价值投资

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• Normally, people who put their own money into deals are known as principals, and those people who put deals together for fees but who do not have their own money in the deal are known as brokers. Merchant bankers are often brokers masquerading as principals. They usually invest none—or very little—of their own money in the deal, but they both collect their fees for putting deals together and obtain an equity interest in deals without any—or any material—money investment. (查看原文)

  目送飞鸿 2022-11-18 15:44:18

• Most corporations whose managements do not have their eyes wholly on OPMI stock prices seek to create wealth in the most income-tax efficient manner. The most inefficient tax way to create wealth is to have reportable operating earnings, a going-concern emphasis; the most efficient tax way to create wealth is to have unrealized (and therefore mostly unreported) appreciation of asset values, a resource conversion emphasis. (查看原文)

  目送飞鸿 2022-11-22 10:35:05