[My understanding]
One pillar per day :)
Day 1: Circle of competence.
• Economic cycle
• Market cycle
• Business cycle (v.imp)
• Growth
• ROE/ ROCE
• WACC
• CFO/ FCF
• EV in relation to cash, sales.
When the business cycle turns you need not worry about market cycle/economic cycle.
50% of your gain comes from a better understanding of the business cycle. If you get wrong with the business cycle you can't make money regardless of EC/MC
Stay away from the noise 🔊 and
think rationally.
[ End ]