📚 Edwin's Highlights

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On the other hand, investing is a unique kind of casino—one where you cannot lose in the end, so long as you play only by the rules that put the odds squarely in your favor. People who invest make money for themselves; people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.

The Intelligent Investor, Rev. Ed

Benjamin Graham, Jason Zweig

Notably, none of Salesforce’s numerous acquisitions—not even Slack, at $27.7 billion—generated any meaningful free cash flow at the time of the acquisition. Salesforce’s strategy has been to acquire subscription SaaS companies, integrate them into its world-class distribution, and begin generating free cash flow from the acquired assets after a few years.

Salesforce’s Best Acquisition Yet: Itself

memosbyhh.com

The Gen Re case also was one of the last corporate fraud cases prosecuted under the government policy of compelled waiver of the attorney-client privilege and the attorney work-product doctrine, which was revised after being declared unconstitutional by the U.S. District Court for the Southern District of New York. Thus, the defendants were arguably convicted using evidence that either would not have been available to prosecutors or would have been thrown out if the trial were held today.

The Snowball

Alice Schroeder

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