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J. Yeo
J. Yeo

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Jul 24, 2021

3 Things to Consider Before Buying A Moat — Musing Zebra

Not all moats are the same. Some moats are wider but not as durable, while others might be durable but have little growth opportunities. The 3 things that determine the attractiveness of a moat and how much the business is worth are its return on capital, durability, and reinvestment opportunities. Return on Capital …

Moat

5 min read

Moat

5 min read


Jul 16, 2021

3 Types of Capital Allocation Moats

I previously wrote about the 7 types of moats of quality companies. Another way to look at moats is from a capital allocation perspective. A few years ago, Connor Leonard from IMC made a wonderful presentation on 3 types of capital allocation moats: Legacy moat Reinvestment moat Capital-light compounder Legacy…

Legacy Moat

4 min read

Legacy Moat

4 min read


Jul 3, 2021

10 Takeaways from Investing for Growth

Investing for Growth is a compilation of Fundsmith’s annual letters and articles Terry Smith wrote for the Financial Times. Just a bit of background, Fundsmith is a UK-based fund that was founded by Terry Smith with a strategy focused on investing only in high quality businesses. Fundsmith has a track…

Terry Smith

4 min read

10 Takeaways from Investing for Growth
10 Takeaways from Investing for Growth
Terry Smith

4 min read


Jun 29, 2021

How to Pick a Car

Imagine you want a car. What car should you pick? First, you have to know why you want a car right. You probably also have a few criteria like: What’s my budget? What type of car? i.e sedan, SUV, etc. What’s my preference for make and model? Should I get…

Criterion

5 min read

Criterion

5 min read


Jan 23, 2021

One Easy Way to Improve Your Judgment — Musing Zebra

The mistake we often make when valuing a stock is overestimating the business growth potential, how much free cash flow it can generate, and so on. We extrapolate a spurt of excellent performance caused by temporary changes such as a brief supply and demand tailwind into the distant future. …

Judgment

4 min read

One Easy Way to Improve Your Judgment — Musing Zebra
One Easy Way to Improve Your Judgment — Musing Zebra
Judgment

4 min read


Nov 22, 2020

10 Best Books on Risk — Musing Zebra

When Genius Failed: The Rise and Collapse of Long-Term Capital Management by Roger Lowenstein — Long-Term Capital Management’s demise comes from a mix of how their perfect models quantify risks in an uncertain world, a sense of infallibility, 30 to 1 leverage, illiquid trades, and basic greed. It is like betting on the outcome of a coin flip and if you lose, keep doubling down…

Books

6 min read

Books

6 min read


Oct 14, 2020

What Should You Buy? — Musing Zebra

I think it is easier to figure out what not to buy than what to buy. If we can weed out the stocks to avoid, we’ll be a step closer to figure out what to buy. What are some stocks you should avoid? Generally, hot stocks that everyone is talking…

Circle Of Competence

4 min read

Circle Of Competence

4 min read


Sep 16, 2020

8 Books on Worldly Wisdom — Musing Zebra

How do we attain wisdom? It starts with knowledge. What kind of knowledge should we acquire? Peter Kaufman’s three buckets of knowledge can guide us. “ Every statistician knows that a large, relevant sample size is their best friend. What are the three largest, most relevant sample sizes for identifying…

Books

5 min read

8 Books on Worldly Wisdom — Musing Zebra
8 Books on Worldly Wisdom — Musing Zebra
Books

5 min read


Sep 14, 2020

What is Value Investing? — Musing Zebra

What is value investing? It is to buy a business for less than what it’s worth. We can break this into three parts. Buy a business Buying a stock is the same as owning a fraction of the underlying business. If you buy a share of Apple (AAPL), you own…

Value Investing

6 min read

Value Investing

6 min read


Aug 13, 2020

Why Investors Blow Up (and How To Avoid That) — Musing Zebra

Overshoot Howard Marks of Oaktree Capital described the market as a pendulum that rarely stays in the middle “The mood swings of the securities markets resemble the movement of a pendulum. Although the midpoint of its arc best describes the location of the pendulum “on average,” it actually spends very little…

Risk

8 min read

Why Investors Blow Up (and How To Avoid That) — Musing Zebra
Why Investors Blow Up (and How To Avoid That) — Musing Zebra
Risk

8 min read

J. Yeo

J. Yeo

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