Buying To Own | Businesslike Investing

@TacticzH Neither 😛

$NVO - Which line were you in?

$FICO Executive of 23 years thinks management can be a bit too myopic and financials focused. Notes a competing score, VantageScore was launched in 2006 and they never really pushed for a new score (FICO 10) until AFTER VantageScore was approved for use by Fannie and Freddie Also notes they had their own version of somthing similar to an LLM called Context Vector to make sense of unstructured data and abandoned it 7 years ago. They also killed a product to rate a companies cybersecurity (CyberScore) He felt that management was "very short sighted and very, very focused on revenue rather than on trends in the market that you should be aware of and position yourself for." Expert transcript from @AlphaSenseInc

@DrewCohenMoney Great stuff, Drew. Keep it coming!

@TravisHoium Beta

Terms you'll never hear me use: ❌ Fibonacci ❌ Support ❌ Stop Loss ❌ Candles ❌ (Any # of Days) SMA ❌ Thematic What else should be on the list?

Bienvenue à tous!

@ManuInvests A sad state of affairs.

Remember: If you spend an hour scanning a 10-Q there’s a good chance you did more research than the poster of the thread that inspired you.

@TheRealBirnbaum I think part of the reason is that people have an aversion to copying. They want to be inventors.

If you don’t understand why Buffett is the best investor of all time you do not yet understand the game or markets. It never ceases to amaze me that 99% of investors have been handed his playbook on a silver platter for the cost of a few books and free shareholder letters and choose actively to deny this playbook.

@iancassel Incredible!

The craziest efficiency metric is the company has roughly the same number of employees (~40) as 15 years ago. The business has 10x. They do more in net income today than revenue back then.

@iancassel 🔥

Everyone says they are ready for a correction. Some even say they want a correction. Very few will have the stomach or the cash to follow through on their intentions and buy when others are selling. It can happen over weeks, months, quarters, even years. The longer a drawdown lasts the more painful they become which is the issue today because we haven't had a longer one in 17 years. Market drawdowns are a cascade because investors sell stocks that are down 5% to buy more of the stocks down 10%. They do this again and again until everything is down and there is nothing left to sell. I can’t help but laugh during drawdowns when investors constantly post, write, scream about the great buys they are seeing - obviously all of these ideas are positions they are down in. It reminds me of a time I messaged my mentor Skip during the panic of 2008-2009 and he responded, "Stop showing me stuff to buy. I have plenty of stuff to buy. I need something to sell." When the market moves higher it makes you want to buy. When it moves lower it makes you want to sell. The market never screams at you to do the right thing, only the wrong thing. In significant corrections the market turns even great investors into average ones. What saves great investors is they can get to cash and/or find cash quicker than you.

@growthrapidly I'm afraid I'll have to get back to you on that 😁

How hard is it to hold a 10x stock all the way without trimming?🤔 Be honest.

@DrewCohenMoney Astounding how a 50% higher annual return leads to a 400% higher total return.

Francois Rochon put up an almost 15% annualized return since 1993. This was despite one of his worst years of underperformance in 2025. Very impressive.

@iancassel I'd be buying all day 😁

With certain stocks I wish the market would let them go below zero. 😂

🔥

@HeroDividend Thank you for your service, $WM 🫡

Waste Management does not care about the price of oil, the latest AI tool, or what interest rates are doing They simply come pick up your trash every week

@SJosephBurns 👏

“The young man knows the rules, the old man knows the exceptions.” — Charlie Munger

Thanks to @SamRo for sharing this chart on Substack.

On earnings calls, executives now say "AI" more frequently than "earnings".

@SimeonResearch_ Although I think of myself as a "buy-and-holder", I agree. Buffett's favourite holding period is forever because it implies he has found the very best investment for the rest of time. I doubt very much that it was ever intended as a dogmatic position management rule.

The buy-and-hold mantra is dangerous, the way I see it applied by many here. I think Buffett advice has been greatly misunderstood and can do more damage than good if taken out of proper context. At it's core it encourages you to buy good companies and that is very fair and good practical advice, depending on your strategy (others like a more catalyst driven style which is also fine). But buying companies and then when the thesis/data is drastically changing and you are not reacting because you need hold long term for some reason as if the issue will fix itself is not a viable strategy, at least in my experience. If you observe Buffett’s portfolio and generally in investors that have great skill you will see that turnover is rather high, switching around until a winner is located and that one winner makes the most returns. (And again many times it’s in your best interest to trim the winner as the valuation can run way past for what is feasible). Pay attention to what they do not what they preach… A counter argument I see very often to this is that $AAPL lost 80% of its market cap 5 times Or $TSLA dropped x this many times and came back. Valid but you are cherry picking the exception not the norm, these are mega winners which to find and hold is insanely difficult and very rare and making them as if this is the usual case is not probable. For every Apple or Tesla, there are thousands of businesses that never recovered nor will. Nothing is guaranteed no CAGR or return, investing is inherently a very dynamic game. Stubbornness and ego have no place here (been there done that) Everything changes, and we must adapt and improve constantly. So many bets will not work out. But some of them will massively Don’t be afraid to sell when you are wrong, when data changes, or when the opportunity cost is way too high. Follow the thesis, not your ego! Open to debate as always, no view of mine is meant to stay unchallenged, this is how we grow. Why I am putting effort to write these snippets without using ai (I make typos I know!) to promote discussion and critical thinking is beyond me should just pump shitcos and get 10x the views…. 😂

In France, 1 in 7 adults now use @Klarna $KLAR!

@ManuInvests 🤣

$MA Mastercard acquiring stablecoin startup BVNK in $1.8 billion bet on future of payments. "The acquisition gives Mastercard, the world’s second-largest payment network, the ability to connect traditional payment rails with emerging blockchain-based systems. That will allow Mastercard to enmesh itself in payments systems involving stablecoins and tokenized deposits as they gain adoption in coming years."