一个真正伟大的企业必须有某种“壁垒”，它保护该商业投入的资本有优异的回报率。
A truly great business must have an enduring "moat" that protects excellent returns on invested capital.
理论上，当预期实际回报率是下降的或负值时，理性投资者是不会投入的，但实际情形并非如此，市场参与者是风险偏好的和非理性的。
In theory, no rational investor would invest when expected real return on equity is declining and negative but they still do. Market participants are risk seeking and irrational.
影响合作伙伴资源投入的因素很多，如利益分配形式、市场回报率、联盟类型、监督成本等等。
Partners' resource commitment is affected by many factors, such as profit-sharing arrangements, marketing reward, alliance types, supervising cost.
据《财富》杂志对标准普尔500强公司统计显示，投入资本回报率越高，企业创造价值越大，企业竞争能力越强，其生存寿命也越长。
Fortune's statistic data on Standard Poor's 500 listed companies disclosed that higher ROIC leads to higher enterprise created value and better competition capability.
据《财富》杂志对标准普尔500强公司统计显示，投入资本回报率越高，企业创造价值越大，企业竞争能力越强，其生存寿命也越长。
Fortune's statistic data on Standard Poor's 500 listed companies disclosed that higher ROIC leads to higher enterprise created value and better competition capability.
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