By itself, this figure says nothing about economic performance. To evaluate that, we must know how much total capital - debt and equity - was needed to produce these earnings. Debt plays an insignificant role at our…
By itself, this figure says nothing about economic performance. To evaluate that, we must know how much total capital - debt and equity - was needed to produce these earnings. Debt plays an insignificant role at our…
Adam Smith:The Wealth of Nations, Book II, Chapter II, Paragraph 747
Adam Smith《The Wealth of Nations》· Book II, Chapter II · Investing
When paper is substituted in the room of gold and silver money, the quantity of the materials, tools, and maintenance, which the whole circulating capital can supply, may be increased by the whole value of gold and silver which used to be employed in purchasing them. The whole value of the great wheel of circulation and distribution is added to the goods which are circulated and distributed by means of it. The operation, in some measure, resembles that of the undertaker of some great work, who, in consequence of some improvement in mechanics, takes down his old machinery, and adds the difference between its price and that of the new to his circulating capital, to the fund from which he furnishes materials and wages to his workmen.
If these seven business units had operated as a single company, their 1987 after-tax earnings would have been approximately $100 million - a return of about 57% on equity capital. You'll seldom see such a percentage…
By itself, this figure says nothing about economic performance. To evaluate that, we must know how much total capital - debt and equity - was needed to produce these earnings. Debt plays an insignificant role at our…
John D. Rockefeller:Random Reminiscences of Men and Events, Excerpt 25
John D. Rockefeller《Random Reminiscences of Men and Events》· Chapter I · Leadership
My methods of attending to business matters differed from those of most well-conducted merchants of my time and allowed me more freedom. Even after the chief affairs of the Standard Oil Company were moved to New York, I spent most of my summers at our home in Cleveland, and I do still. I would come to New York when my presence seemed necessary, but for the most part I kept in touch with the business through our own telegraph wires, and was left free to attend to many things which interested me--among others, the making of paths, the planting of trees, and the setting out of little forests of seedlings.
By itself, this figure says nothing about economic performance. To evaluate that, we must know how much total capital - debt and equity - was needed to produce these earnings. Debt plays an insignificant role at our…