Hey Reader,
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Did you know that the S&P 500's lowest recorded P/E ratio was 5.31 in 1917, while its highest was 123.73 in May 2009, during the financial crisis? This represents a range of over 2,200% between the most undervalued and overvalued market conditions, demonstrating how dramatically valuation perspectives have shifted across different economic eras.

In today's issue:

• Warren Buffett breaks down how he would invest if he could start over.
• What is never sell really?
• Why ROIIC is more important than ROIC
• Much more....

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💎NUGGETS

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My Favorite Finds

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🎥 Buffett breaks down how he would start over with $1 million to invest.

📖 We all want to "never sell" our investments, but what does this entail and how realistic is it?

📖 ROIC is important, but the better relationship is ROIIC. But what is ROIIC or Return in Incremental Invested Capital?

📖 Let's look at why 99% of stock screeners are worthless. And what actually works.

📖 Great breakdown of the payments industry. Good primer if you are interested in digging deeper into this fascinating industry.

🎥 Want to learn valuation? Try this out, it's Professor Damodaran's Spring Valuation class. I watch it at least once a year and always pick up something new.

📖Knowledge Tidbits

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The Investing for Beginners Podcast @IFB_podcast FCF 101 How to analyze free cash flow 10:2 AM • Jun 28, 2025 42 Retweets 230 Likes Read 4 replies

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Thanks,
Dave Ahern
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​einvestingforbeginners.com​
​Investing for Beginners Podcast​

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