söndag 9 oktober 2011

lästips v40

Dividend Monk’s Three Picks for the Dividend Growth Index
Munken resonerar kring Novartis, Wal-Mart samt Energy Transfer Equity.

Offer på utvecklingens altare
Artikel om teknikskiften.

Analys av Avanza
Luppen gillar nätmäklaren kvalitativt men tycker att värderingen är lite hög.

The Investments Blog
Buffett: Why Growth Is Not Necessarily A Good Thing
"The reality is most high return businesses like See's generate more capital than they need. Keeping those funds inside a business like See's is an invitation for poor use of capital. Finding businesses with durable high return on capital, with management that knows how to deploy it, and paying a nice discount to a conservative estimate of intrinsic value determines long-term returns for investors...not growth. "

Bloggaren fortsätter med ett citat av Buffett:
"business growth, per se, tells us little about value. It's true that growth often has a positive impact on value, sometimes one of spectacular proportions. But such an effect is far from certain. For example, investors have regularly poured money into the domestic airline business to finance profitless (or worse) growth. [...] The more the industry has grown, the worse the disaster for owners.

Growth benefits investors only when the business in point can invest at incremental returns that are enticing - in other words, only when each dollar used to finance the growth creates over a dollar of long-term market value. In the case of a low-return business requiring incremental funds, growth hurts the investor."

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