Banking on past returns
ANALYSIS: Even if the Aussie Big Four banks beat analyst FY25 earnings expectations ... will the share price momentum continue or run out of steam?
As much as the final ‘investment return’ destination is critical, the journey is also important.
Warren Buffett said: “Charlie [Munger] and I would much rather earn a lumpy 15% over time than a smooth 12%.”
The operative words in Buffett’s contention are ‘lumpy’ and ‘smooth’. This can be applied through the lens of absolute return (15% vs 12%) as well as relative return (returns
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