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Ep 386. Takeaways from Warren Buffett’s Shareholder Letter and Analyzing Ted Weschler’s Dillards Investment

Focused Compounding

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The Cost of Building a Department Store

On a liquidation basis, yes, it would be many times more. I don't know the exact amount, but probably you have a five bagger, at least just liquidating it. And then on like a cash flow basis, like we were saying, if you assume that it went back to earning what it was earning before, let's say that was like 200 million something and owner earning $200 million aftertax. Then you had something again, debt that again, that again, is three times of that. So how much more and how well covered is it? It's extremely well covered. Most things are pretty low valuation because most things are going to pay off for more than

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