$JPM
JPMorgan Chase & Co.Finding value in financials — my $JPM thesis
JPM is the best-run bank in America. Superior risk management, diversified revenue, fortress balance sheet. Not cheap but quality rarely is.
Deep dive: why $BRK.B is still the best compounding vehicle
The moat framework: network effects, switching costs, cost advantages, intangible assets. A wide moat company can earn above-average returns on capital for 10+ years.
The moat framework: how I evaluate competitive advantage
Free cash flow yield is my primary screen. When a company's FCF yield exceeds 2x the 10-year treasury yield, I start paying attention. 3x: I start buying.
$WMT at 30x earnings — value or growth trap?
Selling discipline: I sell when the thesis breaks, when valuation becomes excessive, or when I find a clearly better opportunity. Not just because it's up.
The case for $COST even at this valuation
Selling discipline: I sell when the thesis breaks, when valuation becomes excessive, or when I find a clearly better opportunity. Not just because it's up.
Free cash flow yield: my primary valuation metric
BRK.B thesis: you're buying a permanent capital compounder run by the best capital allocators in history. Trading at 1.5x book, I think it's reasonable.
Free cash flow yield: my primary valuation metric
Selling discipline: I sell when the thesis breaks, when valuation becomes excessive, or when I find a clearly better opportunity. Not just because it's up.
Peter Lynch's approach — still relevant for retail investors
The moat framework: network effects, switching costs, cost advantages, intangible assets. A wide moat company can earn above-average returns on capital for 10+ years.