1/Tonight I start Security Analysis @Columbia_Biz. This is my 28th consecutive year teaching the course and I am as nervous as ever. Preparation always provides a wonderful opportunity to take stock of process.https://www8.gsb.columbia.edu/courses/mba/2020/spring/b8368-001 …
-
-
5/Acknowledging this shift changes the discourse on corporate investment. "Recent studies examining Capex lament the declining trend in firms’ operating investments. The trend turns positive once the investment portion of Main SG&A is included." https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715722 …
Prikaži ovu nit -
6/Shout out to
@d_mccar on his work on Customer-Based Corporate Valuation. Great stuff: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2701093 …Prikaži ovu nit -
7/We spend a lot of time discussing the limitations of multiples for valuation. You earn the right to use a multiple only when you demonstrate that you understand the economic assumptions that are behind it. https://www.bluemountaincapital.com/wp-content/uploads/2015/03/What-Does-an-EV-EBITDA-Multiple-Mean.pdf …
Prikaži ovu nit -
8/And expectations remain central. What has to happen for the price of a stock to make sense? No one knows how the future will unfold, but you can stack the odds in your favor. Steven Crist describes this beautifully in another probabilistic domain.https://www.vintagevalueinvesting.com/drf-legend-steven-crist-on-value-investing-and-horse-betting/ …
Prikaži ovu nit -
9/ I will finish by noting some sources of inspiration. The first is my mentor, collaborator, and friend Al Rappaport. I will do my best to translate his wisdom to my students.
Prikaži ovu nit -
10/ Next is the
@sfiscience, an extraordinary institution that ignores traditional academic disciplines and considers vexing problems at the intersection of disciples. A wonderful combination of open minds and rigorous methods.Prikaži ovu nit -
11/ Finally, the mental models approach advocated by Charlie Munger and the torchbearer for the approach
@ShaneAParrish@farnamstreet https://fs.blog/mental-models/ https://www.amazon.com/Great-Mental-Models-Thinking-Concepts-ebook/dp/B07P79P8ST …Prikaži ovu nit
Kraj razgovora
Novi razgovor -
Čini se da učitavanje traje već neko vrijeme.
Twitter je možda preopterećen ili ima kratkotrajnih poteškoća u radu. Pokušajte ponovno ili potražite dodatne informacije u odjeljku Status Twittera.