La clave para entender la creación de valor en una empresa no está solo en medir cuánto gana, sino en cuánto gana en relación con lo que invierte y con el coste de esa inversión. Las métricas tradicionales como ROIC, ROE y ROC, aunque populares, deben ajustarse cuidadosamente para eliminar sesgos contables y reflejar fielmente la realidad económica.
Autor: Irrational Investors
LIVE, WORK AND THINK WITH AI
Co-Intelligence, by Ethan Mollick, shows how generative AI is reshaping both personal and professional spheres. Through four heuristic rules and five operational roles, the author provides a practical playbook for boosting individual creativity, critical reflection, and decision making, while warning against blind reliance on language models.
15 ideas about Risk (From against the gods)
"Against the Gods: The Remarkable Story of Risk" is a fascinating book about how humanity has learned to measure and manage risk, enabling advancements in knowledge, the economy, and society by transforming uncertainty into a calculated opportunity.
Contrarians by Choice, Herds by Design
"Be a contrarian." It is the whispered mantra in trading rooms, financial forums, and among many investors who take pride in it. It sounds sophisticated, daring, and hints at the secret to outperforming the market. It evokes images of lone wolves bravely defying conventional wisdom to uncover hidden gems and achieve extraordinary returns. But is this contrarian ideal a true reflection of market reality? Or is it, instead, a more complex and paradoxical dance between individual conviction and collective influence? Every investment decision is simultaneously a contrarian act and an adherence to the herd. Let’s explore this seemingly contradictory truth.
IS GOING TO HAPPEN AGAIN WITH AI?
"Risk comes from not knowing what you're doing" – Warren Buffett's timeless quote is more than just investment advice; it’s a universal truth applicable to any major decision. Uncertainty, fueled by a lack of knowledge, often leads to unpredictable and potentially disastrous outcomes.
Speculation versus Investment: An Increasingly Blurred Frontier
Is the distinction between speculation and investment truly valid, or is it merely a theoretical construct that has been consolidated throughout the history of financial markets? This article examines how, in today’s environment, marked by technological transformations, structural market changes, and a growing understanding of investor psychology, these categories have progressively blurred.
QUALITY GROWTH INVESTING: DOES IT WORK?
Drawing on the principles outlined in Peter Seilern's Only the Best Will Do, it seems evident that quality growth investing represents a refined and resilient approach to wealth creation. By focusing on companies with sustainable competitive advantages, robust financial health, and consistent growth trajectories, investors can achieve superior returns while mitigating risks inherent in volatile markets. Quality growth investing has shown (at least in the last 5 years) that true investing success lies in consistently backing the best.
QUALITATIVE VALUATION – WHY THE TOP MANAGEMENT MATTERS MORE THAN YOU THINK
Are you relying solely on financial statements for company valuation? You might be missing a critical piece of the puzzle. While balance sheets and income statements provide essential data, they often overlook the profound impact of top management on a company's true worth. This quote by Peter Seilern, "A company is always as good and only as good as its top management," from Only the Best Will Do, isn't just a catchy phrase, It challenges us to look beyond the numbers and recognize that the quality of leadership is a critical determinant of a company's success and valuation.
WHY YOUR COMPANY NEEDS A «FREE» EXERCISE PROGRAM … YESTERDAY!!!
It’s that time again—2025 is already here, and “New Year, New Me” resolutions are popping up left and right. But what about the goals your company is setting for the new year? Let me throw out an idea: a free (subsidized), exercise program for your employees...
Quick (and short) Reminder: The Temptation (and Trap) of Forecasting
...broken clocks—WE MIGHT GET THE TIME RIGHT TWICE A DAY...
Irrational Investors 