Listen to the deep-dive discussion – The Only Five Perfect Monopolies (17:19 min) “The most important thing is high barriers to entry. If you find a company that is going to be a good company long-term, then you should hold on to it because there’s a persistency of these barriers to entry.” — Chris…
Category: Compounding
The Big One – When the Double Swell Freesurfer Meets Multiple Expansion
Listen to the deep-dive discussion – When the Best Growth Costs Nothing (19:42 min) “That wave was a wave we didn’t know existed. We hadn’t seen waves like that.” — Laird Hamilton, on the Millennium Wave at Teahupo’o * * * I. When Growth Is Free Every business can be decomposed into two forces….
The Convergence Model
Listen to the deep-dive discussion – How Convergent Businesses Grow for Free. (36:02 min) “When somebody says, ‘Any idiot could run this joint,’ that’s a plus as far as I’m concerned, because sooner or later any idiot probably is going to be running it.” — Peter Lynch, One Up On Wall Street “In my…
The Physics of Compounding – Why Great Businesses Obey Laws, Not Decisions
Listen to the deep-dive discussion – The Physics of Zero Cost Growth (49:08 min) “The most powerful force in the universe is compound interest.” — Attributed to Einstein * * * The Question Nobody Asks Every investor asks the same question: what should I buy? Few ask the better question: why does it compound? The…
What Chris Hohn’s Portfolio Reveals – About the Hierarchy of Tollbooths
Listen to the deep-dive discussion – Chris Hohn’s 53 Billion Dollar Tollbooth Bet. (44:02 min) “The most important thing is high barriers to entry. If you find a company that is going to be a good company long-term, then you should hold on to it because there’s a persistency of these barriers to entry.” —…
The Double Swell Freesurfer – When Two Waves Converge on the Same Reef
Listen to the deep-dive discussion – The AI and ETF Double Swell. (29:30 min) 1. A Taxonomy of Structural Growth In The Freesurfer, we introduced a formula for the rarest kind of business: one that grows without paying for its own growth. We called it A × B. A is the moat—the proprietary toll…
The Way to the Mountain Guide: When the Portfolio Becomes the Position
Listen to the deep-dive discussion – Stop Climbing When You Reach the Summit (29:42 min.) “When you start to confuse Freddie Mac, Sallie Mae, and Fannie Mae with members of your family, and you remember 2,000 stock symbols but forget the children’s birthdays, there’s a good chance you’ve become too wrapped up in your…
The Freesurfer – Growth That Costs Nothing
Listen to the deep-dive discussion – The Freesurfer Stocks That Grow for Free (32:41 min) “The big money is not in the buying and the selling, but in the waiting.” — Charlie Munger I. The Architecture The Infinite Investor framework organizes capital into four functional buckets. Cash (10–25%) is the perpetual option on the…
The Attention Cost – Why Your Smallest Positions Are Your Most Expensive
By Jocelyn Dubé Listen to the deep-dive discussion – The Attention Cost of Bookmark Stocks (16:18 min) “The difference between successful people and very successful people is that very successful people say no to almost everything.” — Warren Buffett I. The Universal Principle Every decision has two costs. The first is visible: money, time,…
The 50/50 Rule: Recycling Asymmetry in Speculative Positions
Context: Why Speculative Positions on a Growth Investing Site? This site focuses on growth investing — the careful selection of high-quality compounders that can generate wealth over decades. The core of the approach is finding businesses with durable competitive advantages, high returns on capital, and long runways for reinvestment. But even a disciplined growth investor…