Sublime

One of the most amazing ones is the fact that every investor knows that the value of any investment is the present value, the future free cash flows of the investment. Michael pointed me to an article some time ago that ninety-five percent of all analyst reports contain an earnings model or an earnings forecast, and only about five percent contain

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(Rockefeller borrowed aggressively from banks, but those were mostly cash flow loans that were quickly repaid, not long-term investment capital.)

Innumerable ways exist to skim off values from within the financial system. Since brokers get a commission for each transaction, they can maximize their incomes by frequent trading on their accounts (a practice known as ‘churning’) no matter whether the trades add value to the account or not. High turnover on the stock exchange may simply reflect

So let us heed, for a moment, Mr. Gerald Loeb, longstanding champion tape-reader and author of The Battle for Investment Survival: There is no such thing as a final answer to security values. A dozen experts will arrive at 12 different conclusions. It often happens that a few moments later each would alter his verdict if given a chance to