Power doesn’t always corrupt, and you can see it in the case of, for example, Al Smith or Sam Rayburn. There, power cleanses.
But what power always does is reveal, because when you’re climbing, you have to conceal from people what it is you’re really willing to do, what it is you want to do.
But once you get enough power, once you’re there, where you wanted to be all along, then you can see what the protagonist wanted to do all along, because now he’s doing it.
That was an except from this fabulous book I read a while back. Topical now.. amazon.in/dp/B07P9TWL94/…
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One, there was pent up demand in Q2 because of shutdown in Q1. So earnings which would have occurred in Q1 moved to Q2. This is temporary.
Two, many costs were not incurred in Q2 or the money spent on them was much lower than what was spent in Q2 of the previous year. For example, travel and advertising and rents etc. Some of these cost savings may endure. Others won’t.
We know the total capex. We can get it from the fixed asset schedule in the balance sheet. We can also get it from the cash flow statement as net investment in fixed assets.
We should do this over a BLOCK of years and not just one year because one-year data has noise. Also, why should the time taken by a planet to circle the sun synchronize precisely for time taken for business actions to pay off? (Buffett)
Completely agree. Would add a few points.
Negative operating free cash flow means the business consumed cash over the period of measurement. Which could be a few years.
But if the business had positive free cash flow in the past which was used for debt reduction or building treasury then those past actions will ensure that current needs for cash for growth capex will not require issuance of more equity shares.
Not that issuance of new shares to fund growth is always a bad idea. It isn’t. But when you have to issue new shares, you have to worry about valuation of those shares. If they are overvalued then issuance will not be dilutive towards existing shareholders. And vice versa.
"Steep INR depreciation has resulted in huge MTM losses, which coupled with redemption premium (generally kept off P&L) will lead to higher effective cost of borrowing through FCCBs."
"FCCBs have become a nightmare for many corporates because of steep fall in stock prices and currency depreciation."
Help needed! Doing a case on how many Indian promoters of listed companies have lost them because of leverage. Wanted a comprehensive list so thought of asking here. Please give name of promoter and company name. We can go back 10 years for this exercise.
Leverage could be at the company level (think Hotel Leelaventures) and/or promoter level.
Lockdown effect. Down 21 kgs. Fasting, yoga, walking, and sleeping (properly)- four of the oldest practices (think Lindy) that cost nothing but have immense health benefits.
Some ex students and friends really helped me in this project. So grateful to them...
Also enormous help from Obesity code by @drjasonfung. Also Complete Guide to Fasting by him again. Why We Sleep by Mathew Walker. And lots of stuff on biofeedback including @DrInnaKhazan’s wonderful book on the subject. Used a lot of technology for biofeedback too.