坚持，第二个是致力于通过利润目标实现自我融资增长的坚定理念。

The first is a dedication to decentralization and the second a firm that's committed to self finance growth through profit goals.

在阅读书籍前我并未深入研究过BNB，但最让我感兴趣的是他们对第二点的重视，特别是在营运资金方面。

What I found most interesting about BNB having not spent, you know, any time really researching them before reading about them in the book was their emphasis on point two, especially regarding working capital.

营运资金正是我在2025年花费越来越多时间试图深入理解的领域。

So working capital is an area that I've been spending more and more time really, really trying to understand you know, deeper fashion in 2025.

而我理解营运资本的契机，源于我对所有者收益这一统一指标的深入研究与应用，这基本上成为了我评估所有企业的标准。

And the catalyst for understanding working capital came from my deep dive and adoption of using owner's earnings as kind of this uniform metric that I use for basically all of my businesses.

这使我能够识别哪些企业正在以健康的速度提升这一指标，同时保持可观的所有者收益利润率。

This allowed me to identify which companies were growing this metric at a healthy clip, as well as having a healthy owner's earnings margin.

随着我越来越多地追踪所有者收益（这里简单定义为经营现金流减去维持性资本支出），我愈发意识到营运资本的重要性。

The more I tracked owner's earnings, which I'll simply define here as operating cash flow minus maintenance CapEx, the more I started to emphasize the importance of working capital.

营运资本可能成为企业运营现金流的重要来源，也可能成为巨大的消耗。

Working capital can be a significant source or a major drain on a company's operating cash flow.

让我们以BNB的子公司Joe Safety为例。

So let's use an example of Joe Safety, which is a subsidiary of BNB.

该企业是工作场所安全标识、信息标牌和安全标记的领先供应商。

So this business is a leading supplier of workplace safety signage, information signs, and safety markings.

显然他们需要持有库存才能向客户销售盈利。

They would clearly need to have inventory, right, to sell to their customers to make money.

而要采购库存，就必须持有现金。

Now to buy inventory, you have to hold cash.

当你把库存卖给客户后，他们并不总是立即付款。

And once you sell that inventory to your customers, they don't always pay right away.

可能需要三十天、六十天、九十天甚至更久才能收到款项，这会体现在公司的应收账款上。

It may take, you know, thirty, sixty, ninety days, or even longer to pay, which will be reflected in the company's accounts receivable.

当你尚未收回这笔款项时，实际上是在占用现金流。

When you haven't collected that payment, you're tying up cash.

目前我对Joe Safety的实际资产负债表没有深入了解，所以这纯属假设。

Now I have no insights into Joe Safety's actual balance sheet, so this is purely hypothetical.

请耐心听我解释。

So bear with me here.

假设他们有数百万瑞典克朗的库存和应收账款。

So let's say they had millions of SEK and inventory and accounts receivable.

这显然对他们的现金流造成了重大压力。

That's obviously a significant drain on their cash flow.

不过，我们接下来要介绍资产负债表中另一个重要项目——应付账款。

However, we then introduce another beautiful aspect of the balance sheet, which is accounts payable.

现在，如果Joe Safety需要从供应商处购买标牌部件，他们账户中的资金也可以长期留存，用于为客户提供融资。

Now, if Joe Safety has to buy pieces of their signs from their supplier, they also have cash that could stay in their accounts for extended periods of time, which they can then use to finance their customers.

假设他们的供应商给予120天的付款期限。

So let's say their suppliers offer them a hundred and twenty days to pay.

在这种情况下，卖方实际上是在为Joe Safety的业务提供120天的无息融资。

In this case, the seller is essentially financing Joe Safety's business for a hundred and twenty days for free.

与每月必须支付供应商款项的情况相比，这使他们能产生更多现金流。

This allows them to generate more cash versus if they needed to pay suppliers on just, you know, a monthly basis.

当我看到BNB有一个他们称为'利润与营运资本比率'的指标时，感到非常好奇。

So when I saw that BNB had a metric that they called profit to working capital, was quite intrigued.

他们将这个数字作为比率使用，并希望其保持在45%以上。

So they use this number as a ratio and they want it to stay over 45%.

这意味着如果利润是1000万瑞典克朗，那么营运资本需要低于2222万瑞典克朗。

So this means that if profits are, you know, 10,000,000 SEK, then the working capital needs to be below 22,220,000.00 SEK.

或者换种说法，每1美元营运资本必须产生至少45美分的利润。

Or another way to think of it is that for every dollar of working capital, you must produce at least 45¢ of profits.

BNB曾经历过一次有趣的集中化实验。

An interesting event that happened to BNB was an experiment with centralization.

正如你可能猜到的，鉴于我们之前讨论过那么多关于去中心化的话题，这次实验的结果并不理想。

And as you might have guessed, given how much we spoke about decentralization, this experiment did not end very well.

那是在2001年，BNBA刚刚拆分出两个业务板块，成立了AdTech和Logocrons公司，同时保留了原有的BNB业务。

So the year was 2001, and BNBA just spun off two segments of the business creating AdTech and Logocrons as well as the original BNB business.

他们没有继续沿用数十年来表现优异的去中心化商业模式，而是尝试涉足集中化。

Instead of relying on the business model of decentralization, which had served them so well for decades, they decided to flirt with centralization.

他们将公司更名为B and B Tools，并认为可以通过整合产品公司与已收购的批发商及经销商实体来获得协同效应。

They changed their name to B and B Tools, and they decided that they could obtain synergies by integrating product companies with wholesalers and reseller entities that they've already purchased.

这让我想起了有效市场假说。

Now this kind of reminds me of the efficient market hypothesis.

表面上看起来清晰易懂，但实际上对任何人都难以真正适用。

You know, it looks clean and understandable on paper, but it fails to be usable by anyone really in reality.

InB工具公司曾制作过详细演示，显示利润可以实现规模化增长。

The InB tools had created detailed presentations that revealed that profits could scale.

在最初的六年里，这一策略确实奏效了。

And for the first six years, it actually worked.

在此期间，他们成功将运营利润提升了五倍。

They were able to increase operating profits fivefold over that time.

但到了2009年，利润在一年内骤降超过50%。

But then comes in 2009, and profits slipped by more than 50% in the one year.

在2009年之前，他们还大举收购企业并累积债务，如今这些债务因利润下滑而面临风险。

During the lead up to 2009, they'd also been aggressively buying acquisitions and piling up debt that was now threatened by that lack of profits.

BNB工具公司决定任命阿尔·利利厄斯来力挽狂澜。

BNB Tools decided to appoint Al Lillius to help right the ship.

而他确实通过专注于一件事——去中心化——扭转了局面。

And he did right the ship focusing on one thing decentralization.

当他们重新开始将决策权尽可能下放给一线客户时，业务状况开始好转。

Once they began focusing once again on pushing decision making as close to the customers as possible, the business started to improve.

在集中化过程中，BNB工具公司弱化了利润与营运资本的关键绩效指标，但利利厄斯重新强化了这一指标，从而做出了更明智的决策。

BNB tools during the centralization process deemphasized the profit to working capital KPI, but Lillius reemphasized it, which made for much better decision making.

随后他们将经销商业务分拆为Momentum集团。

They then spun out the reseller business as Momentum Group.

当我审视这个利润与营运资本比率时，我很好奇他们选择的45%这个数字有何深意。

Now when I was reviewing this profits to working capital ratio, I wondered what the significance of this 45% number was that they chose.

其背后的逻辑在于，若企业能达到这一高标准，便可被视为具备自我融资能力。

And the reasoning behind it is that a business can be considered self financed if they can achieve that lofty metric.

以下是书中的原话。

So here's what the book says.

通过实现超过45%的营运资本利润率，企业能够产生必要现金流以支付税款、利息和股息，并通过资本支出、营运资本及融资收购在现有业务内进行必要投资。

By achieving a profit to working capital over 45%, the business can generate necessary cash to cover taxes, interest and dividends, and make required investments inside of the existing business through capital expenditures, working capital, and financing acquisitions.

自我融资的目标意味着，无论是内生增长还是通过收购实现的增长，都不会因股权融资稀释现有股东权益，也无需依赖高额债务融资。

The goal of self financed means that growth, whether organic or through acquisitions, will not dilute current shareholders through equity raises or rely on heavy debt financing.

这45%可进一步细分为三个部分。

The 45% can be further broken down into three categories.

其中前15%被分配用于支付税款。

So the first 15% was allocated to cover taxes.

第二个15%用于股息支付，将分配给母公司。

The second 15% is reserved for dividend payments, which will be distributed to the parent company.

剩余的15%则用于内部投资，以支持未来增长和维护。

And the remaining 15% is internally invested for future growth and maintenance.

企业可以通过六个杠杆来提升这一比率。

So there's six levers that can be pulled by a business to boost the ratio.

前三个杠杆涉及提高利润。

The first three involve raising profits.

具体措施包括增加销量、提高价格以及降低成本。

You can do things such as increase your sales volume, you can raise prices, and you can reduce costs.

让我们稍作休息，听听今天赞助商的内容。

Let's take a quick break and hear from today's sponsors.

想象一下用能真正理解客户的技术来扩展业务。

Plan Imagine scaling your business with technology that understands your customers, literally.

这就是Alexa和AWS人工智能背后的故事。

That's the story behind Alexa and AWS AI.

Alexa每天处理超过10亿次交互，覆盖17种语言，同时将客户摩擦减少40%。

Every day, Alexa processes over 1,000,000,000 interactions across 17 languages, all while reducing customer friction by 40%.

这不仅是为了让生活更便捷，更是为了转变客户互动方式并创造新的收入来源。

It's not just about making life easier, it's also about transforming customer engagement and generating new revenue streams.

幕后由AWS AI驱动70多个专业模型协同工作，打造自然对话，证明企业如何能安全可靠地大规模部署AI。

Behind the scenes, AWS AI powers more than 70 specialized models working together to create natural conversations, proving how enterprises can deploy AI at scale with confidence and security.

Alexa的AI能力在亚马逊庞大业务中经过实战检验，实现了可量化的大规模影响。

Alexa's AI capabilities were battle tested across Amazon's massive operations, delivering real measurable impact at scale.

这些创新现为其他企业提供了已验证的框架，以提升效率、开辟新收入来源并获得持久市场优势。

These same innovations now give other businesses a proven framework to boost efficiency, unlock new revenue streams and gain a lasting market edge.

访问aws.comai/rstory了解Alexa的故事。

Discover the Alexa story at aws.comai/rstory.

网址是aws.com/ai/rstory。

That's aws.com/ai/rstory.

每个企业都在问同一个问题。

Every business is asking the same question.

我们如何让人工智能为我们所用？

How do we make AI work for us?

可能性是无限的，而猜测风险太大，但袖手旁观绝非选择，因为几乎可以肯定的是，你的竞争对手已经在行动了。

The possibilities are endless and guessing is too risky, but sitting on the sidelines is not an option because one thing is almost certain, your competitors are already making their move.

所以没有时间等待。

So there isn't time to wait.

通过Oracle的NetSuite，您今天就能让人工智能发挥作用。

With NetSuite by Oracle, you can put AI to work today.

NetSuite是超过43,000家企业信赖的头号人工智能云ERP系统。

NetSuite is the number one AI cloud ERP trusted by over 43,000 businesses.

它是一个统一套件，将财务、库存、商务、人力资源和客户关系管理整合为单一真实数据源。

It's a unified suite that brings your financials, inventory, commerce, HR, and CRM into a single source of truth.

智能自动化日常任务，降低成本，并充满信心地做出人工智能驱动的决策。

Intelligently automate routine tasks, cut costs, and make AI powered decisions with confidence.

无论您的公司盈利数百万还是数亿，NetSuite都能助您保持领先优势。

Whether your company earns millions or even hundreds of millions, NetSuite helps you stay ahead of the pack.

如果我要用这类产品，我就会选择它。

And if I needed this product, it is what I would use.

现在就去获取他们免费的商业指南，解密人工智能，网址：netsuite.com/study。

Right now, get their free business guide, demystifying AI at netsuite.com/study.

这本指南在netsuite.com/study免费提供，netsuite.com/study。

The guide is free to you at netsuite.com/study, netsuite.com/study.

想象一下，午夜时分，你躺在床上浏览新发现的网站，将心仪商品加入购物车。

Picture this, it's midnight, you're lying in bed scrolling through this new website you found and hitting the add to cart button on that item you've been looking for.

准备结账时，你想起钱包在客厅，却不想下床去拿。

Once you're ready to check out, you remember that your wallet is in your living room and you don't want to get out of bed to go get it.

就在你即将放弃购物车时，那个紫色购物按钮映入眼帘。

Just as you're getting ready to abandon your cart, that's when you see it, that purple shop button.

这个购物按钮已保存所有支付和配送信息，让你舒舒服服躺在床上就能省时完成购买。

That shop button has all of your payment and shipping info saved, saving you time while in the comfort of your own bed.

这就是Shopify，包括我在内的众多商家选择它销售产品是有原因的。

That's Shopify, and there's a reason so many businesses, including mine, sell with it.

因为Shopify让一切变得更简单，从结账到创建你自己的店面。

Because Shopify makes everything easier, from checkout to creating your own storefront.

Shopify是全球数百万企业背后的商业平台，占美国所有电子商务的10%。

Shopify is the commerce platform behind millions of businesses all around the world and 10% of all e commerce in The US.

从美泰和Gymshark这样的家喻户晓品牌，到我这样刚刚起步的品牌。

From household names like Mattel and Gymshark to brands like mine that are still getting started.

而且Shopify让你能使用地球上转化率最高的结账系统。

And Shopify gives you access to the best converting checkout on the planet.

让Shopify助你将宏伟的商业构想变为现实，之后你会感谢我的。

Turn your big business idea into reality with Shopify on your side and thank me later.

注册每月1美元的试用，立即开始在shopify.com/wsb上销售。

Sign up for your $1 per month trial and start selling today at shopify.com/wsb.

网址是shopify.com/wsb。

That's shopify.com/wsb.

好了，回到节目中来。

Alright, back to the show.

第二个三方面涉及营运资金管理。

The second three involve working capital management.

你可以减少库存，加快客户付款速度，或者延长供应商付款期限。

You can reduce inventory, you could speed up customer payments, or you can extend supplier payment terms.

BNB另一个关键部分是其内部基准系统，称为焦点模型。

Another vital part of BNB is their internal benchmark system known as the focus model.

该系统将45%利润与营运资金KPI相结合，并应用于集团内所有运营公司。

This integrates the 45% profits to working capital KPI and applies it across all operating companies within the group.

每个集团及其下属公司随后根据该KPI进行排名。

Each group and the companies inside are then ranked according to that KPI.

焦点模型分为三个层级。

The focus model has three levels to it.

第一层级是需要大量改进的企业。

The first level is for businesses that require a lot of work.

这类企业的利润与营运资金比率低于25%。

This is a profit to working capital below 25%.

对这一细分市场而言，增加收入并非正确解决方案。

Increasing revenue is not the right solution for this segment.

他们需要专注于改善营运资金管理和利润率。

They need to focus on improving working capital management and profit margins.

第二层级是营运资金回报率在25%至45%之间。

The second level is a profit to working capital of 25 to 45%.

这一策略与第一层级并无太大差异。

This strategy isn't too dissimilar from level one.

但当你达到该范围上限时，就可以开始进行增长性投资以提升营收规模。

But once you hit the higher end of the range, then you can start making growth investments to improve that top line.

显然，当营运资金回报率达到约45%或更高时，就达到了巅峰状态。

Now, the pinnacle is obviously when you get to a profit to working capital of about 45% or higher.

如果你已完成前期工作达到这一水平，就可以通过收购和有机增长计划来实现盈利性增长。

If you have done this work to get to this point, then you can focus on profitable growth via acquisitions as well as organic growth initiatives.

最有趣的是伯格曼和贝文如何运用这一指标来改善业务。

So what's most interesting is how Bergmann and Beving uses this metric to improve its business.

一旦明确自身所处层级，企业就能聚焦于产品绩效、分析特定市场与客户等维度，将其作为评估潜在收购机会甚至争取更优供应商条款的工具。

Once you know your level, you can focus on aspects such as product performance, analyzing specific markets and customers, using them as a tool for assessing potential acquisitions and even negotiating better supplier terms.

尽管部分企业声称会全面执行这些举措，但许多公司仍未能达标，原因在于员工缺乏恰当的激励机制。

And while some businesses claim to do all of these things, many companies fall short because their employees are not appropriately incentivized.

BNB在激励员工主动向更高层级迈进方面做得非常出色。

BNB does a great job of incentivizing employees to progress to a higher level actively.

正如书中所言，核心目标是让所有员工快速看到财务业绩的可量化改善。

As the book says, the overarching goal is for all employees to quickly see measurable impacts on financial performance.

例如，销售人员可能因促成多方共赢的举措而获得激励——这些行为同时惠及自身、企业和股东。

An example of this might be a salesperson who is incentivized to do good things that would reward themselves, the business, and shareholders all simultaneously.

具体措施包括提高售价、避免折扣、要求客户加快付款速度，或延长供应商账期等。

This might be things such as raising prices, avoiding discounting, asking customers for quicker payment, or extending payment terms with suppliers.

关于BNB我本可以滔滔不绝，这家企业确实卓越并衍生出众多子公司，但接下来我将转向本书提及的两家衍生企业——LoggerCronce和AdTech。

Now I could go on and on about BNB because the business is really excellent and has spawned numerous spin offs, but I'm gonna transition here and speak about two of the spin offs that were covered in this book, which are LoggerCronce and AdTech.

Logocrons的案例很有趣，它证明了转型确实能实现逆转，这点我们稍后会详细讨论。

So Logocrons is interesting because it's a case study that a turnaround can really turn around, but we'll get back to that shortly.

Logocrons于2001年从BNB分拆出来，自那以后其自由现金流以16%的速度复合增长，投资资本回报率达到19%，实现了百倍增值。

So Logocrons was spun out a BNB in 2001, and it's actually been a 100 bagger ever since then while compounding free cash flow at 16% and owning a 19% return on invested capital.

那么他们是做什么的呢？

So what do they do?

如今，它运营着五个部门：电气化、控制、技术安全、利基产品和国际业务。

Today, it's operating five divisions, Electrify, Control, TechSec, Niche Products, and International.

与VNB类似，每个部门中的公司都在其细分市场占据领先地位。

Similar to VNB, each of the companies in each division has a leading position inside of its niche market.

由于Logocrons在收购标准上是通才型，他们能保持高度灵活性和适应性。

Since Logocrons is a generalist in their acquisition criteria, they can be very flexible and stay adaptable.

还记得我提到过BNB曾一度尝试中央集权管理吗？

Now remember how I mentioned that BNB experimented with centralization here for a time?

于是CEO约根·怀特进行了转型，类似LoggerCon更专注于利基产品和业务。

So Jorgen White, the CEO, then shifted similar to LoggerCon focusing more on niche products and businesses.

为了扭转LoggerCon的局面，他们意识到采用这种特定分销模式导致客户集中度太高。

So to right the ship for LoggerCon, they realized that their customer concentration was too high using their specifically this distribution business model.

首席执行官约尔根·维随后效仿LoggerCon的做法，将重心转向利基产品业务。

Jorgen Vai, the CEO, then shifted similar to LoggerCon focusing more on niche product businesses.

约尔根·维领导的一项有趣举措是新增了这些事业部。

So one interesting initiative led by Jorgen Vai was the addition of these new divisions.

他们并非一开始就拥有我提到的这五个事业部。

So they they didn't always have these five divisions that I mentioned.

实际上最初只有三个事业部。

They actually started with three.

2012年他们增设了利基产品事业部，这个部门后来发展得非常成功。

So in 2012, they added this niche products division, which really took off for them.

书中提到该事业部旗下有家名为Asept International的企业，专门生产番茄酱分配器。

Now the book names a business inside of this division called Asept International, which makes ketchup dispensers.

这项业务无法归类到原有事业部，因此他们直接创建了新部门，显然取得了巨大成功。

Now this business couldn't really be labeled and put under the original divisions, so they just created a new one and obviously had a lot of success.

这一利基产品类别是重大战略胜利，使得Logocrons整合了多个高利润率业务，从而提升了整个公司的盈利水平。

This niche product category was a major strategic victory, which allowed Logocrons to consolidate a number of higher margin businesses that just raised the bar for the entire company.

他们还最终复制了BNB在激励机制方面最显著的一个特点。

They also ended up cloning one of BNB's most prominent traits in terms of incentives.

他们也采用了45%利润用于营运资本这一关键绩效指标。

They also used the 45% profit to working capital KPI.

其他几个对该业务行之有效的激励措施包括：在整个经济周期内实现15%的年收益增长率，他们通过特定方式达成这一目标。

A few other incentives that have worked well for this business are 15% annual earnings growth rate over an entire economic cycle, and they achieve this in a particular way.

他们通过约三分之一的有机增长实现这一点，同时让剩余利润来自增值收购。

So they do this via about one third organic growth while allowing the remaining profits to just come from value added acquisitions.

他们每年目标进行8到12次收购，同时追求25%的股本回报率。

They aim for about eight to 12 acquisitions per annum, and they aim also for a 25% return on equity.

这些都是极佳的关键绩效指标，能确保业务良好运转并长期为股东创造价值。

Now these are just excellent KPIs that really keep the business running well and adding shareholder value over the long term.

现在让我们把注意力转向另一个BNB分拆公司AdTech，看看AdTech与BNB和Logocrons有何不同。

Now let's turn our attention to another BNB spin off here, AdTech, and see what differentiates AdTech from BNB and Logocrons.

与BNB和Logocrons类似，AdTech自2001年分拆以来一直是台现金制造机。

Similar to BNB and Logocrons, AdTech has been a cash generating machine since it was spun out in 2001.

自那时起，其每股自由现金流以约19%的速度复合增长，同时为股东带来了高达26%的总回报率。

Since then, it's compounded free cash flow per share at about 19% while delivering total shareholder returns of a massive 26%.

AdTech虽然看似更类似于Logacron而非BNB，但其业务部门——自动化、电气化、能源、行业解决方案和工艺技术——使其独具特色。

AdTech seems more similar to Logacron's though than BNB, but differentiates itself in its divisions, which are automation, electrification, energy, industry solutions, and process technology.

正如其名称所示，该企业的业务重心更偏向技术领域。

As its name implied, the focus of the business is more on technology.

这家企业吸取了一个我长期重点关注的教训。

So this business learned a lesson that I have spent a lot of time focusing on.

那就是：不重视经济周期中业绩表现的连续收购者，往往难以在长期发展中取得成功。

And that's that serial acquirers that do not prioritize performance through economic cycles tend to have a pretty tough time thriving over the long term.

因此我持有两家专注于桁架制造和工业领域的微型连续收购企业。

So I own two micro cap serial acquirers that specialize in truss manufacturing and industrials.

在新冠疫情后资金廉价且通胀猖獗的时期，这两家企业都曾一度是市场宠儿。

They both were somewhat of a market darling immediately post COVID when money was cheap and inflation was rampant.

当时这两大因素为业务发展提供了顺风助力。

Now these two things acted as tailwinds for the business.

虽然企业能利用这类经济环境是件好事，但关键要记住这些环境并非常态。

While it's nice to have a business that can take advantage of these types of economic environments, the critical thing to remember is that these environments are not normalized.

广告科技行业像所有企业一样经历过几段非正常时期，并从中吸取了重要教训。

Ad tech went through a few periods as all businesses do that also weren't normalized, and they learned some vital lessons from it.

第一个时期是在它刚完成IPO后不久。

Now the first period was immediately after it IPO'd.

实际上它是在9·11事件前一周上市的。

So it actually IPO'd a week before 09:11.

时机糟糕透顶。

Horrible timing.

当时AdTech主要面向电信行业，这个领域在互联网泡沫破裂后已遭受重创，紧接着又受到9·11事件冲击。

At that time, AdTech was exposed to telecommunications, a sector which had been absolutely ravaged by the .com bubble bursting and then also by nine eleven.

ATTC约34%的收入来自电信和汽车行业。

ATTC earned about 34% of its revenue from telecommunications and automotive.

由于这种高度依赖性，企业因此遭受了损失。

And the business suffered as a result of this high reliance.

因此，公司将重点放在提升盈利能力上，在上市三年后将利润率从3.6%提高到了6.7%。

So, the business focused on improving profitability, increasing margins from 3.6% to six point seven percent three years after the IPO.

随后他们开始拓展收入来源，投资了一家最终被分拆为AdLife的医疗业务。

Then they began expanding their income streams, investing into a medical business that was eventually spun into AdLife.

接着在2008年，全球金融危机又带来了新的挑战。

Then in 2008, another headwind was offered up in the form of the great financial crisis.

公司某些业务板块的收入出现大幅下滑，有报告称部分订单量下降了30%。

Specific segments of the business had massive drops in earnings, some reported, no drops of 30% in orders.

于是公司进一步推进分权化改革，取消了集中并购职能，将业务划分为四个可以独立运营的单元。

So the company shifted focus even more decentralization, removing its centralized m and a function and separating its business into these four units, which could be more independently run.

在转型期间，公司利润实际上在急剧下滑。

And during the shift, profits were actually plummeting.

2009年利润跌幅达到约42%。

So they plummeted about 42% in 2009.

但积极的一面是，经营活动现金流仅下降了5%，这表明AdTech旗下的业务单元通过营运资本方面的调整，在困境中实现了最佳运营状态。

But on the plus side, cash from operations only decreased 5% showing that the businesses that were inside of AdTech were able to make the best situation possible from some of the tweaks that they were working on inside of working capital.

由于AdTech更依赖技术，这种商业模式有其特定的优势与劣势。

Since AdTech relies more on tech, there are particular upsides and downsides to that business model.

明显的优势在于，当技术受到青睐时，通常能产生巨大的推动力。

The apparent upside is that technology obviously tends to have a lot of torque when it's in favor.

这使得单个业务有可能实现相当高的有机增长。

This allows for the possibility of pretty high organic growth in individual businesses.

当产品需求旺盛时，还具备强大的定价能力。

And when a product is in high demand, it also offers great pricing power.

但劣势在于技术显然会过时。

But the downside is that technology obviously can become obsolete.

如果你在汽车问世前一年收购了一家使用当时技术的马车企业，这笔收购很可能结果不佳。

If you went out to buy a horse carriage business that was utilizing some technology the year before the car was manufactured for public use, you probably didn't end up doing very well on that acquisition.

因此你必须权衡这两点来谨慎选择收购对象。

So you have to really balance what you buy with both of these things in mind.

虽然这对大多数企业都是挑战，但AdTech已证明这完全可行。

And while this is challenging for most businesses, AdTech has demonstrated that it's entirely possible.

我认为AdTech是一家优秀公司的典范。

I think AdTech is an excellent example of a great company.

虽然我不认为他们曾有过糟糕的管理层，但自2001年以来该公司已经历了三任不同的CEO。

While I don't think they ever had bad management, the business also has gone through three different CEOs since 2001.

这是公司在销售额和股东价值方面的表现情况。

Here was the performance of the company in terms of sales and shareholder value.

第一任是2008年2月上任的罗杰·伯格菲斯特。

So the first one was Roger Bergfist from 02/2008.

他实现了8%的销售额复合增长率和19%的股东价值增长率。

He CAGARED sales at 8% and shareholder value at 19%.

第二任是2008至2018年在任的约翰·肖。

The second was Johan Sjo from 2008 to 2018.

他实现了6.6%的销售额复合增长率和21%的股东价值增长率。

He compounded sales at 6.6% and shareholder value at 21%.

现任CEO是尼古拉斯·斯坦伯格先生，他实现了15%的收入复合增长率和32%的股东价值增长率。

And the current CEO is a gentleman named Nicholas Stenberg whose compounded revenue at 15% and shareholder value at 32%.

因此，这家企业就像一瓶陈年佳酿，随着时间推移逐步为股东增值。

So the business has incrementally increased its value for shareholder as it ages like, you know, a fine wine.

这非常令人印象深刻。

It's very impressive.

与大多数企业一样，这家公司的关键在于其文化。

Now the key to this business, like most others, is in its culture.

只要公司文化保持完整，并由一位能完全接纳并逐步优化该文化的人来领导，股东们就很可能处于极佳的保障之中。

As long as the culture of the company stays intact and is run by someone who fully embraces and can incrementally improve that culture, then chances are that shareholders are in excellent hands.

接下来，我们要讨论的是听众们非常非常熟悉的企业——Constellation Software。

Next, we move to a business that many of our listeners are going to be very, very familiar with, and that's Constellation Software.

Constellation Software由其创始人设计，他最近刚卸任CEO一职，即Mark Leonard。

Constellation Software was engineered by its founder who recently actually stepped down as CEO, and that's Mark Leonard.

Mark很早就发现VMS业务极具吸引力，因为它们能产生大量现金，但缺点是这些资金无法真正被再投资。

So Mark figured out early that VMS businesses were fascinating because they generate a lot of cash, but the downside to them was that that money couldn't really be reinvested.

于是我们集思广益寻找现金再投资方式，最终得出结论：应该用每家子公司产生的现金去收购更多同类企业。

So we brainstormed ways to just reinvest the cash and came to the conclusion that you should just buy more of them with the cash that each of them generated.

这就形成了我们今天所见的飞轮效应。

This created the flywheel effect that we see today.

产生现金流，再将现金投入到更多现金流机器中。

Generate cash that just reinvest that cash into more cash flow machines.

这与书中几乎所有企业的策略如出一辙，这揭示了一个关键点。

It's the same strategy of basically every business in this book, which should tell you something very critical.

自2006年上市以来，Constellation的营业利润以每年33%的速度复合增长，同时保持30%以上的资本回报率。

Constellation has compounded operating profit at 33% annually since its 2006 IPO while maintaining its returns on capital employed by over 30%.

这两点共同促成了企业200倍的投资回报，这已考虑到Constellation近期超过30%的回撤。

Both of those resulted in the business being a 200 bagger and that takes into account Constellation's recent over 30% drawdown.

那么，企业要像Constellation软件那样成功，需要哪些要素呢？

So what are the ingredients for a business to succeed like Constellation Software has done?

这与我们已探讨的企业并无太大差异，但Constellation有其独特的运作方式。

It's not too dissimilar from the businesses that we've already discovered, but Constellation puts its own spin on things.

首先是垂直市场软件行业。

So the first here is the vertical market software industry.

尽管大多数人觉得这些企业因增长缓慢而乏味，但真正的优势恰恰在于此。

While most people find these businesses boring due to their lack of growth, that's where the true advantage lies.

由于伦纳德意识到自己可以在几乎没有竞标竞争的情况下收购这些企业，他知道自己拥有一条可以持续非常非常长时间的投资跑道。

Since Leonard realized he could gobble these up with very little competition on bids, he knew that he had an investment runway that could last for a very, very long time.

垂直市场软件企业吸引人的地方在于，Constellation所寻找的通常是特定市场中排名第一或第二的企业。

The attractive part about VMS businesses are that the ones that Constellation looks for are usually the number one or two in a given market.

它们仅占客户收入的一小部分。

They make up a low percentage of their customer's revenue.

它们深度融入客户的工作流程和运营中，对客户商业模式和后台系统的运作至关重要。

They have deep integrations into their customer's workflow and operations, and they are critical to the functioning of their customer's business model and back end systems.

因此，客户往往选择留在这里，这展示了垂直市场软件商业模式的转换成本。

So as a result of all this, customers just tend to stick around demonstrating the switching costs of the VMS business model.

此外，由于许多这类企业具有非常深入的整合性，即使价格上涨，客户也不太可能转向竞争对手。

Additionally, since many of these businesses have these very, very deep integrations, they're much less likely to switch to a competitor if prices are raised.

如果你的公司过去十年都依赖某款软件，那么更换新的软件供应商将耗费大量时间和精力。

If you have a company that is dependent on software for the last decade, it's gonna be timely and energy sucking to switch to a new software provider.

你还可能惹恼那些被迫培训使用陌生新软件的员工，这甚至可能导致员工流动率上升。

You can also annoy your employees who are forced to train on new software that they just don't know how to use, which can even cause increased employee turnover.

随着Constellation规模扩大，伦纳德意识到分权模式对其持续成功至关重要，因此我们会看到Constellation被拆分为构成整个集团的多个小型单元。

As Constellation scaled, Leonard realized that a decentralized model was necessary for its continued success, which is why I'll see Constellation broken down into smaller units that make up the whole corporation.

公司层级下的这些群体被称为运营集团。

The group under corporate level are known as operating groups.

每个集团内部按垂直领域进行划分。

Each group is separated by the verticals inside of it.

然后在这些垂直领域内又包含独立的企业。

Then you have individual businesses inside of each of these verticals.

例如，Jonas运营集团涵盖以下垂直领域：酒店业、俱乐部与度假村、水疗与健身、建筑、支付以及搬运仓储。

For instance, the Jonas operating group encompasses the following verticals: Hospitality, Clubs and Resorts, Spa and Fitness, Construction, Payment, and Moving and Storage.

各垂直领域会进一步细分为业务单元或独立公司。

The individual verticals are then further divided into business units or individual companies.

这些集团和业务单元都受到激励，持续为母公司创造直接现金流。

Each of these groups and business units is incentivized to continue to create cash flow that goes straight to the parent company.

在我看来，Constellation拥有我所见过的最佳激励方案，尤其在目标一致性方面。

Constellation has, in my opinion, the best incentive program that I've ever seen in terms of alignment.

这个激励方案有一个可变激励部分，这是整个机制的关键。

So the incentive program has a variable incentive that's the key to the whole thing.

因此75%的员工薪酬会用于在公开市场上购买CSU股票。

So 75% of employees compensation goes into purchasing CSU shares on the open market.

这些股票随后会被托管三到五年。

The shares are then held in escrow for three to five years.

可变激励的发放标准是达到5%以上的投资资本回报率。

The variable incentive is based on achieving a ROIC of above 5%.

这有助于企业的资本配置者专注于优化投资资本回报，而不仅仅是追求收益。

This helps the business's capital allocators focus on optimizing for returns on invested capital and not just on returns.

假设你是Jonas集团内部的一个垂直部门，比如建筑板块。

So let's say that you're a vertical inside of the Jonas Group, let's say in construction.

也许你掌握着几百万美元的投资资金。

Maybe you have a few million dollars to invest.

你有两个选择。

You have two options.

你可以投资现有业务以促进有机增长，或者收购新业务。

You can invest in your current businesses to increase organic growth, or you could acquire a new business.

这个决策将由你的投资回报率激励指标（ROIC）来指导。

This decision will be guided by your incentive ROIC, ROIC.

如果你在现有业务单元能实现28%的投资回报率，而新业务投资回报率较低，你很可能会选择更高ROIC的方案来优化激励收益。

If you achieve a ROIC of 28% investing into one of your business units or have the option of a ROIC investing into a new business, you're probably gonna opt for the higher ROIC option to optimize your incentive.

实际上，CSU大部分价值增长来自新增公司，因为长期有机增长率平均仅为2%左右。

In reality, CSU adds a bulk of its value adding new companies as long term organic growth has averaged only about 2%.

我最喜欢的马克·伦纳德故事之一——充分展现他作为CEO的卓越之处——是他决定将薪资降为零并完全放弃任何奖金。

Now one of my favorite Mark Leonard stories which highlights just how good of a CEO he is is when he decided to reduce his salary to zero and waive completely any bonuses.

这使他彻底转变为Constellation Software的纯股东。

This made him purely into a shareholder of Constellation Software.

他在2015年致股东信中写道：今年我将不领取薪资、不拿激励薪酬，也不再向公司报销任何费用。

In his 2015 annual letter, he wrote, this year, I'll take no salary, no incentive compensation, and I am no longer charging any expense to the company.

这种情况并不常见，但它展现了一位专注于为股东创造价值的领导者。

This is not something you see every day, but shows a leader who is laser focused on creating shareholder value.

同时也表明这位领导者并未将企业视为个人小金库。

It also shows a leader who did not think of the business as his own personal piggy bank.

许多CEO被这份工作吸引，是因为其中的丰厚福利。

Many CEOs are drawn to the job because of the perks of working there.

伦纳德的特殊待遇是能够领导自己创建并坚信的企业，并持续将其推向新高度。

Leonard's perk was that he got to lead a business that he created and believed in and continued to compound it to new heights.

本书最后讨论的三家企业是HEICO、AMETEK和Judges Scientific。

Now the final three businesses discussed in this book are HEICO, AMETEK, and Judges Scientific.

我将总结这三家企业的几个关键经验。

I'm gonna summarize a few key lessons from these three businesses.

HEICO专注于为航空航天业提供关键零部件，从中可以学到许多宝贵经验。

So HEICO is a business which focused on supplying critical parts to the aerospace industry has some superb lessons from it.

第一条经验是：由多代家族经营的企业也能取得极高成就。

The first one is that a multi generational family run business can succeed at a very high level.

当然，这仅适用于那些下一代确实有兴趣参与家族企业的特定公司，而这在北美大多数家庭中可能并不常见。

Of course, this only works for specific companies where the next generation is actually interested in becoming involved with the family business, which is probably not the norm for most families in North America.

HEICO让我印象深刻的另一点是，它敢于直面OEM（原始设备制造商）这类强大竞争对手的勇气。

Another area that stuck out to me with HEICO was it's kind of courage to really just take on large and powerful competitors in the OEMs, original equipment manufacturers.

OEM厂商往往对备件市场形成垄断。

So OEMs tend to have a stranglehold on spare parts.

它们会给客户带来诸多困扰，而客户完全可以选择转向其他供应商。

They can cause a lot of pain to their customers who may decide to go elsewhere if they wish.

更何况，当你面对的是受到严格监管和审查的零部件时，想要打开市场与它们竞争绝非易事。

On top of this, when you're talking about parts that are highly regulated and scrutinized, it's just not easy to get a foot in the door and compete with them.

但门德尔松家族已经在这个领域取得了35年的辉煌成功。

But the Mendelson family has been doing it for three and a half decades incredibly successfully.

HEICO作为收购方成功的另一个关键在于留住人才。

Another key to HEICO's success as an acquirer is in retaining talent.

虽然他们会收购足够股份成为大股东，但他们深知让卖方继续参与业务运作的巨大价值。

While they buy enough of the company to be a majority owner, they know how powerful it is to have the seller involved in the business.

因此他们通常会让卖方保留部分利益，以保持他们对公司的专注，并推动公司逐年进步。

So they often allow the seller to keep some skin in the game to keep them focused on the company and on making it better and better each year.

对于业务广泛分布于航空航天、医疗保健、能源和先进技术等行业的AMETEK公司，我认识到了卓越的重要性。

For AMETEK, a business that is widely diversified into industries such as aerospace, healthcare, energy, and advanced technology, I learned the importance of excellence.

卓越是一种人人都向往的特质，但真正具备的人却寥寥无几。

So excellence is a trait that, you know, anyone would love to have, but I think few actually possess.

要保持卓越，需要天赋与激励的双重作用。

And in order to maintain it, it's a mixture of this natural inclination towards excellence and incentives.

我认为AMETEK真正将卓越作为企业文化的一部分。

And I think AMETEK really embraced excellence as part of its culture.

尽管AMETEK采用分散式运营模式，但总有改进空间。

Although AMETEK runs a decentralized operation, there's always room for improvement.

AMETEK设有被称为'黑带'的专家团队。

So AMETEK has these specialists which they call black belts.

这些专家专门负责消除浪费、减少变异和缺陷。

These are AMETEK's experts in eliminating waste and reducing variations and defects.

这些黑带专家会主导为期一周的改善活动，帮助发现子公司中的低效环节并制定解决方案。

These black belts will steer week long kaizen events to help explore inefficiencies in a subsidiary and help create solutions to fix them.

我认为AMETEK深入各子公司这一点至关重要，因为投资者在观察成功的SEER收购方时存在误解，他们往往认为优秀的SEER收购方只会收购那些无需指导就能自我完善的完美公司。

Now I think this point on AMETEK going to their individual subsidiaries is crucial because I believe there are some misconceptions with investors when looking at successful SEER acquirers and assuming that the good SEER acquirers only acquire perfect companies that don't require any coaching or help to improve.

例如，TIP智囊团中一位前Constellation Software的绩效经理告诉我，在Constellation Software，投资组合CEO的主要工作除了寻找新交易外，就是指导业务单元负责人实现高绩效。

For instance, a former Constellation Software performance manager in the TIP mastermind community told me, at Constellation Software, the portfolio CEO's job is mostly to coach their business unit leaders to high performance beside finding new deals.

正如我们今天讨论的许多复合型企业所示，在通往成功的道路上总会遇到各种波折。

And as you've seen with a lot of the compounders that we've gone over today, there have been many bumps in the road on the way to success.

因此当你未来寻找复合型企业时，请明白：即使某业务正面临逆风需要母公司介入其业务单元，也不代表该业务质量不佳。

So when you're looking for a compound in the future, just realize that just because a business is maybe going through some headwinds and the parent company needs to get involved with the individual business units, it doesn't mean that that business is not any good.

今天我要介绍的最后一家企业是Judges Scientific。

And the last business that I'm going to cover today is Judges Scientific.

他们专门收购利基型高利润仪器公司。

They specialize in acquiring niche, highly profitable instrument companies.

我觉得Judges Scientific非常引人入胜，他们自2003年IPO以来仅完成约25笔收购，却已成为百倍股。

I find Judges Scientific fascinating as they've only completed about 25 acquisitions since their IPO way back in 2003, yet it's already a 100 bagger.

他们的CEO大卫·塞库罗有一句关于收购的名言。

Their CEO, David Sekuro has a great quote on acquisitions.

我们感兴趣的并非收购速度，而是价值创造的速度。

We are not interested in the speed of acquisition, but in the speed of value creation.

我从Judges Scientific学到的重要一课是有机增长的重要性。

My big lesson from Judges Scientific is just how vital organic growth can be.

当你思考一个企业要实现24%的年复合增长率时，显然需要巨大的有机增长。

When you think about it for a business to compound at a 24% CAGR, organic growth is obviously going to have to be massive.

如果每年仅以大约一家新企业的速度进行收购。

If you are only acquiring new businesses at a pace of about one per year.

这完全正确。

And that's completely true.

因此Judges的年均有机增长率保持在7%到9%左右。

So Judges has averaged an organic growth rate of about 7% to 9% annually.

我特别欣赏Judges的另一个方面是他们强调使用RoTIC（总投入资本回报率）这一关键绩效指标。

Another aspect of Judges that I really appreciate is the emphasis on the KPI that they use, which is return on total invested capital or RoTIC.

Sikurl使用ROTIC而非已动用资本回报率，因为他认为已动用资本回报率只是会计虚构的产物。

Sikurl uses ROTIC instead of return on capital employed because he feels that return on capital employed is just an accounting fiction.

已动用资本回报率允许分母随着资产摊销或商誉调整而变小。

So return on capital employed allows a denominator to get smaller as assets are amortized or goodwill is adjusted.

ROTIC则不会这样。

RoTIC does not.

CQL作为高度理性的代表，认为回报应基于实际投入资本计算，而非虚构数字。

CQL being, you know, highly rational, believes that returns should be calculated based on the actual capital invested and not in make believe numbers.

这里举个简单例子就足以说明。

So a simple example will suffice here.

我们就以Judge's Scientific为例。

We'll use Judge's Scientific.

在Judge最新财报中，他们公布的ROTIC约为18%。

So in Judge's latest earnings release, they noted a ROTIC of about 18%.

现在假设我们对无形资产和商誉进行4000万英镑的摊销处理。

Now let's create an amortization of intangibles and goodwill of, call it, £40,000,000.

现在这一项调整使得资本回报率达到38%，这明显高于他们用作关键绩效指标的ROTIC数值。

Now this one adjustment makes the return on capital employed 38%, which which is obviously a much higher number than the ROTIC that they use as their KPI.

我认为投资者可以从这些复合型企业中学到的关键经验，在于认识到时间的力量、资本效率和文化在推动长期财富创造中的重要性。

Now the key lessons from the compounders that I think investors can really take away revolve around recognizing the power of time, capital efficiency, and culture in driving long term wealth creation.

书中强调，当公司持续获得高于资本成本的投入资本回报时，股东价值就得以创造，而那些能够在长时间内做到这一点的极少数卓越企业理应获得估值溢价。

The book emphasizes that shareholder value is created when companies consistently have a return on invested capital above their cost of capital and that the very few exceptional businesses that are capable of doing this over long periods of time deserve premium valuations.

传统估值框架往往无法捕捉这些企业的潜力，仅仅因为投资者倾向于对未来现金流贴现过重。

Traditional valuation frameworks often fail to capture the potential of these firms simply because investors tend to discount future cash flows too heavily.

公司案例表明，高回报率下的可持续再投资配合严格的资本配置，远比短期估值更为关键。

The company's profile demonstrate that sustainable reinvestment at high rates of return combined with disciplined capital allocation is far more critical than short term valuations.

真正使这些企业与众不同的是分权制、绩效驱动文化和持久再投资引擎的结合。

What truly distinguishes these businesses is a combination of decentralization, performance driven culture, and a durable reinvestment engine.

优秀的复合型企业会赋能最接近客户的员工，保持精简架构，并运用非常清晰的激励机制来统一管理层与股东利益。

The great compounders empower people closest to the customer, maintain a lean structure, and use very, very clear incentives that align management and shareholder interests.

这种分权制不仅培养了企业家精神和问责制，还能防止官僚主义扼杀创新。

This decentralization not only nurtures entrepreneurship and accountability, but also prevents bureaucracy from choking innovation.

与此同时，这些企业通过跨行业和跨地域的多元化布局来防范风险，并通过持续将利润再投资于高资本回报率项目（无论是内生增长还是审慎收购）来构建抗风险能力。

Meanwhile, these companies protect their downside through diversification across industries and geographies, and they build resilience by continuously reinvesting profits into high ROIC opportunities, whether that be organic or through disciplined acquisitions.

归根结底，投资者应当认识到：识别下一个复利奇迹企业，关键在于找到能将时间转化为竞争优势的商业体。

Ultimately, investors should recognize that identifying the next compounder requires pinpointing businesses that can leverage time as a competitive advantage.

正是长期发展空间、持续再投资与追求卓越的企业文化这三者的罕见结合，才能驱动指数级增长。

It's the rare combination of a long runway, consistent reinvestment, and a culture that rewards excellence that drives exponential growth.

复利效应不仅是数学现象。

Compounding is not just a mathematical phenomenon.

更是组织现象。

It's an organizational one.

投资者的职责是识别并长期持有那些能持续数十年保持高回报的企业——即便它们短期估值看似过高。

The investor's job is to recognize and hold on to businesses that can sustain high returns over decades even if they appear expensive in the short run.

因为复利的魔力唯有通过时间才能显现。

Because the magic of compounding only reveals itself through time.

以上就是我今天要分享的全部内容。

That's all I have for you today.

想继续交流吗？

Wanna keep the conversation going?

在Twitter上关注我@irrational m r k t s，或者在LinkedIn上与我联系。

Follow me on Twitter at irrational m r k t s or connect with me on LinkedIn.

直接搜索Kyle Grief即可。

Just search for Kyle Grief.

我始终欢迎反馈意见，请随时分享如何能让这档播客对你更有价值。

I'm always open to feedback, so please feel free to share how I can make this podcast even better for you.

感谢收听，我们下次见。

Thanks for listening, and see you next time.

感谢收听TIP节目。

Thank you for listening to TIP.

记得在您喜欢的播客应用中关注《We Study Billionaires》，不错过任何一期内容。

Make sure to follow We Study Billionaires on your favorite podcast app and never miss out on episodes.

访问investorspodcast.com可获取节目备注、文字稿或课程资料。

To access our show notes, transcripts, or courses, go to the investorspodcast.com.

本节目仅供娱乐用途。

This show is for entertainment purposes only.

在做出任何决定前，请咨询专业人士。

Before making any decision, consult a professional.

本节目版权归投资者播客网络所有。

This show is copyrighted by The Investor's Podcast Network.

未经书面许可，不得进行节目转播或重播。

Written permission must be granted before syndication or rebroadcasting.