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The idea is to get some scenes down. Let your mind roam down some alleys that may land in dead ends—that’s the nature of the process.
The Art of Memoir
Mary Karr
A friend who visited Walt’s office at the time asked Walt if he was making any money. “You smiled and said, No, but you was having fun. Again I thought, Will he ever grow up?” Walt Pfeiffer said that the group arrived at the office at nine each morning and stayed until midnight. “It was more fun than pay,” he recalled. “You didn’t look at it as work.” Adolph Kloepper spoke of the “happy spirit that existed that we could still laugh and appreciate a good gag. I well remember too that we all had many belly laughs when discussing a story or material and Walt would explode some wild gag to incorporate in the story.”
In theory, unless a business has a moat or competitive advantage that will keep it unusually profitable, changing its growth rate will not change its value much. Many companies don’t do anything unique that others can’t do, and they don’t put capital to work with special skill. For the general run of stocks, this means that the annuity formula works fine without any adjustment for growth. To calculate the value of growth, one must first estimate the period over which a firm maintains a competitive advantage that keeps profits elevated, and then the amount of profits. The period of competitive advantage ends before an enterprise fails, but they are related. Prosperous enterprises survive longer. If we had perfect foresight, what we would aim for is a low current price relative to earnings at some future date.
Big Money Thinks Small
Joel Tillinghast
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