Tag: investing concepts

Good businesses have the following characteristics: High return on invested capital (ROIC), long growth runway, with a wide moat.

Terry Smith is often referred to as the "English Warren Buffett."

Buffett once said: "When I see memos from Howard Marks in my mail, they're the first thing I open and read."

Buffett's letters taught me more about investing than any business school ever could. Even after investing for 14 years, I uncover new insights every time I reread his letters. Recently, I reread his letters from 1977 to 2020 for a third time. Here are my key insights.

In this podcast, I share about my journey, the investment framework I favors, how I looks at loss-making companies as well as my thoughts on Chinese stocks such as Alibaba.

Marathon Asset produced several iconic investors such as Nick Sleep and Jeremy Hosking. Their letters from 2002 to 2015 provided a treasure trove of insights into their investment frameworks and how they look at the capital cycle. Here are my main takeaways.

Many of the top performing companies today operate in a winner-take-all or winner-take-most business dynamics.

While many people speak of long-term investing, few understand that it is more than just the duration of your holding period, it is the quest of looking for companies that are able to take over the responsibility of compounding your wealth for you.

What I Learned from The Economics of Customer Businesses by Michael Mauboussin.

This year, the Oracle flew over to Los Angeles and ran the AGM with Charlie Munger, Greg Abel (upcoming Chairman), and Ajit Jain. And of course, plenty of insights are revealed at every meeting so let’s jump straight into it.

It does not matter whether earnings is accretive post-acquisition. In other words, whether the EPS does up, down or sideways in the short-term does not matter.

There is only one combination of facts that makes it advisable for a company to repurchase its shares: First, the company has available funds -- cash plus sensible borrowing capacity -- beyond the near-term needs of the business and, second, finds its stock selling in the market below its intrinsic value, conservatively-calculated.