Value investing in the age of the Magnificent Seven, networks, intangibles, AI and all that

A high ratio of price to book value, a high price-earnings ratio, and a low dividend yield – are in no way inconsistent with a ‘value’ purchase.

Distill the secrets of sound investment into three words

The best business to own is one that over an extended period can employ large amounts of incremental capital at very high rates of return

If the job has been correctly done when a common stock is purchased, the time to sell it is – almost never

Using trailing twelve months earnings that are impacted by a recession is a mistake

Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio’s market value.

What is ‘investing’ if it is not the act of seeking value at least sufficient to justify the amount paid?

Nuggets of Investing Wisdom