“Price is what you pay. Value is what you get.” — Warren Buffett Listen to the deep-dive discussion – The Gap the Gift and the Guarantee Download the Slide Deck (PDF): The_Financial_Architecture I. The Floor The traditional approach to valuation projects growth—estimates future cash flows, discounts them at a rate that blends the risk-free…
Category: Inflation
$190 Billion to Grow – What the AI Race Reveals About the Cost of the B
“For the investor, a too-high purchase price for the stock of an excellent company can undo the effects of a subsequent decade of favorable business developments.” — Warren Buffett Listen to the deep-dive discussion – Why Alphabet dilutes shareholders for AI Download the Slide Deck (PDF) : The_Growth_Ledger_Averagingup I. The Headline On June 1st,…
Three Layers, Zero Cost – The Geometry of Compounding
“Give me a lever long enough and a fulcrum on which to place it, and I shall move the world.” — Archimedes, 3rd century BC Listen to the deep-dive discussion – How Freesurfers Multiply Profits For Free Download the Slide Deck (PDF): Geometric_Compounding_AveragingUp I. What Hohn Sees In a rare interview, Chris Hohn—TCI…
Cheap Money Hides Impurity – Why Rising Yields Reveal the Gradient
“Only when the tide goes out do you discover who’s been swimming naked.” — Warren Buffett Listen to the deep-dive discussion – Cheap Money Hides Impurity (20:11 min) Download the Slide Deck (PDF) The_Yield_Gradient 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…