The best way to think about business returns is as the cost of growth.
February 6, 2024
The best way to think about business returns is as the cost of growth.
A complete guide to pricing power and how to identify it in its most durable form.
On what makes a great insurance company, Fairfax’s historical transformations, investment slump, underwriting tailwind, hard vs soft markets, culture, incentives, run rate profits, and price-to-book.
On the elevator oligopoly, the golden service market, economics of density, working capital benefits, innovation, China, and smart elevators.
In stock picking, deep research is necessary but so is studying the entire spectrum of companies.
On Adobe’s history, SaaS transition, creative monopoly, increased competition, Figma acquisition, and valuation.
Here’s how you can apply B.F. Skinner’s work to understanding market behavior and yourself.
My thoughts on Common Stocks and Uncommon Profits, Phil Fisher’s greatest book.
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.
While mental models guide comprehension, principles guide behavior.
My blueprint for finding companies to study and buy.
On Disney’s acquisitive history and digital transformation, how a shift to DTC shifts the economics of the business, and how I would value the company with the subscription business at focus.
Remember this book reading strategy as you flip through those annual reports.
In life, you rarely deal with situations which are purely risky. Learning to deal with the unknown is more important.
Here are two mental models that explain the nature of the stock market.
My story, motivation, and how I came to the position of starting this peculiar endeavor.
While commonly used in the world of betting and finance, the Kelly criterion is poorly understood.
On China’s regulatory crackdowns, the history of Alibaba, the arms of the octopus, how Alibaba monetizes its ecosystem, the moat, how Alibaba could fail, how I would value the company, and a note on position sizing.
These accounting books will bring you on the path to learning accounting the right way.
© 2023 Junto Investments, all rights reserved. The content provided on the Junto Investments (“Junto”) website is for informational purposes only, and investors should not construe any such information or other content as legal, tax, investment, financial, or other advice. Nothing contained on junto.investments constitute a solicitation, recommendation, endorsement, or offer by Junto or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. See our Terms, Privacy Policy, and Disclaimer.