Ideas, made
visible.让知识，变得可见。
Stay curious. Look closely.保持好奇，认真看世界。
Start with a question or an observation. Make complex ideas clear, and keep the details worth noticing.从具体的问题与观察出发，把复杂的原理讲清楚，把值得留意的细节记录下来。
Follow a thread沿着一个问题深入
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Timeline时间线Financial Statements 01: Connect the three statements财报阅读 01：读通三张报表
Connect a shop’s accounts, then reconcile Apple’s FY2025 cash balance. Profit, operating cash flow and cash on hand answer different questions.先核对一家商店的账目，再核对 Apple 2025 财年的现金变动，分清利润、经营现金流与现金余额。
Financial Statements 02: How much profit can reach shareholders?财报阅读 02：利润里有多少能归股东
Apple’s cash spending shows why free cash flow differs from sustainable owner earnings; a worked example estimates a range for the investment needed to maintain a business.结合 Apple 的现金支出，分清自由现金流与可持续所有者盈余，并用算例估计维持经营所需的投入区间。
Financial Statements 03: Where do high returns on capital come from?财报阅读 03：高回报从哪里来
See’s Candies shows how customer preference and working-capital needs shape returns on capital, and why a small accounting denominator can make a return look stronger than the business warrants.通过喜诗糖果，理解顾客偏好与营运资本需求如何影响资本回报，并区分持久的竞争优势与偏小分母带来的高比率。
Financial Statements 04: How incentives shape management decisions财报阅读 04：管理层为什么这样用钱
Read Apple’s compensation terms, distinguish annual targets from long-term rewards, and compare incentives with how management allocates capital and the results of those decisions.阅读 Apple 的薪酬条款，分清年度目标与长期奖励，再把激励同实际资金用途及其结果对照。
Derivations, experiments, and moments worth keeping.推导、实验，还有值得留下的片刻。
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