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In Warren Buffett's latest letter to shareholders, he provided a pretty blunt criticism of accounting earnings numbers.

在沃倫-巴菲特最近致股東的信中，他對會計收益數字提出了相當直白的責備。

You see, while his company Berkshire Hathaway had made $24.8 billion in operating profit in 2018, the company only reported earnings of $4 billion, primarily the result of a loss in unrealized capital gains.

你看，雖然他的公司伯克希爾-哈撒韋公司在2018年取得了248億美元的營業利潤，但該公司只報告了40億美元的盈利，這主要是未實現資本利得虧損造成的。

So, even though the business had effectively made $24.8 billion, they had to report a smaller earnings number because the market value of some of their investments went down.

是以，儘管該公司實際盈利 248 億美元，但由於部分投資的市值下降，他們不得不報告一個較小的盈利數字。

This is just one example of the noise included in a company's net income number found on their income statement.

這只是公司損益表淨收入數字中包含噪音的一個例子。

It's why many investors prefer to look at a company's cash flow statement when analyzing performance.

這就是為什麼許多投資者在分析公司業績時更願意查看現金流量表的原因。

You see, a company's ability to generate cash is an important factor to consider when researching an investment idea.

要知道，公司產生現金的能力是研究投資理念時需要考慮的一個重要因素。

And looking at a firm's cash flows can clear up whether a business is actually making money or if they're simply abusing accounting rules to inflate their earnings number.

查看公司的現金流可以清楚地瞭解企業是否真的在賺錢，還是隻是濫用會計規則來誇大盈利數字。

So, let's go over cash flow statements and why cash is king on today's Plain Bagel.

那麼，讓我們在今天的 "Plain Bagel "節目中回顧一下現金流量表以及現金為王的原因。

A cash flow simply refers to cash that a company has paid out or received.

現金流是指公司支付或收到的現金。

In other words, it's any revenue, gain, expense or payment the company has actually realized that has actually impacted their bank account.

換句話說，就是公司實際實現的任何收入、收益、支出或付款都會對其銀行賬戶產生實際影響。

In a perfect world, one would expect that cash flows would be identical to the revenue expenses listed on the income statement.

在一個完美的世界裡，人們會期望現金流與損益表上列出的收入支出完全一致。

But this is rarely the case.

但這種情況很少發生。

Gains and losses on the income statement can be non-cash.

損益表上的損益可以是非現金的。

And sometimes, a business may accrue expenses or revenues for which cash has yet to change hands.

有時，企業可能會累積一些現金尚未轉手的支出或收入。

For example, a company may have a bill they need to pay next year.

例如，一家公司明年可能需要支付一筆賬單。

And while this would be recognized immediately on their income statement, the cash flow is only recognized once the money actually leaves the company's bank account.

雖然這會立即在損益表中得到確認，但只有當這筆錢實際離開公司的銀行賬戶時，現金流才會得到確認。

This makes cash flows a lot more straightforward than net income.

這使得現金流比淨收入更直觀。

If a company pays out or receives cash, it's including cash flow.

如果公司支付或接收現金，就包括現金流。

If not, it isn't.

如果沒有，那就不是。

And many analysts give a lot more weighting to a company's cash flows than their earnings.

許多分析師對公司現金流的重視程度遠遠超過其盈利。

Amazon is a great example of this.

亞馬遜就是一個很好的例子。

In 2014, the company actually reported negative earnings.

2014 年，該公司的實際收益為負值。

Meaning that according to their income statement, they were losing money.

這意味著，根據他們的損益表，他們正在虧損。

In reality, however, the firm achieved record operating cash flows and added $5.9 billion of cash to their balance sheet.

但實際上，該公司實現了創紀錄的營運現金流，併為資產負債表增加了 59 億美元現金。

But obviously, where this cash is coming from is important here.

但顯然，這些現金的來源很重要。

An increase in cash is great.

增加現金是好事。

But we need to know if the amount is coming from an increase in sales or a bank loan that the company took out.

但我們需要知道，這筆錢是來自銷售額的增長，還是來自公司的銀行貸款。

For this reason, the cash flow statement groups its cash flows under three different classifications.

是以，現金流量表將現金流量分為三個不同的類別。

The first of which is the cash from operating activities.

首先是營運活動產生的現金。

By far, the most important grouping.

到目前為止，這是最重要的一組。

This amount is a fundamental measure of the amount of money a business has made from their operations.

這一數額是衡量一家企業從其營運中獲利的基本標準。

And oftentimes, when people are simply referring to a company's cash flows, they're actually referencing CFO.

很多時候，人們在簡單提及公司的現金流時，實際上指的是首席財務官。

The amount includes cash received from sales, minus cash paid to suppliers and employees, as well as interest paid on debt and taxes paid to the government.

這一數額包括銷售所得現金，減去支付給供應商和員工的現金，以及債務利息和向政府繳納的稅款。

It's basically a measure of a company's operating profit.

它基本上是衡量一家公司營業利潤的標準。

And like any other profit number, a high and growing CFO likely signifies a growing business.

與其他利潤數字一樣，高且不斷增長的 CFO 很可能意味著企業在不斷髮展壯大。

While a shrinking CFO signifies a shrinking business.

首席財務官的萎縮意味著企業的萎縮。

Worse yet, a negative CFO means that a firm's operations are actually losing money.

更糟糕的是，負財務總監意味著公司的營運實際上在虧損。

And if it doesn't improve, well, a company is almost certain to eventually go out of business.

如果沒有改善，那麼公司最終幾乎肯定會倒閉。

The second classification is cash from investing activities.

第二類是投資活動產生的現金。

This amount includes anything that involves the purchase or sale of longer term assets, such as property, plant or equipment.

這一數額包括任何涉及長期資產（如不動產、廠房或設備）的購買或出售。

It's essentially any money that has been spent to grow the business, maintain the firm's current assets, acquire other companies or invest in different securities.

它基本上是指用於發展業務、維持公司現有資產、收購其他公司或投資不同證券的任何資金。

For example, Plain Bagel Co. would include the purchase of a company delivery van, the acquisition of a competitor and the purchase of money market investments under its CFI.

例如，Plain Bagel Co. 將購買公司的送貨車、收購競爭對手和購買貨幣市場投資納入其 CFI。

Cash flows from investing are typically negative because they often involve a company investing money into its growth or at the very least into maintaining their business.

投資產生的現金流通常為負值，因為這通常涉及到公司為發展或至少為維持業務而投入資金。

But it can occasionally be positive if a company is receiving cash from its investments or when a firm is actually selling its assets.

但是，如果公司從投資中獲得現金，或者公司實際上在出售資產，偶爾也會出現積極的變化。

The final cash flow is cash from financing activities.

最後的現金流是來自融資活動的現金。

This is where you will find the amount of money the company has raised through share issuances, bond issuances or other forms of debt.

在這裡，您可以找到公司通過發行股票、債券或其他形式的債務籌集到的資金數額。

If a company takes out a loan, the money they receive will show up here as a positive cash flow.

如果一家公司貸款，他們收到的資金將在這裡顯示為正現金流。

This is also where you would deduct share buybacks, dividend payments and a company's principal repayments on their debt level.

這也是扣除股票回購、股息支付和公司償還債務本金的部分。

So a positive CFF means that a business is raising money, possibly to grow its operations.

是以，正的 CFF 意味著企業正在籌集資金，可能是為了發展業務。

And a negative CFF means that a business is paying money out, either to its shareholders in the form of share buybacks and dividends or to its creditors in the form of principal repayments, which will lower its debt level.

負的 CFF 意味著企業正在支付資金，或者以股票回購和股息的形式支付給股東，或者以償還本金的形式支付給債權人，這將降低企業的債務水準。

So those are the three types of cash flows.

這就是三種現金流。

And when you net them together, you end up with a company's net change in cash, the amount by which the firm's cash balance changes in a given year.

將它們相加，就得出了公司的現金淨變化，即公司現金餘額在某一年的變化量。

There's also a fourth honorary member of the cash flow family known as free cash flow or SCF and it's loved among value investors.

現金流家族還有第四個榮譽成員，即自由現金流或 SCF，它深受價值投資者的喜愛。

Free cash flow is simply equal to a company's OCF, their operating cash flow, minus capital expenditures or the money from CFI that the company spends on longer term assets like company vehicles or buildings.

自由現金流簡單地說等於公司的 OCF（營運現金流）減去資本支出或公司用於購買長期資產（如公司車輛或建築物）的 CFI 資金。

This number is important because it essentially shows how much money a company has after covering its obligations.

這個數字很重要，因為它基本上顯示了公司在償還債務後還有多少錢。

It's money that is free from any commitment.

這是不需要任何承諾的錢。

It can be used by the firm to pay dividends, buy back shares, pay down debt or pursue acquisitions.

公司可以用它來支付股息、回購股票、償還債務或進行收購。

It's a profit measure that gets a lot of attention from analysts.

這是一項利潤指標，受到分析師的廣泛關注。

A company with strong free cash flows is usually able to self fund growth initiatives without taking on extra debt.

自由現金流充裕的公司通常能夠在不承擔額外債務的情況下為增長計劃自籌資金。

Whereas a firm that has consistently negative free cash flow is likely spending more money than it's generating and will eventually need to raise funds.

而如果一家公司的自由現金流一直為負值，那麼它的支出很可能超過了收入，最終需要籌集資金。

So those are cash flows in a nutshell.

總之，這些就是現金流。

But perhaps you don't fully understand why analysts give the measure so much merit.

但也許你並不完全理解為什麼分析家們對這項措施如此推崇。

After all, all the confusion rules and assumptions in net income are meant to reflect a company's financial situation.

畢竟，淨收入中的所有混亂規則和假設都是為了反映公司的財務狀況。

Is that not good enough?

這樣還不夠好嗎？

Well, the income statement is useful to an extent, but cash flows offer a more complete picture and can provide valuable insights into the quality of a company's earnings or how sustainable they are.

利潤表在一定程度上是有用的，但現金流提供了更全面的資訊，可以為了解公司盈利的品質或可持續性提供寶貴的見解。

Let's go through an example.

讓我們舉個例子。

Imagine you have two bagel companies, Plain Bagel Co and Sesame Sands.

想象一下，你有兩家百吉餅公司，分別是 Plain Bagel Co 和 Sesame Sands。

Let's assume that the companies have identical balance sheets.

假設兩家公司的資產負債表完全相同。

And for 2018, they both record earnings of $10 million on their income statement.

而 2018 年，它們的利潤表上都記錄了 1000 萬美元的收益。

One might assume that these companies have similar financial strength.

人們可能會認為，這些公司的財務實力相差無幾。

But even with these similarities, the two can vary drastically, which we can see by looking at their cash flow statements.

但是，即使有這些相似之處，兩者之間也會有很大的差異，我們可以從它們的現金流量表中看出這一點。

For example, on Plain Bagel Co's cash flow statement, you can see that the firm has a high CFO that is able to fund its CFI and actually returns money to its shareholders and creditors in its CFF.

例如，從 Plain Bagel Co 的現金流量表中可以看出，該公司的 CFO 很高，能夠為 CFI 提供資金，並在 CFF 中向股東和債權人實際返還資金。

On the other hand, Sesame Sands has a lower CFO and a steep CFI.

另一方面，芝麻金沙的 CFO 較低，CFI 較高。

So they're spending a lot more money than they're making from their operations.

是以，他們花的錢要比經營所賺的錢多得多。

And they are taking out debt to finance the spending, which is shown in their CFF.

他們還舉債為這些支出提供資金，這在他們的 CFF 中有所體現。

So even though the companies have the same earnings number, Plain Bagel Co appears to be in a stronger financial situation.

是以，儘管兩家公司的盈利數字相同，但 Plain Bagel Co 的財務狀況似乎更強。

It goes to show why it's important to understand both the company's profitability and their cash flows.

這說明了為什麼瞭解公司的盈利能力和現金流都很重要。

Companies with higher cash flows tend to have more reliable business models and have fewer problems when it comes to funding their business.

現金流較高的公司往往擁有更可靠的業務模式，在業務融資方面問題較少。

Cash flows also provide some insight into a firm's earnings quality.

現金流還能讓人對公司的盈利品質有一定的瞭解。

If a business is reporting high profits, but they have a low or negative operating cash flow, such as with Sesame Sands, then it's possible that they are inflating their bottom line.

如果一家企業報告的利潤很高，但經營現金流卻很低或為負值，比如芝麻金沙，那麼他們就有可能在誇大自己的底線。

Now, the nature of a company's cash flows can vary drastically based on the industry they operate within.

現在，公司現金流的性質會因公司所處行業的不同而大相徑庭。

And there are different rules for things like interest and lease payments, depending on specific factors.

根據具體因素，利息和租賃付款等也有不同的規定。

But even at a high level with this basic understanding, you can learn quite a bit about a firm's financial health just by looking at their aggregate cash flows.

但即使是在這種基本理解的高度上，您也可以通過查看公司的總現金流來了解公司的財務健康狀況。

So next time you look at a company, make sure to check out their cash flow statements to see how each of the three numbers, cash flows from operations, investing and financing, have changed over time.

是以，下次查看一家公司時，一定要查看他們的現金流量表，看看營運、投資和融資產生的現金流量這三個數字各自隨著時間的推移發生了怎樣的變化。

Also, be sure to compare a company's cash flow to their earnings.

此外，一定要將公司的現金流與盈利進行比較。

If the two are close to one another or if CFO is higher than net income, then the company probably has higher earnings quality.

如果兩者接近，或者 CFO 高於淨收入，那麼該公司的盈利品質可能較高。

Looking at free cash flow will additionally show you whether a company has money to spare or if they are spending more than they are generating from their business.

此外，查看自由現金流還能讓你瞭解一家公司是否有閒錢，或者他們的支出是否超過了業務收入。

Net income can give you a quick rundown on a company's performance in a given year.

淨收入可以讓你快速瞭解一家公司在某一年的業績。

But for the full picture, it's better to count the cash.

但要想了解全貌，最好還是數數現金。

With that said, we're out of time.

說了這麼多，我們沒時間了。

If you like this video, make sure to hit the like button.

如果您喜歡這段視頻，請點擊 "喜歡 "按鈕。

And if you like what we're doing here, make sure to subscribe.

如果您喜歡我們的節目，請務必訂閱。

Hit the bell icon if you want notifications about future videos.

如果您想收到未來視頻的通知，請點擊鈴鐺圖標。

If you have any feedback or topics you want me to cover in a future video, leave a comment down below.

如果您有任何反饋意見或希望我在今後的視頻中涉及的主題，請在下方留言。

For The Plain Bagel, my name is Richard Coffin.

對於《The Plain Bagel》，我的名字是理查德-科芬（Richard Coffin）。

Thanks for joining me today.

感謝您參加今天的會議。

This video is sponsored by Walmart.

本視頻由沃爾瑪贊助。

If you're someone who researches your own investment ideas or if you like to monitor how your personal investments are doing, Walmart is a great tool for retail and professional investors alike that makes researching companies and keeping a pulse on the markets easy.

如果您研究自己的投資理念，或者您喜歡監控個人投資的情況，沃爾瑪是一個非常適合散戶和專業投資者的工具，它能讓您輕鬆研究公司和把握市場脈搏。

It's got a pretty intuitive and user-friendly interface and a lot of handy tools including a heat map, insider trading information, a stock screener, and even a portfolio tracking tool that you can use for your personal holdings.

它有一個相當直觀和友好的用戶界面，還有很多方便的工具，包括熱圖、內幕交易資訊、股票篩選器，甚至還有一個投資組合跟蹤工具，可以用於個人持股。

Probably the biggest difference between this site and other pages like Yahoo Finance and Morningstar though is its simplicity.

不過，該網站與雅虎財經和晨星等其他網頁的最大區別可能在於其簡潔性。

When you search a company, you're brought to a profile that has all of its information in one spot.

當您搜索一家公司時，您會看到一個公司簡介，該公司的所有資訊都集中在一個地方。

You'll find their finances, trading multiples, recent headlines, filings, and a bunch of other details all in one page, making it very easy to quickly get an overview of the ticker.

您可以在一個頁面中找到它們的財務狀況、交易倍數、最近的頭條新聞、申報文件和其他大量詳細信息，從而非常容易地快速瞭解股票的概況。

You can use the website for free and if you really like the service, there are options available to upgrade your account.

您可以免費使用該網站，如果您非常喜歡這項服務，還可以選擇升級您的賬戶。

Make sure to use the following URL or the link in the description down below to create your account and let them know I sent you their way.

請務必使用以下網址或下面描述中的鏈接創建您的賬戶，並讓他們知道是我把您送到他們那裡的。

If you find yourself struggling to get the information you need about the companies you're researching or you simply want a user-friendly tool to track your positions, I encourage you to check out Walmart.

如果您發現自己難以獲得正在研究的公司的資訊，或者您只是想要一個用戶友好型工具來跟蹤您的職位，我建議您查看沃爾瑪。