Meta's "True" ROIC, and Some Notes from Meta and Alphabet's 10-Qs
Meta’s adjusted LTM ROIC is in the mid-50s after excluding $80 billion of construction in progress; that capacity will lower returns as AI capex enters service.
Monday, August 3, 2026
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Meta 2Q'26: Not Amazing, Not Bad, and Still Compelling
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Coupang Expert Insight Interview (No Paywall)
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Meta Platforms (META) 2Q25: SuperMetalligence
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Brookfield Corp. - Get a Buck for Fifty Cents
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Industrial and Commercial Bank of China
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Thinking aloud about Google remedies
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Investor letters we follow
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