Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger
The Lost Book of Sales
FEBRUARY 1, 2021
At best, they are merely the beginning of a proper calculation of intrinsic valuation, not the end. Do they allocate it intelligently on behalf of the owners, or do they overcompensate themselves, or pursue ego-oriented growth for growth’s sake? Complex bureaucratic procedure does not represent the highest reach.
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