📚 Edwin's Highlights

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A batch of the best highlights from what Edwin's read, .

The moral seems to be that any approach to moneymaking in the stock market which can be easily described and followed by a lot of people is by its terms too simple and too easy to last.† Spinoza’s concluding remark applies to Wall Street as well as to philosophy: “All things excellent are as difficult as they are rare.”

The Intelligent Investor, Rev. Ed

Benjamin Graham, Jason Zweig

Why not focus first and foremost, as many do, on earnings, earnings per share or earnings growth? The simple answer is that earnings don’t directly translate into cash flows, and shares are worth only the present value of their future cash flows, not the present value of their future earnings. Future earnings are a component—but not the only important component—of future cash flow per share. Working capital and capital expenditures are also important, as is future share dilution.

Invent and Wander

Walter Isaacson and Jeff Bezos

Health outweighs all other blessings so much that one may really say that a healthy beggar is happier than an ailing king. A quiet and cheerful temperament, happy in the enjoyment of a perfectly sound physique, an intellect clear, lively, penetrating and seeing things as they are, a moderate and gentle will, and therefore a good conscience — these are privileges which no rank or wealth can make up for or replace.

The Wisdom of Life

Arthur Schopenhauer

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