Berkshire’s Incremental Returns on Capital

I've written a lot about returns on capital, especially the importance of the returns a company gets on incremental retained earnings. The "returns on incremental capital" are critical in determining the ability of a business to compound its value. I recently did a...

Phil Fisher’s Insight

I’m re-reading Phil Fisher's book Common Stocks and Uncommon Profits this weekend. I haven't read the book since 2006 and I noticed it on my shelf and decided to revisit it. I've always liked his common sense approach to investing for the long-term. He talks about how...

History Rhyming or Is This Time Different?

The COVID-19 panic continues to wreak havoc on both the stock market and the economy, and the news continues to seemingly worsen with each passing day. In the midst of a crisis, it's imperative to maintain clarity of thought and a calm demeanor. This is difficult for...