"Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business dur…"

"The fact is that one of the earliest lessons I learned in business was that balance sheets and income statements are …"

"Gambling is a kind of tax: a tax on stupidity. A tax on greed. Some money changes hands at random, but the net cash f…"

"60 Minutes is the most successful television series of all time, measured by almost any standard, not the least being…"

"Focusing on cash flow is the best way to determine whether the proposed project is feasible."

"The ability to accurately predict cash flow is the best, most universal, and most consistent standard for financial m…"

"In a world of perfect capital markets there would be no association between firm level investing activities and inter…"

"From a more theoretical viewpoint, one can focus on the nexus between the present and the future. A financial instrum…"

"The central question for positive financial economics is valuation – what is the value today of a set of future prosp…"

"Market valuations can differ substantially and persistently from the rational expectation of the present value of cas…"