We give up on trying to attain perfection or ascertain when the bottom has been reached
If a company’s capital expenditures are simply maintaining the company’s position in its markets, it free cash flow may be unduly high
The sell side analyst’s target prices do not estimate fair value. DCF estimates do just that. Investors should not confuse the two.
Plan for the worst. Hope for the best. And don’t agonize.
The last time I made any specific stock market predictions was in the year 1914, when my firm judged me qualified to write their daily market letter, based on the fact that I had one month’s experience in Wall Street.
About forty years ago Buffett experienced a Damascene conversion
As the play, The Merchant of Venice, unfolds, all of Antonio’s ships sink, his business collapses and Shylock demands his pound of flesh.
Even with overly optimistic earnings estimates companies regularly ‘beat’ the estimates. What gives?
Investing based essentially on the business cycle outlook is a fools’ game.
Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally