1) 長期的に見た場合に、ビジネスの特性がどうなっていくのか。

2) 経営者が、ビジネスの潜在力を最大限に生かし、キャッシュをうまく活用できるか

3) 経営者が、ビジネスで得た利益を株主へ還元することを一義とし、

4) 株価

5) 税率や想定されるインフレは、投資からのリターンをどの程度減じるのか。

In our opinion, the real risk that an investor must assess is
whether his aggregate after-tax receipts from an investment
(including those he receives on sale) will, over his prospective
holding period, give him at least as much purchasing power as he
had to begin with, plus a modest rate of interest on that initial
stake. Though this risk cannot be calculated with engineering
precision, it can in some cases be judged with a degree of accuracy
that is useful. The primary factors bearing upon this evaluation

1) The certainty with which the long-term economic
characteristics of the business can be evaluated;

2) The certainty with which management can be evaluated,
both as to its ability to realize the full potential of
the business and to wisely employ its cash flows;

3) The certainty with which management can be counted on
to channel the rewards from the business to the
shareholders rather than to itself;

4) The purchase price of the business;

5) The levels of taxation and inflation that will be
experienced and that will determine the degree by which
an investor's purchasing-power return is reduced from his
gross return.

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