Exactly !

"When everybody think alike, Everyone is likely to be wrong." This book by Humphrey B. Neill is a favorite of mine for many years. It helps investors think independently without being influenced by market forces.

This is a great chart ! CFROI Persistence per industry. Find quality companies where there is a high CFROI persistency.

Choose wisely ! ROICs vary significantly across sectors. (source: McKinsey's Valuation 6th ed.)

Seven years of writing in one picture

Looking for companies that benefit from a recession? Known as the Lipstick effect, some products experience increasing (!) demand during economic downturns. Products such as: Single Malt Whiskey, Nail Polish, Cigarettes, Pet Care, etc.

Interesting chart ! (capex/sales Microsoft) (source: Ben Evans)

ChatGPT 30 years ago

"In the end, enduring value belongs to those willing to let time do the compounding."

The Value of a Company The value of a company consists of three tranches according to Greenwald: 1. Reproduction Cost of Assets 2. Franchise Value 3. Value of Growth

Few investors acknowledge this powerful tendency. Companies with high customer loyalty, increase their profits over time as their existing customers buy more and cost less over time.

The most enduring companies are those that cultivate strong, lasting relationships with their customers.

Every investor should understand this table.

One of the most iconic movies

Very good chart! ROIC per industry

Great chart ! The longer the period, the more Quality outperforms the broader market.

Nice chart! Sector performance during an economic cycle

I still find it surreal that someone would dedicate an entire podcast episode to discussing my book. For those who have not yet listened, I strongly recommend it—Kyle Grieve does an excellent job.

Most Christmas gifts are forgotten by January. This one isn’t. Hidden Monopolies offers a fresh perspective on investing by viewing companies through the eyes of their customers. A thoughtful gift for anyone interested in investing or strategy.