We do the same discounted cash flow analysis everyone does, but the most important variable and the one that most impacts the answer is the growth rate you assume for the business. Lee Cooperman always used to say that if you got that right, you were 90 percent there. I've always considered that to be [...]

Because of digital technology, information flows much faster and in greater volume. That doesn't mean the information is better misinformation travels faster too but there's more to digest and synthesize.

I have made the point in the past with Coca-Cola about the danger of having management that knows the business side cold but doesn't understand the product and its relationship to consumers. The best managers bring both skill sets to the table.

Value to me often derives from competitively strong companies in structurally attractive industries supported by secular growth. In financial terms it's easy to describe a high-quality business. They generate high returns on unlevered capital and high returns on equity on an after-tax basis. They produce free cash flow or have attractive enough reinvestment opportunities to [...]