BOARD CERTIFICATION EXAM STUDY GUIDES Lower Extremity Trauma
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Posted on March 10, 2022 by The D.E.A. ROGUE WARRIOR
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EDITOR’S NOTE: Although it has been some time since speaking live with busy colleague Vitaliy Katsenelson CFA, I review his internet material frequently and appreciate this ME-P series contribution. I encourage all ME-P readers to do the same and consider his value investing insights carefully.
By Vitaliy Katsenelson, CFA
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4. Margin of safety – leave room in your buy price for being wrong
Margin of safety is a function of two dimensions: a company’s quality and its growth.
I am generalizing here, but exogenous events have a greater impact on a lower-quality business than a higher-quality one. Thus a high-quality company needs a lower margin of safety than a lower-quality one.
A company that is growing earnings and paying dividends has time on its side and thus may not need as much margin of safety as a lower-growing one.
We quantify both a company’s quality and growth, and thus margin of safety is deeply embedded in our investment operating system.
The larger discount to the stock’s fair value (the $1) the less clairvoyance you need to have about the future of the business. For instance, in 2013, when Apple stock was trading at $400 (pre-split) we didn’t have to have a very clear crystal ball about Apple’s future; Apple just had to be able to barely fog the mirror.
In later years, at $900, we need to have a lot more precision in our analysis of Apple’s future.
Posted on March 10, 2022 by The D.E.A. ROGUE WARRIOR
WHAT A DAY!
By Staff Reporters
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MARKETS: The Dow Jones Industrial Average rose 653.61 points, or 2%, to end at 33,286.25.
The S&P 500 gained 2.6%, or 107.18 points, finishing at 4,277.88, its best daily percentage gain since June 5, 2020, according to Dow Jones Market Data.
The NASDAQ Composite Index advanced 3.6%, or 459.99 points, closing at 13,255.55, its best daily percentage gain since March 9, 2021.
The S&P 500 had dropped nearly 5% over the last four sessions.
LABOR DEPARTMENT: Will issue its inflation report, which economists expect will show that prices for U.S. consumers leapt 7.9% in February compared with a year ago, according to data provided by FactSet. That would be the biggest gain in four decades. Consumer prices jumped 7.5% in January from a year earlier. Shortages of supplies and workers, heavy doses of federal aid, ultra-low interest rates and robust consumer spending combined to send inflation accelerating in the past year.
Approximately 250 hospitals across the U.S. are completely or partially physician owned. These physician-owned hospitals (POHs) can offer a variety of services, from general care to specialty services, such as cardiovascular or orthopedic care, known as “focused factories.”
Over the past several decades, healthcare providers and policymakers have claimed that POHs have a negative impact on the healthcare industry, suggesting that: (1) POHs “cherry-pick” the most profitable patients; (2) the quality of care provided at POHs is substandard; and, (3) conflicts of interest exist due to the financial incentive for physician owners to refer patients to their POHs. (Read more…)