Look See

Businesses are legal people. They can sign contracts and take on a personality of their own. People get hired by “them”. People get fired by “them”. We go through hook-ups, break-ups, and make-ups. Except the playing field isn’t level. The bigger a company gets, the more abstract the idea of “them” becomes. A decision they make may only be the decision of just one individual in that firm. It may be a decision that no one takes responsibility for, because it just happens by default as momentum takes control. Businesses can also engage in the same Conspicuous Consumption and Ego games that people do. Appearing to be successful. Appearing to be powerful. Fundamental Investing asks you to look through the smoke and mirrors at whether the company will survive. More importantly, will it thrive? Don’t see the magic. See the magician. Can it endure for the long term? Can it make it through surprises and changing environments? Is it actually creating value? Don’t just look. See.

Magic