We believe a potential investment can only be evaluated correctly by using original-primary data. To start our analysis, we manually rebuild a company’s balance sheet and income statement with data from the past five years.
Look for more value in terms of discounted future cash-flow than you are paying for. Move only when you have an advantage. … You have to understand the odds and have the discipline to bet only when the odds are in your favor.— Charlie Munger (1924 - )
... the right method in investment is to put fairly large sums into enterprises which one thinks on knows something about and in the management of which on thoroughly believes.— John Maynard Keynes (1883-1946)
The bulk of private fortunes is, in a capitalist society, the result of the process of which innovation is the prime mover.— Joseph A. Schumpeter (1883-1950)
... Nothing is so agreeable as to make one’s own fortune.— Voltaire (1694-1778)
I wish I could command the eloquence with which I once heard the late Lord Keynes expatiate on the indispensable role that the man of independent means plays in any decent society.— Friedrich A. Hayek (1899-1992)
As a general rule, the most charitable purpose to which a man can put his money is to find for it the best paying investment he can.— Simon Newcomb (1835-1909)