Listen to the deep-dive discussion – Cheap Money Hides Impurity (20:11 min) “Only when the tide goes out do you discover who’s been swimming naked.” — Warren Buffett I. The Tide Goes Out The 30-year U.S. Treasury yield has reached 5.19%—its highest level in nearly two decades. The last time yields were here was…
Author: J. Dubé
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The Imperfect B – Why the Best Investments Live Between the Extremes
Listen to the deep-dive discussion – Natural Versus Mechanical Corporate Growth (17:16 min) “There is a crack in everything. That’s how the light gets in.” — Leonard Cohen I. The Spectrum Without a Name The framework has defined two extremes. On one end, the Freesurfer. Growth costs nothing. The wave arrives without capital expenditure,…
The Purification Trade – When a Freesurfer Sheds Its Mechanical B
Listen to the deep-dive discussion – S&P Global sheds its mechanical business (19:43 min) “Perfection is achieved not when there is nothing more to add, but when there is nothing left to take away.” — Antoine de Saint-Exupéry “Addition by subtraction.” — Adage I. The Filing S&P Global just filed to spin off its…
Building the Ark vs. Climbing the Mountain – Why Captured Growth Is the Only Growth That Matters
Listen to the deep-dive discussion – Why Moats Matter More Than Waves (24:21 min) “If you are not in a franchise business protected from competition by barriers to entry, growth has no value, because any value that’s there is going to get competed away.” “These are rare.” — Bruce Greenwald I. The Question Everyone…
Inflation Doesn’t Punish Growth – It Punishes the Expensive B
Listen to the deep-dive discussion – Why Wall Street Gets Inflation Backward (24:21 min) “The best businesses during inflation are the businesses that you buy once and then you don’t have to keep making capital investments subsequently.” — Warren Buffett, 2015 “There are two kinds of businesses: The first earns 12%, and you can…
“WE DID NOT DO A DAMN THING” – What Buffett’s Apple Comment Reveals About the Hierarchy of Free Growth
Listen to the deep-dive discussion – Making billions without doing a damn thing (23:18 min) “$35 billion became $185 billion. We did not do a damn thing. That’s the way we like it.” — Warren Buffett, Omaha, May 2026 1. Cook Was in the Room Tim Cook was in the room when Buffett said it….
The Availability Bias and the Invisible Gift – Why the Market Can’t Count What It Can’t See
Listen to the deep-dive discussion – Why Your Brain Misses Invisible Growth Waves (10:30 min) “What you see is all there is.” — Daniel Kahneman I. The Bias That Explains Everything Daniel Kahneman was a psychologist who won the Nobel Prize in Economics. He never took an economics class. He didn’t need to. He…
Growth That Pays You – When the Cost of B Goes Negative
Listen to the deep-dive discussion – Why Negative Cost Growth Defies Gravity (20:00 min) “Growth at a reasonable price.” — Peter Lynch What if the price is not reasonable, not free — but negative? I. Three Generations of the Same Question Every generation of investors has asked the same question: what should I pay for…
Coca-Cola vs Moody’s – What Buffett’s Portfolio Reveals
Listen to the deep-dive discussion – Why Moody’s beats the Coca-Cola moat (19:37 min) “We lived in a torrent of money, and we were constantly deploying it.” — Charlie Munger, Berkshire Hathaway Annual Meeting, 2016 What if the torrent deployed itself? I. Two Holdings, One Portfolio Warren Buffett has held Coca-Cola since 1988 and…
The Compression Harvest – When You Get Paid to Own Growth
Listen to the deep-dive discussion – Harvesting Freesurfers during market panics (17:13 min) “The market is a device for transferring money from the impatient to the patient.” — Warren Buffett I. The Tide Goes Out When the tide goes out, the naked are exposed. The speculative growth stocks without earnings. The AI stories built…