Business Assets

Warren Buffett on Buying Businesses…

“When Charlie Munger and I buy stocks — which we think of as small portions of businesses — our analysis is very similar to that which we use in buying entire businesses. We first have to decide whether we can sensibly estimate an earnings range for five years out or more. If the answer is yes, we will buy the stock (or business) if it sells at a reasonable price in relation to the bottom boundary of our estimate. If, however, we lack the ability to estimate future earnings — which is usually the case — we simply move on to other prospects. In the 54 years we have worked together, we have never forgone an attractive purchase because of the macro or political environment, or the views of other people. In fact, these subjects never come up when we make decisions.
It’s vital, however, that we recognize the perimeter of our “circle of competence” and stay well inside of it. Even then, we will make some mistakes, both with stocks and businesses. But they will not be the disasters that occur, for example, when a long-rising market induces purchases that are based on anticipated price behavior and a desire to be where the action is.
Most investors, of course, have not made the study of business prospects a priority in their lives. If wise, they will conclude that they do not know enough about specific businesses to predict their future earning power.”

From – “What You Can Learn From My Real Estate Investments” by Warren Buffett

Fortune Magazine, February 24, 2014.


ROYAL BANK of CANADA

https://www.rbc.com/investor-relations/

RBC 2020 Annual Report

RBC 2021 Annual Report


RBC Investor Presentation – Q4-2021



TD BANK GROUP

https://www.td.com/investor-relations/ir-homepage/ir-homepage/investor-index.jsp

TD BANK 2021 ANNUAL REPORT

TD BANK 2020 ANNUAL REPORT

TD BANK Quick Facts Q4-2021

TD BANK Quick Facts Q3-2021

TD BANK Investor Presentation Q4-2021




CN RAIL

CN RAIL 2020 Annual Report

CN RAIL Presentations

CN RAIL Investor Factbook




TC ENERGY

https://www.tcenergy.com/investors/

TC Energy 2020 Annual Report

Investor Fact Sheet

TC Energy Corporate Profile/Investor Presentation