4 Se o sujeito entender isso, boa parte da sardinhagem de preço vai embora. comentada em 19/02/2021 11:56 Ações ebitda em 19/02/21 9:12 comentada em 19/02/2021 11:56 Charlie Munger’s speech, "A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business", breaks it down nicely:“Over the long term, it's hard for a stock to earn a much better return than the business which underlies it earns. If the business earns 6% on capital over 40 years and you hold it for that 40 years, you're not going to make much different than a 6% return—even if you originally buy it at a huge discount. Conversely, if a business earns 18% on capital over 20 or 30 years, even if you pay an expensive looking price, you'll end up with a fine result.”
