$WMT

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.

JPM is the best-run bank in America. Superior risk management, diversified revenue, fortress balance sheet. Not cheap but quality rarely is.

JPM is the best-run bank in America. Superior risk management, diversified revenue, fortress balance sheet. Not cheap but quality rarely is.

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.

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 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.

JPM is the best-run bank in America. Superior risk management, diversified revenue, fortress balance sheet. Not cheap but quality rarely is.

Small-cap value has historically outperformed large-cap growth over long periods. The premium has been absent for 15 years. Mean reversion trade looks attractive.

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.

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.

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.

Small-cap value has historically outperformed large-cap growth over long periods. The premium has been absent for 15 years. Mean reversion trade looks attractive.

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.