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The Rationality of Share Repurchases: Lessons in Capital Allocation When examining the landscape of corporate leadership, it is hard to find a better subject for study than Henry Singleton. For investors and CEOs alike, his tenure remains a masterclass in capital allocation. His approach was, in the end, 100% rational—a statement that can be accurately … Continue reading Buying Dollar Bills at a Discount: The Truth About Share Buybacks and Value Creation

Munger (link) talks about: Chinese stocks: "I think a shrewd person can find more bargain stocks in China than he can find in the U.S." Fallacy of EBITDA - an insane invention by the investment bankers to make their life easier: referring to Buffett, Munger says D&A are real costs and actually they are the worst kind … Continue reading “Rear-view Mirror”: Munger on Bargain Opportunities in China, the Fallacy of EBITDA & the Habit of Change

Dr. Wladmir Klitschko on his defeat against Anthony Joshua: When a loss is a victory - a plea to see opportunity in being defeated: "You have prepared for a task perfectly, given it your all and thought through all eventualities. Yet you failed to achieve your goal. Ask yourself, then, if you haven't perhaps gained something different, something … Continue reading Seeing Opportunities in Defeat

The world's largest macroeconomic hedge fund manager, Ray Dalio, writes about the current economic environment. As always supported by careful analysis of data, Dalio offers great insights: "Big picture, the near term looks good and the longer term looks scary." (Read the full article by clicking on the link)