You should wish your earnings to be reinvested if they can be expected to earn high returns
“If you can look into the seeds of time,
And say which grain will grow and which will not,
Speak then to me.”
The small picture is its specialist technical, engineering, construction and operational skill and economic performance
Today the Millennial generation is engaged in earning, saving and investing.
Economic performance focuses on effective use of the capital invested in the company
Is buying with a margin of safety really the closet practice of market timing?
No company under consideration will even be close to scrambling to pay its creditors.
There needs to be a skilled knight in the castle to protect and enhance the moat.
Some companies are in the seemingly fortunate position that they can maintain profit margins simply by raising prices.
Buffett uses Owner Earnings to judge the performance of a company and its management. He also uses Owner Earnings to assess the intrinsic value of a company.