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In 2006, Publishers Weekly called The Spy Who Came in from the Cold “the best spy novel of all time,” 43 years after its publication. For example, businesses should aspire to unified thinking in the areas of product/outcome quality and about ethics. 1 But, of course, we need to try these new books and try-on such new ideas.
As of 2018, India ranked third on the list of countries with the highest number of family-owned businesses with 111 such companies. This has particularly been the case in the Asia Pacific where returns were compounded in excess of close to 5% a year since 2006.
I mean, I could count them on one hand the number of people who have his depth of knowledge in this space. And in 2006, I got a hand at ETFs. I — I couldn’t believe the numbers. So it’s unusual though to have that much work ethic, that much drive and say, yeah, I want all the investors to have the money.
We remain highly dubious of price-to-earnings ratios as a proxy for value given earnings can be distorted by “creative” accounting and the measure embeds a range of factors into a single number. We inherently prefer actual cash flow. Implicitly this means they will have a higher sensitivity to rising interest rates too.
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MCCARTHY: I’d back up actually a little bit further in thinking about how did I get there, because I don’t think it was very obvious actually that I would come out of Yale with an ethics, politics and economics degree — RITHOLTZ: Perfect really, right? MCCARTHY: — and end up in M&A on Wall Street. RITHOLTZ: Right.
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These are ethically compromised executives who are just hell bent on increasing profits by any means necessary. You started the Journal in 2006. But what we’ve seen in more recent years is that they’ve become the number one or two player by size in about eight different industries. And these are not nice people.
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