Gross Profit Margin 20% is commodity.  GPM 40% has durable competitive advantage.

The Oracle of Omaha’s admonition that the stock market is a device used to transfer wealth from the impatient to patient ones.

XOM: 3.64 / 60.21 = 0.0604

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

"One of the most persuasive tests of high-quality is an uninterrupted record of dividend payments going back over many years. We think that a record of continuous dividend payments for the last 20 years or more is an important plus factor in the company’s quality rating.” - Ben Graham, The Intelligent Investor

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