By
Borsgade
In this fireside chat at USB, Bill Ackman discusses the value of understanding the predictable nature of businesses, akin to bonds with varying coupons and no fixed maturity, emphasizing the higher worth of early years in a discounted cash flow analysis.
But what you’re really looking for, business is like a bond where the coupons vary and there’s no date by which the principal comes due.
So it actually, you know, it really matters what happens over time, and I think you know to make it I think one of the big things I learned from Buffett is that you sort through the world for things that you can understand and know.
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