Most moats are overrated, and the most durable moats are found in industries where chance of technological disruption is minimal (rails, airports), regulatory hurdles are insurmountable (tobacco), & growth is so low it doesn't attract competition (old industrials)
"This is an Otis elevator, a company formed in the 1850s by Elisha Otis who invented the first practical safety elevator. The elevator industry is pretty consolidated, and most of the revenues come from servicing existing installs, so it's popular among the quality growth crowd."
Ladies, if he:
-is 122 years old
-possesses no utilities
-has his daily fortunes cited by mathematical illiterates in points, not percentages
-lost 4% of his value this week
He's not your man. He's the Dow Jones Industrial Average.
Biden: "To the companies running gas stations and setting those prices at the pump, this is a time of war, global peril, Ukraine. These are not normal times. Bring down the price you are charging at the pump. Do it now."
Some friends sold their house in KC for $500k. Had been listed for $420k. They had so many bids they asked the bidders to submit an essay on why their bid should be accepted. I've never heard of such a thing, but apparently it's not that uncommon.
I've been meaning to do this for a while, so here's a non-exhaustive list of books I recommend about various industries
1/ Skunk Works about Lockheed Martin specifically, and useful for the defense industry in general
I must be doing something wrong. I get up at 4:30 every morning to work out, I get < 6 hours of sleep, and I eat nothing but cage free farm animals. However, I am still not a billionaire. Where did I go wrong?
This is a dumb study. These rich guys paid tens, even hundreds of millions in taxes and you come up with a bullshit metric like tax relative to wealth growth to get clicks
NEW: Today
@ProPublica
presents The Secret IRS Files. We have obtained a vast trove of never-before-seen tax data on thousands of the richest Americans covering more than 15 years. (THREAD)
Just one man's opinion
Nine Circles of FinTwit Hell
1. Mutual fund vs ETF
2. Active vs passive
3. Adviser fees
4. Hedge Funds & PE
5. Points vs %
6. QE and ZIRP
7. Buybacks
8. Crypto
9. $TSLAQ
Very few things symbolize man's taming of the planet than a giant platform that resists the ocean's attempts to swat it away while it sucks oil from the ocean floor like a hydraulic mosquito
President Biden on ExxonMobil:
"We're going to make sure everyone knows Exxon's profits. Exxon made more money than God last year...They’re not drilling... they’re buying back their own stocks & making no new investments. Exxon, start investing, start paying your taxes"
$XOM
Investors love studying the successful guys like Buffett and Lynch, but I'm curious to read postmortems on promising but ultimately failed investors.
Any suggestions?
Concorde’s fastest ever transatlantic crossing was on February 7, 1996 when it completed the JFK to London Heathrow sector in just two hours, 52 minutes and 59 seconds.
#Aircraft
#Aviation
So it looks like the pandemic was ultimately harmful for tech in the sense that it led to a misallocation of capital, whereas it was ultimately beneficial for energy as it enforced capital discipline. There's more to it than that but not a lot more.
The four stages of the bear market
-Quoting Mike Tyson
-Quoting Buffett
-Quoting Nietzsche
-Quoting Kierkegaard
Think we're somewhere in the Nietzsche phase now
40 is probably more than the halfway point for most people. It's useful to reflect back on how you got here, who helped you along the way, and, importantly, the friends and family members who sadly didn't make it this far. Be grateful for each day, & make them all count.