Cathryn Goh

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250 appearances 1 recordings 1 series first heard May 2021 last heard May 2021

Cathryn Goh’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · Investment Case Study: The Walt Disney Company (NYSE: DIS) · 10 May 2021 podcast

So a quick calculation you can do is assessing a CEO's shareholding relative to their annual salary.

So for example, Bob Jopek, he held nearly 13,000 shares at the beginning of this year, and he has an annual base salary of about 320K.

So his shareholding represents around eight times his annual income.

It would take him about eight years to earn a salary equivalent to his shareholding.

Yeah.

And another thing you can do to just be mindful of is how the CEO is paid.

So in Bob's case, just 10% of his salary is fixed, which is that 320k and the remaining 90% is tied to performance, which creates even more alignment for shareholders because it means he has to perform well.

Otherwise he forgoes that 90% of his income.

It's a mix.

Yeah.

Shares, bonuses, stock options.

Yeah, so a moat is basically a competitive advantage.

So it's a way that a company can fend off its competition.

And the analogy comes from back in the old days with medieval castles.

There's that little ring of water that runs around the outside of the castle to try to make it harder for enemies to attack.

So in terms of business moats, there are many different types.

For example, there's brand.

So you think Nike, Louis Vuitton, they essentially sell the same product, but their brand is what you're paying for.

There are also things called switching costs.

So the cost of switching over to a competitor.

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