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Strategies & Market Trends : Value Investing
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To: Brendan W who wrote (13724)1/19/2002 12:35:13 PM
From: Brendan W  Read Replies (4) of 78476
 
Whitman contrasts TAVF approach with those in Greenwald's book. I found this assertion interesting:
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Free cash flow from operations available for the security holder: Very few companies ever actually achieve such free cash flows on a reasonably regular basis. While for any individual project to make sense it has to return a cash positive net profit over its life, this is not true for most companies (as distinct from stand-alone projects), especially expanding companies. Most businesses consume cash....Earnings: Most prosperous going concerns create earnings, not free cash flows. Earnings exist where a company creates intrinsic wealth from operations while consuming cash. Since most going concerns consume cash, their earnings streams may be of limited value unless such flows are also combined with access to capital markets, either credit markets or equity markets or both.
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