Share this sentence
— Michael Mauboussin"At the core of an analytical edge is an ability to systematically distinguish between fundamentals and expectations. Fundamentals are a well thought out distribution of outcomes, and expectations are what's priced into an asset. A power metaphor is the [pari-mutuel] racetrack. The fundamentals are how fast a given horse will run and the expectations are the odds on the tote board. As any serious handicapper knows, you make money only by finding a mispricing between the performance of the horse and the odds. There are no 'good' or 'bad' horses, just correctly or incorrectly priced ones."
Discover more quotes
Previous Quote
Russia became a juicy chunk of the Third World, with immense reserves of cheap labor, a vast treasure of natural resources, and industrial assets to be sold off at giveaway prices.
— Michael Parenti
Next Quote
Our attitude toward cash generation and asset management came out of our own thought process. After we acquired a number of businesses we reflected on aspects of business. Our own conclusion was that the key was cash flow.
— Henry Earl Singleton
Loading recommended content...