Daniel Bakalarz

one concept that  is close to immutable for an investor is that the present value of future free cash flow determines the value  of a financial asset. This is true for stocks, bonds, and real estate. Valuation is challenging for equity  investors because each driver of value—cash flows, timing, and risk—are based on expectations wher... See more

Cash is a call option on the opportunity. Having ample liquid cash putsvaluable optionality in the hands of investors, to make bargain purchaseswhen opportunities arise, and it also makes them antifragile

There's not a person in this room  viewing the work of a very ordinary professional magician who doesn't see a lot of  things happening that aren't happening and not see a lot of things happening that are happening.  And the reason why is that the perceptual apparatus of man has shortcuts in it.  And so just as a man working wit... See more

If a company earns exactly its cost of capital on its investments, the present value of incremental NOPAT and  the present value of investment will be equal. SVA and PVGO are both zero.

Psychology: Just as  you think better if you array knowledge on a bunch of models that are basically  answers to the question, why, why, why, if you always tell people why, they'll  understand it better, they'll consider it more important, and they'll be more likely to  comply. Even if they don't understand your reason, they'll ... See more

In this group of successful investors that I want to consider, there has been a commonintellectual patriarch, Ben Graham. But the children who left the house of this intellectualpatriarch have called their "flips" in very different ways. They have gone to different placesand bought and sold different stocks and companies, yet they have had a combin... See more

Galef’s Scout Mindset sets out to remove information to provide a clearer view of the territory. Soldier Mindset just adds more confirmations to make the map more elaborate, regardless of its accuracy.