Amortization Accounting

Blindly following conventions is the enemy of reality. When companies or investment professionals add back certain expenses such as stock-based compensation they want you to accept concepts that are dangerously defective.

Insurance Float's Underappreciated Value

It is no longer a secret that upfront premiums collected by insurance companies, called float, help their profitability. The additional investment income adds to the earnings. But the degree to which an insurance company's worth increases during a high-interest rate period, like now, is still imperfectly understood.

The Power of Favorable Odds

The American Gaming Association reports that, in 2022, 84 million people, or 34% of the adult population visited casinos in the United States alone. That resulted in U.S. casino revenues of almost $60 billion. The latter figure has moderately increased every year for more than two decades with small declines during economic crises. Ever wondered what led to this outcome and its relation to investing?

Security Analysis - Chapter 52

Security Analysis by Benjamin Graham and David Dodd was first published in 1934. It is a fundamental book for serious students of value investing.

Security Analysis - Chapters 50 and 51

Security Analysis by Benjamin Graham and David Dodd was first published in 1934. It is a fundamental book for serious students of value investing.