A Quote by David Einhorn
One of the best investors around, Joel Greenblatt, has written a popular, charming and funny book about investing in great companies at low P/E multiples. To simplify an already simple book, great companies are generally measured as companies that can generate lots of profit without requiring a lot of capital. This means that they have high ROEs.
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Today's consumers are eager to become loyal fans of companies that respect purposeful capitalism. They are not opposed to companies making a profit; indeed, they may even be investors in these companies - but at the core, they want more empathic, enlightened corporations that seek a balance between profit and purpose.
We do all that [ represent companies], because we have a lot of research in Japanese companies, and that research educates investors around the world. It allows us to sell stocks and bonds in Japanese companies.
Bad companies are destroyed by crisis. Good companies survive them. Great individuals, like great companies, find a way to transform weakness into strength.
When the trust is high, you get the trust dividend. Investors invest in brands people trust. Consumers buy more from companies they trust, they spend more with companies they trust, they recommend companies they trust, and they give companies they trust the benefit of the doubt when things go wrong.
There is a natural tendency for investors to devote a significant majority of their time to finding new ideas. After all, uncovering great companies selling at great prices is the lifeblood of successful investing. But in the never-ending quest for the next great idea, investors often give short shrift to their existing investments.
I think that we can all learn from what smart companies are doing. My objective is to demonstrate what's possible, even during tough economic times. This is a period of great business dislocation, but that means it's also the time to try new things. This will be a challenge for existing companies. But the behaviors of smart companies can be learned.
In many cases, Rhode Island is just not on the radar of a lot of companies. But once companies or people take the time to look at our high quality of life, low cost of living, great talent, good business environment, often people see it's an excellent place, and they want to take a harder look.
Great leadership and great companies aren't built overnight, and they're not built without capital. And capital can sometimes be counter-productive to building a great culture.
If you think about companies that were built in Silicon Valley, a lot of them early on were chip companies. And now the companies that are there, like Apple, are much more successful than any of the chip companies were.
I'm going to start a lot of companies. These are not sham companies. These are great businesses.
When screening engineers from other companies, its smart to value engineers from great companies more than those from mediocre companies.
One of the principal impediments to job creation is uncertainty on the part of American companies, large and small. We've all watched as companies have sat on a lot of capital. They're uncertain about what tax policy is going to be. They're clearly uncertain about how health care costs. They're uncertain about all the regulations on capital markets.
Bad companies are destroyed by crisis, Good companies survive them, Great companies are improved by them.
You can create value with breakthrough innovation, incremental refinement, or complex coordination. Great companies often do two of these. The very best companies do all three.
Some fast fashion companies do amazing environmentally friendly capsule collections, but wouldn't it be great if one of these companies just turned around and said everything they produced was?
The vast majority of companies don't go public and mint dozens of millionaires. And most companies don't go around doling out stock options; private companies tend to be very tight about ownership.
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