Wolves fail more often on their hunts than they succeed. As Nick Jans states in his book A Wolf Called Romeo, Survival hinges on a brutal imperative: more energy must be gained than lost, across endless hard miles. To fail… Read More
“Invert, always invert” It is a phrase coined by the mathematician Carl Jacobi and made famous by Charlie Munger. When you want to solve a difficult problem take the inverse. It is the first thing that came to mind when… Read More
It’s a topic we discussed in the last dividend letter, finding high-quality companies is the relatively easy part about investing. It’s mostly math. Holding onto high-quality companies for the 1,000%+ returns is the extremely hard part. You have to constantly… Read More
Bottleneck Business A bottleneck business is a term created by Akre Capital Management and it describes a business that: a) sits atop large, global,