Daniel Bakalarz
@danielbakalarz
Investor at https://unisonam.com
unisonam.comDaniel Bakalarz
The difference between the unadjusted and the adjusted MEROI is a function of what percentage of SG&A isreclassified and the assigned amortization period. (See the appendix for a more detailed discussion.) If noSG&A is considered to be an investment, no adjustments are necessary. The higher the percentage of SG&A that is capitaliz... See more
Morgan Stanley • Market-Expected Return on Investment Bridging Accounting and Valuation
from Karen Stenner:"All the available evidence indicates that exposure to difference, talking about difference, and applauding difference - the hallmarks of liberal democracy - are the surest ways to aggravate those who are innately intolerant, and to guarantee the increased expression of their predispositions in manifestly intolerant attitudes and... See more
thekcpgroup.com • The Attention Span. “Racehorses and Psychopaths.”
“Let’s constantly be doing something that can be doubted. Because if we’re not, then what are we doing?”
Mark Zuckerberg • The Tim Ferriss Show Transcripts: Mark Zuckerberg on Long-Term Strategy, Business and Parenting Principles, Personal Energy Management, Building the Metaverse, Seeking Awe, the Role of Religion, Solving Deep Technical Challenges (e.g., AR), and More (#582)
The right analytics: Why are some companies more profitable than others? A company’s performance has two sources: If a company has a COMPETITIVE ADVANTAGE, it can sustain higher relative prices and/or lower relative costs than its rivals in an industry.
Joan Magretta • Understanding Michael Porter: The Essential Guide to Competition and Strategy
What is elementary, worldly wisdom? Well, the first rule is that you can't really know anything if you just remember isolated facts and try and bang 'em back. If the facts don't hang together on a latticework of theory, you don't have them in a usable form.
Charlie Munger • A Lesson On Elementary, Worldly Wisdom As It Relates To Investment Management & Business – Charles Munger, USC Business School, 1994
“The essence of strategy,” Porter often says, “is choosing what not to do.”
Joan Magretta • Understanding Michael Porter: The Essential Guide to Competition and Strategy
Executives must be aware that making investments that create value may be insufficient to sustain the stock price if the market’s expectations are for either a larger amount of investment or a higher return on investment.
Morgan Stanley • Market-Expected Return on Investment Bridging Accounting and Valuation
1. Be numerate (and understand accounting).
Dan Callahan • Reflections on the Ten Attributes of Great Investors
Companies create value when their investments earn areturn in excess of the opportunity cost of capital. Investors add value when their portfolios generate a return higher than an appropriate market benchmark. Companies continually invest in assets in order to create value in the business, while investors buy a stock at a point in... See more