两头受气的企业难有长期的超额回报（Both sides of the enterprise is difficult to have long-term excess returns.）.docVIP

两头受气的企业难有长期的超额回报（Both sides of the enterprise is difficult to have long-term excess returns.） The short-term revenue decline or soaring is the most primary flicker of investors. These investors began from the chaos the fundamental concern of enterprises (not focus on fundamentals, corporate stock trading, basically all is pure, but investors speculators) to industries and enterprises to conduct in-depth understanding, from a long-term perspective; if investors stay in the pursuit of short-term high performance, high enterprise transfer of state enterprise performance or the possibility of a large short-term behavior of deception. Often think of the companys todays explosive performance will continue in the future; on the contrary, will also think that the performance decline of enterprises often will continue for a long time. Trying to avoid failure is more important than just pursuing success. We need to analyze the long-term characteristics of an enterprise. For both sides of the industry or enterprise, we must be vigilant and avoid. What kind of business is both sides of the enterprise? There are many different kinds of things. There are so few ahead by: (1) the price of raw material, which accounts for most of the cost of production, is not controlled by itself, and varies greatly; (2) labor intensive enterprises, labor prices continue to rise; (3) capital intensive enterprises must continue to invest heavily if they want to keep functioning. Behind the air are so few: (1) the government strictly controls the prices of products or services offered by enterprises, and when the cost of the products increases, they can not be passed on to consumers in time; (2) products or services are basically without distinction, without their own unique advantages, brand influence is very small, competition is fierce; (3) it is difficult to withdraw in time because of the great influence of the economic cycle and the decline of market demand. There should be other information.