Essays on durable competitive advantages, capital allocation, forensic reading of financial statements and quantitative valuation models.
Return on Invested Capital (ROIC) measures how efficiently a company allocates capital to generate profits. Long term, stock returns closely mirror corporate ROIC.
Standard GAAP accounting distorts real estate earnings through artificial depreciation. FFO and AFFO provide the true cash generation of property portfolios.
Margin of Safety is the cornerstone of intelligent investing. It protects you against inevitable forecasting errors and unpredictable market downturns.
Capitalism is ruthless: abnormal profits attract fierce competition. Without a durable economic moat, corporate returns inevitably regress to the cost of capital.
Investing in companies that raise dividends annually beats chasing high static yields. Learn how Dividend Aristocrats outpace inflation and compound wealth.
No single valuation multiple fits all companies. Discover which multiple to use for each sector and how Free Cash Flow Yield reveals true enterprise value.
