The Joys of Compounding: The Passionate Pursuit of Lifelong Learning, Revised and Updated (Heilbrunn Center for Graham & Dodd Investing Series)

by Gautam Baid

Commodity stocks are valued on an EV/EBITDA multiple, not on price-to-earnings. Investors in commodity stocks need to shift focus away from the profit-and-loss statement to a balance sheet–driven approach.