The Intellectual
Investor’s
Lexicon
By Vitaliy Katsenelson
T
Terminal Value
You have ongoing cash flows (from the milk) and one final, large cash payment, which is the terminal value (the asset value at a distant point in the future, at the petting zoo moment).
Thoughtful Arrogance
Investing is an act of arrogance. You are basically saying, ‘I am right and the person on the other side of the transaction is wrong.’ This arrogance requires amnesia of your past successes and failures; it is earned with your current sweat, through thorough research.
Tunaman
This man goes to the fish market every morning and chooses the best tuna. He doesn’t buy octopus, yellowtail, or any other fish. Just tuna. He knows more about tuna than anyone else alive. I call this quality being a tunaman.
