ebitda is not a poor metric for a stable business like duracell because interest charges (the most suspect component of ebitda) are not going to be wildly outside industry norms. it's also an interesting metric in general because it seeks to normalize true operating earning power across businesses if all other things were equal (tax rates, interest charges, fixed asset related charges).
if you're evaluating a business and they tout ebitda as the only thing you should care about, you should look at net income in relation to it. for example, a mountain of debt or stupid financing terms would lead to high, maybe unsustainable, interest charges and ebitda would obscure the businesses' true circumstances. otherwise, it's reasonable to consider ebitda.
I didn't get the impression that Miles is naive to these things or that he was soliciting this sort of advice from internet strangers. Far from it in fact.
It looks like he knows exactly what he's doing and is very passionate about creating things. I got the impression he is looking to branch out and create value, have a good time with other people. If I was in S.F. Bay, I'd meet up and see what he has to say.
I agree. Half of the best software developers I know have university or college degrees. The rest do not. One of the best ones I know is a high-school dropout. In fact, so is my business partner. I value what I learned in college but it's not for everyone and when I hire people, I hire them based on what they can do.
Good luck to you and if you're ever looking to have coffee with someone in the industry in southern Ontario near Toronto (Hamilton to be precise) feel free to drop me a line.
the best way you can improve the quality of code is to LEAD BY EXAMPLE. you're not alone in that you've been given a leadership position in a circumstance outside your control, and it's naive to think that even if you were given your pick of the litter, that they'd all be A players who respect you and don't want your job, have issues with your quality,
etc.
You absolutely cannot control people. The only way to get people to do things, and i mean the ONLY way is to get them to WANT to do it. Therefore, you have to ignore the people who aren't cooperating with you and focus on the one's who do. Treat them like gold and be willing to make compromises with your quality standards because they will not be the same as yours. Then, as you make inroads on the project together, the rest of the team members either have a choice to get on board or get left behind. It is that simple.
doesn't provide much insight. it says to build a website and submit your apps to the blogs, which is pretty insulting actually. not surprised coming from dice, the recruiters' den.
i've probably watched every youtube interview, speech of both of them, and read most of the important articles and books (superinvestors graham doddsville, snowball, shareholders letters, on and on). this is a great summary of what i've gleaned from their wisdom as well. i couldn't say it any better
I have it and it's great. At first you think it's just some arrogant old man who is full of himself rambling on, then you realize you're dealing with a genius, and you can't put it down. The thing that resonated with me is his multiple mental models approach to life. He basically feels that one just needs a basic college education and the ability to apply the most important concepts from each course in a combinatorial way, and that if you specialize too much, you're likely to make an error (to the man with a hammer, everything is a nail). Lots of other stuff on human error.
The Almanac also pointed me to "Influence" by Robert Cialdini, which is one of Munger's most highly recommended books.
That is the quickest summary I can give from my ipad
