By Robert Higgins
Research for monetary administration, 9/e is a paperback textual content and has been written to give ordinary innovations and sleek advancements in a realistic and intuitive demeanour. it truly is meant for non-financial managers and company scholars drawn to the perform of monetary administration. Emphasis is at the managerial purposes of economic research.
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If its capital stock shrinks, however, it will produce more free cash ﬂow than earnings because it will release surplus capital and not need as much to invest in the future. In the absence of product substitution or management stupidity, the valuation exercise for a commodity business is relatively straightforward; it is essentially about identifying the sustainable earnings power and the nominal cost of capital. A franchise business has some competitive advantage that enables it to generate very high incremental returns on capital.
Owning a business is akin to owning the source of productivity. If investors own businesses that generate real cash ﬂow, then that cash ﬂow over time will also scale with the level of nominal activity and capital may be preserved. The result is that investors will come full circle to the ﬁrst goal of investing: preserving capital, albeit paradoxically through the “risky” ownership of an enterprise. SEEK A MARGIN OF SAFETY The strategic need to be an owner of an enterprise while fundamentally accepting that the world is an uncertain place means investors must demand a margin of safety on each investment that they make.
In a world where the price of man-made money is fake, an investor needs to be primarily an owner of an enterprise in order to preserve capital. Trying to predict the future with scientiﬁc precision is a losing game, but trying to ﬁnd securities one at a time across the globe that embody a margin of safety in price can help investors endure the inevitable vicissitudes of the business cycle and geopolitical turbulence. It requires patience. The margin of safety approach is applicable in all markets.