Sam says:
September 3 2018 at 10:14 am
I think you’ll find that after-tax return on invested capital is what dictates where companies do and do not invest.

Richard Murphy says:
September 3 2018 at 10:29 am
Warren Buffet has suggested otherwise

7 thoughts on “Rilly?”

  1. “A truly great business must have an enduring “moat” that protects excellent returns on invested capital.”
    –Warren Buffett, 2007 Shareholder Letter

    I Think that settles it.

  2. I distinctly remember Warren Buffet advising other people to give their private pension pots to State to build skoolz n ospitals n big pay rises for public sector workers.

  3. Murphy’s view of investment strategy is what is sometimes described as “contrarian”.

    However, Murphy’s contrarianism is extreme given that he accepts none of the conventional and accepted investment logic such as DCF etc. The fact that he can hold several different incompatible beliefs and positions at the same time and consider himself to be correct in each case suggest a sort of Murphy quantum logic, which the rest of us may simply be too stupid to comprehend.

    Maybe when we have a grand unified theory of everything Murphy will be vindicated, but I suspect not.

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