TOTAL RESET

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Innate Worth [CROCI*EPS]
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Profitability Worth [NetROCI*EPS]
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FCF to Profit Quality [FCF÷NI]

Joined Oct 2019

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63. pdfdrive.com/the-man-who-beats-the-sp-investing-with-bill-miller-e156797390.html

64. The Warren Buffett philosophy of investment : how a combination of value investing and smart acquisitions drives extraordinary success:
1lib.to/book/3321944/83bea1
1 day · translate
Mental Models:
1. “Given the expected return on an investment, the number of years the investment is held, and the present value, it is possible to calculate the future value of that investment.”
~ Bill Miller ~

2. What are the current Present Value, Return on Investment and how to calculate the Future Value mentioned by Bill Miller?
~ Total Reset ~
1 day · translate
Mental Models:
1. “We have made very little in terms of pure technology bets. I’m only interested in investing in companies where I
can project at least 5 to 10 years forward—by definition this is vir-
tually impossible with most technology companies.”
~ Mohnish Pabrai ~
1 day · translate
Mental Models:
1. “Value Investing, is to find a stock with intrinsic value in the €ompounding and inve$t in it largel¥; it might be as well a typical cash cow which producing surplus milk to distribute.”
~ Total Reset ~

2. “Multi-bagging = Bagging annual compoundings without cashing out for multiple years down the future as long as the economic spread inducing growth could sustain.”
~ Total Reset ~

3. “Annual compounding is not linear but exponential with exponent two.”
~ Total Reset ~
5 days · translate
Mental Model:
各种财务指标,各自为政,逐一评估,则无从窥视其整体内在价值。

哪个财务比例,涵盖全体 P/L, B/S, CF statements?

答案是:NetROCI,是整体内值归处。

NetROCI 是如何形成的?

由一年买卖形成。

买卖过程,涵盖筹资、成本、时间、效率、支出收入、盈利、盈利债务增长率、债务、待收款待付款、税务、D/E、ROE、GPM、NPM,营运效率等等,营运钱财收入和消费,都全聚在一起、有者相生,有者相克,彼此加减乘除相克融,孕育出终极审判员 NetROCI。

买卖过程可以省略,直接跳去询问审判员 NetROCI。

万般的财务指标、財務比率、金融P/L,B/S,C/F,彼此互相交融相生相克后,指向单一结晶审判员 NetROCI。

结语:大道至简。

参考:
athenarium.com/pe-ratios-growth-value-roic/

In the article, high return on equity using little debt basically is NetROCI.
6 days · translate
1. Graham Formula: Investigating

youtu.be/BysGX3ZgLFU

Can we still apply Benjamin Graham's Graham Formula nowaday?

No.

Why not?

2. Peter Lynch's PEGY formula: Investigating

thebalancemoney.com/peter-lynch-s-secret-formula-for-valuing-a-stock-s-growth-3973486

Can we still apply Peter Lynch's PEGY nowaday?

No.

Why not?
6 days · translate
1. Li Lu: This Is How I Pick Winner Stocks (CHECKLIST For Value Investors):
youtu.be/brb1H2M_1GY

2. latticeworkinvesting.com/2021/04/13/li-lu-value-investing-in-china-full-transcript/

3. Howard Marks: Best Lecture EVER For Stock Market Investors (MUST WATCH!):
youtu.be/raeJYMfOD20

4. Li Lu Interview by Weekly in Stocks (201808) Part1:
youtu.be/a-O6DOHeyhs

5. Li Lu Interview by Weekly in Stocks (201808) Part2:
youtu.be/pKRNUZ6g7Hg

6. Li Lu-The man who may succeed Buffett
youtu.be/GfMW7q6AxWg
1 week · translate
Mental Model:

“Economic Spread Inducing Growth is the best MOS inducer. A 15% overvalued quoted stock undergoes a CAGR 25% growth will arrive at 26.4% MOS a year later.

Non-Economic Spread Inducing Growth is the best MOR inducer, no MOS can be arrived in any years.

This is the essence of value investing.

MOR is Margin of Risk.”

~ Total Reset ~
1 week · translate
Mental Models:
1. “Over the longest period of time .. your return approximates the business return to capital invested in the business itself over the long term. The 2 tend to really converge pretty closely.”
~ Li Lu ~

2. “Over time, it's hard for investors to earn returns that are much higher than the underlying business’ return on invested capital.”
~ Warren Buffett ~

3. Graham Formula

4. PEG ratio

Research could be done to the aboves for a better refined & re-defined valuation formula.
1 week · translate
Mental Models:
“Brilliant concepts and Mental Models are disclosed in the books written by successful value investors.

Underneath the “Mental Model” is actually the “Mentality” itself.

To equal or surpass those successful value investors, the efforts of understanding and practicing their mentalities and footsteps, then refining the illogical elements for final breakthrough re-definition, are necessary. Without, investing is in vain.”
~ Total Reset ~
1 week · translate
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