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4min chapter
#186 Tom Gayner: Invest Like The Best
The Knowledge Project with Shane Parrish
Understanding EBITDA: A 60% Map to a 90% Map
This chapter explores the concept of EBITDA in accounting, comparing it to a map of a territory that provides some information but not the complete picture. It discusses the limitations of EBITDA for capital-intensive businesses and emphasizes the importance of understanding the economic reality behind it for making rational decisions.
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