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TIP454: Current Market Conditions w/ Tobias Carlisle
We Study Billionaires - The Investor’s Podcast Network
The Real Return on Invested Capital
It's so easy to be blinded by nominal numbers. What you want is a low cost of capital and a stable or rising return on invested capital. There are many businesses that don't earn any margin, and those businesses aren't worth book value. But through some sort of business cycle improvement, that starts widening out,. All of a sudden the value starts being created.
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