Circle of Competence
My Investment Philosophy
Consistently excellent performance has to be achieved through extensive knowledge of companies and their securities.
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Consistently excellent performance has to be achieved through extensive knowledge of companies and their securities.
On public tenders, company culture, European IT consulting markets, scale advantages, managing people, and M&A integration issues.
Read the full transcript of the 2022 Daily Journal annual meeting featuring Charlie Munger and Gerald Salzman.
On the affiliate model, sportsbook relationships, the history of Better Collective, acquisitive growth, the iGaming industry, regulatory opportunities, data advantages, and potential return.
The second annual letter since the inception of Junto.
Being a serious student of the markets is a must for investing success. But the nature of the markets is only part of the intelligent investor’s syllabus. What’s even more important is the lesson of knowing thyself.
Marketers use anchoring to trick you to spend more money, negotiators use anchoring to get in the stronger position, stock investors fall prey to anchoring to their own detriment.
On the payment ecosystem and its history, distributional strategies, the competitive positions of modern players like Stripe, Square, and Adyen, how Adyen is different from the two others, unified commerce, and a brief on the stock price.
Despite their simplicity, buybacks are poorly understood and often vilified.
On how Topicus carries on Constellation’s ethos, incentive systems, and strategy, whether it’ll work, the company’s value drivers, capital and ownership structure, challenges, and some thoughts on FCF yield.
On Constellation’s trajectory as an HPC, the economics of a VMS, returns on capital, challenges in organic growth, the runway for M&A, the company’s incentive system, and prospects for the use of FCF.
How to use the timeless tool of a checklist to reduce the rate of error in important decisions.
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