Mondelez International, maker of Cadbury Chocolate and Oreo Cookies, has launched a takeover bid for The Hershey Company. Long-term owners should not be happy about it.
I’ve avoided speaking about the Brexit situation because I ultimately believe that it is not my place to tell British citizens how their country should be run even though I am a stakeholder in their success. While there are what I could consider extraordinarily high probabilities that the decision to leave the European Union will lead to lower GDP, the fact remains that GDP isn’t everything. Money, and the economy, exists to serve a civilization.
The quartet of financial independence is made up of cash flow, liquidity, profitability, and net worth. Each requires management and should not be neglected if you want to build lasting value for you and your family.
In life and in business, you have to know who you are, what you stand for, what you believe, and how you will proceed. Trying to be all things to all people is a recipe for disaster that leaves no one happy and sabotages your success.
The word “franchise” is used to describe an arrangement in which one business, the franchisor, allows another business, the franchisee, to use its name, trademarks, trade secrets, intellectual property, branding, operating systems, and internal support resources in a specific geographic area, sometimes with an exclusivity provision that guarantees no other franchises will be granted within a specific buffer zone so the franchisees aren’t cannibalizing sales from each other, in exchange for some sort of payment.
Benjamin Graham once wisely observed that more money has been lost by investors “reaching for yield” than stolen at the barrel-end of a gun. During periods of anemic interest rates on fixed-income securities, bank deposits, and cash equivalents, a combination of impatience, action bias, and desperation causes savers to do what they would otherwise consider extraordinarily foolish.
After being away for more than a month, I wanted to give you a behind-the-scenes look at where we are in launching the asset management business.
Our Personal Project for 2016 – Addition Through Subtraction A few years ago, one of our projects involved focusing our pantry on the bare essentials; raw ingredients that could be used to make almost any recipe imaginable. At the time, I posted pictures of the early stages, which included different types of flour (bread flour,…