Sublime

What we’re looking for are firms that can earn profits in excess of their cost of capital—companies that can generate substantial cash relative to the amount of investments they make.

Henry Laufer’s group, which traded all these investments, was on a roll. Laufer’s key strategies—including buying on the most propitious days of the week, as well as at the ideal moments of the day—remained

But firms that are able to generate growth with less capital should be more valuable, as should firms that take less risk.

would be about equivalent in most cases.)†

Missing even one great opportunity is a big loss.