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2. Understand value (the present value of free cash flow).
Dan Callahan • Reflections on the Ten Attributes of Great Investors
A postulate of sound investing is that an investor does not pay more for an asset than it is worth.
Aswath Damodaran • Damodaran on Valuation: Security Analysis for Investment and Corporate Finance (Wiley Finance)
David Swensen’s Unconventional Success or Joel Greenblatt’s You Can Be a Stock Market Genius.
Laurence Endersen • Pebbles of Perception: How a Few Good Choices Make All The Difference
Applied Value Investing: The Practical Application of Benjamin Graham and Warren Buffett's Valuation Principles to Acquisitions, Catastrophe Pricing and ... Execution (McGraw-Hill Finance & Investing)
amazon.com
the masters of private equity draw on their superior data, collected from a target company’s sector or competitors, and apply their judgment and express conviction to act.
Sachin Khajuria • Two and Twenty: How the Masters of Private Equity Always Win
Success in investing comes not from being right but from being wrong less often than everyone else.
Aswath Damodaran • The Little Book of Valuation
Wealth Management
Anthony Fiedler • 1 card
If you accept the Markowitz proposition that the only risk you care about is the risk that you cannot diversify away, how do you measure the exposure of a company to this market-wide risk?