Negative free cash flow can be desirable
Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes
Part 6: The Hallmarks of Superb Businesses
Profound errors in interpreting and using ROE and ROC
I find it better to analyze a company’s cash flows, maintenance capex, growth capex and free cash flow in real dollar terms and measure them against the true value of the capital management has use of
The emergence of a new model of capitalism
The first step for investors is to come to a new understanding of reported earnings and the book value of equity.
Dual-class shares –good or bad for investors?
I can vote with my feet.
The danger of investing in companies in an oligopoly
A slowdown in business dynamism means that entrenched firms have less to fear from upstarts
Which is better: top down or bottom up investing?
Many investors have lost money trying to tie their fortunes to a trend such as demographics and an aging population.
The Hullabaloo about Dividends
You should wish your earnings to be reinvested if they can be expected to earn high returns
The best approach to choosing common stocks
“If you can look into the seeds of time,
And say which grain will grow and which will not,
Speak then to me.”
Concentrate on smaller-picture things
The small picture is its specialist technical, engineering, construction and operational skill and economic performance
Investors can counter management short termism
63 per cent of respondents said the pressure to demonstrate short-term financial performance had increased over the last five years
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