“Before figuring out how you will win the game, figure out which game to play.” – Michael Maubossuin In the traditional analytical framework of investing, a share of stock is valued as the net present value of all the free cash flow of a firm (based on an appropriate discount rate) divided by the […]
During my childhood, the entrance to my house was a revolving door, with a seemingly endless stream of visitors from Thailand coming into and out of our family’s lives. Some of these visitors remained for the briefest of visits, whereas others became fixtures in my life. I didn’t know it at the time, but a […]
“I’m sorry, grandpa.” Whenever anybody asks me why I work as a financial advisor, helping people with their investments, those are always the first words that pop into my head. My grandfather has always held an esteemed place in my life. He was an honorable, kind, erudite man, oozing with confidence and charisma. From my […]
We are avid readers of annual letters from investors, corporate executives, and leaders across many different fields of inquiry. There is nothing quite like writing to clarify and distill our thinking and gain insight into a year’s worth of activity and excitement. We took some time to reflect on the ups and downs of 2017 […]