富达：通往天堂的三步

2015 · 文章 · 原文约 752 词

译文与英文原文逐段对齐可在本页展开英文，也可打开发布者原址核对上下文。

《三步登天》是埃迪·科克伦去世后拿下冠军的单曲，秀沃达迪乐队曾翻唱过。在 Fundsmith，这首歌正是我们 Fundsmith 股票基金投资流程的根基：

Three Steps to Heaven was a posthumous No. 1 hit by Eddie Cochran for which Showaddywaddy did a cover version. At Fundsmith it’s the foundation of our investment process for the Fundsmith Equity Fund:

1. 投资好公司

1. Invest in good companies

2. Don’t overpay

3. Do nothing

1. 好公司指的是那些以高于资本成本的资本回报率——显著高于其资本成本——在整个商业和经济周期内为股东创造价值的公司。

1. A good company is one which creates value for its shareholders by making a high return on capital-significantly above its cost of capital-across the business and economic cycle.

什么是资本回报率？通常用企业的营业利润除以投入资本来衡量，以百分比表示。

What is return on capital? It is usually measured by the Operating Profit of the business, divided by the capital employed, expressed as a percentage.

什么是资本成本？债务成本相对容易——你可以在账目中找到债券成本的参考，如果有银行贷款，直接用利息费用除以期初和期末债务的平均值作为百分比成本。股权成本则更难确定，通常采用所谓的无风险利率，比如公司经营所用货币的政府债券收益率，再加上一个风险溢价，以补偿股权投资固有的额外风险。这个略显复杂的公式，大概至少能部分解释为什么似乎很少有投资者愿意去算这笔账。

What is the cost of capital? The cost of debt is relatively easy-you can find a reference to the cost of bonds in the accounts and if there is bank debt you can just use the interest charge divided by the average of opening and closing debt as the percentage cost. Cost of equity is trickier to ascertain and is usually taken as a so-called risk free rate, such as the yield on government bonds in the same currency that the company operates in, plus a risk premium to compensate for the additional risks inherent in equity investment. This slightly complex formula probably explains at least in part why so few investors seem to try to work this out.

这为什么重要？公司在某些方面和我们一样。如果你以年利率 10% 借钱，投资获得 20% 的年回报，你会变得更富有。但如果你投资只获得 5% 的年回报，你会变得更穷。同样，一家回报率高于资本成本的公司会变得更值钱——它为股东创造价值——反之亦然。

Why is this important? Companies are just like us in some respects. If you borrowed money at 10% per annum and invested it at a 20% per annum return you would become richer. But if you invested at 5% per annum you would become poorer. Similarly, a company which makes return above its cost of capital become more valuable-it creates value for its shareholders- and vice versa.

但难道所有公司不都为股东创造价值吗？遗憾地说，并非如此。有些行业倾向于大部分时间或一直赚取低于资本成本的回报，比如航空业，在其存在的大部分时间里可能都没有为股东创造价值。

But don’t all companies create value for their shareholders? Sadly not, there are some industries which are prone to make returns below their cost of capital much or all of the time, such as the airline industry which has probably not created value for shareholders throughout most of its existence.

但如果整个行业一直在摧毁价值，那为什么还有人投资呢？基金经理投资那些回报不达标、从而摧毁价值的公司，是因为他们希望这些公司会改变——管理层更替、商业周期回升、收购或行业整合，会改变这一根本性的糟糕特征。当基金经理等待他们对差公司的投资变好时，这些公司却在持续侵蚀价值，相当于从你这位股东那里借钱，却以不足的回报率进行投资。

But surely if a whole industry just keeps destroying value, why would anyone invest in it? Fund managers invest in companies which do not make adequate returns and so destroy value because they hope they will change-that a change of management, an upturn in the business cycle, a takeover or industry consolidation will alter this fundamentally poor characteristic. Whilst fund managers wait for their investments in bad companies to come good they steadily erode value by the equivalent of borrowing money from you the shareholder and investing it at an inadequate rate of return.

当你持有一家好公司的股票时，你可以确信其价值会随时间上升。

When you own shares in a good company you can be sure that its value will rise over time.

2. 不要出价过高。投资的秘诀也许是低买高卖，但如果你买的是好公司的股票，忘了后半句也没关系。如果你打算持有一个由高回报、价值随时间复利增长的好公司组成的投资组合，你就不能玩“博傻理论”的游戏——明知出价过高还去买，指望有个更傻的人以更离谱的估值从你手里接走，因为你打算长期持有。这就引出：

2. Don’t overpay. The secret of investment may be to buy low and sell high, but if you are buying shares in good companies, it doesn’t matter if you forget the second bit. If you are going to own a portfolio of good companies with high returns which compound in value over time you can’t play “Greater fool theory” in which you knowingly overpay for the shares hoping that a greater fool will buy them off you at an even more egregious valuation, as you intend to hold onto them. Which leads to;

3. 什么都不做。从很多方面看，这是策略中最难的部分。基金经理们常常表现得好像投资者是按他们的操作量付酬，但实际上他们是为结果而获得报酬。而这些结果通常因卓越的不作为而得到提升，因为交易操作要花钱，包括佣金、买卖价差，以及英国股票的印花税。

3. Do nothing. In many ways the most difficult part of the strategy. Fund managers often seem to act as though they are paid by investors for activity when in fact they are paid for their results. And those results are generally enhanced by masterly inactivity as dealing activity costs money in terms of commissions, bid-offer spreads, and Stamp Duty on UK shares.

2014 年 12 月，富达的汤姆·史蒂文森与特里谈了他的投资流程以及他所持公司的财务特征——请在此观看视频访谈。

In December 2014, Fidelity's Tom Stevenson spoke to Terry about his investment process and the financial characteristics of the companies he holds – watch the video interview here.

Fundsmith 股票基金的英文招股说明书可应要求提供，也可通过 Fundsmith 网站获取，投资者在购买基金份额前应查阅该文件。过往业绩不必然预示未来表现。投资价值及其收益可能下跌也可能上涨，并受汇率变动影响，你可能无法收回原始投资金额。Fundsmith LLP 不提供投资建议，也不就其产品的适用性作出任何推荐。本金融推广材料仅面向英国居民，由获得金融行为监管局授权并受其监管的 Fundsmith LLP 发布。

An English language prospectus for the Fundsmith Equity Fund is available on request and via the Fundsmith website and investors should consult this document before purchasing shares in the fund. Past performance is not necessarily a guide to future performance. The value of investments and the income from them may fall as well as rise and be affected by changes in exchange rates, and you may not get back the amount of your original investment. Fundsmith LLP does not offer investment advice or make any recommendations regarding the suitability of its product. This financial promotion is intended for UK residents only and is communicated by Fundsmith LLP which is authorised and regulated by the Financial Conduct Authority.

Terry Smith

Fidelity