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applaud firms that do something markedly different from their peers or from conventional opinion.
Pat Dorsey • The Five Rules for Successful Stock Investing: Morningstar's Guide to Building Wealth and Winning in the Market
DR has commoditized “thesis development” and “market research” in VC so larger AUM and more resources no longer an advantage
Lawrence Lundy-Bryan • data-driven VC is over
The stronger a firm’s competitive advantage—that is, the wider its moat—the more likely it will be able to keep competitors at bay and generate a reliable stream of cash flows.
Pat Dorsey • The Five Rules for Successful Stock Investing: Morningstar's Guide to Building Wealth and Winning in the Market
invert the P/E and divide a firm’s earnings per share by its market price, we get an earnings yield.
Pat Dorsey • The Five Rules for Successful Stock Investing: Morningstar's Guide to Building Wealth and Winning in the Market
If operating cash flows stagnate or shrink even as earnings grow, it’s likely that something is rotten.
Pat Dorsey • The Five Rules for Successful Stock Investing: Morningstar's Guide to Building Wealth and Winning in the Market
three or four potential customers, who is the most important?
Adrian J. Slywotzky • The Profit Zone: How Strategic Business Design Will Lead You to Tomorrow's Profits
view one-time expenses with a great deal of skepticism.
Pat Dorsey • The Five Rules for Successful Stock Investing: Morningstar's Guide to Building Wealth and Winning in the Market
“All businesses are loosely functioning disasters” Brent Beshore says. But it’s like an iceberg, only a fraction is visible.
Morgan Housel • Harder than it looks, not as fun as it seems
Avoid companies in which the owner has an essential role in the delivery of the business. It