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7 essays on this topic.
On 31 December 1999, Citigroup stood as the colossus, while JPMorgan trailed as the also-ran. $10,000 invested in each, with dividends reinvested, has grown to $131,000 and $5,300 today. The gap comes from arithmetic and from decisions taken in the good years…
More than 80% of businesses across industry-agnostic software segments now screen as having a weak vertical moat. A moat’s value depends entirely on what competitors cannot rent, and anybody can now rent reasoning by the token.
A chip supplier is discussing anchoring its own customer's $100bn listing. When that supplier finances the customer, some revenue represents its own money flowing back, and revenue no longer provides independent evidence of demand.
Most CFOs are trained to make the balance sheet efficient. Buffett spent his career arguing the opposite — that its first job is to be unkillable, and that the reward for building it that way is the freedom to act when no one else can…
The question CFOs get asked at almost every Q4 board now: what are we doing about the buyback? Buffett's 2011 and 2016 letters give the hard answer most boardroom conversations skip…
For forty years Warren Buffett has been making the same quiet argument about the CFO function. Most CFOs still haven't fully internalised it — and the cost of not internalising it compounds…
Three landmark IPOs are coming. Read them through capital structure, governance, and partner dependency — not the hype.