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FWI Reading List for the Week of September 18, 2017
September 23, 2017

In our Weekly reading list this week, you will definitely find things off the beaten path. There are some excellent pieces on investing foundations from the impacts of time horizons (by a giant in academic finance), to probabilist...

FWI Reading List for the Week of September 11, 2017
September 16, 2017

September 15, 2017…Amazing…The year seems to be flying by. With Erik's trip to Latticework last week and the big GE re-analysis this week, we've sparred nary a moment. Honestly this is the benefit to having a Framework...

Important CPG Insights and A Berkshire for the 21st Century – Latticework Conference 2017
September 15, 2017

Last week, Erik attended the 2017 Latticework Investment Conference, put on by Shai Dardashti and the good people at Manual of Ideas (MoI). MoI is a value-based third party research subscription service that has a strong reputati...

FWI Reading List for the Week of September 4, 2017
September 9, 2017

This weekend we are looking at RISK through the lens of a weather/natural disasters and other assorted bad actors. Harvey has impacted the Texas gulf and Irma is bearing down on Florida while Jose churns in the Atlantic. Southern ...

FWI Reading List for the Week of August 28, 2017
September 2, 2017

Happy Labor Day Weekend, everyone! It has been an interesting week in our world. If you'd have told me a month ago that North Korea could fire a missile over Japan and no one would really react to it beyond some “strong lang...

Lessons on Managing Risk and Finding Value from a Master Portfolio Manager
September 1, 2017

This week, I had the pleasure of attending Three Part Advisors' Midwest IDEAS Conference, highlighting promising small- and micro-cap companies that are often overlooked by research analysts at bulge bracket investment firms and ...

FWI Reading List for the Week of August 21, 2017
August 26, 2017

As I write this, a Category 4 hurricane is bearing down on my old home of Houston, Texas and environs. The American Red Cross will certainly need your help – please consider donations and assistance if and when called for. W...

FWI Reading List for the Week of August 14, 2017
August 18, 2017

Human beings were not meant to travel across so many time zones so quickly, I discovered this week after being lost in a haze of jet lag. The reading list is on the short side this week, partially because of the jet lag and partia...

Investing Matters: To Companies and Countries
August 17, 2017

One of the little-appreciated facts about investing is how little the near-term matters to the value of a company. While the Wall Street banks and the media pundits try to tell you that a company beating or missing quarterly EPS e...

Reader Mailbag: Valuing Growth
August 14, 2017

A doctor living in Dubai, Dr. Tariq E., just finished our Framework 102 course on Valuation, and sent through several excellent questions about revenues, profits, growth, and “Balance Sheet Effects.” The questions get ...

FWI Reading List for the Week of July 31, 2017
August 4, 2017

The dog days of summer are upon us. But, that hasn't stopped the markets from making all time highs driven by the likes of AAPL, FB and others. Earnings season is in full swing and the results have been widely viewed as “stu...

Five-Minute Valuation of Union Pacific ($UNP)
August 1, 2017

Transcript We have recently published several pieces of research about Union Pacific – the largest publicly-traded railroad in the US – and have received so many questions about our valuation assumptions that we decided to sum...

FWI Reading List for the Week of July 24, 2017
July 28, 2017

From burritos to locomotives and a few things in between, this week gifted us with some interesting news stories. I won't comment on the latest iteration of the GOP Healthcare plan, on the Presidential tweet banning transgendered ...

FWI Reading List for the Week of July 17, 2017
July 21, 2017

With earnings season in progress, my reading this week was confined largely to quarterly earnings presentations and conference call transcripts, but there were some pretty interesting stories that crossed my desk as well. Here is ...

FWI Reading List for the Week of July 10, 2017
July 14, 2017

Still watching the clock tick by as I wait for what I'll eventually call “The Great Trump Economic Implosion,” while feeling grateful that 1) the US system does not yet include a tradition of hereditary monarchy and th...

Mailbag: How Many Positions Should I Hold?
July 13, 2017

A financial journalist, Sandy F., saw a few of my Forbes articles and started corresponding. She read my latest post on “Salad Bar Investing” and came back with a good, practical question. Here is our exchange. Questio...

FWI Reading List for the Week of July 3, 2017
July 7, 2017

On Monday, I noticed that Union Pacific's UNP stock price had hit $110 per share. Ah, great time to sell the bearish call spread I had featured in an earlier FWI Tear Sheet. I opened my brokerage application checked prices and ent...

Buyer Beware: ‘Salad Bar’ Investing can Harm Your Health
July 6, 2017

“Why do you hold [Insert FAANG or other popular stock name here] in your portfolio?” When I ask new Framework Investing members that question, the most usual response is a collection of hazy impressions, anecdotes, and appea...

Sensible Portfolio Design that Works WITH the Market
June 30, 2017

“The secret of making money is to avoid risks; you have to take risks when you spend it.” – Warren Buffett. Buffett's quote says it all. Investment portfolios that make money avoid risks. We are going to look at two portfoli...

FWI Reading List for the Week of June 26, 2017
June 30, 2017

It seems inconceivable that 2017 is already half over, but my calendar and the humid Chicago weather both confirm that fact. As we head into the July 4th weekend, my thoughts turn to a tweet from the President of the United States...

Five-Minute Valuation of IBM ($IBM)
June 29, 2017

  IBM is a business in the midst of a huge transition. It has undergone big transitions several times in its history and has always come out okay, but many investors, Warren Buffett among them, have doubts about IBM’s abili...

FWI Reading List for the Week of June 19, 2017
June 23, 2017

The summer solstice came and went with record high temperatures in the desert southwest, but blissfully pleasant weather in the Midwest, where I call home. The temperature of the market seems to be on the warm side too, with the e...

The Only Two Investing Arguments: Case Studies of Kroger ($KR) and Amazon ($AMZN)
June 21, 2017

There are only two arguments in support of any investment position: Business conditions are exceptional now, but will return to normal eventually Business conditions will become exceptional in the future When you are entering an i...

Five-Minute Valuation of Kroger ($KR)
June 20, 2017

  When Kroger took a shellacking after guiding current year earnings lower, it caught my attention. We had researched Kroger last year after researching Whole Foods Market, and I knew Kroger as a well-run company, with some g...

FWI Reading List for the Week of June 12, 2017
June 16, 2017

My week was bookended by corporate news – General Electric on Monday and Amazon-Whole Foods- Kroger on Friday – holding up a set of increasingly worrisome, crazy political news – a sitting president under crimina...

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