Month: May 2021

“Small portions of exceptionally good businesses are usually available in the securities markets at reasonable prices. But such businesses are available for purchase in their entirety only rarely, and then almost always at high prices.” “Most organizations, business or otherwise, measure themselves, are measured by others, and compensate their managers far more by the yardstick…

“High rates of inflation create a tax on capital that makes much corporate investment unwise – at least if measured by the criterion of a positive real investment return to owners.” “The average return on equity of corporations is fully offset by the combination of the implicit tax on capital levied by inflation and the…