The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor (Columbia Business School Publishing)

by Howard Marks

What is it that makes a security—or the underlying company—valuable? There are lots of candidates: financial resources, management, factories, retail outlets, patents, human resources, brand names, growth potential and, most of all, the ability to generate earnings and cash flow.

Intrinsic value is someething that should be reported. Intergrated reporting is one of solutions.

the pendulum had swung to the point where people worried only about losing money.

Pendulum is a wrong metaphor. It is a power law like up and down movement. It goes up slowly and at peak point it crashees down once or many times, to start to climb again.