The Business of Value Investing.pdf

116 The Business of Value Investing Often a simple reading of the annual proxy fi ling will give you a good idea. If the current ...

Effective Business Valuation 117 short run, focusing on stock price performance can hide manage- ment ’ s true operating skill. ...

118 The Business of Value Investing the performance of book value per share. Book value per share is affected by changes in thre ...

Effective Business Valuation 119 liabilities are also subtracted out because they represent “ interest - free ” loans. For examp ...

120 The Business of Value Investing equity risk premium from Wal - Mart leading to a lower cost of equity for Wal - Mart. Let ’ ...

Effective Business Valuation 121 understanding of this concept helped create one of the world ’ s most successful companies. Und ...

122 The Business of Value Investing means is that Microsoft could take $ 1 million, invest it in its opera- tions, and earn $ 40 ...

Effective Business Valuation 123 Profi ts and earnings growth are vital. But what businesses are able to do to with those profi ...

124 The Business of Value Investing the leveraged portfolio equals a return on equity of 50 percent. The same corresponding loss ...

7 CHAPTER Have the Discipline to Say No THE FOURTH ELEMENT The intelligent investor is likely to need considerable willpower to ...

126 The Business of Value Investing A particular security is selling in the market for $ 25 a share. The strong fundamental qual ...

Have the Discipline to Say No 127 market is one such area. After a certain level of competency with respect to fundamental mathe ...

128 The Business of Value Investing is sound and businesslike, your winners will more than compensate for your losers. The undis ...

Have the Discipline to Say No 129 a lower stock price increases the dividend yield. Emotional habits can be quite expensive over ...

130 The Business of Value Investing offers the greater value. Yet based on some very sound metrics of profi tability noted in th ...

Have the Discipline to Say No 131 In one sense, this may indeed be very true. It will require far more capital and investor inte ...

132 The Business of Value Investing opened mom and pop with a shingle reading “ Mortgages Available Here, ” the money to be made ...

Have the Discipline to Say No 133 While discipline alone will not completely insulate you from the painful consequences of blind ...

134 The Business of Value Investing term “ circle of competence ” is widely known but not necessarily truly understood. It goes ...

Have the Discipline to Say No 135 The Whole Foods Company: An Exercise in Patience It’s easy to see why maintaining the discipli ...