This is where you learn how we think about money, value, and decision-making.
A company does not need to grow to be worth owning. Profit persists without expansion; growth must earn its cost; and growth is hard to see coming. So we value a business as if it will never grow again. If it then grows, the growth is the owner's; it was never in the price.
Not what a business earns today, but how long its present economics can endure. The three readings we run on a company before we let its price into the conversation.
Investment returns are too often treated as evidence of foresight, when they are in fact outcomes of structure — the way one values businesses, interprets time, and makes decisions.