Some links and thoughts

1.  Say "yes" to value and momentum before 1926 (link)
2. Flow trader Q2 results (link)
3. 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
4. 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%
5. 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. 
6. 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 maturity in 2024 is a big issue (leads to bankruptcy)
• 需要多了解Environment liability, 數字很大(159672000)
7. Small modular reactor (link)
8. The survival of META (link)
9. ROTC vs ROCE (link)
10. IC縮小術 (link)