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#blog #economics #investing | The Simple Path to Wealth.

7 months ago | View Shared by kang

The Simple Path to Wealth | JL Collins | Talks at Google - YouTube

#economics #investing | Author and financial blogger JL Collins brings his refreshingly unique and approachable take on investing to Google.The author of "The Simple Path to Wealth:...

If 4% of your assets can cover your a year's expenses, you are financially independent.
Simple is what gets you best results.
30 years span - index outperforms 99% of fund managers.

7 months ago | View Shared by kang

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Valuation in Four Lessons | Aswath Damodaran | Talks at Google - YouTube

#economics #investing | The tools and practice of valuation is intimidating to most laymen, who assume that they do not have the skills and the capability to value companies. In thi...

Valuation should not be complex.
Valuation is not accounting.
Where is the value of a company coming from? Compare p&g with tech companies.
4 questions: What are the cash flows? What's the value you create from future growth? How risky is the future growth? When will the business become mature?
Stories and numbers. Two groups of people should listen to each other. I'm a stories person, and must be disciplined with numbers.
Synergy, control, brand name, strategic deal, china(fast-growing nation). => weapons of mass distraction.
You can't value a company if its cashflow is negative forever.
What's the mood? What's the momentum? People pay high prices because they think they can sell at higher prices.
There is no smart money. There is only less stupid money.
What is the right narrative about this company? => this question will drive the valuation of the company.

7 months ago | View Shared by kang

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