Seeking Wisdom: From Darwin to Munger. The reserve seeks to provide recommendations for better thinking, explain what affects our thinking, and delves into the mindset of misjudgments. All topics of real interest to traders. The written publication leans heavily on the writing and speeches of Warren Buffet and Charlie Munger. It reads such as a reference book – with each chapter filled with terrific nuggets of wisdom and quotes to keep in mind. The book includes a useful checklist for business evaluation. All investors, like pilots, need to have a checklist to ensure constant guidelines in decision making.
At Hummer Winblad, we put a checklist for each deal together. The book’s checklist follows. Filter 1: Can I understand the business – predictability? Reasons for demand – how certain am I that people will probably buy this kind of service or product? Return characteristics – company and Industry come back characteristics and change during the last five years? Is there a business model comparable that has made real cash because of its investors and the management team and proven the operating model’s economic value? Industry structure – (a la Michael Porter), no of size and competitors? Who dictates conditions in this industry? Do I know who is heading to help make the money in the forex market and just why?
Real customer – who chooses what to buy and what are his decision requirements? Filter 2: Will it look the business has some type of sustainable competitive advantage? Competitive benefit – can I explain why the client will probably buy from the corporation instead of others on the market? Value – how strong is this benefit, does the advantage reap the benefits of network results or scale that can make it more powerful and stronger over time? Profitability – can the benefit be translated into success and why? Filter 3: Able and honest management?
Is the team skilled and honest? Do they understand the market and are they centered on value creation for the owners of the business? Filter 4: Maybe the price right? MAY I buy at a cost that provides a good rate of return with an adequate margin of security? How can the business get wiped out? Who could destroy it?
If it failed, what are the likely exterior and internal causes? Filter 6: What are the consequences easily am wrong? Filter 7 – what disruption will help the business is driving development? What wave will the business ride that rewrites the operating dynamics of the industry and drives the reallocation of capital from old models and technologies to new players in the market?
- FY 2001 10-K p.12
- Ad schedule concentrating on
- It can deal with multiple working directories
- Potential investors respect the marketing plan as critical to the venture’s success
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