Aaron Patzer Quotes

Valuations are actually quite simple to grasp. A company is only worth what two acquirers are willing to pay for it. Don't you just need to find that one buyer? If there is only one potential company interested in buying your startup, chances are you won't be hearing the word 'billion' in the offer.

In an era of endless innovation and constant disruption, what is any company really worth? How does a startup determine its valuation?

The dominant factors affecting control valuations are earning power (past and prospective) and asset values.

You must value the business in order to value the stock.

As I have mentioned before, we cannot make the same sort of money out of permanent ownership of controlled businesses that can be made from buying and reselling such businesses, or from skilled investment in marketable securities. Nevertheless, they offer a pleasant long term form of activity (when conducted in conjunction with high grade, able people) at satisfactory rates of return.

There is no perfect mathematical formula for pricing a business.

It seems to me probable that of all our economic life the element on which we are inclined to place too low an estimate is advertising.

For me writing is as close to being an engineer as possible.

I wanted to be an industrial designer, so I went to business school for that, and I then went on to marketing at Interpublic Group of Companies, which was one of the first organizations to actually think about brand marketing. I worked on Coca Cola's account, and then I was recruited by Pepsi, and I ended up being Pepsi's first MBA. I was called the High Wire Act because I was in my 20s and I was given jobs of increasing responsibility that I was totally unqualified for.

As an investor with small capital, one should prefer businesses that have high returns on capital and that require little incremental investment to grow.

Who would think of buying or selling a private business because of someone's guess on the stock market? The availability of a quotation for your business interest (stock) should always be an asset to be utilized if desired. If it gets silly enough in either direction, you take advantage of it. Its availability should never be turned into a livability whereby its periodic aberrations in turn formulate your judgements.

All you do is you go back to the Maida Vale Studios at BBC in London, and it feels like you're in a spaceship. It feels like you're in 2001 or something like that. It's massive and well constructed and highly technologically advanced and occupied by these wise scientists, engineers, and producers. Listening to it, it just doesn't sound like me - that's a younger self that didn't know who he was or what he was doing. I can't identify with a nebulous cloud.

All we know about the new economic world is that nations which train engineers will prevail over those which train lawyers. No nation has ever sued its way to greatness.

Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life. The calculation of intrinsic value, though, is not so simple. As our definition suggests, intrinsic value is an estimate rather than a precise figure, and it is additionally an estimate that must be changed if interest rates move or forecasts of future cash flows are revised.

A scientist builds in order to learn; an engineer learns in order to build.

It’s hard to imagine the revenue from selling the prints will cover the cost of lost goodwill.

The engineers of the future will be poets.

Young people at universities study to achieve knowledge and not to learn a trade. We must all learn how to support ourselves, but we must also learn how to live. We need a lot of engineers in the modern world, but we do not want a world of modern engineers.

I'm not sure I was a typical head of a company. Most people that run big companies come out of sales and they come out of marketing and they're quite serious and they have MBA's from very good schools and things like that. I'm an accidental CEO, thank the Disney Company.

You should look at stocks as small pieces of business.

Scientists and engineers ought to stand side by side with athletes and entertainers as role models.

An investor calculates what a stock is worth, based on the value of its businesses.

In our view, though, investment students need only two well-taught courses-How to Value a Business, and How to Think about Market Prices. Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business who's earnings are virtually certain to be materially higher five, ten and twenty years from now.

I got my MBA at Burberry, but I will get my PhD at Apple.

Venture capital has done much more, I think, to improve efficiency than anything.