YWR: Stop caring about 'Earnings'
The Buffet Paradigm Shift
In 1965 Warren Buffet pioneered a new concept.
The no dividend company.
It was profound.
Every Wharton MBA knew the value of a company was the Net Present Value (NPV) of the dividends it would pay to shareholders in the future. I mean why else would you own shares in a company?
What would be the point of a share if it didn’t pay…