Category Valuation Frameworks

Why Stock Valuation Multiples Matter More Than Growth Why Stock Valuation Multiples Matter More Than Growth

Why Stock Valuation Multiples Matter More Than Growth

Those who have been reading my blog over the past ~15 years will have heard me say “buying the best company in the world can still be a terrible investment”. This is one of the most uncomfortable truths in investing and…

Why Capital is Finding its Way Back to Staples Why Capital is Finding its Way Back to Staples

Why Capital is Finding its Way Back to Staples

The investment landscape has spent the better part of the last two years intoxicated by the potential returns of hyper-scalers, software, artificial intelligence, and similar assets. And you can understand why… These asset-light businesses offered massive free cash flows, unmatched…