Most moats are overrated, and the most durable moats are found in industries where chance of technological disruption is minimal (rails, airports), regulatory hurdles are insurmountable (tobacco), & growth is so low it doesn't attract competition (old industrials)

Ding Ding Ding! Sale on in miners today.

Cuba: 3 minutes for 63 years of dictatorship / 3 minutos por 63 años de dictadura - Sign the Petition! chng.it/LQnpq9y8 via Change.org

Trading Places: Sell! youtu.be/obAoPP1bdIM via YouTube

Ben, you posted your thesis on CMP. If the business has a low cost advantage in salt, why are its pre-tax ROIC below 7%? It barely earns its cost of capital--hence a sideways stock for a decade. Thoughts?

Profound statements made in 2015 That the main stream #Narrative would prefer no one discuss and or become aware of

Biden in 1997 saying that the only thing that could provoke a "vigorous and hostile" Russian response would be if NATO expanded as far as the Baltic states

Biden’s Blame Game Will Raise Oil Prices by James Coleman wsj.com/articles/biden… via Wall Street Journal Opinion

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First Republic Bank paid family members of its founder, James Herbert, millions of dollars for work at the lender in recent years wsj.com/articles/first… via The Wall Street Journal Another sign of poor banking mgt.

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Always Be Investing Since mgt has controlled there has been almost no intrinsic value accretion. Every dollar retained has garnered $0 in shareholder returns. Dilution upon dilution. This is a MEGA VALUE TRAP!

Investment club still short gold/silver/miners and now howling over another day of "manipulated" high gold prices. They are short using margin and credit card debt. I said they had three choices: Take the loss. Scream and watch losses mount. Beg for a mercy kill and pray