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 …
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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 …
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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/ …
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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.
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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
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