Return On Assets Is The Hit By Pitch Of Investing
Despite all appearances to the contrary, this is a post about investing not baseball. So, to those of you who love reading about investing but hate reading about baseball: dont be deterred. Its worth reading all the way through.
Return on assets is the hit by pitch of investing. Common sense suggests it isnt a very important measure. Why would any investor care about return on assets when return on equity and return on capital tell you so much more?
You dont have to know a lot about baseball to know that the number of times a batter is hit by a pitch shouldnt tell you much about his value to the team. After all, getting hit by a pitch is a fairly rare occurrence. Even if some players are truly talented when it comes to getting plunked, they still wont get hit enough to make a huge difference, right?
Thats true. In and of itself, the act of getting hit by a pitch is not particularly productive. But (and heres where things get interesting), as a general rule, a simple screen for the batters who get hit most often will yield a list of good, underrated players.
Why? The most likely explanation is...
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