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past average price/earnings multiplier.
Benjamin Graham • The Intelligent Investor, Rev. Ed (Collins Business Essentials)
Seth Klarman • Seth A. Klarman remarks at MIT
spent half his interest
Benjamin Graham • The Intelligent Investor, Rev. Ed (Collins Business Essentials)
It’s about earning pretty good returns that you can stick with and which can be repeated for the longest period of time. That’s when compounding runs wild.
Morgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
A fantastic story about the father of modern portfolio theory, Harry Markowitz, brings this to life. Markowitz considered the optimal mix of assets for his personal portfolio but found it all too complicated to wrap his prodigious brain around. “I should have computed the historical co-variances of the asset classes and drawn an efficient frontier,
... See moreBrian Portnoy • The Geometry of Wealth
One common feature of these investors is that they have had permanent sources of capital, which has changed their behavior by allowing them to endure greater volatility in their returns.
Allen C. Benello • Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors
investor should demand, in addition, a satisfactory ratio of earnings to price, a sufficiently strong financial position, and the prospect that its earnings will at least be maintained over the years.
Benjamin Graham • The Intelligent Investor, Rev. Ed (Collins Business Essentials)
desire to maintain a diversified portfolio, venture capital is intended to produce what investment managers refer to as alpha—excess returns relative to a specific market index.
Scott Kupor • Secrets of Sand Hill Road
The IRR of 18% is well below the acceptable range of 25%.