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 Say "yes" to value and momentum before 1926 ( link ) Flow trader Q2 results ( link ) Lessons learned from Charter Communication ( link ) Sell when the thesis rests on valuation and/or financial engineering Industries do change, as hard as that may be to accept Move on if a company’s competitive advantage erodes NVR and Home depot ( link ) NRV 3 year avg FCF/EV = 6.9% past 3 year FCF growth rate = 20% Home depot 3 year avg FCF/EV = 3% past 3 year FCF growth rate = 13% Inflation related articles Why don't we see inflation in Japan? ( link ) The FED need fiscal helps to fight inflation ( link ) Fiscal theory of inflation ( link ) Both monetary and fiscal policy drive inflation. Inflation is not always and everywhere a monetary phenomenon, but neither is it always and everywhere fiscal.  Company analysis Sony ( link ) Shimano ( link ) Rayonier ( link ) 3 year avg FCF/EV = 4.6% 2019~2021轉虧為盈( -0.57 , 0.01, 1.07). FCF也是相同的pattern. 2022 1Q/2Q都是虧錢, OP cash flow也是 負數 . Debt matur...

Commodity but nothing else?! ( link ) post-1973 we entered a world where, for several decades (at least up to around 2007), both bonds and commodities were an important component of a diversified portfolio. Having right incentive is so important ( link ) The new act has little effects to inflation estimated by CBO ( link ) enacting the bill would have a negligible effect on inflation, in CBO’s assessment. In calendar year 2023, inflation would probably be between 0.1 percentage point lower and 0.1 percentage point Special situation Exmar ( link ) Bluerock Residential and Tufin Software ( link ) Pinelawn cemetery ( link ) PLTR Q2財報 ( link ) Half year report by Rob Vinall ( link ) Credit Acceptance 3 year avg. FCF/market cap = 12.48% 3 year FCF growth rate = 16.2% an additional reading from RV capital letter ( link ) AddLife 2021 earning/EV = 2% 2021/2020 FCF growth rate = 6% an additional ready from RV capital letter ( link ) Carvana negative earning/FCF for past 3 years Listerine roy...

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