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 record an owner reads, and what each one’s price would have to assume to make sense.
Two records, set side by side. The service won’t tell you which is better, or whether either belongs in your portfolio — that is circle-of-competence work only you can do. There is no score and no ranking here: just the facts, in a row.
Add two to four businesses you already have in mind. (Up to four.)
One required return, applied to every column as its discount rate — the opportunity-cost hurdle, held equal across the businesses. Owner-earnings columns then 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; a reference value is a yardstick, not a target. Absolute figures are shown 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.