A Quote by David Hawkins
The best companies are able to realize earnings in cash, not through calculations that belong in fantasyland.
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What we do is we test what works on Wall Street. And sometimes it is earnings momentum, and sometimes it's earnings surprises. Sometimes it's price-to-sales cash flow, and then we put together our stock selection models.
There are several things that can create an alpha - stock buybacks are one. High dividend yields are another, especially nowadays because the stock market yields more than the banks and the tenure treasury. But by and large, it tends to be companies with a strong cash flow, rising sales, accelerated earnings, a profit margin expansion.
Almost everyone agrees that corporate tax rates need to be cut because of global competition. Companies should not be able to stash earnings overseas tax-free.
A young financial writer once brought ridicule upon himself by stating that a certain company had nothing to commend it except excellent earnings. Well, there are companies whose earnings are excellent but whose stocks I would never recommend. In selecting investments, I attach prime importance to the men behind them. I'd rather buy brains and character than earnings. Earnings can be good one year and poor the next. But if you put your money into securities run by men combining conspicuous brains and unimpeachable character, the likelihood is that the financial results will prove satisfactory.
For us to create unique experiences that other companies cannot, the best possible option for us is to be able to develop hardware that can realize unique software experiences.
It's an advantage for both parties to have the other. It also creates good stability of earnings. Our business mix means we have a diversified earnings stream, which is one of the things why we got through the tough times so successfully.
We're approaching being able to do a billion billion calculations per second, and that's the - that's the objective of our national labs. We're still not there. But with hundreds of millions of calculations per second.
The general who wins a battle makes many calculations in his temple ere the battle is fought. The general who loses a battle makes but few calculations beforehand. Thus do many calculations lead to victory, and few calculations to defeat: how much more no calculation at all! It is by attention to this point that I can foresee who is likely to win or lose.
You will never realize your best destiny through the avoidance of fear.
Rather, you will realize it through the exercise of courage, which
means taking whatever action is most liberating to the soul, even when
you are afraid.
We definitely are a supporter of lowering corporate income tax and managing through the reprehension of cash for companies because we do think that'll give them more ammunition to grow their businesses and expand what they do.
Our progress isn't just limited to the operation. Financially, we have been performing well. United's 2015 earnings were one of the best in the company's history, and we made significant progress shrinking the margin gap with our closest competitors, strengthening our balance sheet, and returning significant cash to shareholders.
The big picture is: the main thing you should be concerned about in the future are incremental returns on capital going forward. As it turns out, past history of a good return on capital is a good proxy for this but obviously not foolproof. I think this is an area where thoughtful analysis can add value to any simple ranking/screening strategy such as the magic formula. When doing in depth analysis of companies, I care very much about long term earnings power, not necessarily so much about the volatility of that earnings power but about my certainty of "normal" earnings power over time.
It's one of the fundamental principles of the stock market: When interest rates go up, stocks go down. And along with financial companies and cyclicals, technology companies - with their sky-high price-to-earnings multiples - should be among the biggest losers in an environment of rising rates.
Through good times and bad, American workers and their families have been able to rely on Social Security to provide guaranteed protection against the loss of earnings due to retirement, disability, or death.
We invest in undervalued companies that exhibit strong fundamentals, above-market dividend yields and historic earnings growth, which our analysis indicates will persist. Our strategy is to own strong, fundamentally sound companies and to avoid speculative stocks or potential bankruptcies.
I've been quite lucky in that the roles that I've been able to play are all kind of outsiders. And, you know, I belong to so many places and belong to none of them at the same time, so there's this sense of displacement - I very much understand what it is to not fit in or belong somewhere.
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