A few quality based ETFs (and fund) that have held up well so far: $QLTY -1.66% YTD $TCAF -2.46% $JQUA -1.43% $AKREX -.70% $SPY -3.97% Quality tends to lag on the drawdown and lead on the rebound

IMHO $AMZN here is tails I win and heads I don’t loose much Mohnish Pabrai

Great explanation from 2002 Berkshire Hathaway Letter about the nonsense of considering “non-cash” charges as not truly an expense

Imo, M&A is a capital allocation decision and the cost (premium) should be considered in ROIC. However, it does take time for returns on M&A to materialize (legacy vs new). Also consider the numerator or NOPAT includes amortization & depreciation. x.com/justvalue2/sta…

Great comparison of Squandersville vs Thriftsville islands by Buffett to get context on the past and current trade deficit situation. Import credits seem to be a more rational ‘tariff’ to better balance trade. Then balance the budget on the fiscal side… faculty.washington.edu/ss1110/IF/Buff…

These are holding up pretty well… x.com/W_Scott_Griffi…

Some decent choices for international diversification… x.com/W_Scott_Griffi…

Great compilation of the more obscure topics on compounding and its mathematics: 1. volatility drag 2. ergodicity (ensemble vs time series averages) 4. mean variance optimization (MPT) vs terminal wealth maximization (Kelly Criterion) morganstanley.com/im/publication…

Buffett: ‘cash is a call option on every asset class with no strike price and no expiration date.’ x.com/LDiscernment/s…

Great comparison of a legacy moat (self storage center) vs reinvestment moat (Walmart in the 70’s) x.com/Gautam__Baid/s…

Sid Pathak Peter Mallouk I think the best answer is rote: Ideally, over time your assets are diversified at least enough to keep you stable through calamity, between real estate (including your home), stocks, fixed income, and yes, geographically or by currency, too, if you like. What you can't do is try

New free blog (find it in the usual place) This week, Tim Koller was interviewed by The Investor’s Podcast. Koller co-authored our favorite book on corporate finance and financial markets titled “Valuation: Measuring and Managing the Value of Companies”. Let’s elaborate on our

Some ideas to get that 2% extra CAGR - avoid expense ratios/fees - focus on after tax returns - backfill larger drawdowns for value averaging effect - have a long term mindset & let your winners run - buy durable quality at reasonable prices x.com/ReneSellmann/s…

Always thought $MCO had a great value proposition similar to a tax consultant - it gets paid a small portion of the savings it achieves for its clients. Having new debt issuance rated is a must. $FICO is similar with providing required credit scores x.com/themattharbaug…

In this example using book value it‘s helpful to delineate ROE vs ROIC and their related terms to keep calculations consistent: 1. ROE, earnings, market cap, retention ratio G = ROE x RR 2. ROIC, NOPAT, enterprise value, reinvestment rate G = ROIC x RR x.com/InvestInAssets…

Nick Sleep on how to be a great investor "The trick, it seems to us, if one is to be a successful long-term investor, is to recognize the sources of enduring business success, get in early and own enough to make a difference."

Trading is a game of probabilities. Accepting you will be wrong as much or even more than you will be right can be a tough challenge for most. The only way to over come this is by cutting losing positions fast and letting your winners run. Add to winners not losers.

Understanding your ROIC spread over cost of capital is so important. If it’s negative, growth actually accelerates value destruction (eg. you’re borrowing at 7% and only making 5% on that capital). x.com/WTCM3/status/1…

A good listen on the risk of concentration podcasts.apple.com/us/podcast/the…