Posts
Growth isn’t always good. Let me explain why in 20 minutes.
A lot of people seem pretty confused about ROIC and growth. Since this is a slightly more technical topic and involves concepts such as ROIIC, WACC and the reinvestment rate, I thought it would be useful to bring these ideas down to earth. I don’t think the basic idea that …
DCF is not magic - don't waste time on valuation
Classic comments on valuation and, in particular, Discounted Cash Flow, by John Hempton (at Bronte Capital), back in 2017: >"Proper valuations are far more art than science. DCF valuations - especially of something growing near or above the discount rate are famously sensitive to assumptions. The right comparison is to …
Buyback Watch
Last week’s notable buyback names: * EquipmentShare (EQPT): authorized a $500M buyback and raised 2026 guidance. Stock moved +16.56% after-hours. This is the strongest signal of the group because the repurchase came with better revenue, rental revenue, and EBITDA expectations. * WD-40 (WDFC): approved a new $100M buyback after a …
Deep Dive: Where Value Accrues in the AI Stack
Where does it start? Where does it end? Where does it fork? Which layers compound value, and which get commoditized? Who owns the fulcrum assets that pivot the rest of the stack? Every era of computing has been won by the people who got the stack right. This is the …
Excerpt from John Train’s book of John Neff’s stock techniques
**Note**, the excerpt comes from the 2nd book in the “Money Masters”series. John Train interviews and sometimes even invests his clients monies with these masters. This book came out in ‘89. **Note**: John Neff is often called the Value investors’ investor. He is a low p/e investor and not very …
General thoughts on value investing as a busy adult
Hi Bros! I am 30 years old and recently got into investing. So I work as an engineer and have a busy job but I started to follow news related to finance, valuations of some comapnies etc and its all really interesting stuff. What I wanted to know was for …
How to deal with a growing portfolio?
The longer I invest, the bigger the pot gets. My portfolio is currently at 400% of my initial investment, which means any win or loss is now four times larger than it used to be. Because of this, I am feeling more stressed. The numbers have gotten much larger, and …
The Next Phase of the AI Bull Run
Just want to preface this by saying that this is my personal view of the current market and that I would be happy to hear you thoughts on what you think is coming next. The AI trade appears to be entering its next phase. As well all know, the last …
How to understand roic
How can I understand how much money is getting generated from an investment a company just made? Talking about how to read and interpret that from quarterly reports. Any real examples?
Find me a company like Travelzoo (TZOO) that has bought back 15% of their shares over the last 18 months, and I will buy that stock as well.
Anyone got a stock like Travelzoo (TZOO) that’s been buying back like 15% of its shares in the last 18 months? Show me one and I’ll probably buy it too 😂 TZOO’s been going hard — repurchased a ton in 2025 and another 500k in Q1 2026 at a steal. …