The profit a company earns on each dollar invested in the business. It is the test of whether growth creates value or destroys it.
资本回报率
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| — | AI's bill is now paid with borrowed money 资本回报率 · 第 9 张术语卡 | The article's closing test: not growth, but the return on the capital being deployed. 如果资本回报率低于借钱的利率，增长越快，毁掉的股东价值越多。这就是「借钱扩张」比「用自有现金扩张」风险高得多的原因——前者有固定的利息，后者没有。 |