财务自由 by 2018
记录我的股票，基金和投资理财经历
正文
Business Tenets
- Is the business simple and understandable?
- Does the business have a consistent operating history?
- Does the business have favorable long-term prospects?
Management Tenets
- Is management rational?
- Is management candid with its shareholders?
- Does management resist the institutional imperative?
Financial Tenets
- Focus on return on equity, not earning per share.
- Calculate "owner earnings"
- Look for companies with high profit margins.
- For every dollar retained, make sure the company has created at least one dollar of market value.
Market Tenets
- What is the value of the business?
- Can the business be purchased at a significant discount to its value?
- Is the business simple and understandable?
- Does the business have a consistent operating history?
- Does the business have favorable long-term prospects?
Management Tenets
- Is management rational?
- Is management candid with its shareholders?
- Does management resist the institutional imperative?
Financial Tenets
- Focus on return on equity, not earning per share.
- Calculate "owner earnings"
- Look for companies with high profit margins.
- For every dollar retained, make sure the company has created at least one dollar of market value.
Market Tenets
- What is the value of the business?
- Can the business be purchased at a significant discount to its value?
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