A Quote by Peter Cundill
In every analysis you need to isolate what the real assets are and you must not forget to examine the franchise to do business, to review the character and competence of the management and to estimate the outcome if the whole business had to be turned into cash.
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Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life. The calculation of intrinsic value, though, is not so simple. As our definition suggests, intrinsic value is an estimate rather than a precise figure, and it is additionally an estimate that must be changed if interest rates move or forecasts of future cash flows are revised.
People are not "things" to be manipulated, labeled, boxed, bought, and sold. Above all else, they are not "human resources." They are entire human beings, containing the whole of the evolving universe, limitless until we start limiting them. We must examine the concept of leading and following with new eyes. We must examine the concept of superior and subordinate with increasing skepticism. We must examine the concept of management and labor with new beliefs. And we must examine the nature of organizations that demand such distinctions with an entirely different consciousness.
If you own a wonderful business...the best thing to do is keep it. All you're going to do is trade your wonderful business for a whole bunch of cash, which isn't as good as the business, and you got the problem of investing in other businesses, and you probably paid a tax in between. So my advice to anybody who owns a wonderful business is keep it.
What we call a financial crisis is really at its core a crisis of management, and not just a crisis of management, but a crisis of management culture. ...In other words, what you had is a detachment of people who know the business from people who are running the business.
Cash is the lifeblood of your business. There are very few things in business that will kill you, but running our of cash is one of those things. You can recover from almost any other mistake, but if you run out of cash you're dead.
Thanks to the competence, love of God, our country's security and stability, endowed wealth, integrated infrastructure and quality services, the U.A.E. turned into the world's renowned destination for tourism, investment and business management: the interface of choice for hosting major cultural events, artistic and sports, in the world.
When Paul Heyman came and gave me the whole idea for the character, 'The Franchise,' I remember the NFL was just starting to classify one of their players as the franchise player. So that was the whole idea, that 'The Franchise' was the franchise player for ECW.
The essence of a good investment manager is one who studies a given business and extrapolates the future cash flows that the business is likely to generate over the next several years. Based on the cash flow and asset assessment, they can then arrive at their expected rate of return if they bought a fraction of that business at a given price.
Never hesitate to show your own staff that you need help. They need to be reminded how important they are to the process. In life and in business, we rely on each other to be responsible for individual tasks that benefit everyone. People sometimes forget how much interdependence there really is in a successful business. Learn the art of asking for help to empower and motivate others, and you will have learned a very powerful management strategy.
The U.S. government uses cash accounting. That is illegal for any enterprise of any size in America except for the U.S. government. Every for-profit business, every not-for-profit business, every state and local government has to use real accounting except for Uncle Sam.
It is a matter of course and of absolute necessity to the conduct of business, that any discretionary businessman must be free to deal or not to deal in any given case; to limit or withhold the equipment under his control, without reservation. Business discretion and business strategy, in fact, has no other means by to work out its aims. So that, in effect, all business sagacity reduces itself in the last analysis to judicious use of sabotage.
I've never had a business plan. Every project we've ever done was the intersection of somebody with a real need, a real passion to do something, and hustling.
We need to think harder and smarter. What we really need is holistic analysis, not holistic media data. We need to make better use of what we have. We need to dig deeper and ask, 'Do you need to repeat the whole study or can you examine the bits that have changed and re-calibrate?'
I learned a lot from Dick Wolf. I'll always remember playing that character because it was such a good character. It was great to be able to be a character like that for television. I think the thing that I'll bring from the whole experience, the whole 10 years, is I had never been interested in the television business before.
Our attitude toward cash generation and asset management came out of our own thought process. After we acquired a number of businesses we reflected on aspects of business. Our own conclusion was that the key was cash flow.
I came up with this idea to create an app. And the premise of the app is this: every problem in the bar business goes away when there's sales. You increase revenue and you solve every problem. It's when the revenues are low that [the business] doesn't work. So I wanted to put together an app that focused on top-line revenue, guest experience, and business management in a more organized way.
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