Buffett’s concept of economic goodwill vs accounting goodwill

Sunkenness – intangible investments tend to be worth less if they go wrong
Sunkenness – intangible investments tend to be worth less if they go wrong
The first step for investors is to come to a new understanding of reported earnings and the book value of equity.
Using trailing twelve months earnings that are impacted by a recession is a mistake
What is ‘investing’ if it is not the act of seeking value at least sufficient to justify the amount paid?
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