损益表和资产负债表对于辨识资源 可能会有所帮助。 即使 一有一些未知的优势无法从会计报 表上看出 一琐碎的细项太多

In markets where quality is hard to observe, reputations last a long time If quality is important, competitive advantages tend to be long-lived

在产品品质难以辨别的市场中,企业声誉的影响力 可持续非常久。 如果产品品质很重要的话,竞争优势也会持续非常 久

Many markets are such that a firm needs several resources to success Resources can be brought together in several ways

In general, you can not expect to capture any value if you do not create any Getting\paid to playis an exception, but is unlikely to yield very high profits

More openness allows more value creation but less value capture More attractive for weaker players

Many markets are such that a firm needs several resources to success Resources can be brought together in several ways Self-development acquire/be acquired

Not all economic forces respect industry boundaries Cartoons for all kids or All entertainment for some kids

「当一个有良好声誉的经理人进入一个恶 名昭彰的产业服务,通常他无法对这个产 业的名声有任何提升」 华伦巴菲特

「当一个有良好声誉的经理人进入一个恶名昭章的产业服务,通常他无法对这个产业的名声有任何提升华伦巴菲特