Feb 2007
Simplistically speaking, there are only two things that matter when it comes to selecting good investments—today’s prices and future prices. Today’s prices are easily knowable, so that leaves future prices as the most important determinants of investment selection… Basically, most successful investors look at stocks not as mere daily numbers, but rather as certificates of company ownership. It stands to reason that the value of, say, a 0.01% ownership of a corporation will be 0.01% of the overall value of the corporation, so now we have an appropriate goal for investment analysis—to determine the overall future value of a company.