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A 90% decline takes the cap to $66B, 2.2x current run rate revenues & 37x a hypothetical 6% net margin. A mere 80% drop gets to a $132B cap, 4.4x revenues, and to give the bulls on Tesla not being a car company credit, still 37x a 12% hypothetical profit margin. Ridiculous. 54/
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@ChrisBloomstran on Twitter
In the beginning, when there are zero pages, you have to cheer yourself into cranking stuff out, even if it later lands on the cutting room floor. Each page takes you somewhere you need to travel before you can land in the next spot. You zigzag, and in the low moments, you just have to keep plodding on—saying the next small thing about which you feel strongly, trying to nestle down into that single instant of clear memory you know without shadow of doubt is both true and important to who you’ve become.
The Art of Memoir
Mary Karr
From the cheapest quintile of starting points, the S&P 500 earned an 11.6 percent real (inflation-adjusted) compounded return over the next ten years. By increasingly expensive quintile, the compounded real returns were 10.0 percent, 9.6 percent, 5.3 percent, and 4.4 percent, respectively. Again, the pattern is very consistent. It’s intriguing that if the P/Es are converted into earnings yields, one more percentage point of starting earnings yield often boosts investor rates of return by more than one percentage point, assisted by mean reversion.
Big Money Thinks Small
Joel Tillinghast
...catch up on these, and many more highlights
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