Back to basics about free cash flow

Accounting is but an aid to business thinking, never a substitute for it
Accounting is but an aid to business thinking, never a substitute for it
Warren Buffett terminated his partnership, paid out his investors and went to cash. That’s the only time in his many decades of investing that he has taken such radical action.
Have a good read while we are away on holiday for a few weeks
If you always look to others for confirmation that you are right you will never be self-reliant.
The vast majority of wealth creation comes from a reasonably sized cohort of successful companies. The trick is to identify these wonderful businesses.
We think the very term ‘value investing’ is redundant. What is ‘investing’ if it is not the act of seeking value at least sufficient to justify the amount paid?
He will risk half his fortune in the stock market with less reflection than he devoted to the selection of a medium-price automobile
If I have to bite at stuff that is out of my happy zone, I’m not a .334 hitter
I would say there’s been a great increase in the number people doing dumb things. And they do big, dumb things.
In good years, if not in all years, they retain a part of their profits and put them back in the business.
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