Hidden Monopolies
@HiddenMonopoly
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Author of Hidden Monopolies | Equity PM 30 yrs experience | Fmr Head of Equities | Knowledge is the Compound Interest of Curiosity | Life Long Learning
Joined September 2011
FINALLY ! HIDDEN MONOPOLIES is now AVAILABLE ! Benefit from a reduced price for a limited time and order NOW. (link in the comment below)
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The best books on strategy The time you spend reading them is the best ROI you can achieve.
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Very nice overview. ROIC per industry over a 40 year timeframe (!) Importantly, the ranking doesn't really change over time.
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This is a great chart. The importance of sector selection vs. stock selection (within a sector). For example, stock selection within Software matters more than in Food Beverages. Focus your efforts where it matters.
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Every investor should understand this The higher inflation is, the more investors profit from a company's pricing power
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Great chart by Michael Mauboussin High ROIC is a function of NOPAT margin and Invested Capital Turnover
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Nice study ! High gross margins and a low volatility in gross margins may point to industries with high pricing power.
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"The single most important decision in evaluating a business is pricing power." - Warren Buffett
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Apart from being a professional investor, I also like to collect (old) investment books. This one is special. 1st Edition (1967) "Beat the Market" by Edward Thorp One of the most influential books of all time on Wall Street, whose methods launched “the quant” revolution.
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This is a book that every investor should read. It will fundamentally change how you read annual reports.
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Judging a stock's P/E is meaningless, unless you understand its business.
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Sunday reading. Finding insights into the stock market by taking a multi disciplinary approach.
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Revenue is the aggregated expression of customer behavior.
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I was covering TMT back in the 2000s. “History Doesn't Repeat Itself, but It Often Rhymes”
If OpenAI doesn’t have money → no data centers get built → no GPUs get purchased.
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Forget about revenue growth as a measure of business success, the true measure of success is customers who come back.
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Long-term investing is about winning by not losing. Focus on protecting the downside, quality will take care of itself.
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