Valuation 评价人数不足
读书笔记 Why Value Value?
Patrick 保公子
During the Internet bubble, managers and investors lost sight of what drove return on invested capital (ROIC); indeed, many forgot the importance of this ratio entirely.
The notion of "winner take all" led companies and investors to believe naively that all that mattered was getting big fast, and that they could worry about creating an effective business model later.

看了这段深有感触,前两年热闹的共享概念,不断地烧钱扩张,最终因为没有建立有效的盈利机制而土崩瓦解,一地鸡毛。

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