Principle 1: The trade-off between risk and return – compensation for additional risks requires additional benefits
Principle 2: The time value of money - today's dollar is worth more than the future dollar
Principle 3: The measurement of value should consider cash rather than profit
Principle 4: Incremental cash flow - only increments are relevant
Principle 5: There are no projects with particularly high profits in the competitive market
Principle 6: Effective capital markets – the market is sensitive and the price is reasonable
Principle 7: Agency issues - inconsistencies between managers and owners
Principle 8: Taxation affects business decisions Principle 9: Risks are divided into different categories – some can be eliminated by decentralization, others are no
Principle 10: Ethical behavior is to do the right thing, and there is moral confusion everywhere in the financial industry.
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