Reading Financial Statements with Buffett and Munger和巴菲特、芒格一起读财报
Read Reading Financial Statements with Buffett and Munger in order, following the questions developed in each installment.按期阅读《和巴菲特、芒格一起读财报》，沿着每一期的问题逐步展开。
- For whom适合谁
- For readers starting without an accounting background who want to judge a business with Buffett’s and Munger’s shared owner perspective.适合尚无会计基础，希望结合巴菲特与芒格的所有者视角判断生意的读者。
- Before you begin已有基础
- Addition, subtraction and percentages. Each accounting term is introduced through a transaction before it is used in a ratio.会加减法和百分比即可；先通过具体交易理解会计术语，再使用财务比率。
- What you can explain读完能解释什么
- Each lesson teaches one central idea through a real case and a checkable exercise. Connect cash, capital, incentives, resilience and price, then write a research memo with explicit evidence gaps.每期一个核心知识点，配真实案例与可核对练习。把现金、资本、激励、韧性与价格连起来，最后写出明确证据缺口的研究判断。
Read the accounts先读通数字
Connect three statements, then test which cash can sustainably belong to owners. Apple’s cash-flow disclosures anchor both lessons.先连通三张报表，再检验什么现金可以持续归股东。两期都落到 Apple 的真实现金披露。
Explain the business再辨清生意
See’s explains capital productivity; Apple’s compensation disclosures show how to examine decision incentives.用喜诗解释资本效率，用 Apple 薪酬披露学习检查决策激励。
Reach a defensible judgment形成有依据的判断
Map obligations, separate value from price, then complete an Apple research memo. Retain uncertainty when the evidence cannot settle it.排查付款义务，区分价值与价格，再完成 Apple 研究笔记。证据不足的地方，明确保留判断。
- PART 01第 1 期 ·
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, cash generation and cash on hand answer different questions.先对上一家店的账，再勾稽 Apple 2025 财年现金余额，分清利润、现金创造与账上现金。
- PART 02第 2 期 ·
Financial Statements 02: From profit to sustainable owner cash财报阅读 02：利润里有多少能归股东
Use Apple’s cash spending to separate reported free cash flow from sustainable owner earnings, with a worked maintenance-investment range.结合 Apple 的现金支出，分清报表自由现金流与可持续所有者盈余，并练习估计必要再投入区间。
- PART 03第 3 期 ·
Financial Statements 03: Explain high returns on capital财报阅读 03：高回报从哪里来
Use See’s Candies to connect returns on capital with customer preference and working-capital needs; separate a durable advantage from a flattering denominator.用喜诗糖果把资本回报接回顾客偏好与资金占用，分清持久优势与好看的会计分母。
- PART 04第 4 期 ·
Financial Statements 04: Read management incentives财报阅读 04：管理层为什么这样用钱
Read Apple’s actual compensation terms, distinguish annual targets from long-term rewards, and compare incentives with capital-allocation outcomes.阅读 Apple 的真实薪酬条款，分清年度目标与长期奖励，再把激励同实际资金用途对照。
- PART 05第 5 期 ·
Financial Statements 05: Can the business survive a cash shortfall?财报阅读 05：好生意能否熬过现金低谷
Use Apple’s debt maturity schedule to separate annual profitability from payment-day liquidity, then stress a delayed receipt.从 Apple 债务到期表区分全年盈利与付款日流动性，再用回款延迟检验现金缺口。
- PART 06第 6 期 ·
Financial Statements 06: What is a good business worth?财报阅读 06：好生意值什么价格
Separate See’s operating capital return from the buyer’s earnings yield; then test cash-flow assumptions, repurchase prices and alternatives.区分喜诗的经营资本回报与买家的盈利收益率，再检验现金假设、回购价格和替代选择。
- PART 07第 7 期 ·
Financial Statements 07: Write an evidence-based research memo财报阅读 07：用真实年报完成研究判断
Read Apple’s FY2025 report through cash economics and competing explanations, then write a memo separating facts, estimates and revision conditions.用现金经济性与替代解释两条线读 Apple 2025 财年年报，完成区分事实、估计和重审条件的研究笔记。