This post is too long.  I will highlight a few things at the top as a sort of summary:

Owner's Earnings is the best number to focus on when valuing a business.
We often use shortcuts that are horrible measures of value (comparable valuation, Bull Shit Earnings metrics, including, but not limited, Ebitda and suffer often from Anchoring Bias when stock prices decline dramatically).


Please join here to view this post.  Why Join BHI Members?