我今天早上写了一份报告，这让我想到了什么是一项伟大的生意。我个人寻找有两件事的企业：High Quality Managementand a defendable竞争优势。Management to me is of paramount importance as they will be执行业务计划。我认为您需要一个具有良好往绩和适应永久变化环境的能力的团队。
I'm curious to hear everyone's thoughts?
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评论 （7）
您对良好往绩的要求是否意味着首次创始人相对无法运行/发展良好的业务？只是好奇您如何评估高质量管理，除了在现场 /以前的执行职位上的数年之外。
好问题。
Most of my research (roughly 95%) focuses on established businesses. My circle of competence doesn't generally include businesses with "green" executive management. I find it difficult to assess a business's prospects without knowing management's track record running successful businesses. In saying this, the other "5%" of my research might be spent looking at businesses in their infant stages. But I have to understand the product/service really well to allocate capital to these type of investment ideas.
我还要补充说，在审查管理时，我的要求不仅仅是行业中多年的服务。我尝试评估他们在执行既定目标方面的有效性（即。我还研究资本分配决策，以及他们是否为股东增加了价值。这只是我在研究过程中使用的两个基于决策的标准。
It's very difficult to assess a new founder if they have no prior track record. Not to say they couldn't run a successful business. I just believe that's more in the realm ofPE/VC可以在此阶段评估管理层以评估管理层的投资者。bob电子竞技大赛
For me, there are three primary things that I evaluate when looking for a good business: attractive industry structure and outlook, competitive advantage within that industry, and management. If you took the question a step further to what makes a good investment, the fourth pillar将是估值，但我将保持对业务的回应。
Industry
我把重点放在了产业结构that the business competes in as I think that it drives a large portion of investment outcomes. Further, strong industry selection can help mitigate poor company selection and/or other idiosyncratic risks. The first thing I look for when evaluating the industry is obviously the TAM. How large can the market be? What drives demand? Is growth secular or cyclical? If cyclical, where are we likely to be in that cycle? From there I will break the industry down into four components: suppliers, competitors, buyers, and other key stakeholders (regulators, municipalities). Who has the power in this framework? Who are the major players? How aggressive is competition and what do companies compete based on? As I have become more seasoned, I have generally found that the two most important characteristics for an industry are switchingcosts and barriers to entry，由于切换成本确实是最重要的事情，因为它本身可能是进入的障碍。其他可持续的入境障碍将以前期投资或最小量/单位的形式为最低规模经济学和一些form of network density.
TLDR：一家好的企业在由转换成本和入境障碍保护的行业中具有广泛而增长的TAM
竞争优势
公司必须具有定价能力或成本优势，以赚取超过超过的经济利润他们的资本成本。公司的策略是什么？是什么使这项业务与众不同，并使其比竞争对手获得更好的回报？更重要的是，优势是结构性和可持续性吗？竞争力量和可持续的竞争优势之间存在很大的区别。在我看来，从高失败成本和网络效应中将成本转换为最强大的个人公司优势之一。我倾向于偏爱具有定价能力的公司，而不是具有成本优势的公司，因为在定价方面往往会有更具动态的上涨空间，而成本优势几乎总是可以用足够的时间或资本来复制。我通常也不喜欢依靠品牌力量的公司作为其主要优势。我发现，由于它主要是一种心理口味和优先类型的优势，因此很难预测和评估品牌优势的可持续性。
TLDR: A good business has sustainable competitive advantages within an attractive industry
Management
我不想误导这句话，但我认为帕特·多尔西（Pat Dorsey）说资本分配是业务之间的联系价值和股东价值。Strong capital allocation creates value on top of the value created by the business while poor capital allocation can impair value and threaten the company's moat. When evaluating management, I typically prefer to see actions that align with words. Anyone can say we do this or that, but what do they actually put capital behind? How have returns on capital inclusive of GW and无形资产趋势趋势time? How do they talk about their business? Is it in terms of value creation or in terms of市场份额和股票价格？我基本上想听取管理层谈论他们对未来的业务和愿景，就像我对未来的看法。我还希望看到他们采取行动并进行投资来加强和保护护城河。因此，这就是第1部分，第2部分是激励措施。他们如何付款以及哪种类型的行动可以或可以鼓励和推广？对我来说，最恐怖的事情之一是，当经理不针对并购调整销售额时。无论它是否创造价值，那里的动机都要出去并获取销售。我把自己放在那双鞋里。如果有人付给我淫秽的钱来购买销售，我会做的。激励对准非常重要，因为激励结构应真正推动管理层的决策。
TLDR：一家好的企业拥有一个管理团队，具有强大的资本分配能力，并与其他利益相关者保持一致。
Great comment - thank you
This is a great write-up.
Reminds me of a company I am looking at right now, Adobe. Really ticks all the boxes.
They have a particularly large TAM in the core creative cloud business. One thing often overlooked by the market is the the increasing percentage of the installed base on a y/y basis that is represented by subscribers that are new additions to theAdobe franchise。一般而言，随着业务的成熟，其新订户的混合融合会降低，但对于Adobe而言，它一直在增加。
由于创意专业人士的默认工具，他们的创意云业务和高转换成本的强大定价能力。许多小型企业试图取代Adobe，但失败了。
They have one of the most impressive CEOs who has been with Adobe for over 20 years and understand the business and industry at a granular level.
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