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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
As you work on implementing Power 10s throughout your day to modulate your stress level, you’ll eventually reach the point where you can shorten them to Power 5s or even Power 1s. Clients who have worked with me for more than a year are often able to let go of their stressor in fewer than 3 breaths.
Heart Breath Mind
Leah Lagos
One of the best decisions I have made is that during much of my adult life, I have formed relationships with mentors. It was especially helpful while learning to trust my own instincts to be able to run a decision by one of them for confirmation. It is no coincidence that each of the self-actualized people described by Maslow had had considerable life experience. It takes many years to understand ourselves well enough to trust our own instincts.
The Ball's in Your Court
Michael Lewis
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