Paul Singer

“To perform the task of money management properly, there must be a true partnership and understanding between investors and their managers. The partnership does not mean that investors are sitting in the kitchen watching the sausage being made. Rather, it means that investors should have rational expectations based on past performance and current market conditions, and should […]

Connecting the Dots
Charlie Munger

Connecting the Dots

One of the first real creative challenges we face as children is the Connect the Dots exercise. This is the first time we are forced to integrate a number of concepts at the same time – visual, numerical and conceptual. We are required to follow a numerical sequence, draw straight lines with a degree of […]

warren buffett

Acceptable Use of Adjusted Financial Metrics by (Warren Buffett)

When companies report earnings, they have the option to report ‘adjusted earnings-per-share’, which generally backs out one-time expenses such as: Restructuring charges Severance packages One-time tax liabilities And other metrics that are perceived to impede comparability to previous fiscal years. Including adjusted earnings in shareholder reports is completely optional.  However, the proportion of companies who […]

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