Was Steve Jobs a Good Capital Allocator?
Steve Jobs turned Apple’s cash into R&D, stores and supply commitments while forgoing buybacks, building a case that his 1997-2011 capital…
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Ezra's Notes
Everything we have picked from this writer, newest first.
Domino's Has a Problem That Doesn't Show Up in Its Accounts
Domino’s franchisee returns are slowing store openings, while its $303 share price assumes 11% annual growth and $1.3 billion of debt must…
Buffett & Munger, 1994: Diversify Only If You Don't Understand
Buffett and Munger argue investors should concentrate in businesses they understand and diversify widely only when they lack conviction.
Why I Agree With Rob Vinall on Wix
Wix’s paying-subscriber conversion fell from 2.72% to 2.01% since 2019, while Business Solutions drove growth and activist-led cost cuts…
Ferrari: The Business That Grows by Selling Less Than It Could
Ferrari sustains pricing power by limiting production, controlling distribution and protecting resale values, turning buyers into repeat…
Low-Entropy Businesses: Why Some Companies Quietly Endure (Part II)
OMA, Diageo and Alpine railways show how fixed concessions, enduring rituals and irreplaceable geography can create durable operating…
Low-Entropy Businesses: Why Some Companies Quietly Endure
Service Corporation International, a tree-based materials company and a retailer illustrate how fixed rituals, biological cycles and…
Key Takeaways from Berkshire Hathaway Annual Meeting 2025
Berkshire Hathaway says liquid stocks beat real estate for speed and certainty, while cash and Treasuries await rare opportunities…
Key Takeaways from NVRs Deep Dive
NVR’s lot options and build-to-order homes limit land and inventory risk, driving capital efficiency, 20% to 40% ROE and resilience through…
