A Quote by Abigail Johnson
Returns matter a lot. It's our capital.
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The ideal business is one that earns very high returns on capital and that keeps using lots of capital at those high returns. That becomes a compounding machine.
CEOs are also chief capital allocators. This is a point Warren Buffett has repeatedly made: that the role management plays in allocating capital across businesses and boosting returns on that capital is a critical yet poorly recognized one.
You will not see, in my career, the kind of returns this industry had in 2005 and 2006 for a very simple reason - the banks were undercapitalized, and returns are a function of earnings and capital.
As an investor with small capital, one should prefer businesses that have high returns on capital and that require little incremental investment to grow.
A smart policy should be one that tends to receive the capitals, pays the price for that capital - which is the interest - returns the capital and in the end the factories, the industries, are left to remain in the country.
It takes almost no capital to open a new See's candy store. We're drowning in capital of our own that has almost no cost. It would be crazy to franchise stores like some capital-starved pancake house. We like owning our own stores as a matter of quality control.
I think there's an awful lot of twaddle and bullshit on EVA. The whole game is to turn retained earnings into more earnings. EVA has ideas about cost of capital that make no sense. Of course, if a company generates high returns on capital and can maintain this over time, it will do well. But the mental system as a whole does not work.
Market leadership can translate directly to higher revenue, higher profitability, greater capital velocity and correspondingly stronger returns on invested capital.
Market leadership can translate directly to higher revenue, higher profitability, greater capital velocity, and correspondingly stronger returns on invested capital.
There's a lot of really wonderful things about the United States of America, especially its ethnic diversity and its mostly successful struggle to create a democracy out of many different cultures. So, we have a lot of capital as a people, we have a lot of cultural capital to keep our democracy going.
The financial doctrines so zealously followed by American companies might help optimize capital when it is scarce. But capital is abundant. If we are to see our economy really grow, we need to encourage migratory capital to become productive capital - capital invested for the long-term in empowering innovations.
What we are doing is, rather than living on the interest of our basic biological capital, we're using up our capital, so we're dipping into our capital. We're using up what should be our children's and grandchildren's legacy.
We preach free enterprise capitalism. We believe in it, we give our lives in war for it, but the closest most of us come to profiting from it are a few miserable shares of stock in a company that doesn't pay large enough dividends to keep a small mouse in cheese. The truth is, most of us are job serfs. At a time when invested capital returns 20 to 30 percent, we have no capital. We only have our wages and salaries, and a debt so high that something like 20c on every dollar we earn is spent to pay off what we owe.
Index funds are... tax friendly, allowing investors to defer the realization of capital gains or avoid them completely if the shares are later bequeathed. To the extent that the long-run uptrend in stock prices continues, switching from security to security involves realizing capital gains that are subject to tax. Taxes are a crucially important financial consideration because the earlier realization of capital gains will substantially reduce net returns.
There's almost too much venture capital in India - there are issues with seed capital, but for venture capital, there's a lot money chasing deals here.
Companies are returning a lot of money to shareholders through dividends and buybacks. And a lot of people say that's not a good use of capital. I think that's normal reallocation of capital.
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