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Ep 367. Fed Funds Rate, Celsius Deal, FCF + Growth, Bargaining Power, & The Best Business Advantages

Focused Compounding

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I Don't Use a Formula, but It's Not a Formula

People are trying to make a certainty outof something that, quite frankly, isn't certain right the future. It reminds me of this quote from munger when he was talking about cosco. He says i can't give you a formulatic approach, because i don't use one. And i just mix all the factors, and if the gap between value and price is not attractive, i go on to something else. Sometimes there are situations where i think that the return on capital f the incremental return, might be quite high. The fact that the return tat the average return right now, is not that good doesn't matter as much. This, in a qualitative sense, is

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