UK 22:34 Wednesday, 23 September 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
“Common yardsticks such as dividend yield, the ratio of price to earnings or to book value, and even growth rates have nothing to do with valuation except to the extent they provide clues to the amount and timing of cash flows into and from the business.”
Warren Buffett, Berkshire Hathaway Inc. Chairman’s Letter (2001) “The more dependent the valuation becomes on anticipations of the future – and the less it is tied to a figure demonstrated by past performance – the more vulnerable it becomes to possible miscalculation and serious error”.
Benjamin Graham, ‘The Intelligent Investor’ (1973)
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Comments
wildrides
The cold hard facts ………..buried in lots of distractive warbling in the very lengthy and confusing accounts .