Terry Smith explains the three fundamental flaws that make banks uninvestable
How to assess whether management's acquisition strategy creates or destroys shareholder value
What 464 stocks that returned 10-fold uncovers about identifying exceptional growth opportunities and maintaining value discipline
How to move beyond avoiding margin entirely by using five rules, surplus calculations, and stress testing formulas that account for market crashes
From value chain analysis to turnaround investing, why finding ten-baggers requires understanding cyclicals, exploring overlooked geographies, and constantly searching for new opportunities while avoiding thematic traps
What long-term outperformance tells us about perception, probability, and skill
Learn why banks, insurance companies, and investment firms require different analysis and valuation approaches
Learn how to classify management types, examine career progressions, analyze compensation structures, and interpret insider trading patterns
How to quickly filter out poor candidates and identify companies worth your time
Position sizing rules based on company size, margin of safety requirements, and the confidence-diversification relationship
Learn how to use the earnings quality (EQ) model to identify potentially underperforming stocks
Learn how industry structure creates lasting competitive advantages through monopoly dynamics, oligopolies, and barriers that protect profitability
How scale creates and destroys competitive advantages, according to Charlie Munger
Learn how Nick Sleep's robustness ratio measures competitive advantages by comparing customer savings to shareholder profits
Learn Warren Buffett's approach to selling stocks, including when to sell overvalued holdings, switch to better opportunities, exit deteriorating businesses, and capture price targets
Learn how to break down income statements, decompose ROE, and analyze cash flows to evaluate any business
Learn how to identify sustainable growth drivers, including revenue expansion, margin improvements, and shareholder returns, that create value when markets move sideways
Learn how to estimate a company's future operating income growth by understanding the relationship between reinvestment and returns
Learn how to evaluate industries, assess competition, and identify market winners before investing
How institutional fear creates mispricings, why bankruptcy often strengthens companies, and practical approaches to distressed investing
Learn how to make financial statements more useful by adjusting for intangible investments
Learn Warren Buffett's stock investing approach by understanding his 12 investment tenets across business, management, financials, and value
Importance of catalysts, and how to find bargains in liquidations, complex securities, rights offerings, risk arbitrage, and spinoffs
Learn how to estimate future earnings growth from company fundamentals instead of historical trends or analyst forecasts
What investors should know from Berkshire Hathaway's 60th annual meeting in Omaha
