Glossary/448 concepts
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Glossary

448 concepts · sorted by depth (count of analyses tagged)

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Capital Allocation · 1Circle of Competence · 1Cost Advantages · 1Lollapalooza Effect · 1Margin of Safety · 1Mr. Market · 1Owner Earnings · 1Reverse DCF · 1ROIIC · 1Switching Costs · 1Activist Catalyst · 0Activist Overhang · 0Adjacency Expansion · 0Aerospace Aftermarket · 0Affo · 0Aftermarket Annuity · 0Allowed Roe · 0Anchoring · 0Anchoring Bias · 0Asset Light · 0Asset Light Compounder · 0Asset Light Franchisor · 0Asset_Cap_Removal · 0Authority Bias · 0Balance Sheet Conservatism · 0Balance Sheet Leverage · 0Balance Sheet Quality · 0Balance Sheet Risk · 0Bank_Investing · 0Base Rates · 0Binary Outcomes · 0Bond Proxy · 0Book Value · 0Book Value Anchor · 0Book Value Compounding · 0Boredom Discount · 0Brand Equity · 0Brand Erosion · 0Brand Intangibles · 0Brand Moat · 0Brand Power · 0Buffett Retail Warning · 0Buffett_Exit_Signal · 0Bullwhip Effect · 0Bundling Risk · 0Buy Commodities Sell Brands · 0Buyback Above Iv · 0Buyback At Fair Not Cheap · 0Buyback Cannibal · 0Buyback Discipline · 0Buyback Timing · 0Buyback Vs Sbc · 0Buyback_Below_Tbv · 0Buyback_Heavy_Capital_Return · 0Buybacks · 0Buybacks Above Iv · 0Buybacks At Iv · 0Buybacks At Peak · 0Buybacks At Peaks · 0Buybacks Below Iv · 0Buybacks Vs Iv · 0Buyer Power · 0Cannibal · 0Cap Rate · 0Cap Rate Regime · 0Capacity Cycle · 0Capital Allocator · 0Capital Cycle · 0Capital Intensity · 0Capital Light Services · 0Capital Return · 0Capital Return Period Iv Non Meaningful · 0Capital_Discipline_Post_2020 · 0Capital_Intensive · 0Channel Disintermediation · 0Channel Shift · 0Cigar Butt · 0Circle_Of_Competence · 0Circle_Of_Competence_Caution · 0Climate Risk · 0Cobweb Cycle · 0Combined Ratio · 0Commitment Bias · 0Commoditization · 0Commodity Business · 0Commodity Cycle · 0Commodity Cyclical · 0Commodity Drift · 0Commodity Economics · 0Commodity Hardware · 0Commodity Industry · 0Commodity Option · 0Commodity Price Taker · 0Commodity Producer · 0Commodity Vs Franchise · 0Commodity_Business · 0Commodity_Cyclical · 0Competitive Stack Walmart Aldi Temu Five Below · 0Compounder · 0Concession Risk · 0Conglomerate Discount · 0Consent_Orders · 0Consumer Trade Down · 0Contractual Rent · 0Controlled Company · 0Controlled Shareholder · 0Convergence · 0Coordination Equilibrium · 0Cost Advantage · 0Cost Advantage Moat · 0Cost Advantage Route Density · 0Cost Advantage Substitute Not Real Moat · 0Cost Curve · 0Cost Of Capital · 0Cost Of Capital Arbitrage · 0Cost Of Float · 0Cre Concentration · 0Cre_Office_Risk · 0Credit Cycle · 0Critical Path · 0Customer Concentration · 0Cyclical · 0Cyclical Bottom · 0Cyclical Business · 0Cyclical Commodity · 0Cyclical Compounder · 0Cyclical Industrial · 0Cyclical Leverage · 0Cyclical Mean Reversion · 0Cyclical Mispricing · 0Cyclical Peak · 0Cyclical Quality · 0Cyclical Trap · 0Cyclical Trough · 0Cyclical Value · 0Cyclical Value Trap · 0Cyclical Vs Secular · 0Cyclicality · 0Cyclicals · 0Dealer Network · 0Decentralization · 0Deferred Revenue · 0Deleveraging · 0Demographics · 0Depletion Economics · 0Depletion Treadmill · 0Deposit Beta · 0Deposit_Franchise · 0Dilution · 0Dilution Risk · 0Discounted Cash Flow (DCF) · 0Disintermediation Risk · 0Disruption Risk · 0Disruptive Innovation · 0Disruptive Technology · 0Dividend Aristocrat · 0Dividend Aristocrat Trap · 0Dividend King · 0Dividend Trap · 0Dual Class Control · 0Dual Class Governance · 0Duopoly · 0Duration Mismatch · 0Duration Risk · 0Economic Moat · 0Energy_Transition_Risk · 0Ethics Screen · 0Exchange · 0Fair Price Fair Business · 0Family Control · 0Family Controlled · 0Family Dollar Mistake Unwound · 0Fashion Cyclicality · 0Fcf Conversion · 0Fcf Conversion Zero Reinvestment Heavy · 0Fcf Per Share · 0Fee Compression · 0Fee Related Earnings · 0Fiduciary Trust · 0Financials_Valuation · 0Fintech_Disintermediation · 0Float · 0Float Economics · 0Founder Control · 0Founder Led · 0Founder Operator · 0Founder Risk · 0Franchise Model · 0Franchise Royalty · 0Fx Risk · 0Goodwill Impairment · 0Habit Formation · 0Have To Be Smart Every Day · 0Have To Be Smart Every Day Retail · 0Hidden Leverage · 0High Roic · 0Incentive Bias · 0Incentive Caused Bias · 0Incremental Roic · 0Incumbent Decay · 0Industry Decline · 0Industry Structure · 0Inflation Linked Cashflow · 0Installed Base · 0Installed Base Annuity · 0Institutional Imperative · 0Insurance Float · 0Intangible Assets · 0Intangible Brand · 0Intangibles · 0Intangibles Brand · 0Intangibles Moat · 0Interest Coverage · 0Intrinsic Value · 0Intrinsic Value Range · 0Inversion · 0Ira Price Negotiation · 0Ira Pricing · 0Key Person Risk · 0Label Leader · 0Labor Arbitrage · 0Labor Business · 0Labor Leverage · 0Latticework of Mental Models · 0Law Of Large Numbers · 0Lease Adjusted Roic · 0Leverage · 0Leverage As Fragility · 0Leverage Risk · 0Leverage Watch · 0Leverage_Risk · 0Litigation Tail Risk · 0Local Monopoly · 0Long Tail Accounting · 0Low Cost Producer · 0Low Roic 9Pct · 0Loyalty Flywheel · 0Mean Reversion · 0Mean_Reversion_Rotce · 0Medical Loss Ratio · 0Melting Ice Cube · 0Melting Icecube · 0Merger Arbitrage · 0Mid Cycle Earnings · 0Midstream_Optionality · 0Minimum Efficient Scale · 0Moat Erosion · 0Moat Intangibles · 0Modest Buybacks · 0Money_Center_Bank · 0Monopoly Franchise · 0Monopsony · 0Multi Price Pivot · 0Multiple Compression · 0Multiple_Compression · 0Munger Costco Counterexample · 0Narrative Anchoring · 0Narrative Fallacy · 0Narrative Pricing · 0Narrative Vs Numbers · 0Narrow Moat · 0Narrow Moat Fading · 0Narrow_Moat · 0Narrowing Moat · 0Nav · 0Negative Working Capital · 0Network Effects · 0No Moat · 0No_Moat · 0No_Pricing_Power · 0Oligopoly · 0Operating Leverage · 0Opportunity Cost · 0Outsider Ceo · 0Owner Operator · 0Owner_Earnings_Distorted_By_Oil_Price · 0Packaged Food Analog · 0Patent Cliff · 0Patents · 0Pattern Bargaining · 0Permanent Capital · 0Permian_Pure_Play · 0Pipeline Risk · 0Platform Economics · 0Platform Moat · 0Platform Risk · 0Platform Thesis · 0Platform Transition · 0Platformization · 0Porter Five Forces · 0Porters Five Forces · 0Post Divestiture Cleanup · 0Price To Iv · 0Price_Taker · 0Pricing Power · 0Principal Agent · 0Private Label Erosion · 0Private Label Flywheel · 0Private Label Pressure · 0Private Label Risk · 0Proprietary Products · 0Px Iv Ratio · 0Qualified Supplier · 0R And D Productivity · 0Rate Base · 0Rate Base Compounder · 0Rate Base Compounding · 0Rate Base Growth · 0Rate Base Roe · 0Razor And Blade · 0Razor And Blades · 0Real Assets · 0Real Estate As Moat · 0Real Options · 0Recency Bias · 0Recurring Data Revenue · 0Recurring Revenue · 0Recurring Revenue Mix · 0Red Queen · 0Reflexivity · 0Regime Change · 0Regime Change Risk · 0Regional Bank · 0Regional Banking · 0Regression To Mean · 0Regression To The Mean · 0Regulated Business · 0Regulated Financial · 0Regulated Franchise · 0Regulated Incumbent · 0Regulated Industry · 0Regulated Intangible · 0Regulated Monopoly · 0Regulated Monopsony · 0Regulated Oligopoly · 0Regulated Pricing · 0Regulated Returns · 0Regulated Utility · 0Regulated Utility Economics · 0Regulated Utility Moat · 0Regulatory Capital · 0Regulatory Capture · 0Regulatory Franchise · 0Regulatory Intangibles · 0Regulatory Lag · 0Regulatory Lock In · 0Regulatory Moat · 0Regulatory Monopoly · 0Regulatory Rent · 0Regulatory Risk · 0Regulatory_Catalyst · 0Regulatory_Exposure · 0Reinvestment Quality · 0Reinvestment Runway · 0Reit · 0Reit Affo · 0Reit Economics · 0Related Party · 0Related Party Risk · 0Related Party Transactions · 0Replacement Cost · 0Replacement Cycle · 0Reserve Adequacy · 0Reserve Discipline · 0Reserve Risk · 0Resource Nationalism · 0Return On Equity · 0Reverse_Dcf_Negative_Growth_Implied · 0Reversion To Mean · 0Rfid Optionality · 0Ricardian Rent · 0Roic · 0Roll Up · 0Roll Up Acquirer · 0Rotce · 0Route Density · 0Sbc Dilution · 0Scale Advantage · 0Scale Density · 0Scale Economics · 0Scale Economies · 0Scale Economies Of Density · 0Scale Economies Shared · 0Scale Moat · 0Scale_Cost_Advantage · 0Scharf_Turnaround · 0Scorecard_Iv_Unreliable_For_Cyclicals · 0Second Order Thinking · 0Secular Decline · 0Secular Tailwind Traceability · 0Serial Acquirer · 0Share Issuance · 0Single Customer Risk · 0Single Point Of Failure · 0Single Regulator Concentration · 0Slow Melting Ice Cube · 0Social Compact · 0Spin Off · 0Spinoff · 0Spread Business · 0Spx Options · 0Stablecoin_Risk · 0Stock Based Compensation · 0Storm Cost Recovery · 0Stranded Assets · 0Stranded Cost Risk · 0Subscription Economics · 0Substitution Risk · 0Substrate Disruption · 0Succession Risk · 0Sum Of The Parts · 0Supplier Power · 0Supply Cycle · 0Tail Risk · 0Tangible Book Value · 0Tariff Exposure · 0Tariff Exposure China Imports · 0Tbv_Multiple · 0Tech Adoption Curve · 0Tech Adoption Risk · 0Terminal Decline Risk · 0Terminal Value · 0The 10-Year Test · 0Through Cycle Earnings · 0Toll Bridge · 0Tollbooth Economics · 0Too Hard Pile · 0Too_Hard_Pile_Candidate · 0Trade Down Consumer Cyclical · 0Treasure Hunt · 0Triple Net Lease · 0Turnaround · 0Two Business Conglomerate · 0Two Sided Market · 0Two Sided Marketplace · 0Underwriting Discipline · 0Valuation Trap · 0Value Pool Migration · 0Value Trap · 0Value Trap Risk · 0Value Trap Risk On Historical Multiple · 0Variable_Dividend_Model · 0Vertical Integration · 0Vertical Integration Risk · 0Vertical Saas · 0Vix · 0Volatility Beneficiary · 0Wide Moat · 0
Outsiders, Will Thorndike
Capital Allocation
noun · how management deploys each retained dollar
Five choices: reinvest, acquire, pay down debt, buy back stock, pay dividends.
Depth score: 1 analysis
Buffett, 1996 Shareholder Letter
Circle of Competence
noun · the set of businesses you understand well enough to forecast 10y
The set of businesses you can credibly model out 10 years. Outside the circle: TOO HARD. The circle expands slowly through study; never through self-flattery.
Depth score: 1 analysis
Buffett & Munger, multiple letters
Cost Advantages
noun · scale-driven, location-driven, or process-driven cost edge
A structural cost edge that competitors cannot easily replicate — usually scale-driven (Costco), location-driven (railroads), or process-driven (TSMC).
Depth score: 1 analysis
Munger, Psychology of Human Misjudgment (1995)
Lollapalooza Effect
noun · several psychological biases stacking in the same direction
When multiple cognitive biases (social proof, authority, deprival super-reaction, etc.) point the same way at the same time, the resulting force is much greater than any individual bias.
Depth score: 1 analysis
Graham, Intelligent Investor (Ch. 20)
Margin of Safety
noun · the discount of price to intrinsic value
The gap between price and conservative intrinsic value, expressed as a percentage. 30%+ is meaningful for established compounders.
Depth score: 1 analysis
Graham, Intelligent Investor (Ch. 8)
Mr. Market
noun · a manic-depressive partner who quotes you a price every day
Imagine a partner who, every day, offers to buy your shares or sell you more, at a price he names. He is moody, often wrong, and his quote is yours to ignore or exploit.
Depth score: 1 analysis
Buffett, 1986 Shareholder Letter
Owner Earnings
noun · the cash a passive owner could pull out without impairing competitive position
Net income + D&A + SBC − maintenance capex − Δ working capital. The cash a sole owner could withdraw each year without the business losing its competitive position.
Depth score: 1 analysis
Damodaran on implied valuation
Reverse DCF
noun · the implied growth rate the current price is paying for
Solve for the growth rate that makes IV = current price. Then ask: is that growth rate plausible?
Depth score: 1 analysis
Damodaran on Capital Allocation
ROIIC
noun · return on incremental invested capital
(NOPAT_y5 − NOPAT_y0) / (Invested Capital_y5 − Invested Capital_y0). The return on the *next* dollar reinvested.
Depth score: 1 analysis
Porter, Competitive Strategy
Switching Costs
noun · the friction a customer faces when leaving
Time, money, risk, and behavior change required to move to an alternative.
Depth score: 1 analysis
Activist Catalyst
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Activist Overhang
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Adjacency Expansion
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Aerospace Aftermarket
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Affo
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Aftermarket Annuity
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Allowed Roe
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Anchoring
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Anchoring Bias
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Asset Light
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Asset Light Compounder
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Asset Light Franchisor
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Asset_Cap_Removal
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Authority Bias
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Balance Sheet Conservatism
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Balance Sheet Leverage
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Balance Sheet Quality
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Balance Sheet Risk
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Bank_Investing
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Base Rates
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Binary Outcomes
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Bond Proxy
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Book Value
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Book Value Anchor
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Book Value Compounding
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Boredom Discount
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Brand Equity
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Brand Erosion
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Brand Intangibles
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Brand Moat
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Brand Power
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Buffett Retail Warning
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Buffett_Exit_Signal
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Bullwhip Effect
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Bundling Risk
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Buy Commodities Sell Brands
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Buyback Above Iv
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Buyback At Fair Not Cheap
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Buyback Cannibal
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Buyback Discipline
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Buyback Timing
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Buyback Vs Sbc
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Buyback_Below_Tbv
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Buyback_Heavy_Capital_Return
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Buybacks
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Buybacks Above Iv
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Buybacks At Iv
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Buybacks At Peak
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Buybacks At Peaks
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Buybacks Below Iv
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Buybacks Vs Iv
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Buyer Power
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Cannibal
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Cap Rate
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Cap Rate Regime
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Capacity Cycle
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Capital Allocator
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Capital Cycle
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Capital Intensity
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Capital Light Services
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Capital Return
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Capital Return Period Iv Non Meaningful
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Capital_Discipline_Post_2020
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Capital_Intensive
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Channel Disintermediation
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Channel Shift
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Cigar Butt
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Circle_Of_Competence
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Circle_Of_Competence_Caution
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Climate Risk
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Cobweb Cycle
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Combined Ratio
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Commitment Bias
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Commoditization
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Commodity Business
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Commodity Cycle
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Commodity Cyclical
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Commodity Drift
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Commodity Economics
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Commodity Hardware
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Commodity Industry
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Commodity Option
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Commodity Price Taker
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Commodity Producer
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Commodity Vs Franchise
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Commodity_Business
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Commodity_Cyclical
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Competitive Stack Walmart Aldi Temu Five Below
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Compounder
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Concession Risk
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Conglomerate Discount
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Consent_Orders
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Consumer Trade Down
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Contractual Rent
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Controlled Company
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Controlled Shareholder
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Convergence
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Coordination Equilibrium
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Cost Advantage
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Cost Advantage Moat
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Cost Advantage Route Density
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Cost Advantage Substitute Not Real Moat
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Cost Curve
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Cost Of Capital
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Cost Of Capital Arbitrage
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Cost Of Float
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Cre Concentration
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Cre_Office_Risk
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Credit Cycle
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Critical Path
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Customer Concentration
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Cyclical
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Cyclical Bottom
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Cyclical Business
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Cyclical Commodity
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Cyclical Compounder
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Cyclical Industrial
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Cyclical Leverage
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Cyclical Mean Reversion
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Cyclical Mispricing
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Cyclical Peak
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Cyclical Quality
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Cyclical Trap
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Cyclical Trough
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Cyclical Value
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Cyclical Value Trap
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Cyclical Vs Secular
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Cyclicality
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Cyclicals
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Dealer Network
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Decentralization
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Deferred Revenue
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Deleveraging
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Demographics
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Depletion Economics
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Depletion Treadmill
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Deposit Beta
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Deposit_Franchise
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Dilution
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Dilution Risk
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Damodaran, Valuation
Discounted Cash Flow (DCF)
noun · the present value of expected future owner earnings
PV of N years of forecast cash flows + terminal value, discounted at the appropriate rate. Always three scenarios.
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Disintermediation Risk
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Disruption Risk
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Disruptive Innovation
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Disruptive Technology
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Dividend Aristocrat
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Dividend Aristocrat Trap
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Dividend King
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Dividend Trap
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Dual Class Control
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Dual Class Governance
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Duopoly
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Duration Mismatch
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Duration Risk
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Buffett, multiple letters
Economic Moat
noun · the structural feature that protects long-term returns
Five types: pricing power, switching costs, network effects, intangible assets, cost advantages.
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Energy_Transition_Risk
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Ethics Screen
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Exchange
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Fair Price Fair Business
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Family Control
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Family Controlled
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Family Dollar Mistake Unwound
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Fashion Cyclicality
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Fcf Conversion
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Fcf Conversion Zero Reinvestment Heavy
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Fcf Per Share
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Fee Compression
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Fee Related Earnings
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Fiduciary Trust
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Financials_Valuation
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Fintech_Disintermediation
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Float
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Float Economics
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Founder Control
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Founder Led
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Founder Operator
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Founder Risk
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Franchise Model
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Franchise Royalty
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Fx Risk
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Goodwill Impairment
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Depth score: 0 analyses
Habit Formation
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Have To Be Smart Every Day
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Have To Be Smart Every Day Retail
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Hidden Leverage
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
High Roic
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Incentive Bias
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Incentive Caused Bias
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Incremental Roic
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Incumbent Decay
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Industry Decline
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Industry Structure
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Inflation Linked Cashflow
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Installed Base
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Installed Base Annuity
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Institutional Imperative
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Insurance Float
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Intangible Assets
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Intangible Brand
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Intangibles
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Intangibles Brand
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Intangibles Moat
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Interest Coverage
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Intrinsic Value
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Intrinsic Value Range
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Munger, USC Law Commencement (2007)
Inversion
noun · turn the problem upside down to see what destroys value
Instead of asking "how do I succeed?", ask "what would make me fail?" — and then avoid those things.
Depth score: 0 analyses
Ira Price Negotiation
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Ira Pricing
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Key Person Risk
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Depth score: 0 analyses
Label Leader
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Labor Arbitrage
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Labor Business
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Labor Leverage
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Munger, Worldly Wisdom (1994)
Latticework of Mental Models
noun · cross-disciplinary lenses applied to a single situation
Hang experience on a latticework of models from mathematics, biology, physics, psychology, economics, engineering, history.
Depth score: 0 analyses
Law Of Large Numbers
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Lease Adjusted Roic
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Leverage
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Leverage As Fragility
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Leverage Risk
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Leverage Watch
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Leverage_Risk
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Litigation Tail Risk
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Local Monopoly
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Long Tail Accounting
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Low Cost Producer
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Low Roic 9Pct
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Loyalty Flywheel
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Mean Reversion
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Mean_Reversion_Rotce
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Medical Loss Ratio
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Melting Ice Cube
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Melting Icecube
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Merger Arbitrage
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Mid Cycle Earnings
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Midstream_Optionality
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Minimum Efficient Scale
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Moat Erosion
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Moat Intangibles
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Modest Buybacks
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Money_Center_Bank
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Monopoly Franchise
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Monopsony
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Multi Price Pivot
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Multiple Compression
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Multiple_Compression
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Munger Costco Counterexample
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Narrative Anchoring
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Narrative Fallacy
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Narrative Pricing
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Narrative Vs Numbers
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Narrow Moat
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Narrow Moat Fading
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Narrow_Moat
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Narrowing Moat
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Nav
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Negative Working Capital
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Damodaran on Network Effects
Network Effects
noun · each new user makes the product more valuable to existing users
Direct (telephone) or indirect (marketplace). Winner-take-most market structure follows.
Depth score: 0 analyses
No Moat
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
No_Moat
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
No_Pricing_Power
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Oligopoly
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Operating Leverage
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Opportunity Cost
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Outsider Ceo
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Owner Operator
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Owner_Earnings_Distorted_By_Oil_Price
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Packaged Food Analog
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Patent Cliff
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Patents
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Pattern Bargaining
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Permanent Capital
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Permian_Pure_Play
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Pipeline Risk
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Platform Economics
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Platform Moat
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Platform Risk
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Platform Thesis
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Platform Transition
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Platformization
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Porter Five Forces
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Porters Five Forces
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Post Divestiture Cleanup
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Price To Iv
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Price_Taker
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Pricing Power
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Principal Agent
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Private Label Erosion
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Private Label Flywheel
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Private Label Pressure
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Private Label Risk
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Proprietary Products
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Px Iv Ratio
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Qualified Supplier
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
R And D Productivity
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Rate Base
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Rate Base Compounder
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Rate Base Compounding
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Rate Base Growth
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Rate Base Roe
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Razor And Blade
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Razor And Blades
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Real Assets
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Real Estate As Moat
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Real Options
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Recency Bias
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Recurring Data Revenue
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Recurring Revenue
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Recurring Revenue Mix
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Red Queen
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Reflexivity
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regime Change
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regime Change Risk
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regional Bank
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regional Banking
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regression To Mean
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regression To The Mean
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regulated Business
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regulated Financial
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regulated Franchise
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regulated Incumbent
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regulated Industry
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regulated Intangible
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regulated Monopoly
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regulated Monopsony
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regulated Oligopoly
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regulated Pricing
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regulated Returns
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regulated Utility
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regulated Utility Economics
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regulated Utility Moat
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regulatory Capital
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regulatory Capture
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regulatory Franchise
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regulatory Intangibles
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regulatory Lag
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regulatory Lock In
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regulatory Moat
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regulatory Monopoly
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regulatory Rent
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regulatory Risk
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regulatory_Catalyst
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Regulatory_Exposure
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Reinvestment Quality
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Reinvestment Runway
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Reit
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Reit Affo
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Reit Economics
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Related Party
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Related Party Risk
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Related Party Transactions
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Replacement Cost
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Replacement Cycle
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Reserve Adequacy
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Reserve Discipline
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Reserve Risk
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Resource Nationalism
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Return On Equity
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Reverse_Dcf_Negative_Growth_Implied
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Reversion To Mean
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Rfid Optionality
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Ricardian Rent
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Roic
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Roll Up
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Roll Up Acquirer
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Rotce
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Route Density
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Sbc Dilution
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Scale Advantage
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Scale Density
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Scale Economics
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Scale Economies
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Scale Economies Of Density
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Scale Economies Shared
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Scale Moat
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Scale_Cost_Advantage
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Scharf_Turnaround
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Scorecard_Iv_Unreliable_For_Cyclicals
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Second Order Thinking
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Secular Decline
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Secular Tailwind Traceability
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Serial Acquirer
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Share Issuance
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Single Customer Risk
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Single Point Of Failure
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Single Regulator Concentration
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Slow Melting Ice Cube
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Social Compact
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Spin Off
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Spinoff
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Spread Business
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Spx Options
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Stablecoin_Risk
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Stock Based Compensation
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Storm Cost Recovery
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Stranded Assets
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Stranded Cost Risk
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Subscription Economics
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Substitution Risk
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Substrate Disruption
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Succession Risk
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Sum Of The Parts
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Supplier Power
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Supply Cycle
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Tail Risk
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Tangible Book Value
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Tariff Exposure
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Tariff Exposure China Imports
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Tbv_Multiple
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Tech Adoption Curve
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Tech Adoption Risk
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Terminal Decline Risk
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Terminal Value
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Munger, Daily Journal AGMs
The 10-Year Test
noun · the Munger filter for whether a business is investable
In 10 years, will this business be clearly bigger, more profitable, with a wider moat? You must answer with HIGH CONFIDENCE, or it routes to TOO HARD.
Depth score: 0 analyses
Through Cycle Earnings
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Toll Bridge
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Tollbooth Economics
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Too Hard Pile
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Too_Hard_Pile_Candidate
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Trade Down Consumer Cyclical
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Treasure Hunt
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Triple Net Lease
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Turnaround
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Two Business Conglomerate
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Two Sided Market
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Two Sided Marketplace
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Underwriting Discipline
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Valuation Trap
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Value Pool Migration
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Value Trap
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Value Trap Risk
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Value Trap Risk On Historical Multiple
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Variable_Dividend_Model
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Vertical Integration
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Vertical Integration Risk
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Vertical Saas
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Vix
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Volatility Beneficiary
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses
Wide Moat
_(placeholder — auto-created from analysis tagging)_
Depth score: 0 analyses