Weigh one business against another
Munger’s first question about anything you might own is compared to what? Put the businesses you’re weighing side by side: the filed record, and what each one’s price would have to assume to make sense.
Add two to four businesses you already have in mind.
One required return, applied to every column: the opportunity-cost hurdle, held equal across the businesses. For reference, the 10-year Treasury is 4.55% as of Jul 15, 2026; the gap above it is the equity premium you price. Owner-earnings columns grow for ten years and 2.5% thereafter; a bank is read on its return on tangible book, a REIT on its FFO. The base toggles make the owner-earnings figure honest and apply where they fit.
Nothing to compare yet. Add a business above; for example, weigh , or .
Every figure is recomputed from the company’s own SEC or EDINET filings, the same record behind each Owner’s Scorecard. The reverse-DCF says what a price would have to assume, never what a business is worth. An ADR column with a known ADS ratio is stated in US dollars per ADS (the ratio from the filer’s own 20-F cover, translated at the dated reference rate shown), so the price you type is the quote you hold; other absolute figures remain in each company’s own reporting currency and are never differenced across columns; ratios and per-share growth are what compare cleanly. A 5-year record (much of the Japanese pool) is not a 10-year one; the span is on every column.