《‘Almost 0%’ Chance Stocks Are Higher In 10 Years | Bill Smead》
MRK是一项持仓，其保守的会计处理（研发费用化）表明其真实盈利能力更高。
我们持有 Merc 和 Amgen，我们喜欢这两家公司，因为它们的会计处理是所有大型公司中最保守的。我这话是什么意思？它们每年把收入的 18% 到 20% 投入研发，并在当期一次性计入费用。
计入费用。它们不做折旧摊销。这是它们所做的最重要的长期投资。所以，它们的利润表实际上比其他公司要赚钱得多，因为它们的会计处理如此保守。
we own Merc and Amgen, and we love those companies because they have the most conservative accounting of any major corporations. What do I mean by that? They spend 18 to 20% of of their revenue each year on R&D and expense it upfront.
Expense it. They don't depreciate. It's the most important long-term investment they make. So, their income statement, they are actually much more profitable as compared to other corporations because of how conservative their accounting is.