A Quote by Peter Cundill
The company must be profitable. Preferably it will have increased its earnings for the past five years and there will have been no deficits over that period.
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My goal is to buy a company at a low multiple to normal earnings power several years out and that the company earns good returns on capital at that level of normal earnings. A holding period of more than one year also works quite well as the factors are persistent in years 2 and 3.
The company must be paying dividends. Preferably the dividend will have been increasing and have been paid for some time.
The history of the past fifty years, and longer, indicates that a diversified holding of representative common stocks will prove more profitable over a stretch of years than a bond portfolio, with one important provisio that the shares must be purchased at reasonable market levels, that is, levels that are reasonable in the light of fairly well-defined standards derived from past experience.
The good parts about being a public company are increased discipline, increased execution and increased transparency to make sure that you are really building a company for a hundred years.
Calculate a stock's price/earnings ratio yourself, using Graham's formula of current price divided by average earnings over the past three years.
We will still be enormously profitable and by far the most profitable enterprise software company.
US forces have been increased [in Afghanistan ] from some 21,000 to about 31,000 over the past two years and a number of coalition countries have also increased their forces, there still are not sufficient troops.
I served at a time when we had a strong economy, when we had deficits that we would die for today. I was able to propose a balanced budget, not over ten years, but over five years. I'm proud of that record.
I ran a profitable boostrapped company for five years, then raised $40 million from Andreessen Horowitz.
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.
Just to cover the increase in fuel costs over the past two years, American would have had to raise fares nearly $75 per round-trip ticket. During this time period, our average fare increased by only $15.
But I do say that, if you will regularly devote 15 minutes a day, preferably before breakfast, for 60 days to the simple set of exercises that I devised for conditioning men in the navy, I guarantee that you will enjoy increased physical buoyancy and mental vigor.
More and more people are becoming aware that government has nothing to give them without first taking it away from somebody else-or from themselves. Increased handouts to selected groups mean merely increased taxes, or increased deficits and increased inflation.
We need the science to continue. The heat, the storms, the sea level rise, the Arctic melting. These are all real facts that over time will sink in. The question is, will that be two years, or five years or 10 years?
The laws of normal economics dictate that lower taxes combined with increased spending will lead to bigger deficits.
The profitable part of the online business is very likely several years away. Entering the business because it's the hot topic of the day doesn't make a profitable business nor satisfied customers. That's why it will be a part of Nintendo's strategy, not the mainstay, as other companies are attempting to do. There still are too many barriers for any company to greatly depend on it.
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