Hey Reader, In today's issue:
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Connect, learn, and grow with Value Spotlight. 💎NUGGETS My Favorite Finds Professor Aswath Damodaran takes us back to the basics of free cash flow Brian Feroldi breaks down the cash flow statement basics. Breaking down the components of free cash flow and how to find the ingredients. Michael Mauboussin's breakdown of the cash flow statement and how to read it for clarity A quick explainer of the difference between net income and free cash flow Jeff Bezos 2004 Amazon's letter illustrates his thoughts on free cash flow; must read if you haven't already. 🔍Question of the Week
📖Knowledge Tidbits
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Hey Reader,One of my favorite Charlie Munger quotes and it still resonates: Over the long term, it's hard for a stock to earn a much better return than the business which underlies it earns. If the business earns 6% on capital over 40 years and you hold it for that 40 years, you're not going to make much different than a 6% return -- even if you originally buy it at a huge discount. Conversely, if a business earns 18% on capital over 20 or 30 years, even if you pay an expensive-looking price,...
Hey Reader,Did you know that Buffett's initial American Express investment returned 124% in just 2.5 years - While the broader market (Dow Jones) declined by 6% during the same period, Buffett's contrarian bet paid off dramatically by 1967 when the stock more than doubled from his average purchase price of $41.22 to $92.50. In today's issue: Brian Stoffel breaks down how to read the cash flow statement. Warren Buffett's thoughts on tariffs and trade from 2003. Pricing and peer groups from...
Hey Reader, Charlie Munger viewed market swings as opportunities, not threats. He dismissed volatility as risk, instead focusing on business quality and maintaining emotional discipline during market swings. He once said, "we don't give a damn about lumpy results." In today's issue: Warren Buffett and Charlie Munger's thoughts on risk and volatility. Important words in today's markets. Howard Marks on tariffs and credit spreads What is the strongest moat from Nick Sleep Everything about the...