Recitation · D3

Long-Term Business Value

以企业长期经营价值为锚点，不被中短期价格波动带走。

Reference audio

示范朗读

正常速整段跟读与节奏对照

慢速 −30%音素级精听，逐词确认发音

合成示范音，用于对照节奏与音素，不是唯一正确读法。

Original text

左（或上）为英文定稿，右（或下）为你当初写的中文原话，逐句对照。英文是照中文译的，不是反过来。

When I say I anchor my investing on a company's long-term business value, I mean that every investment I make is built on the business continuously developing and improving over time.
以企业长期经营价值为锚点，是说所有的投资都是基于公司经营发展不断向上变化而进行的投资。
I don't focus on short-term or medium-term stock-price swings.
不关注中短期股价波动，
Instead, I invest strictly around changes in the size and scale of the business, and in its revenue quality—measured by indicators like net profit margin and gross margin.
紧紧围绕经营体量、规模、营收质量（净利润率、毛利率等指标）的变化而进行投资。