In 2008, someone who found themselves purchasing stock in Visa during its IPO year could have peered into the annual report and learned that each share represented $2.25 in profit. Not bad. Fast forward six years. Now, Visa is making $2.20 in profit per share every ninety days. Its quarterly profit now equals its annual profit from just six years ago. This is why it’s important to be broader than Benjamin Graham when it comes to stock selection—every now and then, you have to look to expected future cash flows to make an investment that can change your life. It’s a hint straight out of Charlie Munger’s playbook: you find a company that … Read the rest of this article!