事业 · 创业者自述
约翰·D·洛克菲勒：洛克菲勒回忆录·补录 140
约翰·D·洛克菲勒《洛克菲勒回忆录》· Random Reminiscences of Men and Events · 领导
If a man starts in business with $1,000 capital and gradually increases his property and investment by retaining in his concern much of his earnings, instead of spending them, and thus accumulates values until his investment is, say, $10,000, it would be folly to base the percentage of his actual profits only on the original $1,000 with which he started. Here, again, I think the managers of the Standard should be praised, and not blamed. They have set an example for upbuilding on the most conservative lines, and in a business which has always been, to say the least, hazardous, and to a large degree unavoidably speculative. Yet no one who has relied upon the ownership of this stock to pay a yearly income has been disappointed, and the stock is held by an increasing number of small holders the country over.
出处：
https://www.gutenberg.org/ebooks/17090
定位：Additional excerpt 140 · 核对日期：2026-10-19 · 核验：短摘录
白话
洛克菲勒打了个比方：一个人用1000美元起家，把赚到的钱不断投回生意，滚到1万美元，这时若还只按最初的1000美元算利润率，就太傻了。他认为标准石油的管理层该受表扬而非指责，因为他们用最保守的方式把生意做大，而石油业本身风险高、投机性强。但靠这只股票拿年度收入的人从没失望过，持股的小股东也越来越多。核心是：评价企业要看它积累后的总资本，而不是原始投入；稳健扩张、持续分红，才是对股东负责。
上下文
洛克菲勒在回忆录中回应外界对标准石油利润率和资本扩张的质疑。
今日一问
你评价自己的生意或投资时，是否还在用最初的投入算回报率？
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