Buffett:  How Inflation Swindles the Equity Investor (Fortune, May 1977)

Warren E. Buffett, FORTUNE (May 1977):Five ways to improve earningsMust we really view that 12 percent equity coupon as immutable? Is there any law that says the corporate return on equity capital cannot adjust itself upward in response to a permanently higher average rate of inflation?There is no such law, of course. On the other hand, corporate America cannot increase earnings by desire or decree. To raise that return on equity, corporations would need at least one of the following: An increase in turnover, i.e., in the ratio between sales and total assets employed in the business; Cheaper leverage; More leverage; Lower income taxes, Wider operating margins on sales. And that's it. There simply are no other ways to increase returns on common equity. Let's see what can be done with these...Full EssayRelated:ROE for the S&P 500 (1970 thru 2008), Courtesy of Pzena Asset Management

http://feedproxy.google.com/~r/ReflectionsOnValueInvesting/~3/mUfzljE28IE/buffett-how-inflation-swindles-equity.html

CROIC ROIC Screen Strategy Backtest
 

Jae Jun finds that a stock screen of CROIC outperforms ROIC from 2001-2010. CROIC appears to be a much better indication of performance.
Original news source
 

http://www.valueinvestingnews.com/croic-roic-screen-strategy-backtest
 

CROIC ROIC Screen Strategy Backtest
 

Jae Jun finds that a stock screen of CROIC outperforms ROIC from 2001-2010. CROIC appears to be a much better indication of performance.

 

http://www.valueinvestingnews.com/croic-roic-screen-strategy-backtest
 

CROIC ROIC Screen Strategy Backtest
 

Jae Jun finds that a stock screen of CROIC outperforms ROIC from 2001-2010. CROIC appears to be a much better indication of performance.


 

 

http://www.valueinvestingnews.com/croic-roic-screen-strategy-backtest
 

BYD's Electric Power Research Institute

A sign of what's to come?Energy Storage Systems Photovoltaic Energy Generation System High-duty Electrical System Design Smart Battery Management System Smart Control, Communication and Metering systemDirect Link The rear-view mirror...From Solar to Storage, BYD Dreams of PowerRoad to Riches for a Poor Village BoyHow Manufacturing's Mockingbird Sings(more)

http://feedproxy.google.com/~r/ReflectionsOnValueInvesting/~3/ToNa6so-iac/byds-electric-power-research-institute.html

BYD's Electric Power Research Institute

A sign of what's to come?Energy Storage Systems Photovoltaic Energy Generation System High-duty Electrical System Design Smart Battery Management System Smart Control, Communication and Metering systemDirect Link (more)

http://feedproxy.google.com/~r/ReflectionsOnValueInvesting/~3/ToNa6so-iac/byds-electric-power-research-institute.html

Operating like Berkshire Hathaway: Alleghany Corporation
 

Alleghany's principal business is insurance, however with the access to this float (or cash) they reinvest the money in other businesses, much like Berkshire does.

 

http://www.valueinvestingnews.com/operating-berkshire-hathaway-alleghany-corporation
 

Operating like Berkshire Hathaway: Alleghany Corporation
 

Alleghany's principal business is insurance, however with the access to this float (or cash) they reinvest the money in other businesses, much like Berkshire does.


 

 

http://www.valueinvestingnews.com/operating-berkshire-hathaway-alleghany-corporation
 

Berkshire Hathaway 2009 Annual Report
 

The 2009 Berkshire Hathaway annual report is now available.
 


 

 

http://www.valueinvestingnews.com/berkshire-hathaway-2009-annual-report
 

Globes Online Interviews Peter Lynch

Via Globes Online:Today, [Peter] Lynch is a research consultant at Fidelity Investments. He devotes the rest of his time to philanthropy, through a fund that he manages that awards scholarships to children from low-income families who study in Catholic schools in Boston, where he lives.In an exclusive interview with "Globes", Lynch gives his view of the recent crisis and its consequences for the markets, and has no hesitation is sounding optimistic about the next hundred years for the stock market.Full Interview  (With much thanks to kumar at Corner of Berkshire and Fairfax)

http://feedproxy.google.com/~r/ReflectionsOnValueInvesting/~3/Y6sL7L6Qnak/globes-online-interviews-peter-lynch.html