Berkshire Hathaway Letters to Shareholders, 2018
Great fundamental investors focus on understanding the magnitude and sustainability of free cash flow. Factors that an investor must consider include where the industry is in its life cycle, a company’s competitive position within its industry, barriers to entry, the economics of the business, and management’s skill at allocating ... See more
Dan Callahan • Reflections on the Ten Attributes of Great Investors
And let’s say he still went on to earn the extraordinary annual investment returns he’s been able to generate (22% annually), but quit investing and retired at age 60 to play golf and spend time with his grandkids. What would a rough estimate of his net worth be today? Not $84.5 billion. $11.9 million. 99.9% less than his actual net worth.
Morgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
The totally unpredictable perceptions of market participants, reflected in momentary stock prices and in the changing multiples that drive speculative returns, essentially have counted for nothing.
John Bogle • Enough: True Measures of Money, Business, and Life
Two courses are open to a new concern like ours—1st Stand timidly back, afraid to “break the market” [or] . . . 2nd To make up our minds to offer certain large customers lots at figures which will command orders—For my part I would run the works full next year even if we made but $2 per ton.