Hey Reader, In today's issue:
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💎NUGGETS My Favorite Finds 🎥 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
Thanks,
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Hey Reader,Did you know Professor Damodaran constantly emphasizes that there is no single "correct" value for a company? Valuation is filled with uncertainty and bias. The goal isn't to be perfectly right, but to be "less wrong" over time. He views valuation as a craft that improves with practice, humility, and a willingness to acknowledge what you don't know. In today's issue: Aswath Damodaran covers the dark side of valuation Checklist to help evaluate management and capital allocation...
Hey Reader, Warren Buffett transformed investing by emphasizing “moats”—the lasting competitive advantages that protect great businesses. As he wrote, “The key to investing is determining the competitive advantage of any given company and, above all, the durability of that advantage.” In today's issue: How Pat Dorsey builds wealth by investing in wide moat businesses. Terry Smith on the art of compounding and investing. Morgan Housel shares some very "bad advice." Much more.... 💸Sponsored by:...
Hey Reader,Warren Buffett once said, “Nobody buys a farm based on whether they think it’s going to rain next year. They buy it because they feel good about owning it over 10 or 20 years.”Why it matters. Invest in businesses you’d hold for decades, not stocks you’d flip next quarter. Ignore short-term noise and focus on durable companies. In today's issue: Warren Buffett explains his approach to valuing a company. Google is fighting back against the rumors Search is coming to an end. Moats and...