Recent Posts

• The Capacity to Suffer
• Intrinsic Value and Valuation
• The Right Level of Investment Analysis
• A Few Thoughts on Leverage
• The 80/20 Rule and Disproportional Payoffs
• What The Investment Industry Gets Wrong About Risk
• The Difficulty of Delayed Gratification
• The Power of Compounding
• Linking Multiples, Yields, And Rates of Return
• Four Types of Businesses
• Being Different Makes All the Difference
• Understanding Price Declines
• Don’t Predict the Future
• The Value of Growth: Profiting And Avoiding Pitfalls
• The Importance of Capital Allocation For Shareholder Returns
• Return on Invested Capital: The Central Factor in Assessing a Business
• The Drawback of Public Market Liquidity: Investors Forget About Business Ownership