"Per share discipline is much misunderstood by investors." Nicholas Sleep
Enjoyed this...
Great speech .. Short-termism at the expense of the long-term..
"In contemplating business mergers & acquisitions, many managers tend to focus on whether the transaction is immediately dilutive or anti-dilutive to EPS (or, at financial institutions, to per-share book value). An emphasis of this sort carries great dangers." W Buffett
"What really counts is whether a merger is dilutive or anti-dilutive in terms of intrinsic business value. We believe calculation of dilution from this viewpoint to be all-important (And too seldom made).” Warren Buffett
Halma speech "Delivering Shareholder Value"
[h/t @chriswmayer]
halma.com/~/media/Files/…
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